Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Morgans Northwest Queensland Copper Conference 2025
25 slides from Carnaby Resources's conference presentation, May 2025
Slide 1: Morgans Northwest Queensland Copper Conference
Morgans Northwest Queensland Copper Conference May 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 $0.29 Unlisted Options 4.4M Market Cap $66M SHARE PRICE PERFORMANCE1 Cash Position2 $17.7M $2.50 Lady Fanny $2.00 Discovery MAJOR SHAREHOLDERS3 Chalcus Lode Greater Duchess D
Slide 4: ASX Copper Developers and Producers
ASX Copper Developers and Producers A TIGHT SPACE • Numerous single mine developers and producers • Opportunity for consolidation • Carnaby well placed to transition from explorer to producer ASX Copper Producers and Explorers Market Cap (A$M) 526 1,234 4,825 206 190 165 106 92 94 66 73 56 62 49 50
Slide 5: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project
Slide 6: Greater Duchess reaches critical mass
Greater Duchess reaches critical mass Trekelano acquisition to add critical inventory at same high grades as the other deposits 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 • Increased
Slide 7: 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) • Historical UG production of 188,000t @ 10.9% Cu from 1911-1
Slide 8: 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 9: Trekelano - Inheritance Cross Sections
Trekelano - Inheritance Cross Sections1 Inheritance Drill Section 7624310N Inheritance Drill Section 7624280N Note 1: Refer to ASX release dated 28 November 2024. 9
Slide 10: Trekelano Mine
Trekelano 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: • 8m @ 12.9% CuEq (10.6% Cu, 3.3g/t Au) AND 8m @ 4.0% CuEq (3.5% Cu, 0.7g/t Au) • 17m @ 8.4% CuEq (7.2% Cu, 1.7g/t Au) • 15m @ 4.8% CuEq (4.3%
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: 82.5-100%) 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) • Lady Fanny Recent intersections of; 19.5m (~10m TW) @ 1.4% CuEq (1.2% Cu, 0.3g/t Au) • Burke & Wills Recent results of;
Slide 13: Nil Desperandum (CNB:82.5%)
Nil Desperandum (CNB:82.5%) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY1 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 NLDD044 • 41m @ 4.4% CuEq (4.1% Cu, 0.5 g/t
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 • Rail and Road haulage options are being considered in the PFS • T
Slide 17: Targeting a low capex start up as early as 2026
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: Exploration
Exploration
Slide 19: Mount Hope Region (CNB 51-100%)
Mount Hope Region (CNB 51-100%) Exceptional VTEM Conductors Light Up Mount Hope Region1,2 • Mohawk Discovery hole 9 September 2024; Jude • 21m @ 2.4% CuEq (2.0% Cu, 0.6g/t Au) • 4km Mohawk Corridor, numerous VTEM conductors not yet drill tested • Deejay Jude discovery, only 4 RC holes drilled over >
Slide 20: Magna Lynn Southern Corridor (CNB:100%)
Magna Lynn Southern Corridor (CNB:100%)1 • Queensland CEI grant to 100% fund a 409 line km VTEM survey which will commence on the 26 May 2025 • Structural / stratigraphic unexplored corridor over 75 km of strike south of Nil Desperandum associated with the Magna Lynn basalt • Detailed aeromagnetics
Slide 21: Rio Tinto Devoncourt Project Farm-in
Rio Tinto Devoncourt Project Farm-in VERY ENCOURAGING SIGNS FROM MAIDEN DRILLING PROGRAM1,2 Wimberu Prospect • Queensland CEI grant to 100% fund a 600m deep diamond drill hole. RC precollar has been completed and diamond tail to commence in June. • Targeting high Tier Wimberu granite hosted magmatic
Slide 22: Outlook and Value Drivers
Outlook and Value Drivers
Slide 23: Investment Highlights
Investment Highlights Critical Mass Reached 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2 Binding Tolling and Offtake Agreements with Processing Solution Glencore International AG PFS to be completed H2 CY 2025 Development Pathway (incorporating Trekelano) including Greater Duchess Mineral Resource update
Slide 24: Office Contact
Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 25: 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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