Cavalier Resources has successfully landed on the ASX and is ready to hit the ground running with a jam-packed schedule aimed at advancing the company towards potential mining activity within 18 months of listing

Cavalier Resources (ASX:CVR) joined the ranks of publicly listed companies today following the completion of its IPO that raised $5m, giving it a starting market cap of around $8.6m.

It is the second successful IPO in just six months for executive chairman Ranko Matic and executive technical director Daniel Tuffin, who together rang the bell for nickel, cobalt and gold explorer Panther Metals (ASX:PNT) in December 2021.

Demonstrating their confidence in Cavalier and its portfolio of prospective projects, the directors and management are large shareholders, collectively owning a 20% stake in the company.

Cavalier’s portfolio consists of three projects within proven gold and nickel regions in Western Australia – from near-mine-ready resources at the Leonora Gold Project, which holds 101,000oz of gold at the Crawford Gold Project, to untested walk-up targets at the Hidden Jewel Gold Project and the Ella’s Rock Nickel-Gold Project.

All three project areas are located within close proximity to several mills. The flagship Leonora Gold Project sits 25km east of St Barbara’s (ASX:SBM) gold mill in the 120Moz Kalgoorlie/Norseman Belt, Hidden Jewel (also located on the Kalgoorlie/Norseman Belt) is 20km north of Norton Gold Fields’ 5Mtpa processing plant and Ella’s Rock is located in the 12Moz Southern Cross Belt just 20km from Western Areas’ (ASX:WSA) Cosmic Boy nickel plant.

Cavalier Greenstone Belts Pic Supplied


Tuffin said, “We’re extremely pleased with completing this IPO capital raising in what has been a difficult market environment for IPOs of late. Listing on the ASX provides us the capital required to enable us to rapidly progress exploration across our 100%-owned Western Australian gold and nickel projects.

“The company has budgeted for an extensive exploration program over the coming two years and plans to begin drilling as soon as possible, simultaneously progressing with an immediate internal mine review on the Crawford Gold Project, which is very advanced towards mine readiness.

“Any positive outcomes from future mining studies at Crawford may provide the potential for a near-term mining operation allowing Cavalier to self-fund exploration and development activities without the need to dilute shareholders through any future capital raising activities.

“Our near-term focus is drilling at both the Crawford and Gambier Lass North projects, specifically the mineral resource at Crawford, both situated in the Leonora Gold Project.”


Cavalier Map Pic Supplied

Historical drilling at Crawford has returned shallow, high-grade results such as 10m at 3.38g/t, including 2m at 12.4g/t (grams per tonne) from 17m; 18m at 2.77g/t, including 3m at 6.96g/t from 27m; 6m at 5.55, including 1m at 21.1g/t from 37m; and 7m at 5.39g/t, including 2m at 14.2g/t from 49m.

While at Gambier Lass North historical intercepts include 5m at 2.61g/t from 4m; and 14m at 1.60g/t, including 6m at 3.29g/t from 32m.

Both projects remain open along strike and at depth.

“Due to the extensive work schedule, we will have continuous news flow and results to share in the first 12 months,” Tuffin said.

Cavalier Exploration Timeline Pic Supplied

As outlined by Tuffin, Cavalier’s primary focus is to take the Crawford project to a maiden Ore Reserve in the second half of 2023 to enable the Leonora project to potentially progress towards a mining phase within the first year-and-a-half of listing. Any such potential mining would kick off cash flow generation that would be used to fund exploration at the company’s other projects.

Exploration of Gambier Lass North and Ella’s Rock will take place concurrent to the works at Crawford. Recent drilling at Gambier Lass North has uncovered northern extensions to the historic underground mine which the company plans to investigate, while multiple untested greenstone targets are planned to be drilled at the Ella’s Rock Nickel-Gold Project.

This article was developed in collaboration with Cavalier Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.