Carnavale Resources CEO Humphrey Hale talked with Proactive about the company’s newly released scoping study, which has doubled the project’s valuation compared to the maiden study released in June 2024. Hale explained that the updated resource estimate increased from 85,000oz to 117,000oz, driving a net present value (NPV) of AUD 180 million and free cash flow of AUD 237 million, representing a 126% rise.
“We’ve got two pits and an underground in the scoping study, so very pleasing that we’ve been able to grow this thing in the way that we have,” Hale said.
The updated study was also modeled at a higher gold price environment of AUD 5,500 per ounce, compared to AUD 3,500 in the earlier study, reflecting current market conditions. Hale noted that the project includes bonanza-grade zones, with 50,000 tonnes containing an ounce and 30,000oz now being advanced directly into a bankable feasibility study.
Carnavale Resources has launched a capital raise to fund the feasibility study, which it expects to complete within nine months, including permitting. Hale also highlighted progress towards securing a heritage agreement, which would pave the way for a mining license.
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