Earnings release
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September 2026 Quarterly Report ASX Announcement 27 October 2026 Fast Facts Shares on Issue 276.1M Market Cap (@ 77 cents) $213M Cash $7.8M1 1As at 30 September 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. Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,900 km 2 of tenure. Mineral Resource Estimate at Greater Duchess: 31Mt @ 1.6% CuEq for 483kt 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 500 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. September 2026 Quarterly Highlights: ACQUISITION OF CARNABY BY EVOLUTION MINING BY WAY OF SCHEME OF ARRANGEMENT If the Scheme becomes effective and is implemented, Carnaby shareholders will receive consideration of 0.0682 new Evolution shares per Carnaby share (see ASX releases dated 27 July 2026 and 21 September 2026). Scheme meeting held on 26 October 2026, subsequent to quarter end, at which the proposed scheme of arrangement was approved by the requisite majorities of Carnaby shareholders. The scheme remains subject to the approval of the Court at the second court hearing scheduled for 10:00am (AWST) on Thursday, 29 October 2026, and the other conditions precedent outlined at section 3.10(a) of the Scheme Booklet. GREATER DUCHESS COPPER GOLD PROJECT – MOUNT ISA, QUEENSLAND Greater Duchess Mineral Resource Estimate:1, 2 Total Inventory Class Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes Indicated 17.6 1.5 0.3 1.7 262,000 156,800 303,500 Inferred 13.2 1.2 0.2 1.4 153,000 101,900 179,300 Total 30.8 1.3 0.3 1.6 415,000 258,700 482,800 • 10% increase in overall Mineral Resources to 482,800 CuEq tonnes • 47% increase in the Trekelano Mineral Resources to 7.1Mt @ 1.8% CuEq (1.5% Cu, 0.4g/t Au) for 132,000 CuEq tonnes. • Trek 1 Underground Mineral Resource Estimate of 1.0Mt @ 3.5% CuEq (2.9% Cu, 0.7g/t Au) for 35,100t CuEq, of which 86% is inferred mineral resource. • Trek 2 Mineral Resource Estimate increased by 18% to 1.2Mt @ 1.2% CuEq (1.0% Cu, 0.2g/t Au) for 15,400t CuEq. Mount Hope Central (CNB 100%) • Results from additional RC drill holes across the Miniboom discovery which have intersected the lode located on the edge of the Mount Hope Central Ore Reserve open pit, new results include; o MHRC302 20m (TW~10m) @ 0.6% CuEq (0.5% Cu, 0.1g/t Au) (1m) AND 12m (TW~6m) @ 2.3% CuEq (2.1% Cu, 0.3g/t Au) (28m) INCL. 5m (TW~3m) @ 4.1% CuEq (3.7% Cu, 0.5g/t Au) (31m) Cash as at 30 September 2026 of $7.8 million. 1(0.5% CuEq cut-off for open pit and 1.0% CuEq cut-off for underground). 2Refer to Table A for individual deposit CuEq calculations and cut-off grades.
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2 ACQUISITION OF CARNABY BY EVOLUTION MINING BY WAY OF SCHEME OF ARRANGEMENT During the quarter, the Company announced it ha d entered into a binding Scheme Implementation Deed (“SID”) with Evolution Mining Limited (ASX: EVN) (“ Evolution”), under which it is proposed that Evolution will acquire all of the fully paid ordinary shares in Carnaby that it does not already hold by way of a court-approved scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) (the “Scheme” or “Transaction”). Refer to Carnaby’s ASX releases dated 27 July 2026 and 21 September 2026 for more information on the Transaction. Scheme consideration If the Scheme becomes e ffective and is implemented, Carnaby shareholders (other than ineligible foreign shareholders and non-electing small parcel shareholders) registered on the Carnaby share register as at the record date for the Scheme will receive 0.0682 new Evolution shares for each Carnaby share held as at the record date (Scheme Consideration). Ineligible foreign shareholders and non-electing small parcel shareholders will not be issued new Evolution shares as Scheme Consideration. Instead, the new Evolution shares to which they would otherwise have been entitled under the Scheme will be issued to the sale agent and sold through the sale facility, and they will receive their proportion of the sale proceeds under the sale facility. Further details of the Scheme Consideration and the sale facility are set out in section 3.5 of the Scheme Booklet. Scheme Booklet Carnaby released the Scheme Booklet for the Transaction on 21 September 2026. The Scheme Booklet was dispatched to Carnaby Shareholders on 25 September 2026 in the manner described in its announcement dated 18 September 2026. The Scheme Booklet includes, among other things, an overview of the Scheme, the key considerations relevant to Carnaby shareholders ’ vote on the Scheme (including reasons to vote in favour of, or against, the Scheme), the risks associated with the Scheme and the merged group, and the notice of the Scheme Meeting. The Scheme Booklet also includes a copy of the Independent Expert’s Report prepared by BDO Corporate Finance Australia Pty Ltd in relation to the Scheme. The Scheme Booklet is available for viewing and downloading online on Carnaby’s website at www.carnabyresources.com.au and on Carnaby’s ASX market announcement platform at www.asx.com.au.
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3 Scheme Meeting The Scheme Meeting at which Carnaby shareholders had the opportunity to consider and vote on the Scheme was held at 11:00am (AWST) on Monday, 26 October 2026 at Steinepreis Paganin, Level 14, QV1 Building, 250 St Georges Terrace, Perth, Western Australia 6000. The Scheme was approved by the requisite majorities of Carnaby shareholders at the Scheme Meeting. The results of the Scheme Meeting are set out in Carnaby’s ASX release dated 26 October 2026. Next steps for implementing the Scheme The Scheme remains subject to the approval of the Court at the second court hearing scheduled for 10:00am (AWST) on Thursday, 29 October 2026, and the other c onditions precedent outlined at section 3.10(a) of the Scheme Booklet (and set out in clause 3.1 of the Scheme Implementation Deed). If the outstanding conditions precedent are satisfied or waived (if applicable) prior to the second court hearing and the Court approves the Scheme, Carnaby intends to lodge an office copy of the orders of the Court with the Australian Securities and Investments Commission on Friday, 30 October 2026, at which time the Scheme will become effective. It is then expected that Carnaby shares will be suspended from trading on the ASX from the close of trading on Friday, 30 October 2026 and that implementation of the Scheme will occur on Tuesday, 10 November 2026. The record date for determining entitlements to the Scheme Consideration is expected to be 4:00pm (AWST) on Tuesday, 3 November 2026. Indicative timetable The remaining key dates and times for the Scheme are set out below. Event Time and date Second Court Date 10:00am (AWST) on 29 October 2026 Effective Date 30 October 2026 Last day of trading in Carnaby Shares on ASX 30 October 2026 Completion of Glencore subscription 2 November 2026 New Evolution Shares expected to commence trading on a deferred settlement basis 2 November 2026 Opt-out Notice Cut-Off Date 5:00pm (AWST) on 2 November 2026
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4 Event Time and date Record Date 4:00pm (AWST) on 3 November 2026 Implementation Date 10 November 2026 New Evolution Shares expected to commence trading on a normal (T+2) settlement basis 11 November 2026 Delisting of Carnaby from the ASX 11 November 2026 The above dates and times are indicative only and subject to change. All dates and times following the date of the Scheme Meeting are, among other things, subject to the Court approval process and the satisfaction or, where applicable, waiver of all other conditions precedent to the Scheme. Carnaby reserves the right to vary the above dates and times in consultation with Evolution and otherwise in accordance with the Scheme Implementation Deed. Any changes to the above timetable will be announced to ASX and notified on Carnaby’s website at www.carnabyresources.com.au. Carnaby will continue to update Carnaby Shareholders as to any material developments in relation to the Scheme as the timetable progresses. Further information If you have any questions about the Scheme or require further information, please contact the Carnaby Shareholder Information Line on 1300 948 609 (within Australia) or +61 2 9000 7012 (outside Australia) Monday to Friday (excluding national public holidays in Australia) between 8:00am and 5:00pm (AEDT).
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5 GREATER DUCHESS COPPER GOLD PROJECT MINERAL RESOURCE ESTIMATE UPDATE Table 1: Greater Duchess Copper Gold Project August 2026 Mineral Resource Inventory 0.5% CuEq1 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 are 100% CNB. Reference 1: Refer to Table A for individual deposit CuEq calculations and cut-off grades. During the quarter on 24 August 2026, the Mineral Resource Estimate (MRE) for the Greater Duchess Copper Gold Project was updated for the Trek 1 and Trek 2 deposits at Trekelano to include drilling completed in 2026 after the previous MRE was released on 27 January 2026. All other deposit MREs remain ed unchanged and details for those other deposits should be sourced from the 27 January 2026 ASX release. The total Mineral Resource for the Greater Duchess Project is 30.8Mt @ 1.3% Cu, 0.3g/t Au, 1.6% CuEq for contained 415,000t Cu, 258,700oz Au and 482,800t CuEq3. Indicated Mineral Resource of 17.6Mt @ 1.5% Cu, 0.3g/t Au, 1.7% CuEq for contained 262,000t Cu, 156,800oz Au and 303,500t CuEq. 3 Metal equivalents calculations for exploration results, Ore Reserves and Mineral Resource Estimates are outlined in the Metal Equivalents disclaimer on page 15. Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes Indicated 4.0 1.4 0.4 1.8 57,900 48,900 70,800 Inferred 3.1 1.6 0.4 2.0 49,800 43,100 61,200 Sub-total 7.1 1.5 0.4 1.8 107, 700 92,000 132,000 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 17.6 1.5 0.3 1.7 262,000 156,800 303,500 Inferred 13.2 1.2 0.2 1.4 153,000 101,900 179,300 Total 30.8 1.3 0.3 1.6 415,000 258,700 482,800 Deposit Class Mohawk Greater Duchess Total Inventory Trekelano Mt Hope Nil Desperandum Lady Fanny Mt Birnie Duchess
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6 Inferred Mineral Resource of 13.2Mt @ 1.2% Cu, 0.2g/t Au, 1.4% CuEq for contained 153,000t Cu, 101,900oz Au and 179,300t CuEq. The updated Greater Duchess Mineral Resource is summarised in Table 1. The project location is shown in Figure 1. Figure 1. Greater Duchess Project Location Map. The MRE for the Trekelano deposit was revised in August 2026 following the completion of additional resource infill, geotechnical and metallurgical drilling. The drilling at Trek 1 has defined major extensions to the previously defined mineralisation as well as extending the defined Indicated Mineral Resource. Drilling at Trek 2 has largely been infill, allowing a significant portion of the deposit to be classified as Indicated Mineral Resource. No changes have been made to the Inheritance MRE.
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7 The mineralisation at Trekelano occurs in three separate deposit areas – Trek 1, Trek 2 and Inheritance (Figure 2 & 3). Trek 1 has been modelled to a depth of 735m below surface (Figures 3 & 6) while Inheritance and Trek 2 have been modelled to depths of 380m and 230m respectively. Mineralisation has been modelled using a 0.3% Cu envelope to define the deposits which have been reported at a copper equivalent (“CuEq” 1) cut-off grade of 0.5% CuEq above 100mRL (220m vertical depth) and at a cut-off grade of 1.0% CuEq below 100mRL. A summary of the Trekelano August 2026 Mineral Resource is provided in Table 2 below with full details available in the Company’s ASX release dated 24 August 2026. Table 2: Trekelano Copper Gold Deposit August 2026 Mineral Resource (0.5% CuEq1 Cut-off above 100mRL, 1.0% CuEq1 below 100mRL) Class Deposit Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % t Oz t Indicated Inheritance 2.08 1.3 0.3 1.6 27,000 22,400 32,900 Trek 1 1.08 1.9 0.6 2.4 20,900 19,700 26,100 Trek 2 0.85 1.2 0.2 1.4 10,000 6,700 11,800 Total 4.01 1.4 0.4 1.8 57,900 48,900 70,800 Inferred Inheritance 0.95 1.1 0.4 1.4 10,400 12,000 13,600 Trek 1 1.79 2.0 0.5 2.5 36,400 28,900 44,000 Trek 2 0.39 0.8 0.2 0.9 3,000 2,200 3,600 Total 3.13 1.6 0.4 2.0 49,800 43,100 61,200 Total Inheritance 3.03 1.2 0.4 1.5 37,400 34,500 46,500 Trek 1 2.87 2.0 0.5 2.4 57,300 48,600 70,100 Trek 2 1.24 1.0 0.2 1.2 13,000 8,900 15,400 Total 7.15 1.5 0.4 1.8 107,700 92,000 132,000 Note: Rounding discrepancies may occur. Reference 1: Refer to Table A for individual deposit CuEq calculations and cut-off grades.
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8 Figure 2. Trekelano Mining Leases Plan showing updated MREs. Figure 3. Trekelano Mineral Resource In Situ Block Model CuEq% showing PFS Ore Reserve Open Pit Designs.
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9 EXPLORATION UPDATE MOUNT HOPE CENTRAL (CNB 100%) Miniboom Lode Discovery Figure 4. Miniboom Lode Cross Section showing new drill results. Results from six new RC holes at the Miniboom discovery were released during the quarter which confirmed the lode position at shallow depths with results of 20m (TW~10m) @ 2.2% CuEq from 33m in MHRC297 and 12m @ 2.3% CuEq from 28m in MHRC302. MHRC302 also intersected 20m @ 0.6% CuEq from 1m in mostly mineralised mullock confirming the existence of a ~15m deep shallow historical open pit that had been backfilled (Figures 4 & 5) (see ASX release dated 13 August 2026). A deeper RC hole angled across the original vertical discovery hole confirmed broad lower grade mineralisation with a result of 42m @ 0.7% CuEq from 180m including 18m @ 1.2% CuEq from 203m in MHRC305 (Figures 4 & 5). As shown on the Mount Hope Central long section in Figure 5, the Miniboom Lode has limited high-grade strike length of less than 70m but remains open at depth.
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10 Figure 5. Mount Hope Central Long Section showing the new Miniboom Lode Discovery. New drill results from the Miniboom Lode discovery are summarised below; o MHRC296 2m (TW~1m) @ 0.6% CuEq (0.5% Cu, 0.04g/t Au) (45m) o MHRC297 20m (TW~10m) @ 2.2% CuEq (2.0% Cu, 0.1g/t Au) (33m) INCL. 5m @ (TW~3m) 5.4% CuEq (5.3% Cu, 0.2g/t Au) (33m) o MHRC300 25m @ (TW~13m) 0.8% CuEq (0.7% Cu, 0.1g/t Au) (65m) INCL. 11m @ (TW~6m) 1.2% CuEq (1.1% Cu, 0.2g/t Au) (74m) o MHRC305 42m @ (TW~14m) 0.7% CuEq (0.6% Cu, 0.1g/t Au) (180m) INCL. 18m @ (TW~6m) 1.2% CuEq (1.0% Cu, 0.2g/t Au) (203m) o MHRC302 20m @ (TW~10m) 0.6% CuEq (0.5% Cu, 0.1g/t Au) (1m) AND 12m @ (TW~6m) 2.3% CuEq (2.1% Cu, 0.3g/t Au) (28m) INCL. 5m @ (TW~3m) 4.1% CuEq (3.7% Cu, 0.5g/t Au) (31m)
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11 TREKELANO (CNB 100%) Final drill results from infill and extension drilling completed at Trek 1 were also released during the quarter, see ASX release dated 13 August 2026 for full details. Figure 6. Trek 1 Long Section showing Open Pit and Underground MRE outlines. These included infill results from within the Ore Reserve open pit including from a geotechnical hole drilled acutely to the orebody for geotechnical purposes which intersected 88.6m
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12 (TW~23m) @ 1.2% CuEq from 69.5m including 35.6m (TW~9m) @ 1.8% CuEq from 72.4m in CBGT015, this included voids from historical underground mining. Other open pit infill results include CBRC090, 31m @ 0.6% CuEq from 20m and CBRC091, 39m (TW~20m) @ 0.6% CuEq from 30m (Figures 6 & 7). Further drill results were received from Trek 1 Footwall and Main Lodes including final results from CBRC086. The Main Lode intersection returned 39m (TW~20m) @ 0.7% CuEq from 243m including 14m (TW~7m) @ 1.2% CuEq from 243m. The same hole intersected the Footwall Lode with a result of 38m (TW~19m) @ 1.9% CuEq. This area of Trek 1 appears to be located where the Main Lode and Footwall lodes are interpreted to join forming a wide zone of mineralisation which remains open down plunge. Additional drill holes targeting the north strike extension potential of Trek 1 intersected lower grade mineralisation up to 14m @ 0.7% CuEq from 286m in CBRC088 and 8m @ 0.7% CuEq from 318m in CBRC093. Drill results from Trek 1 released during the quarter are summarised below; o CBGT015 88.6m (TW~23m) @ 1.2% CuEq (1.0% Cu, 0.3g/t Au) (69.5m) INCL. 35.6m (TW~9m) @ 1.8% CuEq (1.3% Cu, 0.6g/t Au) (72.4m) o CBRC086 39m (TW~20m) @ 0.7% CuEq (0.6% Cu, 0.1g/t Au) (243m) INCL. 14m (TW~7m) @ 1.2% CuEq (1.0% Cu, 0.2g/t Au) (243m) AND 38m (TW~19m) @ 1.9% CuEq (1.6% Cu, 0.4g/t Au) (290m) INCL. 15m (TW~8m) @ 3.2% CuEq (2.7% Cu, 0.6g/t Au) (295m) o CBRC088 14m (TW~9m) @ 0.7% CuEq (0.6% Cu, 0.1g/t Au) (286m) o CBRC090 31m (TW~20m) @ 0.6% CuEq (0.5% Cu, 0.1g/t Au) (20m) INCL. 14m (TW~9m) @ 0.9% CuEq (0.7% Cu, 0.2g/t Au) (28m) o CBRC091 39m (TW~20m) @ 0.6% CuEq (0.5% Cu, 0.2g/t Au) (30m) INCL. 19m (TW~10m) @ 0.9% CuEq (0.7% Cu, 0.3g/t Au) (49m) o CBRC093 8m (TW~4m) 0.7% CuEq (0.6% Cu, 0.1g/t Au) (318m) Final drill results were also released from three holes targeting extensions to the Trek 2 orebody. Results include 45m (TW~15m) @ 0.4% CuEq from 170m in CBRC083. Mineralisation at Trek 2 remains open to the north where a moderate north plunge is interpreted. A single RC hole CBRC051 targeting the central structural target at Inheritance did not intersect any significant mineralisation. The RC hole lifted unexpectedly which resulted in the hole piercing the Inheritance lode position higher than planned, and above the interpreted plunge of the high-grade zone.
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13 Figure 7. Trekelano Plan showing location of new drill results from Trekelano. 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.
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14 CORPORATE Cash and Restricted Cash As at 30 September 2026, Carnaby held $7.8 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. Additional ASX Information • ASX Listing Rule 5.3.1 : Exploration and Evaluation Expenditure during the quarter ending 30 September 2026 was $1,047,403. • 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 September 2026, the Company paid $ 173,425 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
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15 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 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 24 August 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 are 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 are 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 are 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 sale 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
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16 implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, foreca sts 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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17 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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18 Table A Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off Mineral Resource Inventory as at 24 August 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 0.44 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 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 1.88 1.4 0.2 1.6 26,500 12,800 29,900 1.31 1.1 0.2 1.3 14,400 9,900 17,000 3.19 1.3 0.2 1.47 40,900 22,800 47,000 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 0.82 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 0.97 1.7 0.5 2.2 16,800 16,400 21,100 0.89 1.3 0.3 1.6 11,400 9,400 13,900 1.86 1.5 0.4 1.88 28,100 25,800 35,000 Trek 1 UG2 1 0.11 3.7 0.9 4.5 4,100 3,300 5,000 0.91 2.8 0.7 3.3 25,000 19,400 30,200 1.02 2.9 0.7 3.46 29,100 22,800 35,100 Trek 2 OP2 0.5 0.85 1.2 0.2 1.4 10,000 6,700 11,800 0.39 0.8 0.2 0.9 3,000 2,200 3,600 1.24 1.0 0.2 1.24 13,000 8,900 15,400 CNB Total 17.6 1.5 0.3 1.7 262,000 156,800 303,500 13.2 1.2 0.2 1.4 153,000 101,900 179,300 30.84 1.3 0.3 1.57 415,000 258,700 482,800 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. It is the Company’s opinio n 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 outsid e 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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19 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 gold 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 September 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (1,047) (1,047) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (705) (705) (e) administration and corporate costs (879) (879) 1.3 Dividends received (see note 3) - - 1.4 Interest received 76 76 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 41 41 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (2,514) (2,514) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (463) (463) (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 (3 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 (463) (463) 3. Cash flows from financing activities - - 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 - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings * (13) (13) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities (13) (13) * Represents payment for leases prescribed under the accounting standard AASB 16 Leases 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 9,392 9,392 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,514) (2,514) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (463) (463) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (13) (13)
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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 (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 6,402 6,402 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 902 1,392 5.2 Call deposits 5,500 8,000 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. 6,402* 9,392 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 1 173 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) (2,514) 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) (2,514) 8.4 Cash and cash equivalents at quarter end (item 4.6) 6,402 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 6,402 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.5 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: 27 October 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.