Carnaby Resources Limited announced it has been notified by the Queensland Government Department of Resources Mineral Assessment Hub, that its final view and recommendation regarding the actual boundary location of the 100% owned Mount Hope Mining Lease (ML 90240) has been approved by the Minister. A drill out of the highly exciting Mount Hope Central Prospect will commence immediately, where results up to 39m @ 5.2% Cu, 0.5g/t Au have recently been reported. A planned 40,000m of exploration drilling has commenced and will be split between exploration, targeting exceptional IP chargeability anomalies and direct step out drilling along the Nil Desperandum to Mount Hope corridor, and commencement of an infill drilling program to prove up a maiden mineral resource which will be reported in Second Quarter 2023.

The Queensland Department of Resources concisely and clearly stated the reasons for their determination as follows: the boundaries of ML 90240 have been more accurately worked out and described by surveyed position of former ML 5421 and should be varied under section 295(1)(a) of the Mineral Resources Act 1989 (the MRA). A cadastral survey of former ML 5421 has previously been completed in 1984 (MP 40712) and the location of ML 5421 on the ground is not in question. The intent of the original application for ML 90240 clearly stated the intent to abut and exclude the area of ML 5421.

The Certificate of Application (COA) was issued for ML 90240 under former section 252 of the MRA on 2 June 2015. Issue of the COA demonstrates compliance with the MRA in respect to the application requirements, therefore the application and subsequent grant are deemed to be valid. The boundaries and area of ML 90240 have been more accurately described by the most recent Identification Survey of Former ML 5421 dated 1 July 2022 (MP 44247).