CARNABY RESOURCES LIMITED — Board/Management Information 2025

Dec 14, 2025

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APPOINTMENT OF GENERAL MANAGER - PROJECT DEVELOPMENT

ASX Announcement

15 December 2025

Fast Facts

Shares on Issue 276.1M

Carnaby Resources Limited (ASX: CNB) ( Carnaby or the Company ) is pleased to announce the appointment of Mr Michael Breen as General Manager - Project Development.

Mr Breen brings over 20 years of mining experience across operational, technical and leadership roles in surface mining operations, civil construction projects and mine management environments. With a wealth of experience in Queensland, particularly in the Mount Isa region, and across multiple commodities such as copper, gold and zinc, Mick has demonstrated proficiency in strategic life-of-mine planning, project development, contract management, stakeholder engagement and a strong safety and compliance record.

Market Cap (@ 42.5 cents) $117M

Cash $19.5M[1 ]

• 1Based 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.

Directors

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

Mick was previously the General Manager at Chinova Resources’ Osborne Copper Mine in the Mount Isa Region and prior to that held senior operational roles at Evolution Mining’s Mount Rawdon Gold mine in Queensland and Glencore’s Mount Isa Mines open cut Zinc mine.

Mick will work alongside Managing Director Rob Watkins and other key members of the Carnaby team to advance the completion of the Greater Duchess Copper Gold project Pre-Feasibility Study which is due for completion in Q1 CY2026, and lead the permitting, Feasibility and project development activities in 2026.

This announcement has been authorised for release by the Board of Directors. Further information regarding the Company can be found on the Company’s website:

www.carnabyresources.com.au

For additional information please contact: Robert Watkins, Managing Director

+61 8 6500 3236

Company Highlights

• Proven and highly credentialed management team.

• Tight capital structure and strong cash position.

• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,946 km[2] of tenure.

• Mineral Resource Estimate at Greater Duchess: 27Mt @ 1.5% CuEq for 400kt CuEq.

• Mount Hope, Trekelano, Nil Desperandum and Lady Fanny Iron Oxide Copper Gold deposits within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.

• Pre-Feasibility Study for the Greater Duchess Copper Gold Project in progress with a targeted completion date in Q1 CY2026.

• Binding Tolling and Offtake agreements signed with Glencore International AG.

• Gold projects near to Northern Star Resources Ltd’s Hemi Development Project on 397 km[2] of highly prospective tenure.

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

T: +61 8 6500 3236

www.carnabyresources.com.au

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Table A

Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off[1 ]

		Table A **Carnaby Resources Limited Greater Duchess Copper Project - Cu Equivalent Cut-off1 **	Table A **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 Mt % g/t % Tonnes Ounces Tonnes	Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes	Tonnes Cu Au CuEq Cu Au CuEq Mt % g/t % Tonnes Ounces Tonnes
Mt Birnie Duchess Nil Desperandum OP Nil Desperandum UG Lady Fanny Burke & Wills	0.5 0.5 0.5 1.0 0.5 0.5	2.47 0.8 0.1 0.9 18,800 11,300 21,300 0.81 2.6 0.4 2.9 21,000 10,700 23,300 1.50 1.2 0.2 1.3 17,900 9,800 20,000 0.20 2.7 0.3 2.8 5,400 1,700 5,700	0.44 1.4 0.2 1.5 6,300 2,300 6,800 3.66 0.7 0.1 0.8 26,300 11,300 28,800 0.06 0.7 0.1 0.7 400 200 500 0.90 1.5 0.4 1.8 13,400 11,200 15,900 1.18 1.1 0.3 1.3 13,200 9,500 15,300 0.24 1.8 0.3 2.0 4,300 2,100 4,800	0.4 1.4 0.2 1.5 6,300 2,300 6,800 3.7 0.7 0.1 0.8 26,300 11,300 28,800 2.5 0.8 0.1 0.9 19,300 11,500 21,800 1.7 2.0 0.4 2.3 34,400 21,800 39,200 2.7 1.2 0.2 1.3 31,100 19,300 35,300 0.4 2.2 0.3 2.4 9,700 3,800 10,500 3.8 1.3 0.2 1.4 51,100 20,400 55,500 6.4 1.6 0.3 1.8 104,900 57,800 117,500 2.5 1.3 0.3 1.5 32,700 27,400 38,700 0.3 1.3 0.4 1.5 3,600 3,800 4,400 1.3 1.6 0.4 1.9 20,100 17,600 23,900 0.2 2.5 0.6 2.9 4,300 3,500 5,100 0.9 1.2 0.3 1.4 11,100 7,800 12,800
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
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
Inheritance OP	0.5		2.50 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
Trek 1 OP	0.5		1.28 1.6 0.4 1.9 20,100 17,600 23,900
Trek 1 UG	1.0		0.17 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
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

Note - Rounding discrepancies may occur

Reference 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.

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