• Updated PFS delivers 50% uplift in Stage 1 NPV to A$77.2M
• Drilling confirms extension of mineralisation along northern corridor
• Executes non-binding term sheet for US$13M Gold Sale and Purchase Agreement

Cavalier Resources has reported on its activities for the quarter ended 31 March 2026, highlighting several key developments at its Crawford Gold Project. The company has released an updated Pre-Feasibility Study (PFS) for the project, incorporating higher capital and operating costs, including increased supply chain costs linked to ongoing global geopolitical conflicts. The revised PFS delivered a material uplift in Stage 1's value on a 100% project basis, with an NPV of A$77.2M, representing a 50% increase on the previous update. The physical pit design of Stage 1 and the subsequent Ore Reserve estimate remained unchanged for the purposes of the update. The company also reported the results of its final drilling program at the Crawford Gold Project, with the Miranda Target located ~1km north northwest of the planned Stage 1 Pit confirming the extension of mineralisation along the northern corridor. Significant intercepts include 6m at 1.29g/t gold from 27m and 2m at 1.06g/t gold from 61m. On the corporate front, Cavalier Resources has signed a revised non-binding term sheet for a US$13 million (~A$18.7 million) finance facility with Raptor, which also includes the indicative terms for an additional A$5 million Gold Loan Facility with Ottomin. The company has also completed a $4 million pre-production placement to fund key pre-production and early development activities.

The updated PFS delivered a material uplift in Stage 1's value, with an NPV of A$77.2M, representing a 50% increase on the previous update. The physical pit design of Stage 1 and the subsequent Ore Reserve estimate remained unchanged for the purposes of the update.

Cavalier Resources is well-positioned to commence early developmental pre-production operational activities at the Crawford Gold Project, having secured project financing through the Raptor and Ottomin facilities, as well as completing a $4 million pre-production placement. The company is focused on advancing the project towards the next phase of mining operations.