Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Diggers & Dealers Mining Forum 2025
20 slides from Carnaby Resources's conference presentation, August 2025
Slide 1: Diggers & Dealers Mining Forum
Diggers & Dealers Mining Forum August 2025 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 STRUCTURED FOR EXPLORATION SUCCESS CORPORATE STRUCTURE1 BROKER COVERAGE Shares on Issue 228.4M Share Price $0.39 Unlisted Options 4.4M Market Cap $89M SHARE PRICE PERFORMANCE1 Cash Position2 $15.8M $1.00 $0.80 Trekelano New VTEM MAJOR SHAREHOLDERS3 Acquisition and Conductors Magna
Slide 4: ASX Copper Developers and Producers
ASX Copper Developers and Producers A TIGHT SPACE • Numerous single mine developers and producers • Opportunity for consolidation • Carnaby well placed to transition from explorer to producer ASX Copper Producers and Explorers Market Cap (A$M) 425 709 1,533 5,100 240 226 198 89 92 93 94 60 63 66 48
Slide 5: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project Trekelano acquisition to add critical inventory at same high grades to reach project critical mass. 1 Material • +27% increase in consolidated Greater Duchess resources to Pro Increase in forma MRE of; Group Resources 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2 2 • In
Slide 6: Trekelano Acquisition Overview
Trekelano Acquisition Overview • Acquisition of 100% of the historical Trekelano mine, located within 20km radius of the Greater Duchess deposits. • JORC 2012 Mineral Resource Estimate: 5.2Mt @ 1.6% CuEq, 85kt CuEq1,2 (1.4% Cu, 0.4g/t Au) • Main Inheritance open pit was not mined to its full extent
Slide 7: Trekelano - Inheritance
Trekelano - Inheritance1 • Historical open pit to ~140m depth • JORC 2012 Mineral Resource Estimate: 2.9Mt @ 1.5% CuEq , 43kt CuEq1,2 (1.3% Cu, 0.3g/t Au) • Significant potential for cut back or underground development • Big unmined drill hits under the historical pit for another ~100m below the pit
Slide 8: Trekelano - Inheritance Cross Sections
Trekelano - Inheritance Cross Sections1 Note 1: Refer to ASX release dated 28 November 2024 8
Slide 9: Trekelano - Inheritance Pit Wall
Trekelano - Inheritance Pit Wall Mined from 2006 - 2009 9
Slide 10: Trekelano Historical Underground Mine
Trekelano Historical Underground Mine1 • JORC 2012 Mineral Resource Estimate: 1.5Mt @ 2.0% CuEq, 29kt CuEq1,2 (1.7% Cu, 0.5g/t Au) • Big drill hits open below historical workings1,2: • 8m @ 13.4% CuEq (10.6% Cu, 3.3g/t Au) & 8m @ 4.1% CuEq (3.5% Cu, 0.7g/t Au) • 17m @ 8.6% CuEq (7.2% Cu, 1.7g/t Au)
Slide 11: Mount Hope (CNB:100%)
Mount Hope (CNB:100%) AN EXCEPTIONAL IOCG DISCOVERY1 • JORC 2012 Mineral Resource Estimate: 10.3Mt @ 1.7% CuEq, 173kt CuEq1,2 (1.5% Cu, 0.2g/t Au) • Excellent metallurgy – historically mined for quartz flux for the Mount Isa smelter in the 1960’s – early 1970’s • Lodes lengths ~250m, widths ~20m thi
Slide 12: Lady Fanny And Burke & Wills
Lady Fanny And Burke & Wills (CNB: 100%1) NO RECORDED DRILLING PRIOR TO CARNABY2,3 • JORC 2012 Mineral Resource Estimate: 3.1Mt @ 1.5% CuEq, 46kt CuEq2,3 (1.3% Cu, 0.2g/t Au) Note 1: Subject to completion of Greater Duchess Project JV interest acquisition, see ASX release 31 July 2025 for details No
Slide 13: Nil Desperandum (CNB: 100%)
Nil Desperandum (CNB: 100%1) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY2,3 JORC 2012 Mineral Resource Estimate: 4.3Mt @ 1.4% CuEq, 61kt CuEq2,3 (1.3% Cu, 0.2g/t Au) Including Underground MRE of 1.7Mt @ 2.3% CuEq, 39kt CuEq2,3 (2.0% Cu, 0.4g/t Au) Discovery hole NLDD0442,3: • 41m @ 4.5% CuEq (4.1% Cu, 0
Slide 14: Project Development
Project Development
Slide 15: Prefeasibility Study in Progress
Prefeasibility Study in Progress ACQUISITION OF TREKELANO HAS THE POTENTIAL TO EXTEND MINE LIFE AND INCREASE THE ANNUAL PRODUCTION TARGET Annual Estimated Mining Production of CuEq Metal by Mining • Scoping Study Results (NOT YET INCLUDING TREKELANO)1,2: Source 30,000 3 • 9-year production target 7.
Slide 16: Greater Duchess Development
Greater Duchess Development LOW CAPEX DIRECT RAIL HAULAGE OPTION1 • Low Estimated Pre-Production Capex: ~A$35M • Carnaby is focussed on a low CAPEX, low risk and low dilutionary third party processing start up to get into production • Toll milling and offtake agreements are in place with Glencore In
Slide 17: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project TARGETING A LOW CAPEX START UP AS EARLY AS 20261 • PFS study on track to be completed H2 CY 2025 CY'24 CY'25 CY'26 CY'27 CY'28 CY'29 Work Program H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 • Resource extension and infill drilling – completed*. H1 • MRE update – in progress*
Slide 18: Investment Highlights
Investment Highlights Critical Mass Reached 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2 • Binding Tolling and Offtake Agreements Processing Solution & with Glencore International AG. Development Pathway • PFS on track to be completed in H2CY25 400,000t CuEq1,2 tonnes of high grade mineral Exploration Up
Slide 19: Office Contact
Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 20: Appendix: Mineral Resource Inventory
Appendix 1 Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1 Mineral Resource Inventory as at 27 November 2024 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 % t oz t Mt % g/t
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