Carnaby Resources (CNB) Q3 2025 TU earnings summary

Executive summary

• Commenced 3,400m drilling at Trekelano targeting high-grade copper-gold deposits, with integration into the Greater Duchess Pre-Feasibility Study (PFS) underway and completion targeted for Q3 2025.

• Significant assay results at Mount Hope, Lady Fanny, Burke & Wills, and Nil Desperandum prospects confirm high-grade copper-gold mineralisation and resource expansion potential.

• Awarded $386,000 in Queensland CEI exploration grants to fund exploration at Devoncourt and Magna Lynn Southern Corridor.

• Completed $4.2 million equity placement, with strong cash position of $17.7 million as at 31 March 2025.

• Binding tolling and offtake agreements signed with Glencore International AG for copper-gold concentrate.

Financial highlights

• Cash balance at 31 March 2025 was $17.7 million, including $57,000 in restricted cash.

• Raised $4.2 million from Tranche 2 of a placement, with director participation and shareholder approval.

• Quarterly exploration and evaluation expenditure was $481,287; related party payments totaled $147,542.

• Net cash outflow from operating activities for the quarter was $946,000; net cash outflow from investing activities was $3.78 million.

• Estimated 19 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Greater Duchess PFS progressing, with Trekelano drilling results to be incorporated; PFS completion targeted for Q3 2025.

• Planned 600m diamond drill at Wimberu and 409 line km VTEM survey at Magna Lynn Southern Corridor, both fully funded by CEI grants.

• No substantive mining production or development activities planned for the immediate quarter.