Highlights

• Cavalier announced on 8 October 2026 that it had secured all primary approvals for the Crawford Gold Project.

• The revised pre-feasibility study shows a post-tax NPV of A$77.2 million at A$6,500 per ounce, with capital cost of A$20.2 million.

• Two term-sheet gold facilities, from Javelin and Ottomin, would provide about A$23 million, subject to definitive documents.

• A maiden probable ore reserve of 29,300 ounces at 0.91 g/t gold underpins the planned Stage 1 starter pit.

Cavalier Resources Limited (ASX:CVR) has moved its Crawford Gold Project from permitting toward construction readiness, announcing on 8 October 2026 that it had secured all primary approvals, while two gold-linked debt facilities sit at term-sheet stage. Shares were trading at A$0.180 on 23 October 2026, up 2.86%.

From Study to Starter Pit

The approvals follow a run of project milestones. A revised pre-feasibility study released on 15 April 2026 lifted total capital cost to A$20.2 million, covering site clearing, a haul road, processing infrastructure and closure. The company said the update reflected cost changes rather than altered pit designs or optimisation parameters.

At a gold price of A$6,500 per ounce, the study shows a post-tax net present value of A$77.2 million at an 8% discount rate, an internal rate of return of 385% and payback of 9.3 months. At A$5,500 per ounce, the value falls to A$56.6 million. Stage 1 covers only the central oxide portion of the resource, which remains open along strike and at depth.

Cavalier also declared a maiden probable ore reserve of 1,002 kilotonnes at 0.91 g/t gold, containing 29,300 ounces. The reserve calculation uses a gold price of A$2,900 per ounce, a different basis from the study's A$6,500 assumption.

Drilling, Native Title and Contractors

About 5,000 metres of development drilling returned intercepts including 7 metres at 5.07 g/t gold from 88 metres in the Northern Development Area, and 7 metres at 5.90 g/t from 99 metres in the Southern Development Area. A separate target, Miranda, about one kilometre north-northwest of the planned Stage 1 pit, showed mineralisation over more than 100 metres of strike.

Cavalier signed a Native Title and Mining Agreement with the Wangkatja Tjungula Aboriginal Corporation on 23 December 2025, and heritage surveys across the Stage 1 area have been completed. On 26 August 2026, the company said SSH had been selected as its preferred mining contractor for Crawford. Jamie Brown joined as Chief Operating Officer for Crawford on 1 July 2026.

Funding the Build

Cavalier ended the year to 30 June 2026 with cash of A$3.69 million after raising A$3.94 million before costs through a May placement at A$0.30 per share. Those proceeds are earmarked for long-lead processing plant items, site establishment, early works, a bore field, a haul road and recruitment. The loss after tax for the year was A$1.01 million.

On 10 July 2026, the company outlined two facilities. Javelin Global Commodities would provide a US$13 million gold prepayment, equal to about A$18 million, settled through roughly 6,999 ounces of refined gold over 20 months. Ottomin would supply a A$5 million gold loan repaid in three instalments, with a return of 1,166 ounces of gold. Both carry no cash interest, and both are subject to definitive documentation. On 26 August, the parties agreed to extend Javelin's exclusivity by up to 30 days.

The annual report flags a material uncertainty over going concern if additional funding is not secured.

What Still Has to Fall Into Place

Both facilities remain subject to definitive documents before any drawdown, and the May placement proceeds are directed at long-lead plant items and early works. The company released its annual general meeting notice on 21 October 2026 and lodged a conference presentation on 14 October.