Carnaby Resources (CNB) investor relations material

Strategic direction and project development

• Rapid development underway for the Greater Duchess Copper Gold Project, transitioning from exploration to development within a year.

• Focus on maintaining a tight share structure with 220 million shares on issue and nearly 10% insider ownership.

• Pre-feasibility study in progress, targeted for completion in H2 CY2025, with plans to move quickly to feasibility and financial investment decision.

• First ore production from Trekulano targeted for as close to June year as possible, pending government approvals, with production as early as late 2026.

• Strong support from Queensland government and established toll treating and offtake agreements with Glencore.

Project assets and operational highlights

• Trekulano open pit to deliver over 20,000 tons of copper annually for the first five to six years, with no additional CapEx required.

• Resource base has grown to 400,000 tons of high-quality copper equivalent, with significant recent discoveries at Mount Hope and other deposits.

• All key assets, including Mount Hope, are now 100% owned, consolidating control and future upside.

• Mining lease for Trekulano is already granted, enabling immediate development and production.

• Plan to rail ore from Duchess to Mount Isa, leveraging existing infrastructure and government support.

Financial and market positioning

• Market cap stands at $89–90 million, with $15.8M cash on hand and no further dilution planned until feasibility clarity.

• NPV of $437M (excluding Trekulano) at a 7% discount rate and IRR of 141% highlighted.

• Clean, high-grade copper concentrate is a key differentiator, attracting strong interest from major commodity traders.

• Estimated pre-production CAPEX is low at ~$35M, with a focus on low-risk, low-dilution third-party processing.

• Board and management have a track record of successful resource development and maintain strong industry relationships.