Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — RIU Explorers Conference 2026
22 slides from Carnaby Resources's conference presentation, February 2026
Slide 1: RIU Explorers Conference
RIU Explorers Conference February 2026 PHOTO OF EAST WALL OF TREKELANO OPEN PIT
Slide 2: Statements and Disclaimers
Statements and Disclaimers Competent Persons Statement The information in this document that relates to all exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and shareholder of the Company and a Member of the AusIMM. Mr Watkins consents to the incl
Slide 3: Corporate Overview
Corporate Overview MOVING TOWARD COPPER AND GOLD PRODUCTION CORPORATE STRUCTURE1 BROKER COVERAGE Shares on Issue 276.1M Share Price $0.52 Unlisted Options 5.3M Greater Duchess Market Cap $133M SHARE PRICE PERFORMANCE1 $12.5 Placement MRE Update to QIC Critical Cash Position2 $16.0M $0.60 Minerals Fu
Slide 4: ASX Copper Developers and Producers
ASX Copper Developers and Producers ITS GETTING TIGHTER • Carnaby well placed to transition and re-rate from explorer / developer to producer • Significant recent copper M&A activity in Australia: • Peel Mining (ASX: PEX) to be acquired by Aeris Resources at a 46% premium to spot1 • Havilah Resource
Slide 5: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project Critical mass achieved to develop a new copper gold mine 1 Updated Mineral • 29.2Mt @ 1.5% CuEq for 440,500t CuEq1,2 Resource Estimate 2 Pre Feasibility • PFS to be completed this quarter to define a Study maiden reserve 3 Toll Milling to • Optionality to utilise
Slide 6: Exploration
Exploration Photo of Trek 1 Extension Discovery Drilling September 2025
Slide 7: Greater Duchess Growth From Exploration Success
Greater Duchess Growth From Exploration Success DEVELOPMEMT CRITICAL MASS HAS BEEN ACHIEVED1 • 440,500t CuEq contained in the greater Duchess Mineral Resource Estimate (MRE) has been added mainly through exploration success since 2021 Timeline of MRE Growth by Discovery and Acquisition • 29Mt @ 1.5%
Slide 8: Greater Duchess Near Mine
Greater Duchess Near Mine • Pipeline of advanced prospects to continue to deliver high grade discoveries • Camp scale cluster of high grade IOCG / ISCG orogenic copper gold deposits all within a 20km radius of the historical Duchess mine • Small scale mining (gouges) operated extensively through the
Slide 9: Trek 1 High Grade Extension Discovery
Trek 1 High Grade Extension Discovery • JORC 2012 Mineral Resource Estimate: 1.5Mt @ 2.0% CuEq, 30.2kt CuEq1,2 (1.7% Cu, 0.4g/t Au) • Trek 1 Underground mined continuously from 1911 to 1943 producing 188kt @ 10.9% Cu, 2g/t Au • 400m extension to the high-grade lode down dip from the existing Mineral
Slide 10: Mount Hope Region
Mount Hope Region Exceptional Exploration Upside1 • Mount Hope Corridor • First drill hole September 2022 Jude • 11.2Mt @ 1.7% CuEq for 196kt CuEq discovered to date • JV allowing corridor / ML boundary exploration to begin • Mohawk Corridor • VTEM survey in 2024 lit up the >4km mineralised corridor
Slide 11: Greater Duchess Regional
Greater Duchess Regional New frontier at Magna Lynn Southern Corridor 1 Initial discoveries led • Magna Lynn Basalt stratigraphic / structural to new corridor geological ideas 2 Historical • New target Iron Sulphide Copper Gold (ISCG) in Models missed magnetically quieter rocks. the mark 3 Mineralis
Slide 12: Project Development
Project Development Photo of Inheritance pit mined by Barrick 2006-2009
Slide 13: Greater Duchess To Become Shovel Ready
Greater Duchess To Become Shovel Ready ACCELERATING ALL PROJECT DEVELOPMENT CRITICAL PATHWAYS1 • PFS to define maiden reserve and will be reported this quarter • FS has already commenced • Geotechnical drilling in progress • Metallurgical drilling and sampling in progress • Hydrogeological studies a
Slide 14: Trekelano (CNB 100%)
Trekelano (CNB 100%)1 • Three open pits to be developed at Trekelano • Trekelano located on granted Mining Leases approved for mining activities. • $1.3M environmental bond in place • Permitting to update mine plan is in progress Note 1: Refer to ASX release dated 28 November 2024 & 6 November 2025
Slide 15: Trekelano - Inheritance
Trekelano - Inheritance • Historical open pit to ~140m depth • JORC 2012 Mineral Resource Estimate: 3.0Mt @ 1.5% CuEq , 46.5kt CuEq1,2 (1.2% Cu, 0.4g/t Au) • Significant potential for cut back or underground development • Big unmined drill hits under the historical pit for another ~100m below the pi
Slide 16: Trekelano - Inheritance Cross Sections
Trekelano - Inheritance Cross Sections1 Note 1: Refer to ASX releases dated 25 June 2025 & 27 January 2026. 16 Note 2: Refer to Slide 2 for CuEq calculation.
Slide 17: Mount Hope (CNB:100%)
Mount Hope (CNB:100%) AN EXCEPTIONAL DISCOVERY1 • JORC 2012 Mineral Resource Estimate: 11.2Mt @ 1.7% CuEq, 196kt CuEq1,2 (1.5% Cu, 0.3g/t Au) • Excellent metallurgy – historically mined for quartz flux for the Mount Isa smelter in the 1960’s – early 1970’s • Open pit to be developed on the Boomerang
Slide 18: Lady Fanny And Burke & Wills (CNB: 100%)
Lady Fanny And Burke & Wills (CNB: 100%) NO RECORDED DRILLING PRIOR TO CARNABY1,2 • JORC 2012 Mineral Resource Estimate: 3.2Mt @ 1.5% CuEq, 47kt CuEq1,2 (1.3% Cu, 0.2g/t Au) • Two open pits to be developed • Shallow mining in the 1960’s at Lady Fanny down to ~10m by gouges • High grade sulphide copp
Slide 19: Nil Desperandum (CNB: 100%)
Nil Desperandum (CNB: 100%) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY1,2 JORC 2012 Mineral Resource Estimate: 4.3Mt @ 1.5% CuEq, 63kt CuEq1,2 (1.3% Cu, 0.2g/t Au) Including Underground Breccia MRE of 0.7Mt @ 3.7% CuEq, 27kt CuEq1,2 (3.3% Cu, 0.5g/t Au) Discovery hole NLDD0441,2: • 41m @ 4.5% CuEq (4.1
Slide 20: Investment Highlights
Investment Highlights Critical Mass Reached 29.2Mt @ 1.5% CuEq for 440,500t CuEq1,2 • Binding Tolling and Offtake Agreements Processing Solution & with Glencore International AG. Development Pathway • PFS to be reported this quarter • FS and FID target mid CY26 • Trek 1 high grade extension discover
Slide 21: Office Contact
Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 22: Appendix 1
Appendix 1 Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off Mineral Resource Inventory as at 27 January 2026 Indicated Inferred Total COG Deposit Tonnes Cu Au CuEq Cu Au CuEq Tonnes Cu Au CuEq Cu Au CuEq Tonnes Cu Au CuEq Cu Au CuEq CuEq% Mt % g/t % Tonnes Ounces Tonn