• Trekelano Prospect delivers spectacular high-grade copper-gold results, extending mineralization 150m down-plunge
• Greater Duchess Copper Gold Project Pre-Feasibility Study progressing, targeted for completion in Q1 CY2026
• Binding Tolling and Offtake agreements signed with Glencore International AG

Carnaby Resources Limited has provided a quarterly update on its activities, highlighting key developments at the Greater Duchess Copper Gold Project in Queensland. The standout results were from the Trekelano Prospect, where the company drilled two significant exploration holes at the Trek 1 deposit, greatly extending the known high-grade mineralization down-plunge. Drill hole CBRC001 intersected 7m @ 9.3% CuEq, including 5m @ 12.5% CuEq, while CBRC033 returned 6m @ 7.1% CuEq, including 3m @ 12.8% CuEq. These results are completely outside the existing Mineral Resource Estimate for Trekelano. The company also completed a third large step-out diamond hole and is awaiting results. The Greater Duchess Pre-Feasibility Study is progressing, with significant work programs undertaken during the quarter, mostly relating to the integration of the Trekelano deposits. Due to delays in gaining full project access, the PFS is now targeted for completion in Q1 CY2026. The company also announced the completion of the acquisition of the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture, as well as a $12.5 million placement with the QIC Critical Minerals and Battery Technology Fund. Elsewhere, the company reported results from drilling at the Mount Hope, Lady Fanny, and Burke & Wills prospects, which are being incorporated into an updated Mineral Resource Estimate for the Greater Duchess Project.

The company is focused on completing the Greater Duchess Copper Gold Project Pre-Feasibility Study in Q1 CY2026 and continuing exploration and resource definition drilling to grow the project's mineral resource.