Carnaby Resources : Presentation - Euroz Hartleys Institutional Conference

ersonal use only

Euroz Hartleys Institutional Conference

March 2022

Statements and disclaimers

Competent Persons Statement

The information in this document that relates to the Tick Hill Deposit and Tick Hill ROM Stockpile Mineral Resources is based upon information compiled by Mr Paul Tan. Mr Tan is a full time employee and security holder of the Company and a Member of the AUSIMM. Mr Tan consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Tan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the JORC Code.

onlyForward Looking Statements

The information in this document that relates to the Tick Hill Tailings Dam Mineral Resources is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and security holder of the Company and a Member of the AUSIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the JORC Code.

The information in this document that relates to the Tick Hill Deposit, Tailings Dam and ROM Stockpile Ore Reserves is based upon information compiled by Mr Nigel Spicer. Mr Spicer consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Spicer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the JORC Code.

Some statements in this document regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as " planned"," expected"," projected"," estimated"," may"," scheduled"," intends"," anticipates"," believes"," potential"," could"," nominal"," and similar expressions. Forward looking statements, opinions and estimates included in this document are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results, and may cause the

useCompany's actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements.

These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct. The Board has no intention to update or revise forward- looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law or the ASX listing rules.

The Company has concluded it has a reasonable basis for providing the forward looking statements included in this document, including with respect to any production targets and financial estimates, based on the information contained in this document.

This document does not constitute investment advice and has been prepared without considering the recipients investment objectives, financial circumstances or particular needs and the opinions and recommendations in this document are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, the Company, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or

ersonalcompleteness of any information, statements, opinion, estimates, forecasts or other representations contained in this document No responsibility for any errors or omissions from the document arising out of negligence or otherwise is accepted.

Disclaimer

References may have been made in this document to certain ASX announcements, including references regarding exploration results and mineral resources. For full details, refer to said announcement on said date. The Company is not aware of any new information or data that materially affects this information other than as specified in this document and the mentioned announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target(s) or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original

market announcement.

Slide 2

COMPANY OVERVIEW

Capital Structure

only		ASX Code	CNB
		Share Price1	$1.58
		Shares on Issue	143.5M
		Unlisted Options	2.5M
		Market Cap	$227M
use
	Cash2	$25.8M
	Top 20 Shareholders3	36.2%
		Board / Management Shareholding3	15.2%

Share Price Performance Last 12 Months1

$2.20

$2.00

$1.80

$1.60

$1.40

$1.20

$1.00

$0.80

$0.60

Highly Credentialled Board

$0.40

ersonal

Peter Bowler

Non-Executive Chairman

$0.20

$0.00

Rob Watkins

Managing Director

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Greg Barrett

Non-Executive Director

& Company Secretary

Paul Payne

Non-Executive Director

1.

As at 7 March 2022

2.

Based on cash of A$5.8 million as at 31 December 2021 and A$20m gross proceeds from recent Placement, see ASX release dated 24 January 2022

3.

As at 4 March 2022

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Slide 3

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RECENT DEVELOPMENTS AND HIGHLIGHTS

Greater Duchess Copper Gold Project (QLD)

• Major copper gold discovery in the Mt Isa inlier
• Nil Desperandum 41m @ 4.1% copper, 0.5g/t gold1.
• Lady Fanny Prospect 27m @ 2.8% copper, 0.8 g/t gold2 3km north of Nil Desperandum.
• Extensive mineralisation throughout a rapidly emerging >5km long IOCG corridor.

1. See ASX release dated 29 December 2021
2. See ASX release dated 13 January 2022

Slide 4

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COMPANY OVERVIEW

OPERATING EXCLUSIVELY IN AUSTRALIA WITH MAIN PROJECTS

LOCATED IN ESTABLISHED MINING REGIONS

Pilbara Gold and Lithium Projects		Greater Duchess Copper and Gold Projects
442km2 tenements		1,022km2 tenements
Location: Mallina Basin Pilbara		Location: Mt Isa Inlier
Greenfields		Brownfields

Malmac Project

621km2 tenements

Location: North Yilgarn Margin

Greenfields

Slide 5