Ann: Greater Duchess Update - Booming IP Anomaly at Mount Hope, page-80

I have stated, and I repeat, in my opinion both the Nil Desperandum and Lady Fanny deposits will be made in into mines. I cannot give you any time frame or even say if Carnaby will be the company doing the mining (many deposits change hands when the development capital is required and any corporate activity can be based upon JORC resources). Both deposits are from surface or shallow depth and open pit mines will transition into underground mines at depth. I don't expect to see a JORC resource until the first quarter of 2023, better to keep drilling until the wet season starts and then worry about it.

It is no surprise that Carnaby's Greater Duchess project has been nominated for the Discovery of the year award.

On face value the IP anomalies at Mount Hope are so large and so strong that it is hard to believe that they can be true and directly from copper sulphide. I have refrained from getting too excited for this reason. There are many reasons for geophysical anomalies. The proximity of the old workings is a good sign but no guarantee.

When you have made a significant discovery I think you can use positive words to describe them. Booming, yes, and if copper sulphide then another significant discovery. I see a possible corporate strategy as early mining at Mount Hope from the mining lease with toll treatment to generate part of the cash requirements for a stand alone processing plant. We just need the booming IP anomalies to be copper sulphide.

Enjoy the journey. DYOR, not investment advice and no predictions on share price which is about more than a major discovery, commodity prices and general market conditions are huge factors. Invest wisely and always take responsibility for your own decision.