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Carnavale Resources Limited ASX:CAV

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

9 Dec 2025 to today

Commentary 2 comments

DateManagerActionSummary

17 Mar 2026Lowell Resources Funds ManagementHeldLowell Resources Funds Management continues to hold Carnavale Resources Ltd because the company's Koolynie project in Western Australia includes an ultra-high-grade component of 55,000 tonnes at 28.3 grams per tonne gold, meaning minimal material movement and low exposure to haulage costs — a particularly attractive characteristic in the current high fuel price environment. Lowell Resources notes that Carnavale's total 117,000-ounce Koolynie project hosts one of the highest-grade underground components on the ASX.

Gold MiningArticle, price recorded $0.12

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9 Dec 2025Lowell Resources Funds ManagementHeldThe manager continues to hold Carnavale Resources because the Swiftsure and Tiptoe deposits in WA's Eastern Goldfields are central to the investment thesis. A 2025 scoping study suggested a five-year operation producing 93,000oz at 3.1g/t gold with a 14-month payback and $237m of free cash at A$5500/oz. The crown jewel is the high-grade bonanza zone of Swiftsure, with 60,000t containing 28.3g/t Au for 55,000oz. The high-grade, near-surface, open-pittable ore can travel to any plant within a 200km radius and still make a handsome margin, with a planned open pit transitioning to underground. The low capital hurdle for $200m-plus of cash flow contrasts favourably with low-grade projects requiring hundreds of millions to develop. The fund held 5.7% of the company as of late November.

Gold ExplorationArticle, price recorded $0.09

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on CAV.

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About Carnavale Resources Limited

Materials, Metals and Mining

Carnavale Resources (ASX:CAV), a gold explorer in Western Australia's Eastern Goldfields, is held by Lowell Resources Funds Management. In March 2026, Lowell highlighted Carnavale's super high-grade deposit, noting part of it lies just outside a neighbouring company's operations, suggesting potential corporate interest. In December 2025, Lowell noted Carnavale's Swiftsure and Tiptoe deposits, between Menzies and Leonora, were at the centre of recent activity in the region. Carnavale Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Lowell Resources Funds Management. Established in 2006 and headquartered in Mount Hawthorn, Perth, Carnavale Resources explores for gold in Western Australia's Eastern Goldfields, focused on its Kookynie gold project, including the high-grade Swiftsure and Tiptoe deposits, located near established mining operations and processing mills.

Market cap: $32m
Price to earnings: Loss-making
Return on equity: -24.8%
Dividend yield: 0.0%
Price to book: 2.29x
Net margin: -2039.5%
52-week range: $0.06 to $0.17

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Carnavale Resources Limited (ASX:CAV)?

Fund managers including Lowell Resources Funds Management have invested in Carnavale Resources Limited (ASX:CAV).

What opportunities or catalysts do fund managers highlight for Carnavale Resources Limited?

Lowell highlights very high-grade gold deposits near existing operations and mills, which could make Carnavale attractive to neighbouring producers.

What are the key risks to the Carnavale Resources Limited investment thesis, according to fund managers?

The available commentary does not set out specific risks, though Carnavale is a small explorer that must grow resources and secure a path to processing.

What does Carnavale Resources Limited (ASX:CAV) do?

Carnavale Resources Ltd. is an Australian mineral exploration and development company established on April 28, 2006. Headquartered in Mount Hawthorn, Australia, the company operates via two primary segments: Investing Australia and Mineral Exploration Australia. Its core business focuses on the identification, exploration, and development of mineral properties.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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