Carnaby Resources (CNB) Q1 2025 TU earnings summary

Executive summary

• Significant high-grade copper-gold discoveries at the Mohawk, Deejay, Jude, and Burke & Wills prospects within the Greater Duchess Project, Mount Isa, Queensland.

• Ongoing exploration success with multiple new VTEM conductors identified and undrilled corridors offering strong resource growth potential.

• Cash position of $7.0M as at 30 September 2024, with a tight capital structure and strong management team.

Financial highlights

• Cash and cash equivalents at quarter end: $6.5M, excluding $0.49M in restricted cash.

• Net cash used in operating activities for the quarter: $(3.0)M, primarily for exploration and evaluation.

• Net cash used in investing activities: $(0.78)M, including payments for property, plant, and equipment.

• Estimated quarters of funding available: 2, based on current cash burn.

Outlook and guidance

• Prefeasibility Study (PFS) for Greater Duchess Project on track for completion by mid-2025.

• Updated Mineral Resource estimates for key deposits expected in Q1 2025.

• Ongoing discussions for potential low capex start-up using nearby processing facilities.