Carnaby Resources (CNB) Diggers & Dealers Mining Forum 2025 summary

Strategic Positioning and Project Overview

• Focused on rapid development of the Greater Duchess Copper Gold Project in the Mount Isa region, leveraging recent exploration success and the Trekelano acquisition.

• Maintains a tight capital structure with 220 million shares on issue, a market cap of $90 million, and board and management ownership near 10%.

• Transitioned from pure exploration to development within a year, now supported by major analysts and financial institutions including Macquarie, Petra Capital, and Moelis Australia.

Key Project Developments and Acquisitions

• Trekelano acquisition adds 5.2Mt @ 1.6% CuEq, increasing Greater Duchess resources by 27% to 27Mt @ 1.5% CuEq for 400,000t CuEq, providing critical mass for project development.

• Trekelano mine's historical production and new drilling results highlight significant high-grade copper-gold mineralization, with open pit and underground expansion potential.

• Greater Duchess project now includes multiple deposits: Mount Hope (10.3Mt @ 1.7% CuEq), Nil Desperandum (4.3Mt @ 1.4% CuEq), Lady Fanny & Burke & Wills (3.1Mt @ 1.5% CuEq), and Trekelano.

• All key deposits, including Mount Hope, Burke and Wills, and Lady Fanny, are now 100% owned.

• Project is located on granted mining leases, with Trekelano expected to be the quickest route to production, potentially extending open pit mine life from 2.5 to 4-5 years.

Project Development and Operational Plans

• Plans to commence mining at Trekelano by June next year, with government approvals expected to be expedited.

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

• Ore will be railed to Mount Isa for processing under a binding tolling offtake agreement with Glencore.

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

• Standalone development options are under consideration for long-term growth.