Earnings release
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June 2026 Quarterly Report ASX Announcement 30 July 2026 Fast Facts Shares on Issue 276.1M Market Cap (@ 76 cents) $210M Cash $10.8M1 1As at 30 June 2026. 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 1,900 km 2 of tenure. Mineral Resource Estimate at Greater Duchess: 29Mt @ 1.5% CuEq for 441kt CuEq. Greater Duchess Probable Ore Reserve: 8.4Mt @ 1.9% CuEq for 164kt 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. 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. June 2026 Quarterly Highlights: SCHEME OF ARRANGEMENT WITH EVOLUTION MINING Carnaby shareholders to receive consideration of 0.0682 Evolution shares with an implied value1 of A$0.77 per Carnaby share (see ASX release 27 July 2026). The board of Carnaby considers the transaction to be in the best interests of Carnaby shareholders and recommends shareholders vote in favour of the scheme, for the following reasons: • Receiving a significant and immediate premium, compared to the trading value of their Carnaby shares (60.4% premium to CNB’s pre- announcement closing share price on 24 July 2026); • De-risking the development and funding of Greater Duchess through Evolution’s expertise and strong balance sheet; • Exposure to future dividends in accordance with Evolution’s dividend policy; • Gaining exposure to Evolution’s world-class gold and copper portfolio; • Retaining the opportunity to share in the potential future upside in Greater Duchess, including potential synergies derived from the processing of ore at Ernest Henry. GREATER DUCHESS COPPER GOLD PROJECT – MOUNT ISA, QUEENSLAND Trekelano (CNB 100%) • Discovery of new high grade Footwall Lode at Trek 1 (see ASX releases dated 15 May 2026, 21 May 2026 & 9 June 2026). o CBRC085 6m (TW~3m) @ 1.9% CuEq (1.6% Cu, 0.3g/t Au) (206m) AND 19m (TW~9m) @ 7.1% CuEq (4.4% Cu, 3.1g/t Au) (256m) o CBRC089 85m @ 1.7% CuEq (1.4% Cu, 0.4g/t Au) (200m) INCL. 12m @ 7.3% CuEq (5.9% Cu, 1.6g/t Au) (200m) INCL. 5m @ 15.6% CuEq (12.6% Cu, 3.5g/t Au) (203m) Mount Hope Central (CNB 100%) • Discovery of the Miniboom Lode via a vertical RC drill hole targeting a water bore and confirmed with additional drilling (see ASX releases 2 June 2026 & 9 June 2026). o MHWB007 232m @ 1.3% CuEq (1.1% Cu, 0.2g/t Au) (surface) INCL. 65m @ 2.9% CuEq (2.4% Cu, 0.5g/t Au) (25m) o MHRC295 26m @ 3.2% CuEq (3.0% Cu, 0.3g/t Au) (59m) o MHRC298 50m @ 2.7% CuEq (2.5% Cu, 0.3g/t Au) (83m) INCL. 31m @ 4.0% CuEq (3.6% Cu, 0.4g/t Au) (98m) Cash as at 30 June 2026 of $10.8 million. 1 Implied value is based on the last closing price of Evolution of $11.29 per share on 24 July 2026.
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2 SCHEME OF ARRANGEMENT WITH EVOLUTION MINING Subsequent to the quarter, the Company announced it ha s entered into a binding Scheme Implementation Deed (“SID”) with Evolution Mining Limited (ASX: EVN) (“ Evolution”), under which it is proposed that Evolution will acquire 100% of the issued shares in Carnaby by way of a scheme of arrangement (the “ Scheme” or “Transaction”). See the ASX release dated 27 July 2026 for full details of the Transaction. Benefit to Carnaby shareholders For Carnaby shareholders, the Carnaby Directors believe the Transaction will deliver significant benefits summarised below: • Value proposition – Delivery of an immediate, substantial and attractive premium to the pre-announcement Carnaby share price as well as a range of Carnaby’s historic share price trading ranges; • De-risking – Reduces the development and funding risks to Carnaby shareholders in delivering the Greater Duchess project; • Liquidity event for shareholders – Evolution’s twelve-month daily average traded value was approximately A$114m and is over 247 times that of Carnaby over the same period 2, which is a significant advantage, particularly in volatile markets; • Evolution exposure – Evolution is an ASX-50 leading gold and copper producer, with a portfolio of high -quality operating assets, highly experienced management team, strong access to capital and track record of paying consistent dividends; • Ongoing participation – In the future upside of Greater Duchess and broader Mt Isa exploration through ownership in Evolution; • Tax – Potential capital gains tax rollover relief for eligible Carnaby shareholders3; and • Processing solution – Value achieved through this transaction is compelling when compared with alternative options to toll treat or build a standalone processing facility at Greater Duchess. Transaction summary A summary of the proposed Transaction is provided below: • Evolution to provide 0.0682 shares per Carnaby share, for all Carnaby shares on issue as at the record date for the Scheme. • Carnaby unlisted options to be cancelled for cash consideration as part of the Scheme. • The Transaction will be implemented by way of a court -approved scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) ("Corporations Act"). • The Scheme is subject to approval by Carnaby shareholders at a Scheme Meeting expected to be held in late October 2026 to early November (Table 1). 2 As at 27 July 2026 3 Subject to tax advice and individual circumstances. Carnaby shareholders should seek their own tax advice on the availability of scrip for scrip rollover relief.
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3 • The Scheme is subject to certain conditions that are customary for a transaction of this nature (including the required regulatory and Court approvals (including ACCC merger clearance), no Carnaby material adverse effect, no Carnaby prescribed event and Carnaby representations and warranties being materially true and correct) and other conditions that are described in further detail below. • Upon implementation of the Scheme, Carnaby shareholders will hold approximately 0.9% of the Evolution shares on issue4. Table 1: Indicative timetable for completion5 Draft Scheme Booklet lodged with ASIC Early September 2026 First Court Hearing to convene Scheme Meeting and approve Scheme Booklet Mid September 2026 Dispatch Scheme Booklet to Carnaby shareholders for the Scheme Meeting Mid - late September 2026 Scheme Meeting Late October 2026 – early November 2026 Second Court Hearing to approve the Scheme Early November 2026 Effective Date of the Scheme Mid November 2026 Record Date (two business days after the Effective Date) Mid November 2026 Implementation of Scheme (three business days after the Record Date) Mid November 2026 Board recommendation The proposed Transaction has the unanimous support of the Carnaby Board. The Carnaby Board considers the Scheme to be in the best interests of Carnaby shareholders and the Carnaby Board unanimously recommends that Carnaby shareholders vote in favour of the Scheme at the Scheme Meeting, in the absence of3: • a Superior Proposal; or • the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Carnaby shareholders. Each Carnaby Director intends to vote (or cause to be voted) all Carnaby shares in which he has a relevant interest in favour of the Scheme (representing approximately 7.3% of the Carnaby shares issued and outstanding), subject to the qualifications described above6. 4 Pro-forma ownership in Evolution is based on the exchange ratio of 0.0682 Evolution shares for Carnaby’s 276,119,864 fully ordinary shares . 5 All dates are subject to change. Court dates are subject to court availability. 6 In addition to their holdings of Carnaby shares, Carnaby Directors collectively hold 1,780,000 options.
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4 Greater Duchess Feasibility Study Carnaby has been advancing the Greater Duchess Feasibility Study (Feasibility Study), which is based on a tolling solution with Glencore. Under the proposed Transaction, Evolution intends to develop Greater Duchess through the processing of Greater Duchess ore at Ernest Henry and as such the Glencore tolling and offtake agreements will be terminated (see ASX release 27 July 2026). Under the SID, Carnaby and Evolution have agreed that Carnaby will continue to progress the critical workstreams required to support development of the Greater Duchess project prior to implementation of the Transaction, while deferring certain non- essential activities, including finalisation of the Feasibility Study. GREATER DUCHESS COPPER GOLD PROJECT TREKELANO (CNB 100%) Trek 1 During the quarter drilling at Trek 1 confirmed the discovery of a new high grade Footwall Lode which is outside of the existing Mineral Resource Estimate (MRE) and remains open down plunge and to the north along strike (Figure 1). Very little historical drilling has tested the Footwall Lode position at Trek 1 with numerous previous holes targeting the Main Lode stopping short of the Footwall Lode position , as such mineralisation remains open up dip as shown in Figure 2. A summary of assay results from the Trek 1 Footwall Lode released during the quarter is below (see ASX releases dated 15 May 2026, 21 May 2026 & 9 June 2026); CBRC080 24m (TW~17m) @ 2.0% CuEq7 (1.6% Cu, 0.4g/t Au) (180m) INCL. 6m (TW~4m) @ 5.5% CuEq (4.4% Cu, 1.4g/t Au) (180m) CBRC085 6m (TW~3m) @ 1.9% CuEq (1.6% Cu, 0.3g/t Au) (206m) AND 19m (TW~9m) @ 7.1% CuEq (4.4% Cu, 3.1g/t Au) (256m) CBRC082 16m (TW~12m) @ 2.4% CuEq (2.0% Cu, 0.5g/t Au) (197m) INCL. 7m (TW~5m) @ 4.6% CuEq (3.7% Cu, 1.0g/t Au) (205m) CBRC086 38m (TW~14m) @ 1.9% CuEq (1.6% Cu, 0.4g/t Au) (290m) INCL. 23m (TW~9m) @ 2.6% CuEq (2.2% Cu, 0.5g/t Au) (290m) INCL. 15m (TW~6m) @ 3.2% CuEq (2.7% Cu, 0.6g/t Au) (295m) 7 Metal equivalents calculations for exploration results, Ore Reserves and Mineral Resource Estimates are outlined in the Metal Equivalents disclaimer on page 10.
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5 CBRC089 85m @ 1.7% CuEq (1.4% Cu, 0.4g/t Au) (200m) INCL. 12m @ 7.3% CuEq (5.9% Cu, 1.6g/t Au) (200m) INCL. 5m @ 15.6% CuEq (12.6% Cu, 3.5g/t Au) (203m) AND 3m @ 1.3% CuEq (1.2% Cu, 0.1g/t Au) (302m) Figure 1. Trek 1 Long Section showing recent drill results.
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6 Figure 2. Trek 1 Cross Section showing recent Footwall Lode drill results. Drilling by Carnaby has extended the Trek 1 Main Lode breccia 400m below the existing Mineral Resource and 600m below the current Pre- Feasibility Study (PFS) Ore Reserve open pit (Figure 1). During the quarter, a new lateral strike extent drill result was received on the southern edge of the breccia shoot showing excellent continuity with other recently reported high grade drill results. This new result is summarised below (See ASX release 14 May 2026); CBDD017W6 6.8m (TW~4m) @ 2.0% CuEq (1.8% Cu, 0.2g/t Au) (468.7m)
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7 Trek 2 Infill and extension drilling conducted at Trek 2 during the quarter yielded significant results which show good potential to grow the MRE and convert Inferred material to Indicated material (Figure 3). A summary of results released during the quarter are presented below (see ASX releases 14 May 2026, 21 May 2026 & 2 June 2026); CBGT010 104m @ 1.7% CuEq (1.5% Cu, 0.3g/t Au) (97m) INCL. 43m @ 3.1% CuEq (2.7% Cu, 0.4g/t Au) (106m) INCL. 11.2m @ 7.4% CuEq (6.6% Cu, 0.9g/t Au) (108.8m) CBRC070 23m @ 1.0% CuEq (0.9% Cu, 0.2g/t Au) (193m) INCL. 10m @ 1.4% CuEq (1.2% Cu, 0.2g/t Au) (193m) CBRC068 53m @ 0.4% CuEq (0.3% Cu, 0.05g/t Au) (182m) INCL. 6m @ 0.7% CuEq (0.6% Cu, 0.1g/t Au) (214m) Carnaby intends to complete an updated MRE in the current quarter. Figure 3. Trek 2 Long Section showing recent drill results.
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8 MOUNT HOPE CENTRAL (CNB 100%) Miniboom Lode Discovery During the quarter, a vertical drill hole MHWB007 drilled on the edge of the proposed Mount Hope Central Ore Reserve Open Pit , which was primarily target ed as a new water bore, intersected significant copper gold mineralisation with a downhole assay result of 232m @ 1.3% CuEq from surface including 65m @ 2.9% CuEq from 25m (See ASX release 2 June 2026). Two immediate follow up RC drill holes at the new Miniboom Lode discovery confirmed significant widths of high grade mineralisation with results of 50m @ 2.7% CuEq from 83m including 31m @ 4.0% CuEq from 98m in MHRC298 and 26m @ 3.2% CuEq from 59m in MHRC295 (see ASX release 9 June 2026) (Figure 4 & 5). Figure 4. Miniboom Lode Cross Section showing new drill results. The Miniboom Lode discovery is hosted in a newly discovered dilational bend in the Boomerang Lode vein structure where the strike of the mineralisation changes from a southeast strike to a northeast strike forming a new boomerang shape geometry (Figure 4). Miniboom appears to be s imilar to the main Boomerang Lode, where the highest grade mineralisation occurs in the apex of the Boomerang shaped geometry which is thought to be
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9 a focus for high grade mineralisation. This discovery does appear to have a limited high grade strike length of less than 70m , at least in the shallow parts of the discovery . Additional drill results are pending. Figure 5. Mount Hope Plan showing new Miniboom Lode Discovery. A summary of results received from the Miniboom Lode Discovery are presented below (see ASX releases 2 June 2026 & 9 June 2026); MHWB007 232m @ 1.3% CuEq (1.1% Cu, 0.2g/t Au) (surface) INCL. 65m @ 2.9% CuEq (2.4% Cu, 0.5g/t Au) (25m) MHRC295 26m @ 3.2% CuEq (3.0% Cu, 0.3g/t Au) (59m) MHRC298 50m @ 2.7% CuEq (2.5% Cu, 0.3g/t Au) (83m) INCL. 31m @ 4.0% CuEq (3.6% Cu, 0.4g/t Au) (98m)
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10 Earlier in the quarter, a n MRE infill diamond drill hole completed at Mount Hope Central, predominantly for geotechnical / metallurgical sampling, and drilled acute to the Boomerang Lode has confirmed the broad quartz lode hosted mineralisation and orientation with a high grade result of 96.9m @ 1.8% CuEq from 71m including 30.2m @ 2.6% CuEq from 135m in MHGT012 (see ASX release 21 May 2026) . Mineralisation in the hole was mostly transitional chalcocite and chalcopyrite mineralisation as modelled. SPECKLE PARK (CNB 100%) A single drill hole was drilled at Speckle Park during the quarter targeting a ground EM conductor. The hole intersected a shear zone with moderate magnetite alteration which can be indicative of a fertile structure distal to a mineralisation source. The s ource of the EM conductor remains uncertain and downhole EM will be completed to look for an off -hole conductor source. No significant results were received. A second planned hole is yet to be drilled. Figure 6. Trekelano & Greater Duchess Copper Gold Project Location Plan.
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11 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. CORPORATE Cash and Restricted Cash As at 3 0 June 2026, Carnaby held $10.8 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 Company’s bank guarantee facilities. During the quarter, the Company received an R&D tax rebate of $244,000 for the FY25 period. Additional ASX Information • ASX Listing Rule 5.3.1 : Exploration and Evaluation Expenditure during the quarter ending 30 June 2026 was $1,792,593. • 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 3 0 June 2026, the Company paid $134,513 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.
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12 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 Competent Person Statement The information in this document that relates to exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director of the Company and a Member of the AUSIMM. 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 “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). References to Mineral Resources, Ore Reserves and PFS There is information in this announcement relating to: i. the Ore Reserve Estimate for the Greater Duchess Copper Gold Project, which was previously announced on 16 March 2026; and ii. the updated 2026 Mineral Resource Estimate for the Greater Duchess Copper Gold Project, which was previously announced on 27 January 2026. Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in relation to the estimates of the Company’s Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. All references to the Pre-Feasibility Study and its outcomes in this announcement relate to the announcement of 16 March 2026 titled “Greater Duchess Pre-Feasibility Study and Maiden Ore Reserve”. Please refer to that announcement for full details and supporting information. Metal Equivalents Metal equivalents for exploration results 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. 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 o pinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Metal equivalents for all Ore Reserves and 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 a review of December 2024 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 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
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13 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 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 exchange rate, cur rency 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.
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14 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: Nil. 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.
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15 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 a 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. 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 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%.
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16 Table B Carnaby Resources Limited Greater Duchess Copper Project Ore Reserve as at 16 March 2026 Notes: The reported Mineral Resources are inclusive of the Ore Reserves. 1 Ore Reserve Estimate effective as at 16 March 2026. 2 Due to rounding some numbers in this table may not add up. 3 The Ore Reserve for the Greater Duchess open pits has been estimated using cut -off NSRs based on a copper price of A$14,000/t Cu and go ld price of A$3,500/oz Au. 4 The Ore Reserve for the Greater Duchess undergrounds has been estimated using cut -off NSRs based on a copper price of A$15,000/t Cu and gold price of A$4,500/oz Au. 5 The Ore Reserve for the Trekelano open pits has been estimated using cut -off NSRs based on a copper price of A$15,000/t Cu; and gold price of A$4,500/oz Au. 6 All Inferred Mineral Resources within the mine plan have been treated as waste and are excluded from the Ore Reserve Estimate. 7 Ore Reserves are reported as dry tonnes. The Ore Reserves are defined as the ore delivered to the processing plant. 8 The Ore Reserve is based on the Mineral Resource as at 16 March 2026. 9 The CuEq calculation is CuEq=Cu% + (Au_ppm * 0.85) and is based on 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. It is the Company’s opinion that all the elements inclu ded in the metal equivalents calculation have a reasonable potential to be recovered and sold. Cu Au CuEq Cu Au CuEq Mt % g/t % kt koz kt Proved Open Pit - - - - - - - Proved Underground - - - - - - - Proved Total - - - - - - - Inheritance 1.2 1.5 0.4 1.8 18.8 15.3 22.8 Trekelano 1 0.5 1.5 0.4 1.9 8.3 7.3 10.2 Trekelano 2 0.3 1.3 0.3 1.5 4.2 2.8 4.9 Mount Hope Central 1.1 1.5 0.2 1.6 15.8 5.5 17.2 Lady Fanny 0.8 1.4 0.2 1.6 11.2 6.1 12.8 Burke & Wills 0.2 2.3 0.2 2.5 5.1 1.8 5.6 Probable Open Pit 4.2 1.5 0.3 1.7 63.3 38.8 73.6 Mount Hope Central Underground 3.6 1.8 0.3 2.0 64.4 36.1 73.9 Nil Desperandum Underground 0.6 2.4 0.4 2.7 14.9 7.2 16.8 Probable Underground 4.2 1.9 0.3 2.1 79.3 43.3 90.7 Probable Total 8.4 1.7 0.3 1.9 142.6 82.1 164.3 Inheritance 1.2 1.5 0.4 1.8 18.8 15.3 22.8 Trekelano 1 0.5 1.5 0.4 1.9 8.3 7.3 10.2 Trekelano 2 0.3 1.3 0.3 1.5 4.2 2.8 4.9 Mount Hope Central 1.1 1.5 0.2 1.6 15.8 5.5 17.2 Lady Fanny 0.8 1.4 0.2 1.6 11.2 6.1 12.8 Burke & Wills 0.2 2.3 0.2 2.5 5.1 1.8 5.6 Proved and Probable Open Pit 4.2 1.5 0.3 1.7 63.3 38.8 73.6 Mount Hope Central Underground 3.6 1.8 0.3 2.0 64.4 36.1 73.9 Nil Desperandum Underground 0.6 2.4 0.4 2.7 14.9 7.2 16.8 Proved and Probable Underground 4.2 1.9 0.3 2.1 79.3 43.3 90.7 Total 8.4 1.7 0.3 1.9 142.6 82.1 164.3 Grade Contained MetalTonnes Proved & Probable Proved Probable Category Asset
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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 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (1,793) (7,574) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (586) (2,048) (e) administration and corporate costs (185) (608) 1.3 Dividends received (see note 3) - - 1.4 Interest received 208 532 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 244 716 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (2,112) (8,982) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - (8,367) (c) property, plant and equipment (66) (84) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - -
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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 (12 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 (66) (8,451) 3. Cash flows from financing activities - 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) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings * (13) (52) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - (1,315) 3.10 Net cash from / (used in) financing activities (13) 11,068 * Represents payment for leases prescribed under the accounting standard AASB16 Leases 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 11,583 15,757 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,112) (8,982) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (66) (8,451) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (13) 11,068
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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 (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 9,392 9,392 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 1,392 583 5.2 Call deposits 8,000 11,000 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. 9,392* 11,583 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 1 135 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.
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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) (2,112) 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) (2,112) 8.4 Cash and cash equivalents at quarter end (item 4.6) 9,392 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 9,392 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4 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
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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 July 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.