Carnavale Resources Ltd. announced that it has elected to exercise its Option pursuant to the agreement to acquire 80% of the Ora Banda South Gold Project, comprising tenements P24/5274, P24/5275, P24/5276, P24/5277, P24/5278, P24/5279, P24/5280, P24/5281, P24/5282, P16/3081, P16/3082, P16/3077, P16/3000 and P16/3001 from Western Resources Pty Ltd. Upon completion of exercise of the Option, scheduled for 11 October 2022, Carnavale will transfer $150,000 cash and issue 15 million ordinary shares (pursuant to CAV's existing placement capacity under Listing Rule 7.1) to Western Resources Pty Ltd. Western Resources Pty Ltd. has agreed to a voluntary 3-month escrow on the shares issued and will be free carried until completion of a Bankable Feasibility Study. Exploration Strategy: CAV's proposed work program at the Ora Banda South Gold Project includes: Results from the third round of Aircore, completed in August, are pending. RC drilling testing at depth and along strike from the shallow high-grade gold mineralisation defined by the recent aircore drilling.

(For more details see ASX High-grade gold along 15km of the Carnage shear at Ora Banda - 13th December 2021 and Carnage and Highlander continue to grow along the 15km Carnage shear at Ora Banda South Gold - 17 May 2022). Interpretation of the multi-element geochemistry and drainage anomalies to provide further understanding of the morphology of the mineralising systems. Identify additional targets within the Ora Banda South Gold Project tenement package. Evaluate new tenement opportunities adjacent to the project area.