External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

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External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<ul><li>Cash: $6.5m (includes $0.5m restricted cash) (MA est. $6.8m)</li><li>Exploration expenditure: $2.4m ($3.0m)</li><li>Discovery of new San Quentin Deposit following VTEM campaign (see our first take here)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Cash: $6.5m (includes $0.5m restricted cash) (MA est. $6.8m)Exploration expenditure: $2.4m ($3.0m)Discovery of new San Quentin Deposit following VTEM campaign (see our first take here)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carnaby Resources Ltd - 1Q FY25 Activities: On Track Toward Duchess Development