Summary

Mine Type	Open Pit & Underground
Study Completed	Preliminary Economic Assessment
Study in Progress	Feasibility
Stage	Permitting
Commodities	Gold
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	Extensive gold mining occurred in the Kookynie area between 1895 and 1922, including at the Cosmopolitan mine, located 2km east of the Swiftsure deposit. The updated Scoping Study focuses on the Swiftsure and Tiptoe deposits within the Kookynie Project. On 2 Oct 2025, an updated Scoping Study was released, showing stronger financials compared to the June 2024 Scoping Study. It supports developing the Kookynie Gold Project as a contract mine and toll-treatment operation, with increased free cash flow, production targets, and favorable operating costs, largely from the open pit. The updated Scoping Study results show a doubled project valuation and a 126% increase in free cash flow, driven by a 58% increase in the production target and a significant rise in the gold price over the past 12 months. The next step is to complete a Feasibility Study and evaluate options to bring the Kookynie Gold Project into production.

Deposit type

• Vein / narrow vein

Summary:

The deposit is Archean shear hosted gold mineralisation with associated supergene enrichment.

The Swiftsure deposit sits within the Kookynie Mining centre, which lies astride a regional overlapping of ENE trending basic acid volcanics, sedimentary and BIFs partially stoped by medium-grained granite about 6 km in diameter; all rocks are of Achaean age.

Mineralisation
Gold mineralisation at the Swiftsure and Tiptoe deposits are associated with quartz veining on the contact between dolerite and granodiorite, with very high grades (bonanza, > 10 ppm Au) in continuous shoots in the core of the mineralised lodes that have subvertical plunge to about 150 m below surface, and then appear to plunge at about 60° to the southwest below 150 m.

The oxidized/transitional and fresh rock contact is about 40 to 60 m below surface. A 5 m thick layer of transported material overlies the deposit.

Dimensions
• The mineralised lodes extend 1,100 m along strike towards 045°, dip steeply to the southeast at 70° to 80° and extend up to 420 m below surface (to the 0 mRL);
• The lodes range from 2 m to 10 m thick (averaging ~3 to 5 m), with the bonanza grade quartz veins 2 to 3 m thick.

Mining Methods

- subscription is required.

Comminution

Crushers and Mills

Processing

Summary:

The Kookynie Project is located within trucking distance to many operating gold processing plants in the Eastern Goldfields. Carnavale understands that there are many ways to monetize the Kookynie Project and has evaluated the economics based on a contract operator, toll treatment operation for simplicity.

There is no on-site processing capacity at the Project and the scoping study contemplates off-site haulage of ore to a regional processing facility for treatment by way of toll treating. An additional ore-based cost was added to account for this haulage cost.

A haulage distance of 100km was nominated, accommodating transport to a range of locations including gold facilities at:
• AngloGold Ashanti Australia Limited – Sunrise Dam Gold Mine;
• Genesis Minerals Limited – Gwalia Operations, Mount Morgans Processing Plant;
• Gold Fields Limited – Granny Smith Gold Mine, Agnew Gold Mine;
• Vault Minerals Limited – King of the Hills Gold Mine;
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Commodity Production

Operational metrics

Metrics
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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jan 30, 2026