Carnaby Resources Ltd. · ASX:CNB
Carnaby Resources — Euroz Hartleys Rottnest Conference 2026
25 slides from Carnaby Resources's conference presentation, March 2026
Slide 1: Euroz Hartleys Rottnest Conference
Euroz Hartleys Rottnest Conference March 2026 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 TARGETING TO BECOME AN AUSTRALIAN COPPER AND GOLD PRODUCER IN 2026 CORPORATE STRUCTURE1 BROKER COVERAGE Shares on Issue 276.1M Share Price $0.465 Unlisted Options 5.6M Greater Duchess MRE Update Market Cap $128M SHARE PRICE PERFORMANCE1 $12.5 Placement to QIC Critical Greater Duch
Slide 4: ASX Copper Developers and Producers
ASX Copper Developers and Producers ITS GETTING TIGHTER • Carnaby well placed to transition from explorer / developer to producer in 2026 capitalising on record copper and gold prices • Significant recent copper M&A activity in Australia: • Peel Mining (ASX: PEX) to be acquired by Aeris Resources at
Slide 5: Greater Duchess Copper Gold Project
Greater Duchess Copper Gold Project Critical mass achieved to develop a new copper gold mine in 20261,2 1 Updated Mineral • 29.2Mt @ 1.5% CuEq for 440,500t CuEq Resource Estimate 2 Maiden • 8.4Mt @ 1.9% CuEq for 164,300t CuEq Ore Reserve 3 • 12 year production profile 9.3Mt @ 1.9% CuEq • 8 years tar
Slide 6: Project Development
Project Development Photo of Inheritance pit mined by Barrick 2006-2009
Slide 7: PFS Highlights
PFS Highlights LOW CAPEX START UP UTILISING EXISTING THIRD PARTY PROCESSING1,2 • 12 year Production Target processing 9.3Mt @ 1.9% CuEq for 164,000t CuEq • 8 years targeting ~17,000t CuEq recovered pa • Maximum negative cashflow inclusive of Pre-production Capex is $24M • Ores to be processed in Mou
Slide 8: Feasibility Study & Development Critical Path
Feasibility Study & Development Critical Path1 GREATER DUCHESS BECOMING SHOVEL READY • FS in progress and targeting mid CY2026 completion • Tenders for open pit mining and haulage being sought 6 Years Open Pit 6 Years Underground • FID targeted for mid CY2026 • Project Development team being assembl
Slide 9: Open Pits
Open Pits SIX YEAR OPEN PIT MINE LIFE JUST THE START1,2 • 6 years of open pit production from six open pits • Low CAPEX start up at Trekelano where three pits will be mined from a production target of 2.3Mt @ 1.7% CuEq for 41,000t CuEq • LOM Open pit production target of 4.8Mt @ 1.7% CuEq for 81,000
Slide 10: Trekelano Open Pits
Trekelano Open Pits1,2 • Open pit mining start up at Trekelano with three open pits to be developed • Open Pit Production Target of 2.3Mt @ 1.7% CuEq for 41,000t CuEq • Located on granted Mining Leases approved for mining with bonds in place. • Enormous potential for growth through recent exploratio
Slide 11: Trekelano – Inheritance Open Pit Cutback
Trekelano – Inheritance Open Pit Cutback1,2 • Historical open pit to ~140m depth • JORC 2012 Mineral Resource Estimate: 3.0Mt @ 1.5% CuEq , 46,500t CuEq (1.2% Cu, 0.4g/t Au) • Open Pit Production Target of; 1.4Mt @ 1.8% CuEq for 24,000t CuEq (1.5% Cu, 0.4g/t Au) • Unmined drill hits under the histor
Slide 12: Trekelano - Inheritance Cross Sections
Trekelano - Inheritance Cross Sections1 Note 1: Refer to ASX releases dated 25 June 2025, 27 January 2026 & 16 March 2026. 12 Note 2: Refer to Slide 2 for CuEq calculation.
Slide 13: Trekelano - Trek 2 Open Pit cutback
Trekelano - Trek 2 Open Pit cutback1,2 • Historical open pit to ~65m depth • Ore Reserve open pit using Indicated resources only (Dark Blue pit) • Pit optimisations using Inferred resource (Light Blue pit) completed prior to new drill results • Recent drilling to convert Inferred resources to Indica
Slide 14: Lady Fanny And Burke & Wills Open Pits
Lady Fanny And Burke & Wills Open Pits1,2 • Two new open pits to be developed • Production target of; 1.3Mt @ 1.7% CuEq for 22,000t CuEq • High grade sulphides from a few metres below surface • Open at depth and along strike Note 1: Refer to ASX releases dated 16 March 2026. Note 2: Refer to Slide 2
Slide 15: Underground
Underground NINE YEAR UNDERGROLUND MINE LIFE1,2 • Open pit mining transitions to Underground at Mount Hope Central and Nil Desperandum in Year 4 of the LOM schedule • LOM Underground Production Target of 4.5Mt @ 2.2% CuEq for 98,000t CuEq • Mount Hope Central has excellent potential to extend Underg
Slide 16: Exploration
Exploration Photo of Trek 1 Extension Discovery Drilling September 2025
Slide 17: Growth From Exploration Success
Growth From Exploration Success DEVELOPMEMT CRITICAL MASS HAS BEEN ACHIEVED1,2 • 440,500t CuEq contained in the greater Duchess Mineral Resource Estimate (MRE) has been added mainly through exploration success since 2021 Timeline of MRE Growth by Discovery and Acquisition • 29Mt @ 1.5% CuEq MRE is o
Slide 18: Near Mine Exploration Upside
Near Mine Exploration Upside1,2 • Carnaby has consolidated ownership of Greater Duchess Region and now owns 100% of its Mineral Resources; • October 2025 – Buyout of the Latitude 66 JV interest • August 2025 - Trekelano Acquisition from Chinova • May 2024 – Hammer Metals sub block JV surrounding Mou
Slide 19: Trek 1 High Grade Extension
Trek 1 High Grade Extension • JORC 2012 Mineral Resource Estimate: 1.5Mt @ 2.0% CuEq, 30,200t CuEq1,2 (1.7% Cu, 0.4g/t Au) • Trek 1 Underground mined continuously from 1911 to 1943 producing 188,000t @ 10.9% Cu, 2.0g/t Au • 400m extension discovery to the high-grade lode down dip, drill results incl
Slide 20: Mount Hope Near Mine
Mount Hope Near Mine Exceptional Exploration Upside1,2 • Mount Hope Corridor • First drill hole September 2022 Jude • 11.2Mt @ 1.7% CuEq for 196,000t CuEq discovered to date • JV allowing corridor / ML boundary exploration to begin • Mohawk Corridor • VTEM survey in 2024 lit up the >4km mineralised
Slide 21: Regional Exploration Upside
Regional Exploration Upside New frontier at Magna Lynn Southern Corridor1,2 1 Initial discoveries led • Magna Lynn Basalt stratigraphic / structural to new corridor geological ideas 2 Historical • New target Iron Sulphide Copper Gold (ISCG) in Models missed magnetically quieter rocks. the mark 3 Min
Slide 22: Investment Highlights
Investment Highlights Mineral Resource Estimate 29.2Mt @ 1.5% CuEq for 440,500t CuEq1,2 Critical Mass Reached Ore Reserve Estimate 8.4Mt @ 1.9% CuEq for 164,300t CuEq1,2 • Binding Tolling and Offtake Agreements Processing Solution & with Glencore International AG. Development Pathway • FS and FID ta
Slide 23: Office Contact
Office Contact 78 Churchill Avenue P +61 8 6500 3236 SUBIACO WA 6008 E info@carnabyresources.com.au
Slide 24: Appendix 1
Appendix 1 Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off Mineral Resource Inventory as at 27 January 2026 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 % Tonnes Ounces Tonn
Slide 25: Appendix 2
Appendix 2 Greater Duchess Copper Gold Project Ore Reserve Estimate as at 16 March 2026 Tonnes Cu Au CuEq Cu Au CuEq Category Asset Mt % g/t % kt koz kt Proved Open Pit - - - - - - - Proved Proved Underground - - - - - - - Proved Total - - - - - - - Inheritance 1.2 1.5 0.4 1.8 18.8 15.3 22.8 Trekela
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