Trekelano Acquisition Completes

• Acquisition of 100% interest in three Trekelano mining leases from Chinova Resources
• Allows commencement of exploration drilling at Trekelano, targeting extensions to Inheritance and Trekelano 1 deposits
• Trekelano integrated into Greater Duchess Pre-Feasibility Study, with key geotechnical and metallurgical drilling already completed

Carnaby Resources Ltd has completed the acquisition of a 100% interest in three mining leases, ML90128, ML90125 and ML90183 (Trekelano), from Chinova Resources Osborne Pty Ltd. The completion of this acquisition allows Carnaby to commence exploration-focused drilling at Trekelano, targeting direct lode extensions to the Inheritance deposit and the historical Trekelano 1 deposit. Integration of Trekelano into the Greater Duchess Pre-Feasibility Study (PFS) remains on track, with key geotechnical and metallurgical drilling already completed. Carnaby has paid cash consideration to Chinova constituting $5.7 million upon completion of the Acquisition, in addition to the $3 million cash deposit paid upon signing the Asset Sale Agreement in late 2024. The company will also place a $1.3 million environmental bond with Queensland Treasury as part of the registered transfer of Trekelano.