Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — RIU Explorers Conference 2025
27 slides from Carnaby Resources's conference presentation, February 2025
Slide 1: RIU Explorers Conference
RIU Explorers Conference February 2025 PHOTO OF COSTEAN OUTCROP SAMPLE FROM MOHAWK
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 $0.38 Unlisted Options 4.4M Market Cap $87M SHARE PRICE PERFORMANCE1 Cash Position2 $18.9M $2.50 Lady Fanny $2.00 Discovery MAJOR SHAREHOLDERS3 Chalcus Lode Greater Duchess D
Slide 4: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project
Slide 5: Greater Duchess Project
Greater Duchess Project Surrounded By Tier 1 Infrastructure Large 1,946 km2 Unused Rail Loop tenement package1 From 1960’s • 70km SE of Mount Isa Concentrate • Tier 1 Infrastructure Rail Loop • Main Railway passes Rom Pad within 1km of the deposits • Binding Tolling and Offtake Term Sheet with Myube
Slide 6: Trekelano Acquisition
Trekelano Acquisition 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 Increase in • +27% increase in consolidated Greater Duchess resources Group • Pro forma MRE of 27.0Mt @ 1.5% CuEq for 400,000t CuEq1
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. • Historical UG production of 188,000t @ 10.9% Cu from 1911-1945 • Barrick then mined open pits of 2.4Mt @ 1.6%Cu, 0.42g/t Au from 2006- 2009 • JORC 2012
Slide 8: Inheritance
Inheritance1 • Historical open pit to ~140m depth • JORC 2012 Mineral Resource Estimate: 2.9Mt @ 1.3% Cu, 0.3g/t Au, 1.5% CuEq1,2 • Significant potential for cut back or underground development • Big unmined drill hits under the historical pit for another ~100m below the pit, including1: • 93m @ 5.2
Slide 9: Inheritance Cross Sections
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 3D Diagram
Trekelano Mine 3D Diagram1 • Big drill hits open below historical workings1: • 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 and has strike potentia
Slide 11: JORC Mineral Resource
JORC Mineral Resource1 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 Inheritance Inferred 2.50 1.3 0.3 1.5 32,700 27,450 38,700 • A JORC 2012 MRE on the Trekelano mine of: Trekalano 1 Inferred 1.28 1.6 0.4 1.9 20,100
Slide 12: 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 Source • Scoping Study Results, not including Trekelano1,2: 30,000 3 • 9-year production target 7.5Mt @
Slide 13: Greater Duchess Scoping Study
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 Note 1: Refer to ASX release dated 30 May 2024 13
Slide 14: 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 Q3 CY 2025 • Resource extension and infill drilling – completed*. • MRE update – in progress* • Geotechnical drilling – completed* • Geotechnical studies – in progress* • Metallu
Slide 15: Mount Hope Central (CNB:100%)
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 de
Slide 16: 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 • Results outside of the current Mineral Resource include: • MHDD190W5 – 87m (TW~29m) @ 2.3% Cu, 0.5 g/t Au • MHDD192W2 – 71m (TW~28m) @ 1.
Slide 17: Lady Fanny And Burke & Wills
Lady Fanny And Burke & Wills (CNB: 82.5-100%) NO RECORDED DRILLING PRIOR TO CARNABY1 Significant recent drill results include: • Lady Fanny • Strong IP chargeability anomalies for >1.2 km north of Lady Fanny and off hole EM plate are yet to be tested by drilling • Recent intersections of 19.5m (~10m
Slide 18: Nil Desperandum (CNB:82.5%)
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 fa
Slide 19: Exploration
Exploration
Slide 20: Mount Hope Region (CNB 51-100%)
Mount Hope Region (CNB 51-100%) Exceptional VTEM Conductors Light Up Mount Hope Region1 • Mohawk Discovery, 21m @ 2.0%Cu, 0.6g/t Au Jude • 194 line km VTEM survey completed • >4km Mohawk Corridor, numerous VTEM conductors not yet drill tested • Every VTEM conductor to date is associated with copper
Slide 21: Mohawk Discovery (CNB 100%)
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. • Open with strong undrilled VTEM conductors over 500m to the north. 21 Note 1: Refer to ASX releases dated 9 Septem
Slide 22: Magna Lynn Southern Corridor (CNB:100%)
Magna Lynn Southern Corridor (CNB:100%)1 • Structural and stratigraphic corridor over 75 km of strike • Interpreted southern continuation of the Mount Hope to Nil Desperandum IOCG corridor • Virtually unexplored with no historic drilling or soil sampling. • Numerous historical workings. • Carnaby ha
Slide 23: Rio Tinto Devoncourt Project Farm-in
Rio Tinto Devoncourt Project Farm-in VERY ENCOURAGING SIGNS FROM MAIDEN DRILLING PROGRAM1 Wimberu Prospect • Maiden drill program intersected highly encouraging breccia style mineralisation of 17.3m @ 0.46% Cu, 0.09g/t Au. • The new 17m downhole breccia and vein zone is completely open and untested
Slide 24: Outlook and Value Drivers
Outlook and Value Drivers
Slide 25: Investment Highlights
Investment Highlights Building critical mass in • Trekelano acquisition increases consolidated Greater 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 • Binding Tolling and Of
Slide 26: Office Contact
Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 27: Appendix 1
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