Carnaby Resources (CNB) Noosa Mining Investor Conference summary

Corporate Overview and Project Positioning

• Board and management are heavily invested, with top 20 shareholders including Glencore, BHP, and Rio Tinto, reflecting project quality.

• Project is positioned among ASX copper developers, with potential for consolidation in a tight market.

• Resource base has reached 27Mt at 1.5% CuEq (400,000t CuEq), providing critical mass and de-risking development.

• Three major discoveries in the past three years have driven resource growth to 400,000t CuEq.

• Major shareholders include board/management (9.4%) and top 20 holders (42.5%), with a market cap of $101M as of July 2025.

Asset Acquisitions and Development Plans

• Trekelano acquisition adds 5.2Mt @ 1.6% CuEq, increasing resources by 27% and is near completion, pending environmental authority demalgamation.

• Trekelano mine is now fully controlled, with previous lease constraints removed, enabling pit expansion and new development.

• Drilling confirms significant ore body widths and high grades at Trekelano, with further exploration planned.

• Mount Hope and other deposits (Lady Fanny, Burke and Wills) offer high-grade, near-surface mineralization suitable for open pit mining.

• Ongoing resource extension, infill drilling, and geotechnical studies are advancing project readiness.

Resource and Exploration Highlights

• Greater Duchess Project hosts 27Mt @ 1.5% CuEq, with key deposits including Mount Hope (10.3Mt @ 1.7% CuEq), Lady Fanny (3.1Mt @ 1.5% CuEq), Nil Desperandum (4.3Mt @ 1.4% CuEq), and Trekelano (5.2Mt @ 1.6% CuEq).

• Significant drill results at Trekelano and Inheritance, with high-grade intercepts such as 93m @ 6.2% CuEq and 8m @ 13.4% CuEq.

• Mount Hope region exploration identified new VTEM conductors and discoveries, including Mohawk (21m @ 2.5% CuEq), with multiple targets yet to be drill tested.

• Additional targets identified through VTEM surveys, with government-funded exploration at Saint Andrews and Magdalene.

• Magna Lynn Southern Corridor and Rio Tinto Devoncourt JV provide further exploration upside, with new conductors and maiden breccia mineralisation.