Carnavale Resources Limited (CAV.AX)

Carnavale Resources' Kookynie Gold Project BFS delivers A$104M pre tax cash flow

Carnavale Resources Ltd managing director Humphrey Hale talked with Proactive about the bankable feasibility study (BFS) for the initial open-pit development of the Kookynie Gold Project in Western Australia. The study outlines A$104 million in pre-tax free cash flow over an 18-month mine life, with the development centred on the high-grade Swiftsure and Tiptoe open pits. Hale described the BFS as an important milestone for a deposit Carnavale discovered and has continued to advance through drilling and technical studies. The initial development is based on contract mining and third-party processing rather than the construction of a standalone plant. Hale said this approach allows Carnavale to reduce its capital requirements, with peak funding estimated at around A$24 million, while taking advantage of established processing infrastructure in the Goldfields. Swiftsure is the larger of the two starter pits and contains ore grading around 5.8 grams per tonne gold, while Tiptoe averages around 2.7 grams per tonne. Carnavale is now focused on securing an ore purchase agreement or toll treatment arrangement to establish the processing route and underpin project funding. The company is targeting the second half of 2027 for the start of open-pit production, subject to approvals, funding and a final investment decision. Visit Proactive’s YouTube channel for more interviews and company updates. If you found this video useful, give it a like, subscribe to the channel and enable notifications so you do not miss future content.