Carnavale Resources CEO Humphrey Hale talked with Proactive about the company’s $7 million capital raising to advance the Kookynie Gold Project in Western Australia.
Hale explained that the funds will be used to progress the project from a scoping study to a bankable feasibility study — a major step toward development readiness. “We’re very confident that the project will develop well in that space,” he said.
The program includes detailed geotechnical drilling, updated metallurgical testing to assess ore performance through a mill, and environmental and heritage studies. Hale noted the company aims to complete these works within nine months to be “shovel ready.”
The raise is structured as a $3 million placement with an additional $4 million rights issue for existing shareholders. Early funds will allow drilling to commence immediately on the geotechnical aspects of the proposed pits, followed by metallurgical and potential exploration drilling to expand resources.
Hale also discussed upcoming board changes, including the appointment of Andy Beckwith as chair, and highlighted new additions to the team who bring experience from De Grey Mining.
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