Carnaby Resources (CNB) Q3 2026 TU earnings summary

Executive summary

• Released Pre-Feasibility Study (PFS) for Greater Duchess Copper Gold Project, targeting a 12-year mine life with 9.3Mt at 1.9% CuEq and production of ~165,000t CuEq (147,000t Cu, 70,000oz Au).

• Maiden Probable Ore Reserve of 8.4Mt at 1.9% CuEq for 164,300t CuEq established.

• Feasibility Study on track for mid-2026 completion, with first production targeted for H2 2026.

Financial highlights

• PFS base case EBITDA: $983M; spot price EBITDA: $1,272M.

• Pre-tax NPV7%: $472M (base), $663M (spot); post-tax NPV7%: $322M (base), $457M (spot).

• Post-tax IRR: 281% (base), 398% (spot); payback period: 1.1 years (base), 0.9 years (spot).

• Pre-production CAPEX: $11M; maximum negative post-tax cumulative cash flow: $24M.

• Cash at 31 March 2026: $13.0M, including $1.4M restricted cash.

Outlook and guidance

• Feasibility Study completion and Final Investment Decision (FID) targeted for mid-2026.

• First ore production expected in H2 2026.

• Ongoing exploration at Trek 1 and Trek 2 with significant upside potential.