What Carnavale Resources does

Carnavale Resources Limited is a Perth-based, pre-revenue mineral exploration company listed on the Australian Securities Exchange (ASX: CAV) and the Frankfurt Stock Exchange (WKN A0MJ31). Founded in 2006–2007 and admitted to the ASX in April 2007, the company is focused on acquiring and exploring advanced gold, nickel, cobalt, and PGE projects in Western Australia that are leveraged to both traditional gold demand and the electric-vehicle battery supply chain. Its portfolio comprises the flagship Kookynie Gold Project (80% interest, joint-venture partner Western Resources Pty Ltd holds 20%) in the Yilgarn Craton, the Ora Banda South Gold Project (option to acquire 80%), the Grey Dam Ni-Co Project (100% owned, with a JORC 2012 Mineral Resource of 14.6Mt @ 0.75% Ni and 0.049% Co), and previously the Barracuda Ni-Cu-PGE Project (divested in August 2022). The underlying technology is conventional mineral exploration — aircore, reverse circulation, and diamond drilling for resource definition and expansion — supported by metallurgical and geotechnical testwork.

The company's go-to-market is investor-relations-driven rather than commercial. It has no products or services currently for sale, no disclosed pricing model, and no active customers. Future revenue is intended to come from gold (and potentially nickel-cobalt) production once the Kookynie Bankable Feasibility Study is completed, with BFS drilling commenced in February 2026 and completion targeted for Q3 2026. To support development, Carnavale has raised capital via placements (including a $2.64M oversubscribed placement in February 2022), secured a Mining Lease at Kookynie in February 2026, and signed a Native Title Mining and Heritage Agreement with Nyalpa Pirniku in December 2025. Communication with the market is conducted through ASX announcements, investor presentations, quarterly and half-year financial reports, social media (Twitter/X and LinkedIn), and media coverage in outlets such as Stockhead and Proactive Investors. Leadership transitioned with the appointment of Humphrey Hale as Managing Director in May 2026 to lead the company into production.

Name

Carnavale Resources

Legal name

Carnavale Resources Limited

Website

https://carnavaleresources.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Pre-revenue Australian mineral exploration company advancing the Kookynie Gold Project through a Bankable Feasibility Study in Western Australia's Yilgarn Craton, alongside the Grey Dam Ni-Co and Ora Banda South gold assets, with listings on the ASX and Frankfurt Stock Exchange.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Mineral exploration
• Gold exploration
• Nickel-cobalt mining
• Precious metals exploration
• Resource development

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mineral Production (Future): Pre-revenue exploration company. The company is advancing the Kookynie Gold Project through Bankable Feasibility Study (BFS) toward production, with the goal of generating revenue from gold sales upon commencement of mining operations.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Carnavale Resources is a pre-revenue mineral exploration company that acquires and explores high-quality gold, nickel, cobalt, and PGE projects in Western Australia. Its portfolio includes the Kookynie Gold Project (advancing through Bankable Feasibility Study), the Ora Banda South Gold Project, the Grey Dam Ni-Co Project (with a JORC 2012 compliant resource of 14.6Mt @ 0.75% Ni and 0.049% Co), and the Barracuda Ni Cu PGE Project. The company's primary objective is to develop these assets toward production, with future revenue expected from gold and battery metals sales.

Product overview

Carnavale Resources is a mineral exploration company focused on gold, nickel, PGE and strategic minerals in Western Australia. The company operates a portfolio of four main exploration projects: the Kookynie Gold Project (80% owned, advancing to Bankable Feasibility Study), the Ora Banda South Gold Project (option to acquire 80%), the Grey Dam Ni-Co Project (100% owned, with existing JORC mineral resource), and the Barracuda Ni Cu PGE Project. The company is listed on the Australian Securities Exchange (ASX: CAV) and Frankfurt Stock Exchange (YBB: GR).

Differentiator

Problem solved

Functional benefit

Products and services

• Kookynie Gold Project High-grade gold exploration and development project located 60km south of Leonora and 150km north of Kalgoorlie in the Yilgarn Craton, Western Australia. Carnavale holds 80% interest with Western Resources Pty Ltd holding 20%. The project is advancing through Bankable Feasibility Study (BFS) phase toward production.
• Ora Banda South Gold Project Gold exploration project covering approximately 25km2 located 65km northwest of Kalgoorlie in the Yilgarn Craton, Western Australia. Carnavale has an option to acquire 80% interest.
• Grey Dam Ni-Co Project Nickel-cobalt project located near Kurnalpi approximately 90km northeast of Kalgoorlie, Western Australia. Hosts a JORC 2012 Mineral Resource of 14.6Mt @ 0.75% Ni and 0.049% Co and is prospective for Kambalda-style nickel sulphide mineralisation. Carnavale owns 100%.
• Barracuda Ni Cu PGE Project Nickel-copper-PGE exploration project in Western Australia. Carnavale divested this non-core asset in August 2022.

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Western Resources Pty LtdcoreStrategic or Co-development PartnerWestern Resources Pty Ltd holds 20% interest in the Kookynie Gold Project, with Carnavale Resources holding 80%. This is a joint venture arrangement for the flagship gold project located 60km south of Leonora and 150km north of Kalgoorlie in the Yilgarn Craton, Western Australia.

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Saturn Metals: ASX-listed WA gold explorer/developer with the Apollo Hill project advancing through feasibility; similar size, single-asset focus, and pre-production status as Carnavale.
• Yandal Resources: ASX-listed junior gold explorer with projects in the Yilgarn Craton near Kalgoorlie; highly comparable geography and exploration-stage mandate.
• Horizon Minerals: ASX-listed junior gold developer focused on the Yilgarn Craton and broader Western Australian gold projects; comparable scale, jurisdiction, and development-stage profile to Carnavale's Kookynie asset.
• Breaker Resources: ASX-listed WA gold explorer with the Lake Roe project in the Eastern Goldfields; similar single-jurisdiction focus and explorer-to-developer transition profile.
• Bardoc Gold: ASX-listed gold developer with advanced projects north of Kalgoorlie in the same geological terrane; comparable development pipeline and gold exposure.
• Riversgold: Small-cap ASX gold explorer with WA gold projects in the Eastern Goldfields; closely comparable to Carnavale in scale and exploration focus.

Emerging players

• Blackstone Minerals: ASX-listed nickel-cobalt developer with the Ta Khoa project in Vietnam targeting battery-grade nickel; comparable in addressing the Ni-Co battery metals opportunity as Carnavale's Grey Dam asset.
• Chalice Mining: ASX-listed critical minerals explorer (Ni-Cu-PGE) targeting the EV battery and clean energy supply chain; comparable battery-metals thesis to Carnavale's Grey Dam project.

Broad incumbents

• Ramelius Resources: Mid-tier ASX gold producer with multiple WA operations in the Eastern Goldfields; relevant incumbent acquirer and benchmark for WA gold development economics relevant to Kookynie.
• Panoramic Resources: Established ASX-listed nickel-copper-PGE producer/developer with WA assets; broader and more advanced than Carnavale but addresses the same Ni-Co-PGE end market.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Carnavale_Res
• LinkedInlinkedin.com/company/carnavale-resources-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carnavale Resources