CARNABY RESOURCES LIMITED — AGM Information 2025

Nov 24, 2025

Annual General Meeting

November 2025

Statements and Disclaimers

Competent Persons Statement

The information in this document that relates to all exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and shareholder of the Company and a Member of the AusIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code).

The Information in this document that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services and is a Director and shareholder of Carnaby Resources Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Some statements in this document regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as “ planned”,“ expected”,“ projected”,“ estimated”,“ may”,“ scheduled”,“ intends”,“ anticipates”,“ believes”,“ potential”,“ could”,“ nominal”,“ and similar expressions. Forward looking statements, opinions and estimates included in this document are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the Company’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements.

These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct. The Board has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law or the ASX listing rules.

The Company has concluded it has a reasonable basis for providing the forward-looking statements included in this document, including with respect to any production targets and financial estimates, based on the information contained in this document.

This document does not constitute investment advice and has been prepared without considering the recipients investment objectives, financial circumstances or particular needs and the opinions and recommendations in this document are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, the Company, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this document No responsibility for any errors or omissions from the document arising out of negligence or otherwise is accepted.

Metal Equivalents

Metal equivalents for exploration results have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.85) and is based on December 2024 consensus forecast prices of US$8,505/t for copper, US$2,520/oz for gold and an AUD:USD exchange rate of 0.63. Metal recoveries of 95% for copper and 85% for gold have been applied as demonstrated in preliminary metallurgical test work carried out in 2023 and allowances for including the Trekelano deposits into the PFS. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Metal equivalents for any mineral resource estimates have been calculated using the formula CuEq=Cu% + (Au_ppm * 0.7) and is based on September 2023 spot prices of US$8,500/t for copper, US$1,950/oz for gold and an AUD:USD exchange rate of 0.67. Individual mineral resource estimate grades for the metals are set out at Appendix 1 of this presentation. Metal recoveries of 95% for copper and 90% for gold have been applied as demonstrated in preliminary metallurgical test work carried out in 2023. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Disclaimer

References may have been made in this document to certain ASX announcements, including references regarding exploration results and mineral resources. For full details, refer to said announcement on said date. The Company is not aware of any new information or data that materially affects this information other than as specified in this document and the mentioned announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target(s) or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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Corporate Overview

STRUCTURED FOR EXPLORATION SUCCESS

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CORPORATE STRUCTURE[1]

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BROKER COVERAGE

	Shares on Issue	276.1M
	Share Price	$0.365
	Unlisted Options	3.7M
	Market Cap	$101M
	Cash Position2	$19.5M
	Top 20 Shareholders MAJOR SHAREHOLDERS3	48.1%
	Board/Management	7.8%
	EXPERIENCED BOARD

Peter Bowler Non-Executive Chairman Rob Watkins Managing Director Greg Barrett Non-Executive Director Paul Payne Non-Executive Director

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SHARE PRICE PERFORMANCE [1]
$1.00
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$0.80 Trekelano
Acquisition and $12.5 Placement
Carnaby Awarded
Glencore First Carnaby to QIC Critical
QLD CEI
Agreements Exploration Drill Minerals Fund
$0.60 Exploration Grants Results from Trek 1
First Drill Results
from Trekelano
$0.40
$0.20
$0.00
Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25
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Note 1: As at 24 November 2025

Note 2: Based on cash of $7.0 million as at 30 September 2025 and $12.5 million proceeds from the recent placement of shares to QIC Critical Minerals and Battery Technology Fund, see ASX release dated 15 October 2025 for details. Note 3: As at 21 November 2025

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ASX Copper Developers and Producers

A TIGHT SPACE

• Numerous single mine developers and producers

• Opportunity for consolidation

• Carnaby well placed to transition from explorer to producer

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ASX Copper Producers and Explorers
Market Cap (A$M) 477 494 1,140 6,990
339
145 150 154
131
95 101 101 104
52 52
20
HMX AW1 TNC PEX CNB HGO KGL CVV HAV HCH CYM A1M AIS 29M FFM SFR
Source: ASX market data 24 November 2025
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Greater Duchess Copper Gold Project

Trekelano acquisition has added 85,000t CuEq at same high grades to reach project critical mass.

p Material Increase in Group Resources 1	p Material Increase in Group Resources 1	. • +27% increase in consolidated Greater Duchess Mineral Resources to; 27.0Mt @ 1.5% CuEq for 400,000t CuEq1,2
	Material Increase in Group Resources
Critical Mass to De-risk Development 2		• Increased resource and scale provides critical mass to de-risk Greater Duchess development • Potential to increase Greater Duchess annual production target
	Critical Mass to De-risk Development
Unlocks Synergies Across Greater Duchess 3		• Rare bolt on high grade copper resource close to Carnaby’s existing resources • Use of the Duchess rail siding could also provide operational and capital cost synergies for the Duchess deposit.
	Unlocks Synergies Across Greater Duchess
Potential Fast Track Path to Production 4 Significant Growth Potential 5		• Located on granted Mining Leases. • Expected to be quickest route through permitting and production with potential to be first deposit mined.
	Potential Fast Track Path to Production
		• Potential to increase the OP mine life from 2.5 years (current) to 4-5 years before going UG • Significant exploration upside on extensions to the Trekelano Lodes
	Significant Growth Potential

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Note 1: Refer to ASX release dated 28 November 2024 Note 2: Refer to Slide 2 for CuEq calculation

Trekelano Acquisition Overview

• Acquisition of 100% of the historical Trekelano mine, located within 20km radius of the Greater Duchess deposits.

JORC 2012 Mineral Resource Estimate:

5.2Mt @ 1.6% CuEq, 85kt CuEq[1,2 ] (1.4% Cu, 0.4g/t Au)

• Main Inheritance open pit was not mined to its full extent due to a mining lease boundary limitation - now resolved with an additional granted mining lease

• Historical UG production of 188,000t @ 10.9% Cu from 1911-1945

• Barrick mined open pits of 2.4Mt @ 1.6% Cu, 0.42g/t Au from 2006-2009

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Note 1: Refer to ASX release dated 28 November 2024 & 6 November 2025 Note 2: Refer to Slide 2 for CuEq calculation

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Trekelano - Inheritance[1]

• Historical open pit to ~140m depth

JORC 2012 Mineral Resource Estimate:

2.9Mt @ 1.5% CuEq , 43kt CuEq[1,2] (1.3% Cu, 0.3g/t Au)

• Significant potential for cut back or underground development

• Big unmined drill hits under the historical pit for another ~100m below the pit, including[1,2] :

• 93m @ 6.2% CuEq (5.2% Cu, 1.2g/t Au)

• 93m @ 3.3% CuEq (2.4% Cu, 1.1g/t Au)

• 128m @ 2.0% CuEq (1.7% Cu, 0.4g/t Au)

• 118m @ 2.5% CuEq (1.9% Cu, 0.7g/t Au)

• First Carnaby drill results[1,2] :

• 41m @ 2.7% CuEq (2.3% Cu, 0.5g/t Au)

• 29m @ 1.6% CuEq (1.2% Cu, 0.5g/t Au)

• 154m @ 1.0% CuEq (0.9% Cu, 0.2g/t Au)

• 164m @ 0.5% CuEq (0.4% Cu, 0.2g/t Au)

• Completely open down plunge to the south

Note 1: Refer to ASX releases dated 28 November 2024, 27 May 2025, 25 June 2025 & 9 July 2025 Note 2: Refer to Slide 2 for CuEq calculation

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Trekelano - Inheritance Cross Sections[1]

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Note 1: Refer to ASX releases dated 28 November 2024 & 25 June 2025

Trekelano - Inheritance Pit Wall

Mined by Barrick from 2006 - 2009

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Trek 1 High Grade Extension over 300m[1]

JORC 2012 Mineral Resource Estimate:

1.5Mt @ 2.0% CuEq, 29kt CuEq[1,2 ] (1.7% Cu, 0.5g/t Au)

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• 300m extension to the high grade lode down dip from the existing Mineral Resource and workings:

• 7m @ 9.3% CuEq

• INCL 5m @ 12.5% CuEq

• • 6m @ 7.1% CuEq

INCL 3m @ 12.8% CuEq

• 8m @ 2.8% CuEq INCL 3m @ 5.9% CuEq

• A 5,000m RC/DD drilling program has just commended to drill out the Trek 1 high grade extension

Note 1: Refer to ASX releases dated 28 November 2024, 22 September 2025, 6 October 2025 & 6 November 2025. Note 2: Refer to Slide 2 for CuEq calculation

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Mount Hope (CNB:100%) AN EXCEPTIONAL IOCG DISCOVERY[1]

• JORC 2012 Mineral Resource Estimate:

10.3Mt @ 1.7% CuEq, 173kt CuEq[1,2 ] (1.5% Cu, 0.2g/t Au)

• Excellent metallurgy – historically mined for quartz flux for the Mount Isa smelter in the 1960’s – early 1970’s

• Lodes lengths ~250m, widths ~20m thick and completely open at depth

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Note 1: Refer to ASX release dated 27 October 2023 Note 2: Refer to Slide 2 for CuEq calculation

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Lady Fanny And Burke & Wills (CNB: 100%)

NO RECORDED DRILLING PRIOR TO CARNABY[1,2]

JORC 2012 Mineral Resource Estimate:

3.1Mt @ 1.5% CuEq, 46kt CuEq[1,2 ] (1.3% Cu, 0.2g/t Au)

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Note 1: Refer to ASX releases dated 18 September 2023, 27 October 2023, 17 November 2023 & 13 February 2025 Note 2: Refer to Slide 2 for CuEq calculation

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Nil Desperandum (CNB: 100%) IP GEOPHYSICS AND GEOLOGY LED DISCOVERY[1,2]

JORC 2012 Mineral Resource Estimate:

• 4.3Mt @ 1.4% CuEq, 61kt CuEq[1,2 ] (1.3% Cu, 0.2g/t Au) Including Underground MRE of

• 1.7Mt @ 2.3% CuEq, 39kt CuEq[1,2] (2.0% Cu, 0.4g/t Au)

Discovery hole NLDD044[1,2] :

• 41m @ 4.5% CuEq (4.1% Cu, 0.5 g/t Au)

• Subsequent results include[1,2] :

• 31m @ 4.8% CuEq (3.9% Cu, 1.0 g/t Au)

• 26m @ 2.7% CuEq (2.4% Cu, 0.3 g/t Au)

• 24m @ 6.1% CuEq (5.0% Cu, 1.3 g/t Au)

• Breccia shoot drilled to 500 meters below surface and remains open down plunge. No Downhole EM yet completed to target down plunge of the main breccia pipe

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Note 1: Refer to ASX releases dated 29 December 2021, 4 April 2022, 9 May 2022, 17 June 2022, 27 October 2023 & 13 February 2025 Note 2: Refer to Slide 2 for CuEq calculation

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Pro ect Develo ment j p

Prefeasibility Study in Progress ACQUISITION OF TREKELANO HAS THE POTENTIAL TO EXTEND MINE LIFE AND INCREASE THE ANNUAL PRODUCTION TARGET

• Scoping Study Results ( NOT YET INCLUDING TREKELANO)[1,2] :

• 9-year production target 7.5Mt @ 1.9% CuEq, 140kt CuEq

• 3-year open pit average: 1.1Mt @ 1.7% CuEq, 19kt pa

• Estimated pre-tax NPV7% of $437M

• Undiscounted pre-tax net cash flow of $715M .

• Estimated pre-tax IRR of 141%

Open Cut Production Targets	COG (CuEq) (%)	Ore Tonnes (Mt)	Cu Grade (%)	Au Grade (g/t)	CuEq Grade (%)	Strip Ratio (t:t)
Mount Hope Total	0.65	1.69	1.54	0.16	1.64	13.3
Lady Fanny Total	0.71	1.39	1.50	0.26	1.64	9.8
Nil Desperandum Total	0.63	0.31	1.00	0.19	1.12	16.4
Total Open Cut		3.39	1.47	0.20	1.59	12.1

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Annual Estimated Mining Production of CuEq Metal by Mining
Source
30,000 3
25,000 2.5
20,000 2
15,000 1.5
10,000 1
5,000 0.5
- 0
2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Financial Year of Production
Open Cut Underground CuEQ Grade (%)
CuEq Grade (%)
CuEq Tonnes per Annum
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Underground Production Targets	CoG (CuEq)	Ore Tonnes (Mt)	Cu Grade (%)	Au Grade (g/t)	Ore CuEq (%)	Development Metres	Development Metres
						Horizontal	Vertical
Mount Hope Central	1.41	3.29	1.74	0.29	1.94	11,850	1,090
Nil Desperandum	1.53	0.79	2.60	0.42	2.86	6,709	753
Total Underground		4.08	1.91	0.32	2.12	18,650	1,843

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Note 1: Refer to ASX release dated 30 May 2024 Note 2: Refer to Slide 2 for CuEq calculation

Greater Duchess Development LOW CAPEX DIRECT RAIL OR ROAD HAULAGE[1]

• Low Estimated Pre-Production Capex: ~A$35M

• Carnaby is focussed on a low CAPEX, low risk and low dilutionary third party

• processing start up to get into production

• Toll milling and offtake agreements are in place with Glencore International AG

• Stand Alone development option is also being considered and will form an integral part of longer-term studies

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Note 1: Refer to ASX release dated 30 May 2024

Greater Duchess Copper Gold Project TARGETING A LOW CAPEX START UP AS EARLY AS 2026[1]

• PFS to be completed and reported Q1 CY 2026

• Resource extension and infill drilling – completed*.

• MRE update – in progress*

• Geotechnical drilling – completed

• Geotechnical studies – completed

• Metallurgical Studies – completed

• Permitting and baseline studies – in progress

• Mining and civil engineering studies- in progress

• Trekelano Acquisition is being incorporated into the PFS

• Acquisition completed

  • Transfers lodged

  • De-amalgamation completed

• Geotechnical and Metallurgical drilling has been completed

• Targeting FID and open pit production in late 2026

Work Program	CY'24	CY'24	CY'25	CY'25	CY'26	CY'26	CY'27	CY'27	CY'28	CY'28	CY'29	CY'29
	H1	H2	H1	H2	H1	H2	H1	H2	H1	H2	H1	H2
Exploration Drilling
Scoping Study
Third Party Processing and Offtake Agreements
Resource to Reserve Drilling and Geotech
Metallurgical Testwork
JORC Resource Update
Pre-Feasibility Study
Definitive Feasibility Study
Mining Lease Applications and Permitting
Project Development and Construction
Production
	FID

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Note 1: Refer to ASX release dated 30 May 2024

Investment Highlights

• Critical Mass Reached 27.0Mt @ 1.5% CuEq for 400,000t CuEq[1,2] • Binding Tolling and Offtake Agreements

• Processing Solution & with Glencore International AG. •

• Development Pathway PFS to be completed in Q1CY26 • FS and FID target mid CY26

• 400,000t CuEq[1,2] tonnes of high grade mineral

• Exploration Upside resources added in 3 years. • 5,000m drilling program in progress

• • Mineral Resource Update

• News Flow • PFS study results

• • FS and FID in 2026

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Note 1: Refer to ASX release dated 28 November 2024 Note 2: Refer to Slide 2 for CuEq calculation

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Office

78 Churchill Avenue SUBIACO WA 6008

Contact

P +61 8 6500 3236 E info@carnabyresources.com.au

1 Appendix

		Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1	Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1
		Mineral Resource Inventory as at 27 November 2024
Deposit	COG CuEq%		Indicated							Inferred							Total
			Tonnes	Cu	Au	CuEq	Cu	Au	CuEq	Tonnes	Cu	Au	CuEq	Cu	Au	CuEq	Tonnes	Cu	Au	CuEq	Cu	Au	CuEq
			Mt	%	g/t	%	t	oz	t	Mt	%	g/t	%	t	oz	t	Mt	%	g/t	%	t	oz	t
Mt Birnie	0.5									0.44	1.4	0.2	1.5	6,300	2,300	6,800	0.4	1.4	0.2	1.5	6,300	2,300	6,800
Duchess	0.5									3.66	0.7	0.1	0.8	26,300	11,300	28,800	3.7	0.7	0.1	0.8	26,300	11,300	28,800
Nil Desperandum OP	0.5		2.47	0.8	0.1	0.9	18,800	11,300	21,300	0.06	0.7	0.1	0.7	400	200	500	2.5	0.8	0.1	0.9	19,300	11,500	21,800
Nil Desperandum UG	1.0		0.81	2.6	0.4	2.9	21,000	10,700	23,300	0.90	1.5	0.4	1.8	13,400	11,200	15,900	1.7	2.0	0.4	2.3	34,400	21,800	39,200
Lady Fanny	0.5		1.50	1.2	0.2	1.3	17,900	9,800	20,000	1.18	1.1	0.3	1.3	13,200	9,500	15,300	2.7	1.2	0.2	1.3	31,100	19,300	35,300
Burke & Wills	0.5		0.20	2.7	0.3	2.8	5,400	1,700	5,700	0.24	1.8	0.3	2.0	4,300	2,100	4,800	0.4	2.2	0.3	2.4	9,700	3,800	10,500
Mt Hope OP	0.5		2.74	1.4	0.2	1.5	38,600	15,300	41,900	1.11	1.1	0.1	1.2	12,500	5,000	13,600	3.8	1.3	0.2	1.4	51,100	20,400	55,500
Mt Hope UG	1.0		4.19	1.7	0.3	1.9	72,800	38,600	81,200	2.23	1.4	0.3	1.6	32,100	19,200	36,200	6.4	1.6	0.3	1.8	104,900	57,800	117,500
Inheritance OP	0.5									2.50	1.3	0.3	1.5	32,700	27,400	38,700	2.5	1.3	0.3	1.5	32,700	27,400	38,700
Inheritance UG	1.0									0.29	1.3	0.4	1.5	3,600	3,800	4,400	0.3	1.3	0.4	1.5	3,600	3,800	4,400
Trekelano 1 OP	0.5									1.28	1.6	0.4	1.9	20,100	17,600	23,900	1.3	1.6	0.4	1.9	20,100	17,600	23,900
Trekelano 1 UG	1.0									0.17	2.5	0.6	2.9	4,300	3,500	5,100	0.2	2.5	0.6	2.9	4,300	3,500	5,100
Trekelano 2 OP	0.5									0.94	1.2	0.3	1.4	11,100	7,800	12,800	0.9	1.2	0.3	1.4	11,100	7,800	12,800
CNB Total			11.9	1.5	0.2	1.6	174,500	87,500	193,600	15.0	1.2	0.3	1.4	180,400	120,800	206,700	26.9	1.3	0.2	1.5	354,900	208,300	400,300

Please note - Rounding discrepancies may occur

Note 1: The CuEq calculation is CuEq= Cu% + (Au_ppm * 0.7) and is based on September 2023 spot prices of US$8,500/t for copper and US$1,950/oz for gold, exchange rate of 0.67 and recovery of 95% copper and 90% gold as demonstrated in preliminary metallurgical test work carried out in 2023. It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

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