Ann: Greater Duchess Copper Project Continues to Grow, page-2

GREATER DUCHESS COPPER PROJECT CONTINUES TO GROW87m @ 0.9% Cu including56m @ 1.1% Cu1. 1ASX Announcement5July2021Fast FactsShares on Issue 117.9MMarket Cap (@ 34cents) $40.1MCash $8.0M11As of 31 March 2021Board and ManagementPeter Bowler, Non-Exec ChairmanRob Watkins, Managing DirectorGreg Barrett, Non-Exec Director& Company SecretaryPaul Payne, Non-Exec Director Company Highlights▪Proven and highly credentialed management team▪Tight capital structure and strong cash position▪Projects near to De Grey’s Hemi gold discovery on 442km2of highly prospective tenure▪Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 323 km2of 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 511koz at 22g/t gold ▪Indicated and Inferred Mineral Resource of 845,000 t @ 2.47 g/t gold for 67,100 ounces2▪Proven and Probable Ore Reserves of 459,900 t @ 1.89 g/t gold for 28,000 ounces22Refer ASX release 5 June 2020, to be adjusted following Tailings Sale & NSR Royalty Agreement, refer ASX release 3 August 2020Registered Office78 Churchill Avenue Subiaco Western Australia 6008T: +61 8 9320 2320www.carnabyresources.com.auCarnaby Resources Limited (ASX: CNB) (CarnabyortheCompany) is pleased to provide an exploration update for theGreater Duchess Copper Gold Projectin Mount Isa,Queensland. Highlights–NIL DESPERANDUM RC DRILL RESULTS•Drill resultshave been received for all intervals in the previously partially reported NLRC017intersection resulting in the following intercept;oNLRC01718m @ 0.5% copperfrom160m including4m @ 1.6% copperfrom 174mand87m @ 0.9% copper from 190mincluding56m @ 1.1% copperfrom 221mincluding 30m @ 1.8% copper, 0.3 g/t goldfrom 242mand including9m @ 3.1% copper, 0.4 g/t goldfrom 268mincluding3m @ 8.1% copper, 0.9 g/t goldfrom 268m•Drill results from step out hole NLRC024show the broad zones of copper-gold mineralisation are continuous and getting wider at depth, intersecting 53m @ 0.5% copper including 8m @ 1.3% copperin the hangingwall zoneand ending in 0.4% copperat the interpreted start of the high grade footwall zone (Figure 1). •Diamond tail extension of NLRC024will commence late thisweek targeting the high grade footwall zone (Figure 1).The Company’s Managing Director, Rob Watkins commented:“The results from Nil Desperandum are gettingbigger and betterat depth and we are starting to see a scale of mineralisation not previously identified.Diamond drilling will commence late thisweek as well as additional RC drilling in a second phase drill program at the rapidly emerging Greater Duchess Copper Project”