Carnaby Resources (CNB) Q4 2025 TU earnings summary

Executive summary

• Drilling at Trekelano commenced, targeting high-grade copper-gold zones, with strong initial assay results including 154m @ 1.0% CuEq and 41m @ 2.7% CuEq, supporting resource growth potential.

• Mount Hope North resource drilling returned shallow, high-grade intercepts, such as 24m @ 2.3% CuEq and 21m @ 2.6% CuEq, to be incorporated into an updated resource estimate.

• Aerial VTEM survey at Magna Lynn Southern Corridor identified several new conductors, funded by a government grant, with follow-up exploration planned.

• Greater Duchess Copper Gold Project Pre-Feasibility Study (PFS) remains on track for completion in 2025, evaluating both third-party and standalone processing options.

• Cash position at 30 June 2025 was $15.8M, with a market cap of $87.9M and 228.4M shares on issue.

Financial highlights

• Cash and restricted cash at quarter end totaled $15.8M, including $57,000 in restricted cash.

• Exploration and evaluation expenditure for the quarter was $1.54M.

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

• Net cash used in operating activities for the quarter was $1.82M; net cash used in investing activities was $44,000.

• Estimated quarters of funding available is 9, based on current cash burn.

Outlook and guidance

• Greater Duchess PFS is expected to be completed in Q3 2025, with ongoing studies in resource updates, mine design, metallurgy, and logistics.

• Trekelano drilling results will be incorporated into the PFS, with further drilling planned post-acquisition completion.

• First pass reconnaissance and mapping of new VTEM conductors at Magna Lynn Southern Corridor is scheduled before drilling.