• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Maiden Ore Reserve of 8.4Mt @ 1.9% CuEq

Carnaby Resources Ltd (ASX: CNB) has announced the compelling results from a Pre-Feasibility Study (PFS) and Maiden Ore Reserve from the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The PFS contemplates a 12-year life of mine production target of 9.3Mt of ore at 1.9% CuEq (1.7% Cu, 0.3g/t Au) to recover a total of approximately 165,000t CuEq (147,000t Cu, 70,000oz Au). The project delivers an EBITDA of $983M (Spot $1,272M) and a pre-tax NPV7% of $474M (Spot $663M) with an IRR of 281% and a short payback of only 13 months. Pre-production CAPEX is estimated to be A$11M and a maximum negative post-tax cumulative cash flow (inclusive of pre-production CAPEX) of approximately A$24M. The PFS outlines an initial 6 years of open pit mining from 6 open pits transitioning to underground mining at Mount Hope Central and Nil Desperandum in year 3 to complete a 9-year mine life. All deposits remain open at depth, and the exploration upside in the Greater Duchess mine camp has clearly demonstrated potential to deliver additional production target tonnes in the future.

The PFS contemplates a 12-year life of mine production target of 9.3Mt of ore at 1.9% CuEq (1.7% Cu, 0.3g/t Au) to recover a total of approximately 165,000t CuEq (147,000t Cu, 70,000oz Au).

Carnaby is currently building a development team with recent key appointments of General Manager, Mine Manager and HSECT Manager to facilitate rapid permitting and development. A Feasibility Study (FS) for toll milling is well underway, anticipated to be completed by mid CY2026 when FID is targeted to occur. First ore production is targeted to occur in H2 CY2026.