Announcement • Jul 03
Cavalier Resources Limited Announces Appointment of Jamie Brown to Chief Operating Officer, Effective July 1, 2026 Cavalier Resources Limited had announced the appointment of Mr. Jamie Brown as Chief Operating Officer (COO), effective from July 1, 2026. Mr. Brown has over 24 years' mining industry experience, most recently serving as Chief Mine Geologist with Brightstar Resources. He has previously held senior operational and technical leadership roles with Westgold Resources, OceanaGold, Gold Fields, BHP and Evolution Mining. His experience includes new mine start-ups, operational readiness and technical services leadership, providing practical expertise well suited to the next stage of Crawford's development. As Chief Operating Officer, Mr. Brown will work closely with the Company's management team to coordinate project development, operational readiness and broader business activities as Crawford advances toward production. Mr. Brown holds a Bachelor of Science (Mining Geology and Mineral Exploration) from the Western Australian School of Mines and is a Schedule 26 Statutory Supervisor under the Work Health and Safety (Mines) Regulations 2022. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Revenue is less than US$1m (AU$13k revenue, or US$9.6k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$22.1m market cap, or US$15.8m). New Risk • May 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 47% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Revenue is less than US$1m (AU$13k revenue, or US$9.7k). Minor Risk Market cap is less than US$100m (AU$25.6m market cap, or US$18.5m). 
