Carnavale Resources Raises AU$7.1 million to Fast-Track Kookynie Gold Project

Carnavale Resources Limited (ASX: CAV) announced that at the time of writing it has secured firm commitments to raise AU$3 million through a placement and will launch an underwritten entitlement offer to raise up to an additional AU$4.09 million. The funds will accelerate the Bankable Feasibility Study (BFS) for its Kookynie Gold Project in Western Australia.

The company plans to advance the project to a shovel-ready stage by 2026, with work focusing on open pit mining studies, metallurgical testing, and heritage and environmental approvals. The recent Scoping Study outlined a net present value of AAU$188 million, an internal rate of return of 165%, and an initial mine life of five years. In line with its development transition, Carnavale announced a board restructure, with Andy Beckwith appointed as Non-Executive Chairman to guide the project toward production readiness.

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