• A$12.5M placement to QIC Critical Minerals and Battery Technology Fund to advance Greater Duchess Copper Gold Project
• Proceeds to fund completion of Greater Duchess Pre-Feasibility Study by H2 2025 and progress to Definitive Feasibility Study in H1 2026
• QIC's $150M fund aims to support critical minerals supply chain in Queensland

Carnaby Resources Ltd (ASX: CNB) has announced a A$12.5 million placement to the QIC Critical Minerals and Battery Technology Fund (QCMBTF), part of the Queensland Critical Minerals and Battery Technology Fund, to advance the development of its Greater Duchess Copper Gold Project near Mt Isa, Queensland. The proceeds from the placement will primarily be used to complete the Greater Duchess Pre-Feasibility Study (PFS) by H2 2025 and then progress through to a Definitive Feasibility Study (DFS) in H1 2026, with the company targeting a Final Investment Decision (FID) in Q3 2026 pending the results of the DFS. Other uses of the proceeds include drilling costs and generally facilitating the development of the Greater Duchess Project. The QCMBTF is a A$150 million fund with a primary objective to support businesses across the critical minerals supply chain in Queensland to help meet the growing demand for clean energy technologies. The fund is managed by QIC Limited, a Queensland government-owned corporation with A$131.6 billion in assets under management as of 30 June 2025. Carnaby's Managing Director, Rob Watkins, commented that the investment is a strong endorsement of the potential of the Greater Duchess Copper Gold Project and its importance to the Mt Isa Region.

The proceeds from the A$12.5 million placement put Carnaby Resources in a strong position to progress the Greater Duchess Copper Gold Project through final feasibility studies in 2026, targeting a potential Final Investment Decision soon after assessing the study results.