• 49% increase in Indicated Mineral Resources
• 10% increase in overall Mineral Resources to 440,500 CuEq tonnes
• Maiden Mineral Resource at the Mohawk discovery of 0.8Mt @ 1.1% CuEq

Carnaby Resources has announced an updated Mineral Resource Estimate (JORC 2012) at the Greater Duchess Copper Gold Project in Mount Isa, Queensland. The total Mineral Resource for the Greater Duchess Project is now 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq for contained 380,300t Cu, 230,200koz Au and 440,500kt CuEq. Key highlights include a 49% increase in Indicated Mineral Resources, a 10% increase in overall Mineral Resources, and a maiden Mineral Resource at the Mohawk discovery of 0.8Mt @ 1.1% CuEq. Over 98% of the Mineral Resources are transitional and fresh rock sulphide mineralisation, highly amenable to conventional flotation with excellent recoveries and no impurities. The updated Mineral Resource also includes a 6% increase in Mineral Resources at the Trekelano prospect to 89,700 CuEq tonnes, and a 13% increase in Mineral Resources at the Mount Hope prospect to 195,600 CuEq tonnes. The Company's Pre-Feasibility Study for the Greater Duchess Copper Gold Project is nearing completion and will be reported in the current quarter, with Feasibility works already commenced and FID anticipated in Q2 2026.

The Company is targeting development and first ore production in H2 2026 to capitalise on record copper and gold prices. Ongoing drilling is planned to follow up on the very high-grade Trek 1 extension discovery announced in late 2025, with results to be incorporated into a maiden Mineral Resource Estimate and scoping studies.