• Carnaby acquires remaining 17.5% interest in Greater Duchess Copper Gold JV
• Gives Carnaby 100% ownership of all Greater Duchess mineral resources
• Allows Carnaby to rapidly progress permitting for project development

Carnaby Resources Limited (ASX: CNB) has announced the completion of the previously disclosed transaction to acquire the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture (JV) from joint venture partner Latitude 66 Limited (ASX: LAT). The completion of this transaction grants Carnaby full exposure to the significant exploration and production potential of the former JV tenure and will allow the company the freedom and flexibility to rapidly progress the necessary permitting applications required for the development of the copper-gold deposits within the Greater Duchess Copper Gold Project. The company has paid a total consideration of A$6,000,000 to Latitude 66, comprising A$2,000,000 in cash and A$4,000,000 satisfied by the issue of 9,852,217 fully paid ordinary shares. Carnaby is currently undertaking a Pre-Feasibility Study (PFS) for the Greater Duchess Copper Gold Project, which is on track for completion in the second half of 2025. The company has also signed binding Tolling and Offtake agreements with Glencore International AG.

Carnaby is currently assessing development options for the Greater Duchess Copper Gold Project as part of the ongoing Pre-Feasibility Study, which is targeted for completion in the second half of 2025.