Cavalier Resources Ltd (ASX:CVR) has delivered a 50% increase in the net present value of Stage 1 at its Crawford Gold Project in Western Australia, with an updated 2026 pre-feasibility study putting the project’s NPV8 at A$77.2 million on a 100% basis at a gold price of A$6,500 per ounce.
The revised study also lifted pre-capex undiscounted cashflow to A$106.4 million, while undiscounted project cashflow after capital came in at A$86.2 million. Cavalier said the update was completed as it works toward finalising project funding.
Gold Price comparison table, stage 1 update; PFS gold price of A$6,500/oz highlighted.
Executive technical director and CEO Daniel Tuffin said the revised study had been prepared against a backdrop of geopolitical uncertainty, higher gold prices and cost pressures, but still highlighted the strength of the Crawford project.
“This update has been completed against a backdrop of global geopolitical uncertainty, which has impacted gold prices while also introducing cost pressures and potential supply chain constraints. Against this backdrop, the revised 2026 PFS highlights the continued strength of the Crawford Project, delivering a 50% uplift from the Stage 1 NPV to A$77.2 million at a gold price of A$6,500 per ounce. These financial metrics provide a robust basis for us to finalise the funding package for Stage 1 of the Crawford Project.
"These outcomes, together with our recently announced non-binding funding package with Raptor and Ottomin, position the Company strongly as the funding pathway continues to advance toward production.”
Crawford Gold Project, stage 1 simplified open pit site plan, outlining the current resource and potential extensions to the Resource and mining areas inc. Miranda
Costs rise, but project economics strengthen
The PFS update was based on unchanged pit design and ore reserve assumptions, with revisions limited to financial inputs. Cavalier applied a gold price of A$6,500 per ounce to the financial model, while incorporating higher capital and operating cost assumptions, including supply chain and delivery pressures linked to global conflict.
Total capital cost in the updated study was A$20.2 million, while total project capital costs were listed at A$24.43 million including sustaining and closure-related items. Processing costs were revised lower to A$10.81 per tonne of ore.
Even with the higher cost base, the project returned an internal rate of return of 385% and a payback period of 9.3 months at the base case gold price. At A$7,000 per ounce, NPV rises further to A$87.5 million, while at A$8,000 it reaches A$108.2 million.
Stage 1 plan unchanged
Stage 1 remains focused on the central oxide portion of the Crawford resource, with the physical pit design and ore reserve unchanged from earlier studies. The ore reserve stands at 1.002 million tonnes at 0.91g/t gold for 29,300 ounces.
The current life-of-mine schedule spans 19 months from the start of mining to final gold recovery, with maximum negative cashflow forecast at about A$25.2 million in month 3 before turning positive thereafter.
Funding package advances
Cavalier said the updated economics provide a stronger platform to complete financing for Stage 1. The company recently announced an updated non-binding funding package comprising a US$13 million gold sale and purchase agreement with Raptor Capital International and a further A$5 million secured gold loan facility with Ottomin Pty Ltd, both subject to due diligence.
While the revised PFS remains constrained to the oxide component of the current resource, Cavalier said Crawford still offers upside through extensions along strike and at depth, as well as potential future development opportunities near the existing pit.