Carnavale Resources Advances Toward Gold Production at Kookynie

Carnavale Resources progresses Kookynie gold project with permits secured and drilling complete. Bankable Feasibility Study on track for Q3 2026 production target.

Carnavale Resources is progressing toward a key operational milestone: bringing its Kookynie gold project in Western Australia into production. The company's targeted commissioning date in the third quarter of 2026 is now coming into clearer view following the completion of extensive drilling campaigns. Data gathered from these programs will form the critical foundation for the project's final feasibility study.

Regulatory Framework and Resource Base

Significant legal and regulatory steps have recently been secured, paving the way for development. The company obtained its mining license and finalized an agreement with the Nyalpa Pirniku native title group in February 2026, clearing major permitting hurdles. The project currently holds an indicated resource of approximately 117,000 ounces of gold.

Drilling Data Fuels Feasibility Work

The latest operational phase centered on infill drilling across 8,500 meters within the planned Swiftsure and Tiptoe open-pit areas. This work aims to provide precise data on the ore's metallurgical characteristics and the nature of the surrounding waste rock. Initial results from these tests are anticipated within the next four weeks.

Concurrently, a diamond drilling program was conducted to collect essential geotechnical information, which is crucial for ensuring the future stability of the mine design. The systematic approach to de-risking the project technically suggests the upcoming Bankable Feasibility Study (BFS) remains on track. The ambitious schedule to achieve production readiness in approximately 18 months appears feasible based on current advancements.

Market Performance and Final Drilling Phase

The operational progress has been met with a mixed reaction in equity markets. Shares closed yesterday at AUD 0.12, trading roughly 27% below their mid-February 52-week high. The stock's annualized volatility, standing near 109%, highlights the significant price swings typical for gold exploration companies at this developmental stage.

Looking ahead, the final stage of the BFS drilling program is set to commence in March 2026. This phase will focus on establishing process water boreholes, a vital component for the future processing plant's operations. Investor attention is now turning to the metallurgical test results expected in April, which are projected to substantiate the economic viability of the gold recovery process.