Quarterly Activities/Appendix 5B Cash Flow Report

• 49% increase in total Indicated Mineral Resources
• 10% increase in overall Mineral Resources to 440,500 CuEq tonnes
• Trekelano Prospect high grade assay results greatly extended main lode mineralisation over 400m down dip

Carnaby Resources Ltd released its December 2025 Quarterly Report, highlighting a 10% increase in its Greater Duchess Copper Gold Project's Mineral Resource Estimate to 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq for contained 380,300t Cu, 230,200koz Au and 440,500kt CuEq. The Indicated Mineral Resource increased by 49% to 17.0Mt @ 1.5% Cu, 0.3g/t Au, 1.7% CuEq. The company also reported significant high-grade copper-gold results from the Trekelano Prospect, including 6m @ 7.1% CuEq (6.7% Cu, 0.5g/t Au), 6m @ 5.0% CuEq (4.7% Cu, 0.4g/t Au), and 25.5m @ 2.0% CuEq (1.8% Cu, 0.2g/t Au), demonstrating the strong continuity of the high-grade breccia mineralisation down dip. The company is progressing the Pre-Feasibility Study for the Greater Duchess Copper Gold Project, with a targeted completion date in Q1 CY2026, and has completed corporate actions, including the acquisition of the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture and a $12.5 million placement to QIC Critical Minerals and Battery Technology Fund.

The company is targeting first ore production from the Greater Duchess Copper Gold Project in H2 2026.