Carnaby Resources (CNB) Q2 2026 TU earnings summary

Executive summary

• Updated Mineral Resource Estimate (MRE) at Greater Duchess increased by 10% to 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq for 440,500t CuEq, with Indicated MRE up 49% to 17.0Mt @ 1.7% CuEq, now 65% of total resource by CuEq tonnes.

• Over 98% of the resource is transitional/fresh sulphide, highly amenable to conventional flotation with excellent recoveries and no impurities.

• Pre-Feasibility Study (PFS) for Greater Duchess is nearing completion, with a targeted FID in H1 2026 and first ore production in H2 2026.

• Acquisition of the remaining 17.5% interest in the Greater Duchess JV completed, granting full project exposure.

• $12.5M placement to QIC Critical Minerals and Battery Technology Fund completed, strengthening cash position.

Financial highlights

• Cash balance as of 31 December 2025 was $16.0M, including $1.4M in restricted cash.

• Exploration and evaluation expenditure for the quarter was $632,295.

• No substantive mining production or development activities during the quarter.

• Net cash from operating activities for the quarter was $(1,046)K; net cash from investing activities was $(2,378)K; net cash from financing activities was $11,107K.

• Estimated quarters of funding available: 14.

Outlook and guidance

• Updated MRE does not yet include the high-grade Trek 1 extension; further drilling is underway with an updated MRE expected in Q3 CY26.

• PFS completion and potential FID targeted for H1 2026, with first ore production in H2 2026.

• Focus remains on advancing Greater Duchess; no further drilling planned at Devoncourt in the near term.