Promising Copper-Gold Project in Queensland

Carnaby Resources Limited (ASX: CNB) is a copper and gold exploration company focused on the Greater Duchess Copper-Gold Project in northwest Queensland. With significant discoveries in the past two years and more exploration underway, Carnaby could unlock substantial value in an underexplored area near the world-class Mount Isa mining region.

• Tight capital structure with only 163 million shares on issue and A$27 million cash
• Strong institutional support including Petra Capital, Macquarie, Euroz Securities
• Experienced management led by MD Rob Watkins - over 25 years of experience

The Greater Duchess Project

• Located 70km southeast of Mount Isa in the mineral-rich Mount Isa Inlier
• Surrounded by world-class mines - Mount Isa, Ernest Henry, Osborne, Cannington
• Historically underexplored area with small-scale mining in the 1960s-70s
• Three significant discoveries since 2019 - Nil Desperandum, Lady Fanny, Mount Hope
• Excellent infrastructure with railway and highway access

Exciting Exploration Potential

• IP surveys working well, consistently detecting copper sulfides
• Ongoing 40,000m drill program delivering consistent high-grade results
• Mineralization open along strike and at depth at multiple deposits
• Large Prospective area over 100km strike remains underexplored by modern methods
• Potential for further blind discoveries and satellite deposits

Advancing Towards Maiden Resource

• On track to deliver maiden resource for Mount Hope at the end of Q3 2022
• Mount Hope shaping up as the main deposit with wide copper mineralized zones
• Recent stellar hits like 72m at 4% Cu and 46m at 3.2% Cu
• Boomerang and Chocolates lodes still open down plunge
• Further high-grade shoots expected with more drilling

Rio Tinto JV on Standout Target

• Earn-in JV on Rio's Winbro Project, adjacent to Carnaby's tenure
• Tier-one target - large iron-oxide copper-gold (IOCG) system
• Similar potential to Olympic Dam and Ernest Henry mines
• Carnaby to drill compelling targets defined by Rio in Q4 2022

Positive Metallurgy Results

• Exceptional recoveries over 95% for copper and gold
• Clean concentrate with no penalty elements like arsenic
• Coarse grind size with 80% passing 150 microns
• Positive results demonstrate potential for simple processing

Carnaby Resources has assembled an outstanding portfolio of copper-gold exploration projects in the heart of Queensland's Mount Isa region. With multiple recent discoveries, active exploration delivering stellar results, and plans to deliver a maiden resource, Carnaby offers strong upside potential amid rising copper demand. The company's experienced leadership, promising geology and strategic position in an underexplored copper-rich area make Carnaby a compelling investment opportunity.

Carnaby Resources could be a good investment opportunity

• Favorable location in proven mining district - Carnaby's projects are situated in the highly prospective Mount Isa region, surrounded by world-class mines. This increases the likelihood of exploration success.
• Significant recent discoveries - Carnaby has made three promising copper-gold discoveries since 2019, demonstrating exploration upside. More discoveries are likely with ongoing drilling.
• Maiden resource on the way - The first resource estimate for the Mount Hope deposit is expected end of Q3 2022, which could re-rate the stock as resources are derisked.
• Strong results from drilling - Drilling continues to return wide, high-grade copper intercepts pointing to size potential of the deposits. Mineralization open in multiple directions.
• Major exploration upside - Large prospective area over 100km strike remains under-explored. Huge potential for further blind discoveries through IP surveys and drilling.
• Positive metallurgy - Testwork indicates clean concentrate product with excellent recoveries, supporting simple processing.
• Experienced leadership - Technical team led by seasoned industry expert Rob Watkins with a track record of exploration success.
• Tight capital structure - Only 163M shares on issue leaves room for re-rating as resources grow. A$27M cash supports aggressive exploration.
• Rio JV provides third-party validation - Earn-in deal on the highly prospective project shows major miner sees potential.

With its impressive portfolio of exploration projects, active drilling generating exciting results, experienced team, and tight share structure, Carnaby Resources offers strong upside potential as it systematically explores and advances its assets.