Carnavale Resources Ltd (CAV) is pleased to announce that it has completed an initial leach test work program to provide information on potential gold recoveries at the McTavish East Prospect within the Kookynie Gold Project.

Samples were taken from Aircore drilling completed in September 2022 and RC drilling completed in May 2023 that identified high grade gold shoots at the Project

Conventional leach test work has yielded recoveries of between 97 and 99%. Sixteen 200-250gm ore grade samples were selected and leach tested for 24 hours with outstanding results. Samples were selected from Oxide and fresh rock material. Recoveries in the Oxide were 99% and in the fresh rock between 97% and 99% Further metallurgical testwork planned to be completed by CAV to bolster these results including further leach testwork and gravity separation techniques. Results from the latest 5000m+ RC drilling program chasing high-grade extensions to McTavish East are expected shortly. The McTavish East deposit is a new discovery by CAV and has not been previously exploited. The deposit lies beneath a thin layer of cover consisting of transported material close to surface allowing for easy development. Carnavale's goal at the Kookynie Gold Project is to establish a quality high grade gold resource, of a similar size to the historic Cosmopolitan Mine, that can be trucked and processed at a nearby processing plant.v

CEO Humphrey Hale commented:

'The initial metallurgical results from McTavish East are outstanding, indicating the potential of excellent gold recoveries from traditional cyanide leaching processes. CAV is excited to continue the test work with further leach testing and the addition of gravity separation techniques to enhance the processing options and potentially reduce operating costs.

Sixteen 200-250g samples were taken from four separate high-grade gold intersections defined by aircore drilling in September 2022 and the RC drilling completed in May 2023. Samples were selected from aircore holes KOAC487 and KOAC488 in oxide and RC holes MERC043 and MERC044 in the fresh rock on the cross section 6,754,150mN. The samples were analysed by ALS laboratories in Perth, Western Australia. Samples were pulverized (PUL-23) to 85% passing 75 micron (85% of the particles are smaller than 75 microns) and then subjected to a bottle roll cyanide leach for 24 hours using the ALS Assay tabs / Leachwell cyanide technique with an ICPMS analysis on the leach liquor to measure the leach grade (ME-CN15). The residue was filtered (FIL-01) and analysed by fire assay (Au-AA26R) for contained gold to establish the tail grade

Samples were selected as individual metre samples from the drill holes to establish if there was any variance in the leach recoveries across the intercepts downhole or at varying grades. The measured recoveries have very little variance with grade or location within the intercept. The Company is very pleased with these excellent first pass metallurgical recoveries, which give a good indication as to what can be expected from the oxidised and fresh rock areas of the McTavish East Prospect at Kookynie. The Company is looking forward to reporting the important assay results from the recent RC drilling program at McTavish East as these results become available and are assessed

Contact:

Humphrey Hale

Tel: +61 8 9380 9098

Competent Persons Statement

The information that relates to Exploration, sampling and test work results for the projects discussed in this announcement represents a fair and accurate representation of the available data and studies and is based on, and fairly represents information and supporting documentation reviewed by Mr. Humphrey Hale, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is the Chief Executive Officer of Carnavale Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves'. Mr. Hale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Statements regarding Carnavale's plans with respect to the mineral properties, resource reviews, programs, economic studies and future development are forward-looking statements. There can be no assurance that Carnavale's plans for development of its mineral properties will proceed any time in the future. There can also be no assurance that Carnavale will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Carnavale's mineral properties.

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