• Updated PFS delivers 50% increase in Stage 1 NPV at A$6,500/oz gold price
• NPV of A$77.2M, representing a 50% increase on the previous update
• Pre-CAPEX undiscounted cash flow increases to A$106.4M

Cavalier Resources Ltd has completed a revised Pre-Feasibility Study (PFS) for Stage 1 of the Crawford Gold Project, delivering a material uplift in the project's value with a 50% increase in the NPV to A$77.2 million at a gold price of A$6,500 per ounce. The updated PFS incorporates higher capital and operating costs, including increased supply chain costs linked to ongoing global geopolitical conflicts, in preparation for completion of financing. Stage 1 remains constrained to the central oxide portion of the Resource, with significant upside potential as the Resource remains open along strike and at depth. The Company recently announced the signing of an updated non-binding package to fund pre-production capital expenditure, including a US$13 million (~A$18.7 million) Gold Sale and Purchase Agreement with Raptor Capital International Ltd and an additional A$5 million secured Gold Loan Facility with Ottomin Pty Ltd. The revised PFS highlights the continued strength of the Crawford Project, delivering a 50% uplift from the Stage 1 NPV to A$77.2 million at a gold price of A$6,500 per ounce, providing a robust basis for the Company to finalise the funding package for Stage 1 of the Crawford Project.

The updated PFS delivers a NPV of A$77.2 million and pre-CAPEX undiscounted cash flow of A$106.4 million at a gold price of A$6,500 per ounce for Stage 1 of the Crawford Gold Project.