Carnaby Resources Ltd.

Carnaby Resources Ltd. is a junior copper development company headquartered in Subiaco, Australia, operating primarily in Australia. The company's portfolio consists of 1 development project, in addition to several early-stage exploration prospects. Key assets include Greater Duchess. The business model centers on advancing high-grade discoveries towards production by leveraging underutilized, world-class regional infrastructure. A key operational characteristic is the pursuit of a low capital expenditure development path, with a primary focus on a third-party ore processing option that utilizes existing railway freight capacity running through the operational area. This approach is designed to enable a rapid timeline to production. The company also maintains a stand-alone processing plant construction option as a viable future alternative. The operational strategy includes the proactive acquisition of adjacent ground to optimize both exploration and development activities, providing necessary operational flexibility. This dual-track approach of advancing development studies while simultaneously conducting expansionary regional exploration underpins the company's value creation model.

The enterprise's strategy is centered on rapidly expanding its mineral resource base through a dual approach of aggressive regional exploration and the acquisition of adjacent "bolt-on" deposits. A primary focus is on advancing development pathways, with ongoing Pre-Feasibility studies that include infill drilling, geotechnical work, and more advanced metallurgical analysis. The exploration approach has been refined to systematically test underexplored tenure, utilizing modern geophysical and geochemical techniques to generate and progress a pipeline of new drill-ready targets. This includes deploying VTEM and FLTEM surveys to identify conductors for first-pass drilling. Capital allocation philosophy prioritizes low-capex development scenarios, specifically a third-party processing route that leverages existing regional infrastructure to minimize upfront capital requirements and accelerate the timeline to potential production. While pursuing this rapid, low-cost development path, the organization continues to assess a stand-alone processing alternative, ensuring strategic flexibility.

Executive leadership is spearheaded by Managing Director Rob Watkins, a geologist with over 20 years of exploration experience and a proven track record of discovery, including previous executive roles at Beadell Resources and Agincourt Resources. The Board of Directors consists of 4 members, including the Managing Director and 3 Non-Executive Directors. The Non-Executive Chairman, Peter Bowler, has extensive leadership experience, having previously been the founding Managing Director of two companies that grew to market capitalizations of approximately $800 million and $500 million respectively. Other board members bring over 30 years of specialized experience in geology, corporate finance, and mineral deposit evaluation. The governance framework is managed directly by the full board, which has opted not to establish a separate remuneration committee due to the organization's size. The board held 5 formal meetings during the financial year, in addition to regular discussions. The leadership approach is characterized as lean and highly professional, with a focus on achieving exploration success and advancing development studies efficiently.

During the 2024 fiscal year, the company entered into an Acquisition and Joint Venture Agreement with Hammer Metals Limited, securing an initial 51% interest in 3 sub-blocks covering 9 square kilometers immediately adjoining a key 100%-owned mining lease. This transaction was executed to optimize potential open pit designs and unlock near-mine exploration targets. The organization also signed a Farm-in and Joint Venture Agreement with Rio Tinto Exploration Pty Ltd in August 2023, providing the right to earn a 51% interest in the 838 square kilometer Devoncourt Project. A significant divestiture was the sale of the Tick Hill Gold Project to the private group Tick Hill Mining Pty Ltd, completed in the fiscal year. Under the sale terms, the company retains a 5% net smelter return royalty on all metal extracted from the existing resource and maintains all mineral exploration rights over the surrounding tenure. As of August 2024, Hammer Metals Limited was a substantial shareholder, holding 5.29% of the company's shares.