#1Investor Presentation June 2021 RIG 6 carnavale resources ltd Hunting for the next high-grade Gold, PGE and Nickel Sulphide Deposits in Western Australia#2Cautionary Statements carnavale resources ltd For Consideration This presentation has been prepared by Carnavale Resources Ltd "Carnavale". This document contains background information about Carnavale current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, Carnavale, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise are accepted. This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Carnavale. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Carnavale does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward looking statement is based. Competent Persons Statement The scientific and technical information contained within this Presentation is based on, and fairly represents information prepared by Mr. Humphrey Hale,, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is the Chief Executive Officer of Carnavale Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves". Mr Hale consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. 2#3Corporate Overview Targeting high-grade Gold, PGE and Nickel Sulphides in Western Australia Capitalisation Data(1) A$/share Share Price A$ 0.006 0.020 Issued Capital M 2,380 0.015 Market Cap A$M 14.3 Estimated Cash² A$M 4.1 0.010 Enterprise Value A$M 10.2 0.005 Major Shareholders 24-May-20 24-Jun-20 carnavale resources ltd Previous year Share Price Performance (1) Volume (M) Directors 7.22% Performance Rights Top 20 51.8% 36,000,000 Expiring 30 June 2021 Troca Enterprises 6.96% Vienna Holdings Pty Limited (R. Gajewski Unlisted Options 2 5.72% Director) 214,000,000 ex. @ $0.01 expire 31 July 2022 3 HSBC Custody Nominees (Australia) Ltd 4.15% 15,000,000 4 JP Morgan Nominees Australia Pty Ltd 4.03% 70,000,000 5 Mr Hugo Phillip Coulson 2.67% 7,000,000 ex. @ $0.015 expire 31 July 2022 ex. @ $0.012 expire 30 November 2023 ex. @ $0.012 expire 30 November 2022 1. Market data as at 24 May 2021 2. Cash as at 33 March 2021 3 24-May-21 90 80 70 60 50 40 30 R2 32 20 10#4Board & Management A strong, highly credentialed Board of Directors and Management team carnavale resources ltd Board and Management Ron Gajewski Non-Executive Chairman Andy Beckwith Non-Executive Director Rhett Brans Non-Executive Director Humphrey Hale CEO Allan Kneeshaw Exploration Consultant Mr Gajewski is an accountant by profession, with many years of experience as a Director of public listed companies and as a corporate advisor to public companies listed in both Canada and Australia. Mr Beckwith is a successful explorer whose past experience includes senior roles with AngloGold Ashanti, Acacia Resources, Normandy NFM, North Flinders, BP Minerals and at Westgold Resources. Mr Beckwith is currently an Executive Director with ASX listed De Grey Mining Ltd. Mr Brans is a civil engineer with more than 40 years of experience in project development of treatment plants and mine developments. Mr Brans is a Non-Executive Director of AVZ Minerals Ltd and Australian Potash Limited. He was previously a Director of ASX-listed companies, Perseus Mining Limited, Tiger Resources Limited, Syrah Resources Limited and RMG Limited and TSX Venture Exchange listed Monument Mining Limited. Mr Hale is a geologist with more than 25 years experience. He worked at AngloGold Ashanti (AGA) as Exploration Manager at Sunrise Dam Gold Mine. Mr Hale went on to be Managing Director at Wolf Minerals. Subsequently, Technical Director for Infinity Lithium. Humphrey has held roles as Director and consultant to several ASX listed and unlisted junior exploration companies. Joined Carnavale July 2020. Mr Hale's has direct experience in the acquisition, management, and development of exploration opportunities taking assets from initial exploration to construction. Mr Kneeshaw is a diversified exploration geologist with 26 years' experience in gold, base metals and bulk commodities in Australia and China. Allan joined Carnavale as a consulting geologist 2019. Mr Kneeshaw has held senior roles with major mining companies, including Head of Greenfields Exploration (Australia) for AngloGold Ashanti, Country Manager (Exploration - Australia) for Anglo American and Chief Geologist (China) for AngloGold Ashanti.#5Key Projects Hunting for the next high-grade Gold, PGE and Nickel Sulphide deposit Carnavale has 4 highly prospective exploration projects targeting high- grade gold, platinum group elements (PGE) and nickel sulphide located in Western Australia - Kookynie Gold Project Ora Banda South Gold Project Barracuda PGE Ni-Cu Project 118° 120° 122° MEEKATHARRA WILUNA CUE 28° Barracuda Project Ni-Cu-PGE LEINSTER YMT MAGNET - Grey Dam Nickel Project The Company continues to evaluate exploration and development opportunities that can enhance shareholder value -30° carnavale resources ltd 100 kilometres carnavale resources ltd Western Australian Project Locations Legend Tenements Major Roads Active Mine Town Geology Greenstones SOUTHERN CROSS Kookynie Project Au Ora Banda South Project Au COOLGARDIE WESTERN AUSTRALIA Map Extent KALGOORLIE PERTH LAVERTON LEONORA MENZIES KOOKINIE 28° Grey Dam Project Ni-Co BROAD ARROW KALGOORLIE KAMBALDA 120° 122° 5 32°#612 1. 2. 1,000 May-16 Sep-16 1,200 1,400 Jan-17 May-17 Sep-17 Jan-18 S&P Global Market Intelligence LBMA Gold Bullion market data as at 24th May 2021 S&P Global Market Intelligence LME Nickel market data as at 24th May 2021 1,600 May-18 Sep-18 Jan-19 1,800 May-19 Sep-19 2,000 Jan-20 Ideal Commodity Mix: Gold PGE and Nickel Sulphide Gold price has recently hit record highs, striking above US$2,000/oz... 2,200 carnavale resources ltd The supply of battery grade Nickel Sulphide is in short supply and high demand... Last 5 Years Gold Price Performance (US$/oz) (1) 21,000 Last 5 Years Nickel Price Performance (US$/t) (2) May-20 Sep-20 Jan-21 May-21 7,000 May-16 Sep-16 9,000 Jan-17 11,000 May-17 Sep-17 Jan-18 13,000 May-18 Sep-18 15,000 Jan-19 17,000 May-19 Sep-19 Jan-20 19,000 May-20 Sep-20 6 Jan-21 May-21#712 1. 2. 0 30,000 25,000 20,000 15,000 10,000 5,000 May-18 Sep-18 Jan-19 Ideal Commodity Mix: Gold PGE and Nickel Sulphide Rhodium spot price has been at record highs on the back of growing demand from the auto industry... Last 3 Years Rhodium Performance (US$/oz)(¹) 35,000 carnavale resources ltd Palladium rose above US$3,000/oz for the first time in April 2021 due to supply concerns... 3,500 Last 3 Years Palladium & Platinum Performance (US$/oz)(2) May-19 Sep-19 S&P Global Market Intelligence Rhodium Spot Price market data as at 24th May 2021 S&P Global Market Intelligence LBMA Palladium & Platinum market data as at 24th May 2021 Jan-20 May-20 500 1,000 1,500 2,000 2,500 3,000 Sep-19 Jan-20 LBMA-Palladium ($/oz) LBMA-Platinum ($/oz) Jan-21 7 May-21#8Kookynie Gold Project Overview: High Grade Gold Potential • Kookynie area has >650,000oz historic high-grade gold production from high-grade quartz vein deposits dating back to late 19th century Carnavale entered into 12-month Option Agreement to acquire 80% of the Kookynie Project from Western Resources Pty Ltd and acquired 100% of P40/1480 and application E40/394(1) - 5 tenements covering approximately 50km² within historic Kookynie Mining Camp 60km from Leonora and 150km from Kalgoorlie Surrounded by Metalicity (ASX:MCT), Genesis Minerals (ASX:GMD) and GTi Resources (ASX:GTR) ASX:GMD Greater Ulyssess Project located 10km to the north . - Resources of 1.6Mt @ 1.8g/t (JORC 2012) Intensive exploration ongoing since November 2020 carnavale resources ltd 1. For details refer to Carnavale ASX release "Carnavale acquires high grade Gold Project - Kookynie" dated 4 August 2020 and 'Kookynie Additional ground' dated 13 September 2020 and "Exploration update" dated 22 October 2020 6780000 6760000 E40/394 340000 Ulysses 870koz Admiral-Butterfly 245koz Orient Well 60koz 340000 Batavia 23Koz Champion 33koz Orion-Opal -13koz 360000 Tenement Holders Carnavale (CAV) Gti Resources (GTR) Metalicity (MCT) Genesis Minerals (GMD) 360000 8 6780000 6760000#9350,000mE Batavia 23koz @ 30g/t Au 354,000mE Kookynie Gold Project (1) Prospectivity • • Cosmopolitan Mine located 1km east 360,000oz @ 15g/t Au production Champion Mine located 1km north kilometre -6.758,000mN KOAC185 1m @ 4.54g/t Au 2m @ 0.2g/t Au KOAC184 6m @ 1.08g/t Au - 33,000 @ 17g/t Au production Immediate strike extensions of the Leipold and McTavish deposits currently being drilled by ASX:MCT (51%) and ASX:NME (49%) Recent high-grade results at MCT's McTavish include²: ― - Hole McTRC0044 3m @ 19g/t from 88m (inc. 1m @ 52.8g/t) Hole McTRC0005 5m @ 17.9g/t from 48m (inc.1m @ 80.17g/t) KOAC183 6m @ 1.54g/t Au KOAC008 [email protected]/t Au Champion 33koz @ 17g/t Au KOAC009 12m @0.21g/t Au WESTERN AUSTRALIA Carnavale Resources Ltd 000mN- KALGOORLIE PERTH KOAC010 10m @ 0.20g/t Au Historic Drilling (g/t Au) 2020 -0.01-0.05 0.05-0.10 0.10-0.20 0.20-0.50 KOAC209 2m @ 3.11g/t Au 0.50-1.00 >1.00 KOAC210 2m @ 16.25g/t Au Altona 19koz @20g/t Au Incl. 2m @ 3.43g/t and Champion South 2m @ 1.01g/t Au [email protected]/t Au Incl. 6m @ 1.09g/t Au KOAC101 7m @ 1.89g/t Au (Inc. 4m @ 3.24g/t Au) -6,754,000mN McTavish (MCT) 2m @ 14.1g/t Au 5m @ 4.17g/t Au 5m @ 17.9g/t Au KOAC090 8m @0.51g/t Au 2m @ 0.54g/t Au 8m @ 0.90g/t Au Incl. 4m @ 1.52g/t Au 7m @ 0.32g/t Au KOAC087 4m @ 0.37g/t Au 6m @ 0.49g/t Au 6,754,000mN- Cosmopolitan 360koz @ 15g/t Au — Hole McTRC0001 4m @ 6.4g/t from 67m (inc. 1m@ 15. 47g/t) KOAC213 2m @ 0.46g/t Au carnavale resources d Kookynie Gold Project Legend Tenements Transported gravels >0.2g/t Au Mineralisation -0.5gt Au Geology KOAC110 2m @ 1.46g/t Au and 6m @ 0.29 g/t Au Leipold (MCT) 4m @ 16.3g/t Au 9m @ 5.7g/t Au 10m @ 3.21g/t Au KOAC211 KOAC212 2m @ 0.21g/t Au 2m @ 0.35g/t Au 2m @ 0.43g/t Au • 3 aircore programs completed targeting high grade structurally controlled mineralisation under cover Results have increased by an order of magnitude for each program carnavale -6.750,000mN 1. For details refer to Carnavale ASX release "Carnavale acquires high grade Gold Project - Kookynie" dated 4 August 2020 and 'Kookynie Additional ground' dated 13 September 2020 and 'Exploration update' 22 October 2020 resources ltd 2. For details refer to Metalicity ASX release "McTavish returns assays up to 52.8g/t and Executive Changes' 24 May 2021 350,000mE Gold Mine Fault A Felsic Volcanics A Felsic Volcanics-igimbrite Matic Volcanics Mafic-medium & coarse grained Mafic-coarse grained Leucogabbro & Leucodolerite Norite & Garbbrononte Basalt (Magnetic) Amm Greenstone Enclave Agg Granite Syenitic Gra PG Puzzel Gran 354,000mE#10Kookynie Gold Project (1) Exploration success McTavish North and McTavish East mineralization over Aeromagnetic image 350,000mE 351,000mE KOAC183 352.000mE • McTavish East with a strike length of over 500m that remains open to the northeast, high-grade Intercepts include: -6,755,000mN KOAC185 1m @ 4.54g/t Au KOAC184 6m @ 1.08g/t Au 6m @ 1.54g/t Au 160m of Strike (Incl. 2m @ 3.43g/t Au, and 2m @ 1.01g/t Au), 10m @0.74g/t Au (Incl. 6m @ 1.09g/t Au) Champion South Prospect 6755.000mN — Hole KOAC210 2m @ 16.25g/t from 54m McTavish North Prospect - Hole KOAC209 2m @ 3.11g/t from 14m Hole KOAC230 2m @ 2.27g/t from 50m - Hole KOAC216 2m @ 3.40g/t from 70m KOAC209 2m @ 3.11g/t Au KOAC207 2m @ 0.52g/t Au KOAC210 KOAC101 7m @ 1.89g/t Au (Inc. 4m @ 3.24g/t Au) 2m @ 16.25g/t Au, 2m @0.54g/t Au, 8m @ 0.90g/t Au (Incl. 4m @ 1.52g/t Au), 7m @ 0.32g/t Au OPEN OPEN • McTavish North over 160m of strike and remains open to the North, high- grade intercepts include: - Hole KOAC183 2m @ 3.43g/t from 2m - Hole KOAC185 1m @ 4.54g/t from 31m Hole KOAC 101 4m @ 3.24g/t from 14m (ended in mineralisation) The current drill program is following up on these anomalies with close spaced aircore designed to define the anomalies sufficient for RC drilling carnavale resources ltd KOAC216 -6,754,000mN 2m @ 3.40g/t Au, 2m @ 1.11g/t Au McTavish (MCT) KOAC219 2m @ 0.76g/t Au KOAC230 2m @ 2.27g/t Au, and 2m @ 0.62g/t Au KOAC243 2m @ 0.51g/t Au 1. For details refer to Carnavale ASX release Aircore continues at Kookynie targeting high- grade gold 11th May 2021 6,753,000mN OW 350,000mE KOAC217 2m @ 1.64g/t Au ......carnavale resources Kookynie Gold Project McTavish North & East Prospects 340m of Strike Legend Tenements Transported gravels >0.2gt Au Mineralisation >0.5gt Au McTavish East Prospect Geology 140m of Strike Gold Mine Fault Drilling (g/t Au) Historic 2020 0.01-0.05 -0.05-0.20 0.20-0.50 351,000mE 500 metres 0.50-1.00 1.00 4.00 10 10.00#11Ora Banda South Gold Project(¹) Ora Banda South high-grade gold target • • • 8km south of the Ora Banda Mining Centre and 65km NW of Kalgoorlie 15km of strike along the Carnage shear that defines the Kurrawang Conglomerate and Black Flag Group contact Analogous to the +2.5Moz Invincible Gold Mine, discovered by Goldfields Ltd near Kambalda 4km and 1.2km long auger gold anomalies in the southern portion of the tenement package Significant shallow bedrock gold results from limited aircore and RAB drilling completed by previous explorers include: - 14m @ 0.79g/t from 73m and 2m @ 1.56g/t from 90m to EOH in OBAC033 ― 5m @ 2.29g/t from 116m to EOH in KWAC055 Systematic exploration program planned including soil sampling and aircore drilling 6640000 6625000 6630000 6635000 Aan New Mexico D NAGE 1. For details refer to Carnavale ASX release "Carnavale bolsters Gold Portfolio with new acquisition - Ora Banda South" dated 5 October 2020 Brown 305000 Ash Cze Leo D B Country D Abp Oloughin Dam Ad C 310000 315000 Auk C Abmo Czc Aax Aoga Czc Ora Banda Aan Aog Rm Czc Akc 3 Auk 305000 310000 Aks Cz C Czc SELLING DISTRICT Czc Sephant D carnavale resources ltd 320000 Gold Deposits (Moz Au) ° 0-0.25 0.25-0.5 0.5-1.0 1.0-2.0 2.0-5.0 Cashmans-Ca Enterprise 6640000 6635000 5.0 10.0 >10.0 Moz Au Au ppm BDL 0 to 5 ppb 5 to 10 ppb 10 to 25 ppb • 25 to 50 ppb 50 ppb to 0.1 g/t ⚫ 0.1 to 0.3 g/t 0.3 to 0.7 g/t 0.7 to 1.0 g/t 1.0 to 3.0 g/t >3.0 g/t Aon AN Czc Farty Two Mile 315000 320000 6630000 6625000 11#12Barracuda PGE Ni-Cu Project(¹) An underexplored & new energy metals project • • Strong Metal prices with Palladium (Pd) at US$2,760/oz, Platinum (Pt) at US$1,200/oz, Rhodium (Rh) at US$24,700/oz (2), Ruthenium $20,500/kg (3) Project covers multiple coincident Pt-Pd-Cu-Ni soil anomalies identified by Pancontinental Mining Limited (Pancon) that remain untested 4 rock chip samples were taken from the chromitite layer, assay results include 3.45g/t 4PGE(4), 3.39g/t 4PGE(4) with up to 12.55% chrome, confirming historic sampling and geology Mineralisation on the contact between mafic (gabbroic) and olivine-rich ultramafic rocks assayed up to 8.27g/t platinum group elements in historic assays (4PGE*) Review of open file remote sensing data has identified previous Aeromagnetic survey, Digital Elevation Model and radiometric surveys including broad spaced Aero Electro-Magnetic surveying Ongoing evaluation of data to define targets for detailed exploration with Heli VTEM survey booked for H2 2021 carnavale 1. For details refer to Carnavale ASX Up to 3.45g/t 4PGE* in rock chips from Barracuda PGE-Ni-Cu Project initial field trip 6 April 2021 resources ltd 2. Kitco.com 21 May 2021 3. Umicore Sales 21 May 2021 4. 4PGE is the addition of Pt, Pd, Rh, and Ru as an aggregate 117 -27 2719 Location of the Barracuda PGE Ni-Cu Project Area (E58/551) 118° NARRYER TERRANE Corative size of Bushveld Igneous Complex MEEKATHARRA Murchison Domain- YOUANMI TERRANE uthem Gress NOW OCEAN SOUTHWEST TERRANE Gnanagooragoo Igneous Complex 2711 2792 34 Little Gap 2821 Suite 2735 CUE Dalgaranga greenstone belt Meeline Suite Lady Alma Igneous Complex Barrambie Igneous Complex DOMAIN DOMAIN EASTERN GOLDFIELDS SUPERTERRANE KURNALP KALGOORLIE 50 km Terrane boundary 27 Windimurra Igneous Complex E58/551 SANDSTONE 28 Yalgowra Suite Little Gap Suite MT MAGNET 2813 Atley Igneous Complex YOUANMI Youanmi Igneous Complex Boodanoo Suite Unassigned gabbroic intrusions Greenstones Granitic rocks Major shear zones and faults with shear sense Way up from igneous layering Townsite V mineralization U-Pb age in Ma ("this paper) PGE mineralization 2800* MURCHISON CROSS SOUTHERN 118 Narndee Igneous Complex 50 km 119" 12 29-#13Barracuda PGE Ni-Cu Project Exploration: New energy metals CAV's proposed work program includes: • . Fly the Project area with airborne EM (used by Chalice Mining Limited (ASX: CHN) to define the Julimar PGE- Ni-Cu-Co-Au discovery) Digitally capture the Pancontinental soil geochemistry and contour the PGE, Ni, and Cu data to define metal-anomalous trends Follow-up airborne EM anomalies with ground EM, with priority given to areas with established, coincident PGE-Cu-Ni soil anomalism 118.29 deg -27.97 deg (GDA-94) Bod Amghwy Bod Amom ● Drill-test targets subject to results 118.29 deg Amonw -28.06 deg AANW AANM-ogl AAN AANw-ogz AA AAN AAN BAN AAN-mo E58/554 S08-mom No gynura Hill E AAN carnavale resources ltd 13#14Grey Dam Nickel Sulphide Project Exploration: Surface Geochemistry - Nickel, Copper, Platinum • • • Extensive data review of historic geochemistry, drilling and magnetics by independent Consultant in 2020 Historic drilling targeting gold and Nickel Cobalt laterites Data shows coincident Cu and Pt anomalies over mafic/ultramafic sequence indicating potential for Nickel Sulphide mineralisation Ni Sulphide in core proving mafic/ultramafic sequence has the ability to host NiS • Strong prospectivity for Nickel Sulphide • FLEM survey was conducted over ultramafic package with anomalous Geochem 5 Strong EM conductors defined by FLEM survey including abundant lower order conductors - 4 priority areas targeting NiS within the tenement package . 7 drill holes were drilled for 1,700m with a combination of RC and diamond drilling carnavale resources ltd 416000 420000 EM Conductors Priority 1 Priority 2 Transported Cover Historic NiS Mineralisation 6620000 6624000 6628000 6632000 Target 18 Target 2 8 Target 3 Target 4 & 5 do 6632000 6628000 6624000 6620000 416000 420000 14#15Grey Dam Nickel Sulphide Project (1) Exploration: drilling to test Priority EM Targets • . Initial Ultra Fine Fraction (UFF) soil program successfully identified mafic /ultramafic host sequences Additional UFF soil sampling programme completed within the northern ultramafic package Ultra Fine Fraction soil sampling exploration being developed in conjunction with CSIRO Multi element ratio analysis to search for concealed NiS bodies within the fertile mafic/ ultramafic package. Further FLEM surveys and drilling based on results 6632000 6624000 6628000 412000 416000 420000 carnavale 1. For details refer to Carnavale ASX release Exploration update 22 October 2020 resources ltd 412000 416000 420000 15 6632000 6628000 6624000#16Contact Humphrey Hale CEO Carnavale Resources Limited Level 2, Suite 9, 389 Oxford Street Mt Hawthorn, WA, 6016 T: +61 8 9380 9098 F: +61 8 9380 6761 E: [email protected] W: www.carnavaleresources.com ABN: 49 119 450 243 carnavale resources ltd