Cavalier Resources Limited (CVR) has officially commenced site preparation activities at its 100%-owned Crawford gold project, located near Leonora in Western Australia. These early-stage operations mark the beginning of the company’s staged development plan for the asset, signalling a physical transition from planning into initial execution. The current work program encompasses a variety of essential site-level tasks, including improvements to access tracks, the establishment of initial infrastructure, site rehabilitation, and the commencement of water bore drilling required for upcoming heap leach operations.

The advancement of these works has been enabled by the company’s recent capital-raising efforts. While the current activity focuses on immediate groundwork, Cavalier continues to progress a broader financing process to support the full scope of the project. Earlier in March 2026, the company reported non-binding term sheets for a US$13 million prepay and A$5 million loan. By July 9, 2026, this position matured significantly when the company executed binding term sheets for approximately A$23 million in debt financing, securing the necessary capital to underpin its development schedule.

"It's great to have site preparation now underway for Stage 1 at the Crawford Gold Project. The capital raised earlier this year has allowed us to commence these important early works while we continue progressing our broader project financing process."

"Site preparation is the first step in our staged development plan; we look forward to updating shareholders as works continue to progress towards mining over the coming months."

— Daniel Tuffin, Executive Technical Director and Interim CEO

These site preparation activities are expected to continue over the coming months. As the project enters this phase, the focus remains on preparing the ground for the proposed Stage 1 development. The company has indicated that it plans to provide further updates to shareholders as these site works advance towards the ultimate goal of achieving mining operations.

By initiating these tasks, the company is demonstrating the practical application of its previous technical studies and heritage surveying work, which had cleared the path for physical infrastructure development. This sequence follows a period of corporate strengthening, including management appointments aimed at supporting the project’s shift into an operational phase. The consistency of these steps reflects a deliberate approach to the project's development timeline, moving from permitting and financial structuring into active ground-level preparation. Investors will likely look for further updates regarding the completion of these initial milestones as the company navigates the broader project financing process in parallel.

Read the full announcement: Crawford Site Preparation Works Underway