Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Shareholder Meeting (November 2025)
20 slides from Carnaby Resources's shareholder meeting presentation, November 2025
Slide 1: Annual General Meeting
Annual General Meeting November 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 276.1M Share Price $0.365 Unlisted Options 3.7M Market Cap $101M SHARE PRICE PERFORMANCE1 Cash Position2 $19.5M $1.00 $0.80 Trekelano MAJOR SHAREHOLDERS3 Acquisition and $12.5 Placement Carnaby
Slide 4: ASX Copper Developers and Producers
ASX Copper Developers and Producers A TIGHT SPACE • Numerous single mine developers and producers • Opportunity for consolidation • Carnaby well placed to transition from explorer to producer ASX Copper Producers and Explorers Market Cap (A$M) 477 494 1,140 6,990 339 145 150 154 131 95 101 101 104 5
Slide 5: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project Trekelano acquisition has added 85,000t CuEq at same high grades to reach project critical mass. 1 Material • +27% increase in consolidated Greater Duchess Mineral Increase in Resources to; Group Resources 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2 2 • Increased reso
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 releases dated 28 November 2024 & 25 June 2025 8
Slide 9: Trekelano - Inheritance Pit Wall
Trekelano - Inheritance Pit Wall Mined by Barrick from 2006 - 2009 9
Slide 10: Trek 1 High Grade Extension over 300m
Trek 1 High Grade Extension over 300m1 • JORC 2012 Mineral Resource Estimate: 1.5Mt @ 2.0% CuEq, 29kt CuEq1,2 (1.7% Cu, 0.5g/t Au) • 300m extension to the high grade lode down dip from the existing Mineral Resource and workings: • 7m @ 9.3% CuEq INCL 5m @ 12.5% CuEq • 6m @ 7.1% CuEq INCL 3m @ 12.8%
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%) NO RECORDED DRILLING PRIOR TO CARNABY1,2 • JORC 2012 Mineral Resource Estimate: 3.1Mt @ 1.5% CuEq, 46kt CuEq1,2 (1.3% Cu, 0.2g/t Au) Note 1: Refer to ASX releases dated 18 September 2023, 27 October 2023, 17 November 2023 & 13 February 2025 Note 2: Refer to S
Slide 13: Nil Desperandum (CNB: 100%)
Nil Desperandum (CNB: 100%) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY1,2 JORC 2012 Mineral Resource Estimate: 4.3Mt @ 1.4% CuEq, 61kt CuEq1,2 (1.3% Cu, 0.2g/t Au) Including Underground MRE of 1.7Mt @ 2.3% CuEq, 39kt CuEq1,2 (2.0% Cu, 0.4g/t Au) Discovery hole NLDD0441,2: • 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 OR ROAD HAULAGE1 • 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 I
Slide 17: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project TARGETING A LOW CAPEX START UP AS EARLY AS 20261 CY'24 CY'25 CY'26 CY'27 CY'28 CY'29 • PFS to be completed and reported Q1 CY 2026 Work Program H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 • Resource extension and infill drilling – completed*. Exploration Drilling • MRE up
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 to be completed in Q1CY26 • FS and FID target mid CY26 400,000t CuEq1,2 tonnes of high grade mi
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
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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