CARNABY RESOURCES LIMITED — Capital/Financing Update 2020

Nov 3, 2020

ASX Announcement 4 November 2020

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Lapse of Unlisted Options

Fast Facts

Shares on Issue 117M

Market Cap (@ 45 cents) $54M Cash $8.5M[1 ]

Carnaby Resources Limited (ASX: CNB) (‘Carnaby’ or ‘Company’) advises 400,000 unlisted options exercisable at $0.12 lapsed in accordance with their terms.

1As of 4 November 2020

Board and Management

Below is a summary of the Company’s quoted and unquoted securities following the lapse of the unlisted options.

Quoted 117,425,398 Unquoted Options 6,000,000 3,000,000 250,000 1,080,000 750,000 750,000 300,000	Class Fully paid ordinary shares Class (exercise price / expiry) Unlisted options ($0.09 / 18 Apr 2024) Unlisted options ($0.10 / 18 Apr 2024) Unlisted options ($0.12 / 30 Jun 2023 Unlisted options ($0.16 / 30 Jun 2022) Unlisted options ($0.50 / 31 Dec 2020) Unlisted options ($0.65 / 31 Dec 2020) Unlisted options ($0.001 / 30 Nov 2020)

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director & Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team

• Tight capital structure and strong cash position

• Commenced exploration at the Mallina Basin in the Pilbara of WA

• Projects near to De Grey’s Hemi gold discovery on 394 km[2] of highly prospective tenure

• 100% ownership of the Tick Hill Gold Project (granted ML’s) in Qld, historically one of Australia highest grade and most profitable gold mines

• Past production of 511 koz at 22 g/t gold

• Indicated and Inferred Mineral Resource of 845,000 t @ 2.47 g/t gold for 67,100 ounces[2]

• Proven and Probable Ore Reserves of 459,900 t @ 1.89 g/t gold for 28,000 ounces[2]

For and on behalf of the Board.

Greg Barrett

• 323 km[2] surrounding exploration package containing numerous gold and copper targets

• 2Refer ASX release 5 June 2020, to be adjusted following Tailings Sale & NSR Royalty Agreement, refer ASX release 3 August 2020

Company Secretary

X

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

T: +61 8 9320 2320

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