CARNABY RESOURCES LIMITED — Capital/Financing Update 2025

Oct 14, 2025

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A$12.5M PLACEMENT TO QIC CRITICAL MINERALS AND BATTERY TECHNOLOGY FUND TO ADVANCE DEVELOPMENT OF GREATER DUCHESS

ASX Announcement

15 October 2025

Fast Facts

Shares on Issue 228.4M Market Cap (@ 48.5 cents) $111M Cash $15.8M[1 ]

1As at 30 June 2025

Carnaby Resources Limited (ASX: CNB) (“ Carnaby ” or the “ Company ”) is pleased to announce it has entered into a Subscription Agreement with the QIC Critical Minerals and Battery Technology Fund to complete a A$12.5 million placement via the issue of approximately 37.9 million new fully paid ordinary shares (“ New Shares ”) (“ Placement ”).

Highlights

• $12.5M investment in the Company by the QIC Critical Minerals and Battery Technology Fund (QCMBTF), part of the Queensland Critical Minerals and Battery Technology Fund, to advance development of the Greater Duchess Copper Gold Project, near Mt Isa in Queensland.

• Proceeds from the Placement will primarily be used to complete the Greater Duchess Pre-Feasibility Study (PFS) by H2 CY2025 and then progress through to a Definitive Feasibility Study (DFS) in H1 CY2026, with the Company targeting a Final Investment Decision (FID) in Q3 CY2026 pending results of the DFS.

• Other uses of the proceeds include drilling costs and generally facilitating the development of the Greater Duchess Project.

• The QCMBTF is a A$150M fund with a primary objective to support businesses across the critical minerals supply chain in Queensland to help meet the growing demand for clean energy technologies.

• The QCMBTF is managed by QIC Limited (QIC), a Queensland government owned corporation with A$131.6bn in assets under management[1] (as of 30 June 2025).

• Carnaby is well underway with incorporating the acquisition of the Trekelano Mining Leases into the Greater Duchess PFS and is completing a successful first exploration drilling program at the site (see ASX releases dated 19 August 2025, 22 September 2025 & 6 October 2025).

Carnaby’s Managing Director, Rob Watkins commented on the Placement: “We are very pleased to have received this strong endorsement from the Queensland Government via QIC’s QCMBTF and welcome such a stable institutional presence on the Company share register. This investment is further validation of the potential of the Greater Duchess Copper Gold Project and its importance to the Mt Isa Region. The proceeds from this Placement puts us in a very strong position to progress the Project through final feasibility studies in CY2026, targeting a potential FID soon after assessing the study results.”

1 Gross Assets under Management is calculated as (i) the total market value of gross assets managed by QIC entities; (ii) undrawn commitments; (iii) excludes multi-asset derivative exposures.

Directors

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

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 1,924 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 H2 CY2025.

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

• Gold projects near to De Grey’s Hemi gold discovery 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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The Company will issue a total of 37,878,788 New Shares under the Placement to QCMBTF at A$0.33 per New Share under a single tranche. The issue price represents at 15% discount to the 20 day volume weighted average price of $0.39 per share on 13 October 2025. The New Shares will be issued under the Company’s current placement capacity in accordance with ASX Listing Rule 7.1 and 7.1A as follows:

• ASX Listing Rule 7.1 (15,039,903 New Shares); and

• ASX Listing Rule 7.1A (22,838,885 New Shares).

The Subscription Agreement also contains other customary terms and conditions typical for an agreement of its nature, including warranties and indemnities, pre-completion undertakings, termination rights and confidentiality provisions.

The New Shares are expected to be allotted on Tuesday, 28 October 2025 and will rank equally with the Company’s existing fully paid ordinary shares.

Steinepreis Paganin acted as the legal adviser to Carnaby on the Subscription Agreement and the Placement.

QCMBTF’s advisers on this investment are BurnVoir Corporate Finance and Talbot Sayer.

About QCMBTF

The primary objective of the $150m QCMBTF is to support businesses across the critical minerals supply chain in Queensland, through debt, equity and/or hybrid investment in growth-stage businesses. More specifically, the fund’s mandate includes investment in projects that will create Queensland-based jobs, deliver economic growth in Queensland, and support development to allow the growth of the critical minerals sector within Queensland.

The QCMBTF is managed by QIC.

About Queensland Investment Corporation (QIC)

QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$131.6bn in funds under management (as of 30 June 2025). QIC has over 900 employees and serves approximately 120 clients (as of 30 June 2025). Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, San Francisco, London, and Singapore.

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Figure 1. Trekelano & Greater Duchess Copper Gold Project Location Plan.

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

www.carnabyresources.com.au

For further information please contact: Robert Watkins, Managing Director +61 8 6500 3236

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Competent Person Statement

The information in this document that relates to exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director 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 report 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.

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. Exploration results are set out in Appendix 1 of this announcement. 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 Table A of this announcement. 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 announcement to certain ASX announcements, including references regarding exploration results, mineral resources and ore reserves. 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 announcement 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), Production 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.

Previously released ASX Material References that relates to announcement include:

Trek 1 Delivers 6m @ 7.1% CuEq, 6 October 2025

Game Changer-1st Trek 1 Exploration Hole Hits 7m @ 9.3% CuEq, 22 September 2025

Trekelano Acquisition Completes, 19 August 2025

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Table A

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

		Mineral Resource Inventory as at	Mineral Resource Inventory as at	27	November 2024
	Indicated				Inferred	Total

		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 **	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 Birnie2 Duchess2 Nil Desperandum OP2 Nil Desperandum UG2 Lady Fanny **Burke & Wills2 **	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
Trekelano 1 OP	0.5		1.28 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
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. Reference 2: CNB 82.5%, LAT 17.5%. CNB is currently acquiring the LAT 17.5% joint venture interest, refer to ASX release dated 31 July 2025 for details.

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