Quarterly Activities/Appendix 5B Cash Flow Report

• Updated Stage 1 Prefeasibility Study (PFS) increased NPV by 50% to A$77.2M
• Secured approximately A$23M in project financing to support Stage 1 development
• Completed a $4M Pre-Production Placement to fund early development activities
• Appointed Jamie Brown as Chief Operating Officer
• Continued progress on heritage surveys and site development activities

Cavalier Resources Ltd. reported substantial progress on its Crawford Gold Project for the quarter ended 30 June 2026. Key highlights include an updated Stage 1 Prefeasibility Study (PFS) that increased the post-tax Net Present Value (NPV) by approximately 50% to A$77.2 million, reflecting higher operating and capital costs. The company secured approximately A$23 million in project financing through a Gold Prepayment Facility and a Gold Loan Facility. Additionally, Cavalier completed a $4 million Pre-Production Placement to fund early development activities. The company also appointed Jamie Brown as Chief Operating Officer, bringing over 24 years of mining industry experience. Heritage surveys and site development activities continued, positioning the company to advance the project toward production.

NPV of A$77.2M for Stage 1, pre-CAPEX undiscounted cash flow of A$106.4M

Cavalier Resources is well positioned to advance the Crawford Gold Project through its next stage of development, with key building blocks firmly in place.