Carnaby Resources (CNB) H2 2025 earnings summary

Executive summary

• Achieved major milestones, notably the acquisition of the Trekelano Copper deposit, expanding the Greater Duchess Copper Gold Project and increasing copper equivalent resources by 27% to 27.0Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq for 400,000t CuEq.

• Secured 100% ownership of the Southern Hub tenement package, enhancing exploration and development flexibility.

• Signed key Tolling and Offtake Agreements with Glencore for the Greater Duchess Project, ensuring a committed sales pathway for future copper concentrate production.

• Continued exploration success at Greater Duchess, with significant drill results at Mohawk, Deejay, Jude, and Magna Lynn prospects.

Financial highlights

• Net loss after tax for the year ended 30 June 2025 was $7,394,561, a reduction from the prior year loss of $12,086,344.

• Net assets increased to $36,294,234 from $26,776,526 year-over-year.

• Cash and other financial assets at 30 June 2025 totaled $15,814,318, up from $10,788,809 the previous year.

• Raised $17.0 million via a two-tranche placement at $0.31 per share, plus an additional $500,000 placement to directors.

Outlook and guidance

• Pre-Feasibility Study (PFS) for Greater Duchess, including Trekelano, targeted for completion by end of calendar 2025.

• Fast-tracked development possible due to existing mining lease permits at Trekelano.

• Ongoing exploration and resource growth drilling planned, with focus on new regional prospects and follow-up on VTEM survey anomalies.