Ann: Presentation - Noosa Mining Investor Conference 2023, page-7

The geophysics being undertaken south of Nil Desperandum gives a news flow soon with the chance of significant targets being refined (e.g. St.Andrews) and hopefully new targets being generated. 19,000 line km of airborne aeromagnetic survey over the 75km in the IOCG structural corridor south of Nil Desperandum is a great first step given there is thin cover over much of this ground. "Extensive new IP geophysics has commenced to generate new drill targets." This is presumably covering the EM and geochemistry anomalies at St. Andrews, Razorback, Wagon Wheel and Bull Shark. Once the IP is in initial drilling could begin to identify new discoveries. The IP will be interesting to see.

Rob mentioned that the high grades at Mount Hope adds significant copper tonnes. Having a core of 2-3+% copper in the Boomerang Lode and Chalcus lode could give an upside surprise in tonnes of contained copper. I think Mount Hope will end up with around 10 million tonnes of ore at 1+% in the initial JORC (back of envelope calculation and not investment grade figure!). If Lady Fanny North gets drilled and assayed in time then this could add significant tonnes. Carnaby is committed to deliver the JORC in Q3.

Macquarie estimating 370,000t of copper in the initial JORC shouldn't be too far out (300-500,000t range is my current guess???). If Lady Fanny North gets drilled and included then there is upside potential to get towards the upper end of my range. Anything above 300,000t of contained copper will be a success for Carnaby and a great platform to build upon with further drilling.

DYOR. Not investment advice.