Quarterly Activities/Appendix 5B Cash Flow Report

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Greater Duchess Copper Gold Project with significant resources and reserves

Carnaby Resources has released its March 2026 quarterly update, providing details on the Greater Duchess Copper Gold Project in Queensland. The pre-feasibility study for the project, released in March 2026, outlines a 12-year production target of 9.3Mt of ore at 1.9% CuEq, recovering approximately 165,000t CuEq. The project is expected to deliver strong financial outcomes, with an EBITDA of $983M (Spot $1,272M) and a pre-tax NPV7% of $474M (Spot $663M). The company has also announced a maiden Ore Reserve of 8.4Mt @ 1.9% CuEq, with 4.2Mt in the open pit and 4.2Mt in the underground. Exploration activities at the Trekelano Prospect have continued to yield excellent results, including a standout intercept of 8.1m @ 9.9% CuEq. Carnaby is on track to complete the Greater Duchess Feasibility Study in mid-CY2026, with an FID targeted to occur at the completion of the study. The company is targeting first open pit production from Trekelano in H2 CY2026.

The Greater Duchess Copper Gold Project is expected to deliver an EBITDA of $983M (Spot $1,272M) and a pre-tax NPV7% of $474M (Spot $663M) over a 12-year mine life.

Carnaby is on track to complete the Greater Duchess Feasibility Study in mid-CY2026, with an FID targeted to occur at the completion of the study. The company is targeting first open pit production from Trekelano in H2 CY2026.