Cavalier Resources (ASX:CVR) announces potential upside at Crawford Project

Cavalier Resources Ltd (ASX:CVR) has revealed that the high gold prices are presenting further upside to the Stage 1 Crawford open pit. The recently completed Stage 1 Oxide-only Pre-Feasibility Study ('PFS') has shown promising results, with a significant increase in potential returns at a higher gold price. The PFS Maiden Ore Reserve for Stage 1 oxide pit was 1Mt @ 0.91g/t for 29,300oz of gold with a pre-CAPEX undiscounted cashflow of A$24.6M, NPV8 of A$15.7M and an IRR of 130% using a gold price of A$2,900/oz.

Executive Commentary on Crawford Project

Current high gold prices present a significant upside for the Stage 1 Crawford open pit, shifting the PFS IRR from 130% and a NPV8 of A$15.7M at a gold price of A$2,900/oz to an IRR of 289% and a NPV8 of A$32.8M at a gold price of A$3,700/oz. Mining approval processes for the open pit are progressing on schedule; the Company has begun requests for mining tenders, while moving forward with detailed heap leach circuit studies. The Company continues to advance the project towards the submission of mining approvals and looks forward to commencing mining operations for Stage 1 early in the coming new year.

Summary of Cavalier Resources Announcement

Cavalier Resources Ltd (ASX:CVR) has reported that the high gold prices are offering significant potential upside to the Stage 1 Crawford open pit. The completion of the Stage 1 Oxide-only Pre-Feasibility Study ('PFS') has demonstrated the positive impact of higher gold prices, with a notable increase in returns. The Company is making progress with mining approval processes, environmental studies, and tender requests for mining. With the potential for increased returns at higher gold prices, Cavalier Resources is looking to advance the project towards the submission of mining approvals and the commencement of mining operations for Stage 1 early in the coming new year. The Company aims to establish the Crawford Gold Project as a new gold mining hub and to become self-funded to continue to develop its gold assets near Leonora and progress with further exploration.