• Significant new high grade discovery at Trek 1 Footwall Lode
• New results include 19m @ 7.1% CuEq, 24m @ 2.0% CuEq, and 16m @ 2.4% CuEq
• Footwall Lode is completely open down plunge and along strike to the north

Carnaby Resources has announced further high grade exploration drill results from the Trekelano Project in Mt Isa, Queensland. The highlights include a highly significant new high grade discovery at the Trek 1 Footwall Lode, with new results including CBRC080 24m (TW~17m) @ 2.0% CuEq (1.6% Cu, 0.4g/t Au) from 180m, CBRC085 19m (TW~9m) @ 7.1% CuEq (4.4% Cu, 3.1g/t Au) from 256m, and CBRC082 16m (TW~12m) @ 2.4% CuEq (2.0% Cu,0.5g/t Au) from 197m. The new results confirm the discovery of a significant new Footwall Lode, which is completely open down plunge and along strike to the north. All new results including the original discovery hole are outside of the existing Mineral Resource Estimate (MRE). The new Trek 1 Footwall Lode is open up dip to the Ore Reserve Open Pit and has the potential to expand the Ore Reserve open pit. Additionally, the company has extended the Trek 1 Main Lode breccia 400m below the existing Mineral Resource and 600m below the current Pre-Feasibility Study (PFS) Ore Reserve open pit, and has also received positive results from the Trek 2 prospect.

Carnaby remains on track to complete the Feasibility Study mid-year prior to FID and targeted first ore production in H2 2026 from the Greater Duchess Project.

Carnaby will incorporate the new results from the Main Lode and Footwall Lode discoveries at Trek 1 into an updated MRE and will perform open pit optimisations and underground scoping studies in H2 2026.