CNB and why it is STILL undervalued!!, page-5

Chapter 2:Management's Composition / Background

(Forgot to include this in my above summary)

Directors

Peter Bowler :Independent Non-Executive Director, Chairman

Greg Barrett :Independent Non-Executive Director

Paul Payne :Independent Non-Executive Director

Rob Watkins :Managing Director

The Management of CNB comprises of highly experienced team within the mining exploration industry with a resume of great successes.Both Peter Bowler and Rob Watkins originate from the Management Teams of the highly successful mining companies Beadell Resources and Agincourt Resources, under whose his leadership the companies grew to a peak market capitalisation of approximately A$800M and A$500M respectively.

Beadell Resources Limited was a gold development company. The Company's primary asset was the Tucano gold project located in Brazil. Beadellalso has an extensive portfolio of gold exploration tenements throughout Australia and Brazil including the prospective Tropicana East Project located adjacent to the Tropicana gold deposit

The first full year of operations at the Tucano gold mine in Brazil wasan outstanding success for BeadellResources.Full year production of 182,000 ounces resulted in revenue of $250mand net profit was $114m, translating to earnings per share of 15cents. In 2012, BDR's share price reached a peak of $1.08.

However,after Peter and Rob waved goodbye to Beadell, this is what happenedto their share price:

Andthereafter:

During Peter and Rob's time at Beadell, BDR's share price reached a peak of$1.08.

Peter Bowler served as Managing Director from the company's founding date of 03/05/2007until his resignation on 10/11/2015.

Rob Watkins also filled his role as Executive Director between 03/05/2007and 10/11/2015.

Greg Barrett, CNB's current Non-Executive Director, also served on Beadells Board of Directors for a one month period between 03/06/2007 and 31/07/2007 (But not sure as to why only one month)

Beadell Resources started as a tiny $15 Mil IPO in 2007, and under Peter and Robs successful leadership, reached its peak MC of 800 Mil … WOW!!! Almost 1$ Billion!!

Wantto know how the BEADELL story ended? Itwas successfully aquiredby Canadian silver miner GreatPanther Silver Limited (NYSE:GPL)in Febuary, 2019. Theexchange ratio implied consideration of 8.6 cents per Beadell share,giving an equity value for Beadell of around $144 million.

Now,How about Agincourt Resources?

Peter served as foundingManaging Director of Agincourt Resources Limited from 2003 to 2007and Rob as ExplorationManager during the same period.

Agincourt Resources Limited was a gold mining exploration company whose primary exploration project is the Wiluna Gold Mine in Western Australia, a110,000 ounce per year producer, and had a 57 percent stake in uranium group Nova Energy Ltd. NEL.AX.

Agincourt Resources (AGC) drilled for diamonds in Brazil, mined gold in Western Australia and spun off uranium company Nova Energy (NEL) of whichAgincourt owned 57 per cent. However, the most significant development happened after year end when Agincourt completed a company transforming transaction by acquiring the Martabe Gold and Silver Project in Indonesia for$US80 million ($107 million) from Newmont Mining (NEM). Agincourt managing director Peter Bowler said the project had initial resources of 5.3 million ounces of gold. But investors were unimpressed and Agincourt shares plunged 28 percent to $1.20 on the day the deal was announced. Shareholders have two concerns. First, the transaction was funded by a $100 million institutional placement at $1.15 a share - a 23 per cent discount to the 30-day volume-weighted average price for the stock of $1.49.Bowler said it was important to complete the acquisition irrespective of volatility within the equity markets at the time. The second concern was why Newmont sold the project if it was as good as Agincourt claimed. Bowler said Newmont found it expensive to run compared with its other projects. Agincourt has redesigned the plant to produce about 270,000 ounces of gold each year and the management team is convinced it will transform the company.

The SP ened up SOARING to over $2.00 !!

Afterbeing acquired in May 2007 by Oxiana Limited, AGC had a closing price of $2.03 (from its lowest share price of 88 c)

S obesides Rob and Peter, who else is on the Board of directors?

MrGreg Barrett:

Mr Greg Barrett was appointed as a non-executive director of the Companyeffective 12 March 2020.

“The addition of Mr Barrett to the Board reunites the original team whofounded Beadell Resources Ltd, which grew from a $15M IPO to a peak market capitalisation of ~$800M and prior to that, AgincourtResources Ltd, which grew rapidly before being acquired by Oxiana for approximately ~$450M. As previously stated, the Company considers the appropriate of number non-executive directors to be three” (Peter,Paul and now Greg) – (Remember, Rob is the MD, not a non-executivedirector)

MrGreg Barrett assumed the role after the previous non-executivedirector, Justin Tremain, resigned.

The Chairman of Carnaby, Peter Bowler commented: “Greg’s deep industry knowledge and his corporate, financial and negotiating experience will complement and enhance the Board’s existing mix of skills and experience. As the Company potentially enters an exciting new phase of gold production, I look forward to working with Gregagain as we continue negotiations with numerous 3rd parties. I would like to thank Justin for his contribution to the Board over many years. Justin has been instrumental in a great many of the Company’s significant achievements. We wish Justin well for the future.”

I think we are in "good hands"