Carnavale Resources Ltd (ASX:CAV) has released its September 2025 quarterly report, outlining a major uplift in value at its flagship Kookynie Gold Project in Western Australia, where both the mineral resource estimate (MRE) and scoping study have been updated.
Quarter highlights
- Updated MRE: 842,000 tonnes @ 4.3 g/t gold (Au) for 117,000 ounces, including a bonanza zone of 60,000 tonnes @ 28.3 g/t Au for 55,000 ounces.
- 66% Indicated classification, with mineralisation remaining open at depth and along strike.
- Revised scoping study: Net present value of A$188 million pre-tax, internal rate of return of 165%, and free cash flow of A$237 million.
- Five-year mine plan targeting 970,000 tonnes @ 3.1 g/t Au for 93,000 ounces recovered.
- Low capital profile: A$3 million pre-production cost and payback within 14 months.
- Capital raised: A$3 million placement completed post-quarter; fully underwritten entitlement offer to raise up to A$4.09 million under way.
Managing Director Humphrey Hale said the study confirms the strength of Carnavale’s discovery and sets the foundation for mine development.
“We are delighted with the results of the updated MRE and scoping study. The value of the Kookynie Gold Project has doubled since the last study was completed in 2024,” Hale said.
“The very strong outcomes from the updated scoping study have prompted the company to raise significant funds to fast-track the development of the project,” he added. “The company has already commenced a Bankable Feasibility Study to bring this valuable asset towards production.”
Long section through the Swiftsure and new Tiptoe lodes representing gold Grade for July 2025 MRE including proposed Scoping Study Pit 9
From discovery to development
The high-grade Kookynie deposit, located 60 kilometres south of Leonora and 180 kilometres north of Kalgoorlie, remains a standout virgin discovery below barren cover, first identified in early 2022. Successive reverse circulation (RC) and diamond drilling campaigns through 2024 and 2025 expanded the bonanza-grade Swiftsure lodes and added new shallow, open-pittable resources at Tiptoe.
Cube Consulting’s latest estimate delivered a 38% increase in total resources and a 46% boost in Indicated ounces since 2024, underlining strong exploration upside across additional targets such as Champion South, McTavish North and Valiant.
Mineralised lodes looking East - resources classified by colour. (orange – indicated, yellow – inferred, Blue – unclassified not present.)
Strong economics and next steps
The revised scoping study supports open-pit and underground mining with toll-treatment processing, generating total gold revenue of about A$501 million at a A$5,500/ounce price assumption.
Carnavale has already begun a Bankable Feasibility Study, aiming to finalise permits and heritage agreements in 2026 ahead of mine development. The study will refine open-pit designs, confirm metallurgical recoveries of 97–99%, and complete environmental and hydrological assessments.
Funds from the recent placement and rights issue will advance feasibility work, resource definition and early project readiness.
With strong project economics and a clear pathway to development, Carnavale is positioning the Kookynie Gold Project as one of Western Australia’s next high-grade, low-capital gold producers.
Tenement outlines, Prospect locations and historic mines over geology.