DiscovEx Resources : Exceptional Drill Results Nil Desperandum and Lady Fanny CNB

ASX Announcement: 04 April 2022

Exceptional Drill Results from Nil Desperandum and Lady Fanny -

Carnaby Resources Limited

DiscovEx Resources Limited (Company or DiscovEx) provides the attached announcement by Carnaby Resources Limited (ASX: CNB) (Carnaby).

DCX Managing Director, Toby Wellman, commented:

"Having recently raised funds to progress the Nil Desperandum discovery, our Joint Venture partners Carnaby Resources (ASX:CNB) have hit the ground running. These latest results display significant copper and gold mineralisation over impressive widths. With plenty of cash in the bank to continue the development efforts, DiscovEx looks forward to further drill results being reported from the Greater Duchess Joint Venture."

The announcement relates to the Southern Hub Tenements, located in the Mt. Isa Region of Queensland where DiscovEx holds a 17.5% free‐carried interest in EPM 9083, EPM 11013, EPM 14366, EPM 14369, EPM 17637, EPM 18223, EPM 18990, EPM 19008, EPM 25435, EPM 25439, EPM 25853, EPM 25972.

Authorised for release by and investor enquiries to: Toby Wellman

Managing Director T: 08 9380 9440

For and on behalf of DISCOVEX RESOURCES LIMITED

Exceptional Drill Results from Nil

Desperandum and Lady Fanny 24m @ 5.0% Cu, 1.3 g/t Au Inc. 12m @ 8.1% Cu, 2.2 g/t Au

Carnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce exceptional exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

Highlights

• • Nil Desperandum Prospect: NLDD084 has intersected the continuation of the high-grade breccia pipe shoot 70m down plunge from discovery hole NLDD044 with a result of 24m @ 5.0% copper, 1.3 g/t gold from 313m including 12m @ 8.1% copper, 2.2 g/t gold.

• • Lady Fanny Prospect: Exceptional drill results and visual intersections continue to be received including new results of 22m @ 2.4% Cu, 0.5 g/t Au in LFRC019, 19m @ 2.4% Cu, 0.9 g/t Au in LFRC010 and 43 m of strong copper sulphide visuals in LFRC120 (See Figures 4, 5 & 6).

The Company's Managing Director, Rob Watkins commented: "We are in the early stages of unearthing the scale and significance of the Nil Desperandum and Lady Fanny discoveries. The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess Copper Gold Project."

Managing Director Rob Watkins and Chairman Peter Bowler inspecting the spectacular drill core from NLDD084 onsite at Greater Duchess, Qld.

ASX Announcement 4 April 2022

Fast Facts

Shares on Issue 143.5M

Market Cap (@ $1.235) $177M

Cash $25.8M1

1Based 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.

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director & Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• ▪ Proven and highly credentialed management team

• ▪ Tight capital structure and strong cash position

• ▪ Nil Desperandum and Lady Fanny Iron

  Oxide Copper Gold discoveries within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.

• ▪ Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure

• ▪ Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective gold and lithium 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 producing 511 koz at 22 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1

T: [phone]www.carnabyresources.com.au

GREATER DUCHESS COPPER GOLD PROJECT

New RC and diamond drilling results and further visual copper sulphide estimations from ongoing drilling at the Nil Desperandum and Lady Fanny copper gold discoveries are presented below and in Appendix 1 & 2.

Drilling continues with two drill rigs, a dedicated RC and a dedicated diamond drill rig.

NIL DESPERANDUM PROSPECT (CNB 82.5%, DCX 17.5%)

Carnaby continues to extend the Nil Desperandum high-grade discovery to the southwest targeting extensions of the high-grade breccia shoot and drill testing Induced Polarisation (IP) chargeability anomalies that have been shown to correlate exceptionally well with copper sulphide mineralisation.

Figure 1. Nil Desperandum Plan coloured by copper % times down hole width, also showing location of new results and planned holes.

It is becoming clear that the high-grade breccia shoot intersected in NLDD044 and NLDD084 is a new high-grade plunging pipe-like breccia shoot separate from the shallower, previously defined breccia shoot. Both shoots appear to have similar plunges to the SSW and remain completely open at depth (Figure 1). The breccia shoots appear to have formed within a broader SW trending mineralised corridor which is also completely open.

NLDD084

Diamond drill hole NLDD084 has intersected the down plunge continuation of the high-grade breccia shoot 70m down plunge from the original discovery hole NLDD044 that intersected 41m @ 4.1% copper (See ASX release 29 December 2021) (Figure 1).

NLDD084 intersected;

31m @ 3.9% copper, 1.0 g/t gold from 313m,

Including 24m @ 5.0% copper, 1.3 g/t gold from 313m

Including 12m @ 8.1% copper, 2.2 g/t gold from 322m

Figure 2. NLDD084 drill section.

Figure 3. NLDD084 diamond drill core showing high-grade copper mineralisation from 322m to 336m.