Earnings release
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December 2025 Quarterly Report ASX Announcement 30 January 2026 Fast Facts Shares on Issue 276.1M Market Cap (@ 53 cents) $146M Cash $16.0M1 1As at 31 December 2025. Directors Peter Bowler, Non-Exec Chairman Rob Watkins, Managing Director Greg Barrett, Non-Exec Director Paul Payne, Non-Exec Director Company Highlights Proven and highly credentialed management team. Tight capital structure and strong cash position. Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,946 km 2 of tenure. Mineral Resource Estimate at Greater Duchess: 29Mt @ 1.5% CuEq for 441kt CuEq. Mount Hope, Trekelano, Nil Desperandum and Lady Fanny Iron Oxide Copper Gold deposits within the Greater Duchess Copper Gold Project, Mount Isa inlier, Queensland. Pre-Feasibility Study for the Greater Duchess Copper Gold Project in progress with a targeted completion date in Q1 CY2026. Binding Tolling and Offtake agreements signed with Glencore International AG. Gold projects near to Northern Star Resources Ltd’s Hemi Development Project on 397 km 2 of highly prospective tenure. Registered Office 78 Churchill Avenue Subiaco Western Australia 6008 T: +61 8 6500 3236 www.carnabyresources.com.au The Board of Carnaby Resources Limited (Carnaby or the Company) is pleased to provide the following quarterly update and Appendix 5B. December 2025 Quarterly Highlights: GREATER DUCHESS COPPER GOLD PROJECT – MOUNT ISA, QUEENSLAND Greater Duchess Updated Mineral Resource Estimate: 1, 2 Total Inventory Class Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes Indicated 17.0 1.5 0.3 1.7 249,600 145,700 288,100 Inferred 12.2 1.1 0.2 1.3 130,700 84,500 152,400 Total 29.2 1.3 0.2 1.5 380,300 230,200 440,500 • 49% increase in total Indicated Mineral Resources • 10% increase in overall Mineral Resources to 440,500 CuEq tonnes • >98% of Mineral Resource s are transitional/fresh sulphide highly amenable to conventional flotation with excellent recoveries and no impurities (see ASX release 27 January 2026). Trekelano Prospect (CNB 100%) • Trek 1 h igh grade assay results greatly extend ed main lode mineralisation over 400m down dip (see ASX releases dated 6 October 2025, 12 December 2025 & 18 December 2025). o CBRC033 6m @ 7.1% CuEq (6.7% Cu, 0.5g/t Au) (331m) INCL. 3m @ 12.8% CuEq (12.2% Cu, 0.7g/t Au) (332m) o CBRC065 6m@ 5.0% CuEq (4.7% Cu, 0.4g/t Au) from 390m INCL. 3m @ 9.6% CuEq (9.0% Cu, 0.7g/t Au) from 393m o CBDD017W4 25.5m @ 2.0% CuEq (1.8% Cu, 0.2g/t Au) from 646.5m INCL. 13.5m @ 3.2% CuEq (2.9% Cu, 0.3g/t Au) from 656.5m INCL. 4m @ 9.6% CuEq (9.0% Cu, 0.7g/t Au) from 656m • New Footwall Lode extension open at depth and along strike (see ASX release 18 December 2025). o CBRC052 29m @ 0.6% CuEq (0.5% Cu, 0.05g/t Au) (140m) AND 6m @ 1.0% CuEq (0.8% Cu, 0.3g/t Au) (178m) AND 6m @ 12.6% CuEq (5.8% Cu, 7.9g/t Au) (211m) Corporate • During the quarter , t he Company completed the acquisition of the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture (JV) from joint venture partner Latitude 66 Limited , granting Carnaby full exposure to the former JV tenure’s exploration and production potential (see ASX release 16 October 2025). • The Company conducted a $12.5 million placement to QIC Critical Minerals and Battery Technology Fund (QCMBTF) via the issue of approximately 37.9 million new fully paid ordinary shares (see ASX releases dated 15 October 2025). • Cash as at 31 December 2025 of $16.0 million. 1(0.5% CuEq cut-off for open pit and 1.0% CuEq cut-off for underground). 2Refer to Table 6 for individual deposit CuEq calculations and cut-off grades. For personal use only
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2 GREATER DUCHESS COPPER GOLD PROJECT MINERAL RESOURCE ESTIMATE UPDATE Subsequent to the quarter end the Company released an updated Mineral Resource Estimate (MRE) at the Greater Duchess Project. The total MRE increased by 10% to 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq for contained 380,300t Cu, 230,200koz Au and 440,500kt CuEq. The Indicated MRE incre ased by 49% to 17.0Mt @ 1.5% Cu, 0.3g/t Au, 1.7% CuEq for contained 249,600t Cu, 145,700oz Au and 288,100t CuEq and now represents 65% of the total resource by CuEq tonnes (Table 1) (see ASX release 27 January 2026). Importantly, near term upside to this updated MRE exists as it is yet to include the recently discovered very high grade Trek 1 extension announced in late 2025 (Figure 2). Drilling is about to recommence at the Trek 1 extension discovery with the aim of releasing an updated MRE to include the >400m high grade extension in Q3CY26. In addition, numerous drill results from late 2025 drilling are yet to be received. Table 1: Greater Duchess Copper Gold Project January 2026 Mineral Resource Inventory 0.5% CuEq 1 Cut-off for Pit Potential, 1.0% CuEq1 for Underground Potential Note: Rounding discrepancies may occur. Note: Mount Hope is 100% CNB, excluding the small 6kt South Hope MRE which is 51% owned by CNB and part of the Hammer Metals Limited JV. Trekelano, Nil Desperandum, Lady Fanny, Mount Birnie, Mohawk and Duchess are100% CNB. Reference 1: Refer to Table A for individual deposit CuEq calculations and cut-off grades. Tonnes Cu Au CuEq Cu Au C uEq Mt % g/t % Tonnes Ounces Tonnes Indicated 3.4 1.3 0.3 1.6 45,500 37,700 55,500 Inferred 2.1 1.3 0.4 1.7 27,500 25,700 34,300 Sub-total 5.5 1.3 0.4 1.6 73,000 63,400 89,700 Indicated 8.5 1.6 0.3 1.9 138,900 74,500 158,600 Inferred 2.8 1.2 0.2 1.3 32,600 16,600 36,900 Sub-total 11.2 1.5 0.3 1.7 171,500 91,100 195,600 Indicated 3.2 1.2 0.2 1.4 38,700 20,600 44,100 Inferred 1.1 1.4 0.4 1.7 15,900 12,800 19,200 Sub-total 4.3 1.3 0.2 1.5 54,500 33,400 63,400 Indicated 1.9 1.4 0.2 1.6 26,500 12,800 29,900 Inferred 1.3 1.1 0.2 1.3 14,400 9,900 17,000 Sub-total 3.2 1.3 0.2 1.5 40,900 22,800 47,000 Inferred 0.4 1.4 0.2 1.5 6,300 2,300 6,800 Sub-total 0.4 1.4 0.2 1.5 6,300 2,300 6,800 Inferred 3.7 0.7 0.1 0.8 26,300 11,300 28,800 Sub-total 3.7 0.7 0.1 0.8 26,300 11,300 28,800 Inferred 0.8 0.9 0.2 1.1 7,800 5,900 9,300 Sub-total 0.8 0.9 0.2 1.1 7,800 5,900 9,300 Indicated 17.0 1.5 0.3 1.7 249,600 145,700 288,100 Inferred 12.2 1.1 0.2 1.3 130,700 84,500 152,400 Total 29.2 1.3 0.2 1.5 380,300 230,200 440,500 Deposit Class Mohawk Greater Duchess Total Inventory Trekelano Mt Hope Nil Desperandum Lady Fanny Mt Birnie Duchess For personal use only
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3 The Greater Duchess Project deposits typically have shallow weathering profiles to the extent that the total MRE at Greater Duchess is comprised of >98% transitional and fresh rock sulphide mineralisation extremely amenable to conventional flotation with excellent recoveries and no impurities, and a simple process flow sheet with no re -grinding requirements. Figure 1. Greater Duchess Project Location Map. PRE-FEASIBILITY STUDY The Greater Duchess Pre-Feasibility Study (PFS) is nearing completion and will be reported in the current quarter. Key production scheduling works are in progress with the finalisation of financial modelling and report compilation to follow. Definitive feasibility works have already commenced given the record copper and gold prices and the potential to fast track production through base case toll treatment at a third- party processing facility. Carnaby is anticipates a potential FID in H1 2026 and targeting first ore production in H2 2026. For personal use only
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4 TREKELANO PROSPECT (CNB 100%) Trek 1 During the q uarter the Company drilled further exploration holes at Trek 1 targeting both extensions of the main lode down plunge below the historical underground workings and shallower extensions to mineralisation just beneath the conceptual open pit design. (Figure 2 & 3). Figure 2. Trek 1 cross section showing location of new high grade drill results. For personal use only
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5 A summary of the results received during the quarter from drill holes targeting main lode extensions is as follows (see ASX releases dated 6 October 2025, 6 November 2025, 12 December 2025 & 18 December 2025: CBRC033 6m @ 7.1% CuEq3 (6.7% Cu, 0.5g/t Au) (331m) INCL. 3m @ 12.8% CuEq (12.2% Cu, 0.7g/t Au) (332m) CBRC065 6m (TW~4m) @ 5.0% CuEq (4.7% Cu, 0.4g/t Au) from 390m INCL. 3m (TW~2m) @ 9.6% CuEq (9.0% Cu, 0.7g/t Au) from 393m CBDD017 13.7m (TW~7m) @ 1.7% CuEq (1.0% Cu, 0.9g/t Au) from 571m INCL. 8m (TW~4m) @ 2.8% CuEq (1.5% Cu, 1.5g/t Au) from 571m INCL. 3m (TW~2m) @ 5.9% CuEq (2.6% Cu, 3.9g/t Au) from 571m CBDD017W4 25.5m @ 2.0% CuEq (1.8% Cu, 0.2g/t Au) from 646.5m INCL. 13.5m @ 3.2% CuEq (2.9% Cu, 0.3g/t Au) from 656.5m INCL. 4m @ 9.6% CuEq (9.0% Cu, 0.7g/t Au) from 656m Wedge hole CBDD017W4 is the first of four wedge holes that will be completed from the parent hole CBDD017. This first wedge hole has intersected the Main Lode approximately 90m below the CBDD017 intersection which represents the deepest intersection to dat e and demonstrates the strong continuity of the high grade breccia mineralisation down dip, which shows no signs of diminishing. The high grade mineralisation is centred on a highly continuous breccia mineralisation zone (4m @ 9.6% CuEq), as shown in Figure 2, and with a lower grade halo of shear parallel stringer mineralisation mainly in the hangingwall to the breccia. The fact that all five drill holes now completed over the 400m down dip have intersected high grade breccia mineralisation over significant wid ths bodes well. It is important to note that the highest grade section of the Main Lode mineralisation down plunge may not necessarily have been intersected in all 5 holes and may remain undrilled off section to either the south or north of the current pierce points. The Trek 1 extension drill results are completely outside of the existing and recently updated Mineral Resource for Trekelano which totals 5. 5Mt @ 1.6% CuEq (1. 3% Cu, 0.4g/t Au) for 89,700t of contained copper equivalent tonnes (see ASX release dated 2 7 January 2026 ). Further drilling at the Trek 1 extension discovery is about to recommence with the aim of releasing an updated MRE to include the >400m high grade extension in Q3CY26. 3 Metal equivalents for exploration results in this release have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.85) and is based on December 2024 consensus forecast prices of US$8,505/t for copper, US$2,520/oz for gold and an AUD:USD exchange rate of 0.63. Exploration results are set out in Appendix 1 of this announcement. Metal recoveries of 95% for copper and 85% for gold have been applied as demonstrated in preliminary metallurgical test work carried out in 2023 and allowances for including the Trekelano deposits into the PFS. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. For personal use only
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6 Figure 3. Trek 1 Long Section showing new drill results. Drilling during the quarter also revealed additional zones of mineralisation closer to the surface which require immediate follow up. A highly significant result was received from RC drill hole CBRC052 which intersected a high grade copper and gold footwall lode beneath existing historical drilling with a result o f 6m @ 12.6% CuEq from 211m (Figure 3) (see ASX release 18 December 2025). For personal use only
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7 The Footwall Lode remains sparsely drilled with most previous drilling not testing the full extent of the footwall lode position especially previous exploration drilling away from the historical underground workings. The new high grade Footwall Lode result is located approximately 30m below the bottom of the historical shaft and approximately 70m below the current Pre-Feasibility Study preliminary open pit design (Figure 2). Given the lack of drilling into the footwall lode surrounding this new result, the true width is yet to be determined, and additional drilling is required to determine the full extent of this new zone of high grade mineralisation. The Footwall Lode result is outside of the existing Mineral Resource Estimate and opens up a new target zone for growing the mineral resource at Trek 1 in addition to the 400m down dip extension of the Main Lode beneath the existing underground workings di scussed below. Potential also exists for shallow strike extensions to the north and south of the underground workings. Assay results from CBRC052 and two geotechnical holes drilled for the support of the ongoing PFS are as follows (see ASX releases 6 October 2025, 6 November 2025 & 18 December 2025): CBRC052 29m (TW~23m) @ 0.6% CuEq (0.5% Cu, 0.05g/t Au) (140m) AND 6m (TW~5m) @ 1.0% CuEq (0.8% Cu, 0.3g/t Au) (178m) AND 6m @ 12.6% CuEq (5.8% Cu, 7.9g/t Au) (211m) CBGT001 44.7m @ 1.7% CuEq (1.5% Cu, 0.2g/t Au) (165.3m) INCL. 19m @ 2.5% CuEq (2.3% Cu, 0.3g/t Au) (188m) CBGT002 23m (TW~21m) @ 2.4% CuEq (2.0% Cu, 0.5g/t Au) (216m) INCL. 13m (TW~12m) @ 4.0% CuEq (3.4% Cu, 0.7g/t Au) (216m) AND 0.2m @ 12.6% CuEq (12.4% Cu, 0.3g/t Au) (247.6m) Inheritance Significant a ssay results from down plunge extension drilling at Inheritance were received during the quarter (Figure 4 ) and are summarised below as (see ASX releases dated 6 November 2025, 12 December 2025 & 18 December 2025): CBRC027 46m (TW~39m) @ 0.8% CuEq (0.6% Cu, 0.2g/t Au) from 188m INCL. 17m (TW~14m) @ 1.2% CuEq (0.9% Cu, 0.3g/t Au) from 202m AND 5m (TW~4m) @ 0.6% CuEq (0.5% Cu, 0.1g/t Au) from 254m For personal use only
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8 CBRC031 6m (TW~5m) @ 1.3% CuEq (1.3% Cu, 0.1g/t Au) from 178m AND 47m (TW~38m) @ 0.7% CuEq (0.5% Cu, 0.2g/t Au) from 190m INCL. 23m (TW~18m) @ 0.9% CuEq (0.7% Cu, 0.3g/t Au) from 213m CBRC022 39m @ 0.6% CuEq (0.5% Cu, 0.1g/t Au) from 199m INCL. 23m @ 0.9% CuEq (0.7% Cu, 0.2g/t Au) from 208m INCL. 6m @ 1.6% CuEq (1.4% Cu, 0.2g/t Au) from 208m AND 19m @ 0.9% CuEq (0.6% Cu, 0.3g/t Au) from 275m Figure 4. Inheritance Long Section showing location of new drill results. The Inheritance mineralisation is characterised by two consistent broad zones of mineralisation encapsulated within a very wide deformation zone showing characteristics of IOCG style alteration and mineralisation. Further drilling is planned to test the down plunge extent of the Inheritance deposit where a large off hole conductor is yet to be drill tested. For personal use only
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9 DEVONCOURT PROJECT (CNB EARNING 51%) WIMBERU PROSPECT Assay results have been received during the quarter from a single diamond drill hole WBDD008 which was fully funded by the Queensland Government under a CEI grant (see ASX release 6 November 2025). The style of copper mineralisation and alteration intersected included broad zones of strong k feldpsar -hematite alteration associated with moderate brecciation associated with weak disseminated chalcopyrite and bornite mineralisation. Stronger zones of late carbonate -chlorite breccia associated with moderate zones where chalcopyrite and bornite mineralisation were recorded and are considered to be very encouraging . Especially considering that WBDD008 is interpreted to be only the second drill hole to pierce across the potential feeder structure target that could be greater than 1km strike on the Western Anomaly (Figure 5 & 6). A review of these results will be completed, however no further drilling is being contemplated in the near future as the focus remains on the Greater Duchess development project. Assay Results – WBDD008 WBDD008 11m @ 0.12% Cu, 0.01g/t Au from 414m AND 6.8m @ 0.1% Cu, 0.01g/t Au from 562.4m INCL . 0.5m @ 0.68% Cu, 0.01g/t Au from 567m AND 32.1m @ 0.1% Cu, 0.02g/t Au from 576m INCL. 0.4m @ 2.11%, 0.23g/t Au from 593.9m Figure 5. Wimberu Prospect Plan showing new drill hole result in WBDD008. For personal use only
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10 Figure 6. Wimberu Drill Section showing new results from WBDD008. WESTERN AUSTRALIA MOUNT GRANT GOLD AND LITHIUM PROJECT (CARNABY 80%) No work completed during the quarter. STRELLEY GOLD PROJECT (CARNABY 100%) No work completed during the quarter. BIG HILL LITHIUM & GOLD PROJECT (CARNABY 100%) No work completed during the quarter. MALMAC COPPER & GOLD PROJECT (CARNABY 100%) No work completed during the quarter. THROSSELL GOLD PROJECT (CARNABY 100%) No work completed during the quarter. For personal use only
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11 CORPORATE During the quarter, the Company completed numerous corporate actions which have significantly enhanced the Greater Duchess Copper Gold Project’s development pathway. Greater Duchess Joint Venture Buyout Completion The Company announced the completion of the acquisition of the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture ( JV) from joint venture partner Latitude 66 Limited during the quarter (ASX: LAT) ( Latitude 66 ) (the JV Buyout ) (see ASX release 16 October 2025). Completion of the JV Buyout grants Carnaby full exposure to the significant value of the former JV tenure’s exploration and production potential and will allow the Company the freedom and flexibility to rapidly progress the necessary permitting applications required for the development of the tenure’s copper gold deposits. The Company paid total consideration to Latitude 66 of $6 million comprising; (a) Cash consideration of $2 million; and (b) $4 million satisfied by the issue of 9,852,217 fully paid ordinary shares in the Company calculated using a deemed issue price of A$0.406 per share, which is equal to the 30 - day volume weighted average price for the period ending on the trading day immediately preceding the date of the Company’s acceptance of Latitude 66’s notice of offer (see ASX release dated 31 July 2025 for full transaction details). $12.5M Placement to QIC Critical Minerals and Battery Technology Fund The Company entered into a Subscription Agreement subsequent to the quarter with the QIC Critical Minerals and Battery Technology Fund ( QCMBTF) and completed a $12.5 million placement via the issue of approximately 37.9 million new fully paid ordinary shares (see ASX releases dated 15 October 2025 & 28 October 2025). The placement shares were issued under the Company’s placement capacity in accordance with ASX Listing Rule 7.1 and 7.1A. Cash and Restricted Cash As at 31 December 2025, Carnaby held $16.0 million in cash which includes $1.4M in restricted cash. Restricted cash comprises cash held in term deposits issued in the Company’s name which have been used to provide security for the Com pany’s bank guarantee facilities which include the $1.3M environmental bond relating to the Trekelano Mining Leases placed by the Company during the quarter. During the quarter, the Company received proceeds of $12.5 million from the placement to QCMBTF. For personal use only
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12 Additional ASX Information • ASX Listing Rule 5.3.1 : Exploration and Evaluation Expenditure during the quarter ending 31 December 2025 was $632,295. • ASX Listing Rule 5.3.2: There were no substantive Mining Production and Development activities conducted during the quarter. • ASX Listing Rule 5.3.5 : During the quarter ending 31 December 2025 , the Company paid $ 119,607 to related parties representing Directors ’ salaries, fees and superannuation. Please refer to the following Appendix 5B for further information regarding movements in cash during the quarter. This announcement has been authorised for release by the Board of Directors. Further information regarding the Company can be found on the Company’s website: www.carnabyresources.com.au For additional information please contact: Robert Watkins, Managing Director +61 8 6500 3236 For personal use only
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13 Competent Person 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 A usIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the “Australas ian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full -time employee of Payne Geological Services and is a Director and shareholder of Carnaby Resources Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a C ompetent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Metal Equivalents Metal equivalents for exploration results have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.85) is based on a December 2024 consensus forecast prices of US$8,505/t for copper, US$2,520/oz for gold and an AUD:USD exchange rate of 0.63. Metal recoveries of 95% for copper and 85% for gold have been applied as demonstrated in preliminary metallurgical test work carried out in 2023 and allowances for including the Trekelano deposits into the PFS. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Metal equivalents for MREs at Mount Hope, Trekelano, Nil Desperandum, Lady Fanny and Mohawk have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.85) and is based on review of consensus forecast prices of US$8,505/t for copper and US$2,520/oz for g old, exchange rate of 0.63 and recovery of 95% copper and 85% gold as demonstrated in preliminary metallurgical test work carried out in 2023. Metal equivalents for MREs at Duchess and Mount Birnie have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.7) and is based on September 2023 spot prices of US$8,500/t for copper and US$1,950/oz for gold, exchange rate of 0.67 and recovery of 95% copper and 90% gold as demonstrated in preliminary metallurgical test work carried out in 2023. Individual mineral resource estimate grades for the metals are set out at Table A of this announcement. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Disclaimer This document contains background information current at the date of this announcement. The announcement is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement. The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction. This announcement does not constitute investment advice and has been prepared without considering the recipients investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, the Company, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, fo recasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted. References have been made in this announcement to certain ASX announcements, including references regarding exploration results, mineral resources, production targets and forecast financial information. For full details, refer to said announcement on said date. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and the mentioned announcements, the Company confirm s that it is not aware of any new For personal use only
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14 information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target(s), Ore Reserves, Production Targets and forecast financial information from Production Targets, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Forward Looking Statements Some statements in this announcement regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the Company’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodit y prices and exc hange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct. The Company has concluded it has a reasonable basis for providing the forward -looking statements included in this announcement and believes that it has a “reasonable basis” to expect it will be able to complete the development of the Project, including with respect to any production targets and financial estimates, based on the information contained in this announcement. For personal use only
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15 APPENDIX ONE | Carnaby Resources Limited Tenements Tenement Location Ownership Mount Isa Inlier Copper and Gold Projects ML90240 Queensland 100% ML90125 Queensland 100% ML90128 Queensland 100% ML90183 Queensland 100% EPM9083 Queensland 100% EPM11013 Queensland 100% EPM14366 Queensland 100% EPM14369 Queensland 100% EPM17637 Queensland 100% EPM18223 Queensland 100% EPM18980 Queensland 100% EPM19008 Queensland 100% EPM25435 Queensland 100% EPM25439 Queensland 100% EPM25853 Queensland 100% EPM25972 Queensland 100% EPM26651 Queensland 100% EPM27101 Queensland 100% EPM27822 Queensland 100% EPM28238 Queensland 100% EPM28239 Queensland 100% EPM28634 Queensland 100% EPM26777 (Sub-blocks CLON958Y, CLON1030D and CLON1030J only) Queensland 51% Pilbara Gold and Lithium Projects E45/5743 Western Australia 100% E45/4638 Western Australia 100% E45/5622 Western Australia 80% E45/5822 Western Australia 100% E45/4801 Western Australia 100% Yilgarn Margin Projects E69/3509 Western Australia 100% E69/4200 Western Australia 100% E38/3289 Western Australia 100% E38/4016 Western Australia 100% Mining tenements acquired: E38/4016. Mining tenements disposed or relinquished: Nil. Beneficial percentage interests held in farm-in or farm-out agreements: Nil. Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil. For personal use only
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16 Table A Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off Mineral Resource Inventory as at 27 January 2026 COG Indicated Inferred Total Deposit CuEq% Tonnes Cu Au CuEq Cu Au CuEq Tonnes Cu Au CuEq Cu Au CuEq Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes Mt % g/t % Tonnes Ounces Tonnes Mt % g/t % Tonnes Ounces Tonnes Mount Birnie1 0.5 0 0 0 0 0 0 0 0.44 1.4 0.2 1.5 6,300 2,300 6,800 0.44 1.4 0.2 1.53 6,300 2,300 6,800 Duchess1 0.5 0 0 0 0 0 0 0 3.66 0.7 0.1 0.8 26,300 11,300 28,800 3.66 0.7 0.1 0.79 26,300 11,300 28,800 Nil Desperandum OP2 0.5 2.42 0.7 0.1 0.9 18,100 10,400 20,800 0.08 0.8 0.1 0.9 700 300 700 2.50 0.7 0.1 0.86 18,700 10,700 21,600 Nil Desperandum UG2 1 0.81 2.5 0.4 2.9 20,600 10,200 23,300 1.03 1.5 0.4 1.8 15,200 12,500 18,500 1.84 1.9 0.4 2.27 35,800 22,800 41,800 Lady Fanny2 0.5 1.58 1.2 0.2 1.3 18,600 10,000 21,300 1.11 1.1 0.2 1.3 12,400 8,900 14,700 2.69 1.2 0.2 1.34 31,000 18,900 36,000 Burke & Wills2 0.5 0.30 2.7 0.3 2.9 7,900 2,800 8,700 0.20 1.0 0.2 1.1 2,000 1,100 2,300 0.50 2.0 0.2 2.18 9,900 3,900 11,000 Mount Hope OP2,3,4 0.5 2.94 1.3 0.2 1.5 39,100 15,600 43,300 1.33 1.1 0.1 1.3 15,100 6,300 16,800 4.27 1.3 0.2 1.41 54,300 22,000 60,100 Mount Hope UG2 1 5.52 1.8 0.3 2.1 99,800 58,900 115,300 1.44 1.2 0.2 1.4 17,400 10,200 20,200 6.96 1.7 0.3 1.95 117,200 69,100 135,500 Mohawk2 0.5 0 0 0 0 0 0 0 0.82 0.9 0.2 1.1 7,800 5,900 9,300 0.82 0.9 0.2 1.13 7,800 5,900 9,300 Inheritance OP2 0.5 1.91 1.3 0.3 1.6 24,700 20,200 30,100 0.64 1.0 0.3 1.3 6,400 6,200 8,100 2.55 1.2 0.3 1.50 31,200 26,400 38,200 Inheritance UG2 1 0.17 1.3 0.4 1.6 2,300 2,200 2,800 0.31 1.3 0.6 1.8 4,000 5,900 5,500 0.48 1.3 0.5 1.74 6,200 8,100 8,400 Trek 1 OP2 0.5 0.74 1.7 0.5 2.1 12,400 11,100 15,400 0.54 1.4 0.4 1.7 7,500 6,200 9,100 1.28 1.6 0.4 1.91 19,900 17,400 24,500 Trek 1 UG2 1 0.00 0.0 0.0 0.0 0 0 0 0.21 2.3 0.6 2.8 4,700 3,900 5,700 0.21 2.3 0.6 2.78 4,700 3,900 5,700 Trek 2 OP2 0.5 0.58 1.0 0.2 1.2 6,000 4,200 7,200 0.37 1.3 0.3 1.6 4,900 3,600 5,800 0.95 1.2 0.3 1.37 10,900 7,700 13,000 CNB Total 17.0 1.5 0.3 1.7 249,600 145,700 288,100 12.2 1.1 0.2 1.3 130,700 84,500 152,400 29.2 1.3 0.2 1.5 380,300 230,200 440,500 Note: Rounding discrepancies may occur. Reference 1: The CuEq calculation is CuEq=Cu% + (Au_ppm * 0.7) and is based on September 2023 spot prices of US$8,500/t for copper and US$1,950/oz for gold, exchange rate of 0.67 and recovery of 95% copper and 90% gold as demonstrated in preliminary metallurgical test work. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Reference 2: The CuEq calculation is CuEq=Cu% + (Au_ppm * 0.85) and is based on review of consensus forecast prices of US$8,505/t for copper and US$2,520/oz for gold, exchange rate of 0.63 and recovery of 95% copper and 85% gold as demonstrated in preliminary metallurgical test work. t is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Reference 3: 98% of the combined Mount Hope Central and North deposits occur on ML90240, 100% owned by Carnaby Resources Ltd. The Inferred mineral resource includes 0.2Mt @ 0.9% Cu and 0.1g/t Au for 1.0% CuEq occurring outside ML90240 and within EPM26777 that is under Joint Venture with Hammer Metals Limited (ASX: HMX) and where Carnaby holds 51% of the deposit with a right to earn up to 70% . Reference 4: The South Hope deposit inferred mineral resource of 0.3Mt @ 1.7% Cu, 0.3g/t Au, 2.0% CuEq for 5,600 CuEq tonnes. occurs outside of ML90240 on EPM26777 which is under a Joint Venture with Hammer Metals Limited (ASX: HMX) where Carnaby holds 51% of the deposit with a right to earn up to 70% . For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity CARNABY RESOURCES LIMITED ABN Quarter ended (“current quarter”) 62 610 855 064 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (632) (3,052) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (382) (878) (e) administration and corporate costs (169) (319) 1.3 Dividends received (see note 3) - - 1.4 Interest received 133 291 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 4 86 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,046) (3,872) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (2,372) (8,366) (c) property, plant and equipment (6) (10) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (2,378) (8,376) 3. Cash flows from financing activities 12,500 12,500 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (65) (65) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings * (13) (26) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) ** (1,315) (1,315) 3.10 Net cash from / (used in) financing activities 11,107 11,094 * Represents payment for leases prescribed under the accounting standard AASB16 Leases ** Trekelano’s estimated rehabilitation cost and, as a result, an increase of bank guarantee facility/ Restricted Cash 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 6,920 15,757 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,046) (3,872) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (2,378) (8,376) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 11,107 11,094 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 14,603 14,603 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 12,803 2,120 5.2 Call deposits 1,800 4,800 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) *Balance excludes Restricted Cash of $1,372,000. Restricted Cash comprises cash held in term deposits in the Company’s name which have been used to provide security for the Company’s bank guarantee facility. 14,603* 6,920 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 120 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments to related parties represent Directors salaries, fees and superannuation. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,046) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,046) 8.4 Cash and cash equivalents at quarter end (item 4.6) 14,603 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 14,603 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 14 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not Applicable 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not Applicable For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not Applicable Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026................................................................................... Authorised by: The Board of Directors................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only