In accordance with resolutions passed at the Company's General Meeting held on 15 September 2023, Carnavale Resources Limited (ASX: CAV) ('Company') has issued a total of 45 million options exercisable at $0.008 and expiring on 31 March 2025 ('Options') to the Directors (comprising 20 million Options to each of Mr Gajewski and Mr Beckwith and 5 million Options to Mr Brans).

Refer attached Schedule 1 for further terms and conditions. In addition, the Directors have issued 20 million Options to the Chief Executive Officer, Mr Humphrey Hale, and a further 7.5 million Options to consultants. Refer attached Schedule 1 for further terms and conditions. These incentive options are issued pursuant to the Company's 15% capacity under the Australian Securities Exchange Listing Rules.

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