Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Investor Presentation (June 2024)
28 slides from Carnaby Resources's investor presentation, June 2024
Slide 1: A Growing Copper-Gold Discovery Surrounded by Tier 1 Infrastructure
A GROWING COPPER-GOLD DISCOVERY SURROUNDED BY TIER 1 INFRASTRUCTURE June 2024
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 A new Australian copper gold company
Slide 4: Corporate Overview: Structured for Exploration Success
Corporate Overview STRUCTURED FOR EXPLORATION SUCCESS CORPORATE STRUCTURE1 BROKER COVERAGE Shares on Issue 171.9M Share Price $0.63 Unlisted Options 4.4M Market Cap $108M SHARE PRICE PERFORMANCE1 Cash @ 31 March 2024 $16.6M $2.20 $2.00 MAJOR SHAREHOLDERS2 $1.80 $1.60 Top 20 Shareholders 34.6% $1.40
Slide 5: Queensland Focused Copper-Gold-Lithium Explorer
Queensland Focused Copper-Gold-Lithium Explorer KEY ASSETS IN PROVEN MINING HUBS + BASE METAL PROVINCES PILBARA GOLD AND GREATER DUCHESS COPPER LITHIUM PROJECTS AND GOLD PROJECTS 442 km2 tenements 1,921 km2 tenements MALMAC COPPER AND LITHIUM PROJECT 621 km2 tenements JUNE 2024 1 INCLUDES IN-PROGRES
Slide 6: Mount Isa Copper
Mount Isa Copper INFLECTION POINT Opportunities • Mount Isa copper mill and concentrator becoming materially underutilised in the next two years. • Major Government support initiatives to keep the Mount Isa mill producing. • $5B Copper String project to connect QLD east coast to the NW Mineral Provi
Slide 7: Greater Duchess Project
GREATER DUCHESS PROJECT A high-grade discovery in an overlooked Iron Oxide Copper Gold belt in the world class Mount Isa Inlier
Slide 8: Greater Duchess Project
Greater Duchess Project SURROUNDED BY TIER 1 INFRASTRUCTURE Large 1,921 km2 tenement package1 • 70km SE of Mount Isa • Camp of IOCG deposits within a 50km radius that have not been subject to modern day mining. • Tier 1 Infrastructure • Main Railway passes within 1km of the deposits • Gas pipeline w
Slide 9: Three Significant Gold Discoveries in Last Two Years
Greater Duchess Copper Gold Project THREE SIGNIFICANT GOLD DISCOVERIES IN LAST TWO YEARS New Discovery Potential Strong pipeline of new targets will be tested in 2024 with high potential for additional discoveries. Mount Hope Granted mining lease where there was no recorded historical drilling. Lady
Slide 10: Maiden Interim Mineral Resource Announced in October 2023
Greater Duchess Copper Gold Project MAIDEN INTERIM MINERAL RESOURCE ANNOUNCED IN OCTOBER 20231 Greater Duchess Copper Gold Project October 2023 Mineral Resource Inventory High grade and quality 315kt CuEq Inventory 0.5% CuEq2 Cut-off for Pit Potential, 1.0% CuEq2 for Underground Potential Tonnes Cu
Slide 11: Scoping Study Results
Greater Duchess Copper Gold Project SCOPING STUDY RESULTS1 • Compelling Low Upfront Capex Base Case. • Fast payback with high IRR and consistent operational cash flows. • Conservative Optimisation and Design pricing assumptions present immediate upside potential. Estimated Financial Third Party Stan
Slide 12: Scoping Study Results: Production Targets
Greater Duchess Copper Gold Project SCOPING STUDY RESULTS1 • 9-year target 7.5Mt @ 1.9% CuEq, 140,000t CuEq. Annual Estimated Mining Production of CuEq Metal by Mining Source 30,000 3 • 3-year open pit average: 1.1Mt @ 1.7% CuEq, 19,000t pa 25,000 2.5 • 6-year underground average: 0.7Mt @ 2.1% CuEq,
Slide 13: Low Capex Direct Rail Haulage Option
Greater Duchess Scoping Study LOW CAPEX DIRECT RAIL HAULAGE OPTION1 • Low Estimated Pre-Production Capex: ~A$35M • A$15M – Ore loadout crusher rail siding facility, road works • A$13M – Camp, Admin, Mining Infrastructure • A$7M - Contingencies • Estimated A$12/t ore rail haulage cost. • Potential ba
Slide 14: Metallurgical Results
Metallurgical Results EXTREMELY HIGH-QUALITY ORE AT ALL THREE DEPOSITS MOUNT HOPE, NIL DESPERANDUM AND LADY FANNY FRESH TRANSITIONAL TRANSITIONAL MINERALISATION TYPE Highlights: CHALCOPYRITE CHALCOPYRITE CHALCOCITE Mount Hope COPPER RECOVERIES 97.5% to 99.3% 97.4% to 99.2% 91.6% to 93.8% • Exception
Slide 15: Greater Duchess Forward Plan
Greater Duchess Copper Gold Project FORWARD PLAN • Continued exploration highly anticipated to FY'24 FY'25 FY'26 FY'27 FY'28 FY'29 FY'30 Work Program H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 grow the mineral resource base, with two drill Exploration Drilling rigs currently in operation. Scoping Study • P
Slide 16: Mount Hope Central: An Exceptional IOCG Deposit
Mount Hope Central (CNB:100%) AN EXCEPTIONAL IOCG DEPOSIT1 • Excellent metallurgy – historically mined for quartz flux for the Mount Isa smelter in the 1960’s – early 1970’s. • Lodes have lengths of 200m to 300m, are 20m to 30m thick and defined over dip lengths exceeding 500m. • Completely open at
Slide 17: Chalcus Lode
Chalcus Lode MOUNT HOPE CENTRAL1 Chalcus Lode is blind to surface and only discovered in March 2023 • Discovery hole MHDD083 - 36m (TW~12m) @ 4.2% Cu, 0.5g/t Au • Recent results outside of the Mineral Resource include: • MHDD190W5 – 87m (TW~29m) @ 2.3% Cu, 0.5 g/t Au • MHDD192W2 – 71m (TW~28m) @ 1.6
Slide 18: Mount Hope Sub Blocks JV with Hammer Metals
Mount Hope (CNB 51-100%) 3 SUB BLOCKS JV WITH HAMMER METALS1 Rationale • Hammer JV set to deliver materially superior economic outcome from open pit optimisations unconstrained to the 100% owner Mount Hope mining lease. • High potential for undrilled incremental extensions within the open pit shells
Slide 19: Mount Hope: High Potential for Additional Discoveries
Mount Hope (CNB 51-100%) HIGH POTENTIAL FOR ADDITIONAL DISCOVERIES1 Focus to date has been on the initial discoveries at Mount Hope and extending those at depth • Consolidation of tenure around the Mount Hope mining lease allows for optimal development and exploration of the camp scale IOCG minerali
Slide 20: Lady Fanny: No Recorded Drilling Prior to Carnaby
Lady Fanny (CNB:82.5-100%) NO RECORDED DRILLING PRIOR TO CARNABY1 Significant recent drill results include: • LFRC212 • 23m (TW~11m) @ 3.3% Cu, 0.2g/t Au incl 13m (TW~6m) @ 5.3% Cu, 0.3g/t Au • Open down plunge to the North • LFRC255 • 4m (TW~2m) @ 6.9% Cu, 3.0g/t Au • Open down plunge to the North
Slide 21: Nil Desperandum: IP Geophysics and Geology Led Discovery
Nil Desperandum (CNB:82.5%) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY1 Discovery hole NLDD044: • 41m @ 4.1% copper, 0.5 g/t gold from 247m Subsequent results include: • 31m @ 3.9% Cu, 1.0 g/t Au from 313m, • 26m @ 2.4% Cu, 0.3 g/t Au from 381m, • 24m @ 5.0% Cu, 1.3 g/t Au from 313m • Breccia shoot so
Slide 22: Rio Tinto Devoncourt Project
Rio Tinto Devoncourt Project NEW JV OPENS TIER 1 SIZED TARGET AT GREATER DUCHESS1 Wimberu Prospect • Maiden seven diamond hole drilling program is underway. • The first RC pre-collar drilled, WBRC001, intersected basement at 282m and encountered zones of brecciation, the last five meters of the ende
Slide 23: Regional Exploration Upside at Greater Duchess
Regional Exploration Upside at Greater Duchess • Structurally controlled orogenic mineralisation style typical of IOCG / ISCG deposits seen in the Cloncurry area (e.g., Ernest Henry, Eloise, Osborne). • 75 km Nil Desperandum IOCG corridor along the Western 100% tenure • 19,000 line km aeromagnetic a
Slide 24: Office Contact
Office Contact 78 Churchill Avenue P +61 (0) 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 25: Appendix: Greater Duchess Mineral Resource Inventory
Appendix 1 Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1 Mineral Resource Inventory as at 27 October 2023 Indicated Inferred Total COG Deposit CuEq Cu Au CuEq Cu Au CuEq Cu Au CuEq Cu Au CuEq Cu Au CuEq Cu Au CuEq % Mt % g/t % t oz t Mt % g/t % t oz t Mt % g/t % t
Slide 26: Strelley Gold & Lithium Project
Strelley Gold & Lithium Project (CNB: 80-100%) MALLINA BASIN – PILBARA WA Strelley Gold Corridor • 70 km NE of De Grey Mining’s (ASX: DEG) Hemi Gold Deposit 236Mt @ 1.3g/t for 9.5Moz1 • Intrusion hosted “Hemi Style” gold mineralisation intersected in drilling at Strelley inc. 7m @ 2.8g/t Au inc 2m
Slide 27: Malmac Project: Copper and Lithium Anomalies
Malmac Project (CNB:100%) COPPER AND LITHIUM ANOMALIES Salvation Copper Prospect Discovery • 3 km long by 1 km wide zone of highly anomalous copper in rock chip and soil geochemistry. • Maximum rock chip results: • 1.2% Cu pXRF • 0.6% Cu Assay • Little-known outcrop of pillow basalt, potentially equ
Slide 28: Duchess: Brand New High Grade Discovery
Duchess (CNB:82.5%) BRAND NEW HIGH GRADE DISCOVERY1 Discovery hole DCRC006: • 10m (TW ~ 7m) @ 3.3% copper, 0.1 g/t gold from 146m • Completely open at depth JUNE 2024 1 SEE ASX RELEASE DATED 2 FEBRUARY 2024 28
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