Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Merger or Acquisition (November 2024)
30 slides from Carnaby Resources's merger presentation, Nov 28, 2024
Slide 1: Trekelano Acquisition & Glencore Tolling and Offtake Term Sheet
For personal use only Trekelano Acquisition & Glencore Tolling and Offtake Term Sheet November 2024 PHOTO OF COSTEAN OUTCROP SAMPLE FROM MOHAWK
Slide 2: Statements and Disclaimers
Statements and Disclaimers Competent Persons Statements 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 inc
Slide 3: Investment Highlights
Investment Highlights Building critical mass in • Trekelano acquisition increases consolidated Greater For personal use only Duchess resources by 27% a tier one mining • Pro forma MRE of 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2 jurisdiction • Potential to increase Greater Duchess production target •
Slide 4: Trekelano Acquisition
For personal use only Trekelano Acquisition
Slide 5: Trekelano Acquisition Overview
Trekelano Acquisition Overview Highly complementary copper gold acquisition delivering an immediate material increase in scale and critical mass at Greater Duchess For personal use only ✓ Acquisition of 100% of the historical Trekelano mine, located within 20km radius of the Greater Duchess deposits
Slide 6: Strategic Rationale
Strategic Rationale Will add critical mine life as well as potential to extend and increase the Greater Duchess Project production target to >20kt CuEq pa 1 Material For personal use only Increase in • +27% increase in consolidated Greater Duchess resources Group • Pro forma MRE of 27.0Mt @ 1.5% CuE
Slide 7: Trekelano Acquisition Terms
Trekelano Acquisition Terms1 Transaction Overview • Carnaby Resources Limited has entered into a binding Asset Sale Agreement (ASA) with Chinova Resources Osborne Pty Ltd (Chinova) to acquire the tenements forming the Trekelano deposit (Acquisition) For personal use only • The tenements being acquir
Slide 8: Trekelano JORC Mineral Resource Estimate
Trekelano JORC Mineral Resource Estimate1 Focus on integrating Trekelano Trekelano MRE into the PFS Class Deposit Res Class Tonnes Mt Cu % Au g/t CuEq % Cu t Au Oz CuEq t For personal use only Inheritance Inferred 2.50 1.3 0.3 1.5 32,700 27,450 38,700 • As part of its due diligence Carnaby completed
Slide 9: Trekelano History
Trekelano History • Historical UG production of 188,000t @ 10.9% Cu from 1911-1945 For personal use only • Barrick then mined 2.4Mt @ 1.6%Cu, 0.42g/t Au from 2006-2009 from 2 pits (Inheritance and Trekelano 2) trucked to Osborne, mining ending post-GFC • Previous mining history has confirmed excelle
Slide 10: Inheritance
Inheritance1 • Historical open pit to ~140m depth For personal use only • JORC 2012 Mineral Resource Estimate: 2.9Mt @ 1.3% Cu, 0.3g/t Au, 1.5% CuEq1,2 • Inheritance pit was not developed to its full extent due to a mining lease boundary limitation – now resolved with the addition of granted ML90183
Slide 11: Inheritance Cross Sections
Inheritance Cross Sections1 Inheritance Drill Section 7624310N Inheritance Drill Section 7624280N For personal use only Note 1: Refer to ASX release dated 28 November 2024. 11
Slide 12: Inheritance Cross Sections
Inheritance Cross Sections1 Inheritance Drill Section 7624174N Inheritance Drill Section 7624125N For personal use only Note 1: Refer to ASX release dated 28 November 2024. 12
Slide 13: Trekelano Mine Historical UG workings
Trekelano Mine Historical UG workings • Historical UG workings to ~260m below surface For personal use only • UG workings were extremely narrow and highly selective, 1-2m maximum, mined 188,000t @ 10.9% Cu from 1911-1945 • Wide HW and FW remnant zones likely exploitable from OP and / or UG • JORC 20
Slide 14: Trekelano Mine 3D Diagram
Trekelano Mine 3D Diagram1 • Big drill hits open below historical workings1: For personal use only • 8m @ 10.6% Cu,3.3g/t Au & 8m @ 3.5%, 0.7g/t Au • 17m @ 7.2% Cu, 1.7g/t Au • 15m @ 4.3% Cu, 0.7g/t Au • Potential new high-grade shoot to south1: • 4m @ 4.5% Cu, 0.3g/t Au • Completely open at depth a
Slide 15: Trekelano
Trekelano 2 • Shallow historical pit mined to ~65m depth For personal use only • JORC 2012 Mineral Resource Estimate: 0.9Mt @ 1.2% Cu, 0.3g/t Au, 1.4% CuEq1,2 • Good potential for cut back at a low strip ratio • ~200m strike x ~30m true width • Shallowly drilled and completely open at depth Downhole
Slide 16: Trekelano Mine Corridor 3D View Facing East
Trekelano Mine Corridor 3D View Facing East For personal use only Trekelano 2 Pit 65m deep Inheritance Pit ~140m deep Trekelano Historical UG Mine produced 188,000t @ 10.9%Cu 16
Slide 17: Glencore Tolling and Offtake Term Sheet
For personal use only Glencore Tolling and Offtake Term Sheet
Slide 18: Glencore Tolling and Offtake Term Sheet
Glencore Tolling and Offtake Term Sheet1 Long-term commitment from a key regional partner Transaction Overview • Carnaby Resources Limited has entered into a binding Tolling and Offtake Term Sheet (Term Sheet) for the Greater Duchess Copper Gold Project (the Project) with Glencore International AG (
Slide 19: Greater Duchess
For personal use only Greater Duchess
Slide 20: Greater Duchess Project
Greater Duchess Project Surrounded By Tier 1 Infrastructure Large 1,946 km2 Unused Rail Loop For personal use only tenement package1 From 1960’s Concentrate • 70km SE of Mount Isa Rail Loop • Tier 1 Infrastructure • Main Railway passes Rom Pad within 1km of the deposits • Gas pipeline 3 km Nil Despe
Slide 21: Greater Duchess Project: A Story of Discovery
Greater Duchess Project A Story of Discovery1 New Discovery Potential For personal use only Consolidated Mount Hope region has huge potential for additional open pit satellite discoveries. Scoping Study Highlights optionality for low capex ($35M) start up and longer term stand alone potential. Maide
Slide 22: Exceptional VTEM Conductors Light Up Mount Hope Region
Mount Hope Region (CNB 51-100%) Exceptional VTEM Conductors Light Up Mount Hope Region1 • Mohawk Discovery, 21m @ 2.0%Cu, 0.6g/t Au • 194 line km VTEM survey completed For personal use only • >4km Mohawk Corridor, numerous VTEM conductors – Undrilled Jude • Pronuba - Strongest VTEM conductor - Undri
Slide 23: Pronuba Prospect: New Undrilled VTEM Conductor
Pronuba Prospect (CNB 100%) New Undrilled VTEM Conductor1 • Strongest VTEM conductor from VTEM survey • 300m long conductor modelled at 550 Siemen For personal use only Jude • High grade surface copper mineralisation present • Rock Chip pXRF up to 35.4% Cu • >200m high tenor soil anomaly up to 0.73%
Slide 24: Mohawk Discovery
Mohawk Discovery (CNB 100%) New High-Grade Discovery 1.5km SE Of Mount Hope1 • First drill hole yielded high grade intersection: MKRC001: 21m @ 2.0% Cu from 43m, Incl 12m @ 3.3% Cu. For personal use only • • Assays pending from several recent holes. • Open with strong undrilled VTEM conductors over
Slide 25: San Quentin - Major Undrilled VTEM Conductor
Nil Desperandum Region (CNB:82.5%) San Quentin - Major Undrilled VTEM Conductor1 • San Quentin Prospect For personal use only • 2km SE of Nil Desperandum • Late channel VTEM conductor • Coincident with outcropping copper mineralisation with up to 6.7% Cu • Heritage surveys completed, first pass dril
Slide 26: Outlook and Value Drivers
For personal use only Outlook and Value Drivers
Slide 27: Greater Duchess Scoping Study
Greater Duchess Scoping Study TREKELANO ACQUISITION HAS THE POTENTIAL TO EXTEND MINE LIFE AND INCREASE THE ANNUAL PRODUCTION TARGET Annual Estimated Mining Production of CuEq Metal by Mining For personal use only 30,000 3 • Scoping Study Results1: Source • 9-year production target 7.5Mt @ 1.9% CuEq,
Slide 28: Outlook and Value Drivers
Greater Duchess Copper Gold Project OUTLOOK AND VALUE DRIVERS 1. Ongoing growth drilling at Greater Duchess: For personal use only • Short term high potential for new discoveries in first pass drilling of VTEM conductors is in progress with ~2,000m RC drilling program • Target open pit mineral resou
Slide 29: Contact
For personal use only Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 30: Appendix
Appendix 1 Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1,2 Mineral Resource Inventory as at 27 November 2024 Indicated Inferred Total For personal use only 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
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