Carnavale Resources Limited (CAV) AI Stock Analysis

• Market Cap: AU$38.73M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): -0.64
• Revenue Growth: N/A
• EPS Growth: -208.82%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 407,732,240
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: -0.26
• Price to Book (P/B): 23.17
• Price to Sales (P/S): 1553.40
• P/FCF Ratio: -93.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: AU$0.09 ▼(-6.00% Downside)

The score is held down primarily by weak financial performance—persistent losses and worsening negative free cash flow indicate ongoing funding needs. Technicals are modestly supportive based on RSI/Stoch, but limited by missing trend indicators. Valuation is also a headwind due to the negative P/E tied to losses and no available dividend yield support.

Positive Factors

Partnership with Indigenous Groups

The agreement with indigenous groups for the Kookynie Gold Project strengthens Carnavale's social license to operate, de-risks project development, and ensures culturally responsible mining practices, which is crucial for long-term project success and community relations.

Resource Estimate Increase

An increased resource estimate at the Kookynie Gold Project enhances the project's value, positioning Carnavale favorably in the mining industry and potentially leading to increased stakeholder interest and investment opportunities.

Debt-Free Balance Sheet

A debt-free balance sheet provides Carnavale with financial flexibility and reduces near-term financial risk, allowing the company to focus on strategic investments and exploration without the burden of debt servicing.

Negative Factors

Negative Cash Flow

Consistently negative cash flow indicates ongoing funding needs, which can strain financial resources and limit the company's ability to invest in growth opportunities without external financing.

Persistent Net Losses

Persistent net losses reflect operational challenges and inefficiencies, potentially eroding shareholder value and limiting the company's ability to reinvest in its projects and operations.

Worsening Margins

Worsening margins indicate that costs are outpacing revenue growth, which could hinder profitability and sustainability unless addressed through cost management or revenue enhancement strategies.

Carnavale Resources Limited Business Overview & Revenue Model

Company Description

Carnavale Resources Limited operates as a mineral exploration company in Australia. It explores for tin, lithium, cobalt, silver, nickel, gold, copper, and precious metal deposits. The company holds a 100% interest in the Grey Dam nickel sulphide project in Kalgoorlie, Western Australia; and 80% interest in the Kookynie gold project comprising 2 exploration licenses and 3 prospecting licenses located in Yilgarn Craton, Western Australia. It also holds an option to acquire 80% interest in the Ora Banda South gold project that covers an area of approximately 25 square kilometers located in Yilgarn Craton, Western Australia. Further, it is involved in investing activities. Carnavale Resources Limited was incorporated in 2006 and is based in Mount Hawthorn, Australia.

How the Company Makes Money

Carnavale Resources Limited makes money primarily through the exploration and eventual development of mineral resources, focusing on commodities such as gold and nickel. The company generates revenue by increasing the value of its mineral assets through exploration activities, which can lead to the sale or joint venture of projects with larger mining companies. Additionally, as exploration projects progress to development and production phases, Carnavale may derive income from the sale of extracted minerals. Key revenue streams include partnerships and agreements with other mining firms, which can provide funding, expertise, and share in the production output. The company's earnings are significantly influenced by the market demand and price fluctuations of the minerals they explore, as well as its ability to effectively manage exploration and development costs.

Carnavale Resources Limited Financial Statement Overview

Summary

Carnavale Resources Limited shows a positive trajectory in revenue growth, which is promising for future prospects. However, the company struggles with profitability and cash flow management, as seen in its consistent negative net income and free cash flow figures. While the balance sheet is strong with no debt, improving operational efficiency and profitability should be a priority to enhance overall financial health and create shareholder value in the long term.

Income Statement

Carnavale Resources Limited has shown significant revenue growth over the years, with the most recent annual report indicating an increase in total revenue from AUD 55,220 to AUD 222,573, a substantial growth rate of 303%. However, the company has consistently reported negative net income and EBIT, leading to negative net profit margins and EBIT margins. The negative profitability metrics indicate challenges in managing operational costs and achieving profitability, which impacts the financial stability of the company.

Balance Sheet

The company exhibits a strong equity base with no recorded debt, reflected in a debt-to-equity ratio of 0. Stockholders' equity has increased over time, indicating a solid equity position and financial stability. The equity ratio of approximately 97% suggests strong capital structure management. However, the company needs to improve its profitability to enhance return on equity, which is currently negative due to consistent net losses.

Cash Flow

Free cash flow has been negative, indicating ongoing cash outflows exceeding inflows primarily due to high capital expenditures. The operating cash flow to net income ratio is not favorable, reflecting challenges in converting operating activities into positive cash flows. Despite negative free cash flow, the company has managed to secure financing as needed, albeit the need for better cash management strategies moving forward.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	151.84K	151.84K	222.57K	55.22K	3.35K	10.63K
Gross Profit	151.84K	151.84K	222.57K	54.60K	2.88K	10.63K
EBITDA	-438.31K	-438.31K	-765.00K	-550.52K	-1.49M	-1.52M
Net Income	-3.03M	-3.03M	-791.14K	-452.61K	-1.41M	-1.49M
Balance Sheet
Total Assets	10.40M	10.40M	11.49M	8.98M	9.49M	7.15M
Cash, Cash Equivalents and Short-Term Investments	777.60K	777.60K	1.24M	919.18K	3.25M	3.53M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	224.62K	224.62K	338.19K	379.08K	527.02K	291.66K
Stockholders Equity	10.18M	10.18M	11.15M	8.60M	8.97M	6.85M
Cash Flow
Free Cash Flow	-2.52M	-2.52M	-2.62M	-2.33M	-3.25M	-2.50M
Operating Cash Flow	-388.29K	-388.29K	-351.10K	-416.25K	-501.98K	-541.43K
Investing Cash Flow	-2.13M	-2.13M	-2.26M	-1.91M	-2.75M	-1.95M
Financing Cash Flow	2.05M	2.05M	2.94M	-1.66K	2.97M	4.83M

Carnavale Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GUL	67 Neutral	AU$23.98M	12.36	9.77%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AUZ	51 Neutral	AU$43.06M	-15.38	-4.02%	―	―	74.51%
CAV	48 Neutral	AU$38.73M	-8.86	-27.97%	―	―	-208.82%
PXX	44 Neutral	AU$57.09M	-28.75	-5.01%	―	―	88.57%
AMD	41 Neutral	AU$17.08M	-0.87	-296.44%	―	―	51.48%

Carnavale Resources Limited Corporate Events

Carnavale secures native title mining and heritage deal for Kookynie Gold Project

Carnavale Resources and joint venture partner Western Resources have signed a Mining and Heritage Agreement with the Wangkatja Tjungula Aboriginal Corporation, representing the Nyalpa Pirniku native title holders, covering the Kookynie Gold Project area in Western Australia. The agreement, which clears the final hurdle for the grant of key mining lease M40/362, establishes a framework for collaboration on exploration, development and operations, embeds an Aboriginal Heritage Protocol to identify and protect cultural values, and outlines compensation, employment, contracting opportunities and royalty-based payments for the Nyalpa Pirniku people. This milestone formalises a long-term partnership intended to ensure culturally responsible project development, strengthens Carnavale’s social licence to operate, and materially de-risks the pathway to permitting and eventual gold production at Kookynie.

Carnavale Resources Addresses ASX Compliance Query

Carnavale Resources Limited recently addressed a query from the ASX regarding a late lodgement of the Appendix 3Y, which details changes in directors’ interests. The delay was attributed to an internal administrative oversight, as the filing was made one business day late. The company assured that it has adequate systems in place to monitor such changes and considers this incident isolated, maintaining that the market was kept informed through other means. This announcement highlights the company’s commitment to compliance with ASX listing rules, despite the oversight, and reassures stakeholders of its transparency and operational diligence.

Carnavale Resources Announces Director’s Interest Change

Carnavale Resources Limited has announced a change in the interest of its director, Andrew Beckwith, in the company’s securities. The company’s issued capital has been consolidated on a 15 for 1 basis following shareholder approval at the Annual General Meeting. As a result, the number of ordinary shares held by Mr. Beckwith has been consolidated, and he has acquired 2,000,000 unlisted options.

Carnavale Resources Announces Director’s Share Acquisition

Carnavale Resources Limited has announced a change in the director’s interest, specifically involving Andrew Beckwith. The change involves the acquisition of 283,892 ordinary fully paid shares by Penand Pty Ltd, associated with Mr. Beckwith, through an on-market trade. This adjustment brings the total number of shares held to 13,000,000, with the transaction valued at $25,511.39. This update reflects a strategic move in the company’s internal shareholding structure, potentially impacting its governance and shareholder dynamics.

Carnavale Resources Issues New Unquoted Equity Securities

Carnavale Resources Limited announced the issuance of 300,000 unquoted equity securities in the form of options, exercisable at $0.09 and expiring on November 26, 2028. This move reflects the company’s ongoing efforts to enhance its financial instruments, potentially impacting its market operations and offering stakeholders new investment opportunities.

Carnavale Resources Issues Unquoted Equity Securities

Carnavale Resources Limited has announced the issuance of unquoted equity securities, including 5,500,000 options exercisable at $0.09 and expiring on 26 November 2028, as well as 1,666,666 performance rights. These securities are part of a previously announced transaction and are not intended to be quoted on the ASX. This move could potentially impact the company’s financial strategy and stakeholder interests by expanding its equity base.

Carnavale Resources Issues 5 Million Unquoted Equity Securities

Carnavale Resources Limited has announced the issuance of 5,000,000 unquoted equity securities in the form of options exercisable at $0.09, set to expire on November 26, 2028. This issuance is part of a transaction previously announced to the market and is not intended to be quoted on the ASX, potentially impacting the company’s financial strategy and stakeholder interests by expanding its equity base.

Carnavale Resources Boosts Kookynie Gold Project Value

Carnavale Resources Limited has announced an increase in the resource estimate at its Kookynie Gold Project, which is expected to enhance the project’s value significantly. This development positions the company favorably within the mining industry, potentially leading to increased stakeholder interest and investment opportunities.

Carnavale Resources Announces AGM Results and Share Consolidation

Carnavale Resources Limited announced that all resolutions at its annual general meeting were passed, including special resolutions, indicating strong shareholder support. The company is proceeding with a share capital consolidation on a 1 for 15 basis, affecting trading and shareholding structures, which is expected to streamline its operations and potentially enhance its market positioning.

Carnavale Resources Announces Security Consolidation

Carnavale Resources Limited has announced a security consolidation for its ordinary fully paid shares and options expiring on October 31, 2028. This reorganization, which has received security holder approval, aims to streamline the company’s capital structure and is set to commence trading on a deferred settlement basis from December 1, 2025.

Carnavale Resources Announces Director’s Increased Shareholding

Carnavale Resources Limited has announced a change in the director’s interest notice, specifically related to Ron Gajewski. The change involves the acquisition of additional ordinary fully paid shares by Mr. Gajewski through entities associated with him, including Vienna Holdings Pty Ltd and Redtown Enterprises Pty Ltd. This acquisition was made pursuant to an Entitlement Offer and sub-underwriting arrangements, resulting in a significant increase in Mr. Gajewski’s shareholding. This development may impact the company’s governance and shareholder dynamics, reflecting confidence in the company’s future prospects.

Carnavale Resources Issues 30 Million Unquoted Options

Carnavale Resources Limited has announced the issuance of 30,000,000 unquoted equity securities in the form of options, which are exercisable at $0.006 and set to expire on October 31, 2028. This issuance is part of previously announced transactions and is not intended to be quoted on the ASX, potentially impacting the company’s financial strategy and shareholder value.

Carnavale Resources Limited Announces Quotation of New Securities on ASX

Carnavale Resources Limited has announced the application for the quotation of 1,168,634,261 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move is part of previously announced transactions and is expected to impact the company’s operations by potentially increasing its market presence and providing additional capital for its exploration activities.

Carnavale Resources Boosts Kookynie Gold Project Potential with Updated Resource Estimate and Scoping Study

Carnavale Resources Limited has announced an updated mineral resource estimate and a revised Scoping Study for its Kookynie Gold Project, showing a 38% increase in total resources and a 46% increase in the indicated category. The study highlights a strong economic case for developing the project as a contract mine and toll treatment operation, with an estimated undiscounted free cash flow of approximately A$237 million and a net present value of A$188 million. The company is raising funds to fast-track the project’s development, having already commenced a Bankable Feasibility Study to bring the project towards production.

Carnavale Resources Announces AGM and Push for Digital Communication

Carnavale Resources Limited has announced its Annual General Meeting scheduled for November 27, 2025, in Western Australia. The company is encouraging shareholders to adopt electronic communications to reduce paper usage and improve efficiency, aligning with recent legislative changes that allow for digital document distribution.

Carnavale Resources Announces Entitlement Issue and Capital Consolidation Plans

Carnavale Resources Limited has announced a pro-rata non-renounceable entitlement issue to raise approximately $4.09 million. This offer is fully underwritten and aims to strengthen the company’s financial position. Additionally, the company plans to hold an annual general meeting to seek shareholder approval for a consolidation of its issued capital on a 15-to-1 basis, which will take effect after the entitlement issue, if approved.

Carnavale Resources Launches $4.09 Million Entitlement Offer

Carnavale Resources Limited has announced the opening of a non-renounceable pro-rata entitlement offer to raise approximately $4.09 million. The funds will be used to accelerate exploration projects, cover the costs of the offer, and provide working capital. The offer is fully underwritten by Canaccord Genuity (Australia) Limited and partially sub-underwritten by company directors. Eligible shareholders, primarily those in Australia and New Zealand, are invited to participate in this offer.

Carnavale Resources Limited Announces Quotation of New Securities on ASX

Carnavale Resources Limited has announced the quotation of 857,142,857 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 20, 2025. This move is part of a previously announced transaction, indicating a strategic step to enhance the company’s capital structure and potentially improve its market positioning.

Carnavale Resources Secures $3 Million Through Successful Share Placement

Carnavale Resources Limited has successfully completed a placement of 857,142,857 shares at $0.0035 each, raising $3 million from professional and sophisticated investors. This strategic move enhances the company’s financial capacity, potentially impacting its operations and market positioning positively.

Carnavale Resources Director Increases Shareholding

Carnavale Resources Limited has announced a change in the director’s interest, specifically regarding Andrew Beckwith’s indirect interest in the company. The change involves the acquisition of 10,000,000 ordinary fully paid shares by Penand Pty Ltd, a company where Mr. Beckwith is a director and controlling shareholder, bringing his total holdings to 109,543,188 shares. This transaction, valued at $50,000, was conducted as an on-market purchase, indicating a potential increase in confidence or strategic positioning by the director within the company.

Carnavale Resources Boosts Kookynie Gold Project Value

Carnavale Resources Limited has announced an increase in resource estimates and a doubling of the project’s value at its Kookynie Gold Project. This development is expected to enhance the company’s operational capabilities and strengthen its position in the mining industry, potentially benefiting stakeholders by increasing the project’s financial viability.

Carnavale Resources Updates Securities Issue Timetable

Carnavale Resources Limited has announced an update to its proposed issue of securities, following the lodgement of its Prospectus. This update involves a timetable adjustment for the non-renounceable pro rata issue, which is part of the company’s strategy to raise capital and enhance its market position.

Carnavale Resources Announces Entitlement Issue to Raise Capital

Carnavale Resources Limited has announced a pro-rata non-renounceable entitlement issue, offering one share for every four shares held at a price of $0.004 per share, with the aim of raising up to $4,090,218. This offer is fully underwritten by Canaccord Genuity and is being conducted on a pre-consolidation basis, with a proposed capital consolidation pending shareholder approval. The announcement highlights the company’s strategic financial maneuver to strengthen its capital base, although the offer is considered highly speculative. The impact on stakeholders includes potential dilution of share value, but it also presents an opportunity for existing shareholders to increase their investment at a discounted rate.

Carnavale Resources Announces Proposed Securities Issue

Carnavale Resources Limited has announced a proposed issue of securities, which includes options and performance rights, set to be issued on November 7, 2025. This move could potentially impact the company’s financial structure and market positioning by increasing its capital base, thereby providing additional resources for future projects and operations.

Carnavale Resources Announces Major Securities Issue

Carnavale Resources Limited has announced a proposed non-renounceable pro rata issue of up to 1,168,633,827 ordinary fully paid securities. This move is part of the company’s strategy to raise capital, potentially impacting its financial position and market operations by providing additional funds for exploration and development activities.

Carnavale Resources Announces Major Securities Issue to Boost Capital

Carnavale Resources Limited has announced a proposed issue of 857,142,857 ordinary fully paid securities, scheduled for October 20, 2025. This move is expected to enhance the company’s capital base, potentially supporting its exploration and development activities, thereby strengthening its position in the resource sector.

Carnavale Resources Secures $7.09M for Kookynie Gold Project Development

Carnavale Resources Limited has announced a capital raise of approximately $7.09 million through a share placement and a non-renounceable rights issue to fund the development of the Kookynie Gold Project. The funds will be used to commence a Bankable Feasibility Study, advance mining approvals, and explore additional opportunities within the project area. The updated Scoping Study indicates strong economic potential, with a projected net present value of A$188 million and an internal rate of return of 165%. The company aims to achieve a shovel-ready status for the project by 2026, enhancing its industry positioning and providing value for shareholders.

Carnavale Resources Sets AGM Date and Director Nomination Deadline

Carnavale Resources Limited has announced the date for its 2025 Annual General Meeting, which is set for November 27, 2025. The company has also set a deadline for director nominations, which must be submitted by October 16, 2025. This announcement is part of the company’s regular governance process and is approved by the Board, ensuring stakeholders are informed of key dates and procedures for participation in the company’s governance.

Carnavale Resources Initiates Trading Halt Ahead of Capital Raising Announcement

Carnavale Resources Limited, listed on the ASX under the ticker CAV, has requested a trading halt on its securities pending an upcoming announcement. The halt is expected to last until the start of normal trading on October 6, 2025, or until the announcement is made, which is anticipated to be related to a capital raising effort. This move indicates potential strategic financial activities that could impact the company’s operations and investor relations.