Ann: Mount Hope Discovery - 37m @ approx. 5% Copper, page-69

@plough I would be interested in your calculations to come up with a 5Mt resource. Companies alter the cut-off grade to increase the resource size whilst reporting a grade that is within the bounds of being economic. This is why I like to see several cut-off grades applied or a chart of grade Vs tonnes when reporting a resource (you get to see if the resource can still be economic at low commodity prices, makes it easier to assess risk as an investor). It is possible that Carnaby will report a combined resource with a grade of 0.8-1.0% Cu with gold credits of say 0.1-0.2g/t Au. As an example Mount Birnie has a clearly defined high grade shoot with approximate dimensions 250m depth x 100m shoot length x 8m true width x 2.7 density = 540,000t @ 2% Cu open in several directions and with some additional parallel mineralised zones. By including some lower grade material this could be reported as 1.2Mt @ 1+% Cu. 5Mt@2% Cu is 10Mt@1% Cu etc.

So how do I get to 20Mt?

1. Existing old JORC at Duchess/Ivanhoe upgraded to meet JORC 2012 - current 2004 JORC 2.5 to 3.8Mt @ 1.2 to 1.8% Cu with manyintersections outside the resource area it is not unreasonable to assume theJORC 2012 resource will be at the upper end of this range, say 3.8 Mt @ 1.5%Cu. The additional drilling in this area may extend the resource, Duchess Deeps and West Ivanhoe have not been considered.
2. Mount Birnie, say 1Mt @ 1.0% Cu.
3. Mount Hope Central - 200m x 200m x 20 true width x 2.7 = 2.16Mt @ 3% Cu however a few deep holes will double this to 400m depth. Not hard to see [email protected]% Cu. However include some lower grade and call it a conservative 6Mt @ 1% Cu.
4. Mount Hope North - 200m strike x 400m depth x 12m true width x 2.7 = 2.5Mt @ 1% Cu.
5. The core at Lady Fanny looks like a great deposit with northern and southern extensions yet to drill. 300m x 300m x 20m x 2.7 = Say 5Mt @ 1.5% Cu with a chance to turn this into [email protected]+% Cu if the shoot extends to the IP anomalies in the north and south.
6. Nil Desperandum - 800m down plunge x 100m down dip x 20m width x 2.7 = 4.3Mt @ 1% Cu. This is the most uncertain as there are wider zones but down dip extent varies. A really hard deposit to estimate tonnage and grade but I think that number will stack up and could be exceeded.

Total = 22.6Mt @ >1% Cu

My low side expectation is 15Mt@1% copper eq. High side 30-50Mt at similar or better grade up to 1.5% Cu eq. after including gold credits.

Lots more upside and more possible deposits to include later. Lets not forget the huge strike along the favourable rock unit contact zone heading south that Carnaby have not even looked at yet.

Clearly the more drilling conducted the higher the initial JORC resource with ongoing drilling adding more with each programme.

These are not investment grade calculations and are by no means certain to come true. Many a drill hole has ruined a good exploration target.

I would be happy to have other calculations put forward and it will be great to see how close I am when the JORC is released toward the end of FY22-23.

DYOR and calculations. NOT investment advice or any kind of guarantee.