# Rob Watkins

Managing Director

## Career chronology

- **Appointed 23 April 2019; current through cutoff: Carnaby Resources Limited** — Managing Director. [Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies and Executive Employment Agreement); [Annual Report 2023](<https://announcements.asx.com.au/asxpdf/20230919/pdf/05v1t35pmk2p29.pdf>) (Directors’ Report, pp. 4–5); [Acquisition of Tick Hill Gold Project and Board/Management Changes](<https://carnabyresources.com.au/wp-content/uploads/AcquisitionOfTickHillGoldProject12Mar19.pdf>) (Board and Management Changes, pp. 7–8)

- **Prior to Carnaby; dates and individual project accountability not disclosed in reviewed issuer reports: Beadell Resources Limited** — Founding Executive Director. [Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies); [Annual Report 2023](<https://announcements.asx.com.au/asxpdf/20230919/pdf/05v1t35pmk2p29.pdf>) (Directors’ Report, p. 4); [Acquisition of Tick Hill Gold Project and Board/Management Changes](<https://carnabyresources.com.au/wp-content/uploads/AcquisitionOfTickHillGoldProject12Mar19.pdf>) (Board and Management Changes, p. 7)

- **Prior to Beadell; exact dates not disclosed: Agincourt Resources Limited** — Exploration Manager. [Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies); [Annual Report 2023](<https://announcements.asx.com.au/asxpdf/20230919/pdf/05v1t35pmk2p29.pdf>) (Directors’ Report, p. 4)

- **More than 20 years’ exploration experience reported; full employer/date list not available: Earlier exploration work** — Geologist; Australia and overseas. [Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies)

## Education and qualifications

### BSc (Honours) and professional membership [rob_watkins_education]

As reported by FY2026 · issuer reported · low materiality

Carnaby reports a Bachelor of Science (Honours) and MAusIMM. Institution and independent membership standing were not established in the materials read.

**Attribution:** Responsibility not applicable. No personal responsibility question applies.

**Relevance:** Supports technical role fit but institution and credential verification remain limited.

[Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies); [Annual Report 2023](<https://announcements.asx.com.au/asxpdf/20230919/pdf/05v1t35pmk2p29.pdf>) (Directors’ Report, p. 4)

## Contributions and company outcomes

### Greater Duchess PFS, maiden reserve and resource growth delivered during MD tenure [rob_watkins_delivery]

FY2026 · issuer reported · medium materiality

Carnaby’s FY2026 annual report records release of the Greater Duchess PFS in March 2026, a maiden Probable Ore Reserve of 8.4 Mt at 1.9% CuEq, and an updated 30.8 Mt resource at 1.6% CuEq. It reports a base-case post-tax NPV7% of A$322m and 13-month payback as study estimates. Those economics are forward-looking study outcomes, not realized production or shareholder returns.

**Attribution:** Role overlaps event; causation unproven. Watkins was MD during the reporting period; the report documents company outcomes but does not attribute geological or study work to him personally.

**Relevance:** Material development-stage progress for a copper company; execution, finance and approvals remain unproven and PFS forecasts must not be treated as realized value.

[Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Operating and Financial Review, Greater Duchess PFS/resource/reserve milestones, lines 243–255)

## Suitability for the current role

### Geologist and exploration executive; listed-company MD since 2019 [rob_watkins_fit]

2019–2026 · analyst inference · medium materiality

Carnaby reports Watkins holds a BSc (Hons) and MAusIMM and previously served as a founding Beadell executive and Agincourt exploration manager. The 2026 annual report says he served as MD throughout FY26 and was party to an employment agreement effective 23 April 2019.

**Attribution:** Individual involvement documented. Appointment and company roles are directly documented; historic exploration outcomes are not individually allocated in reviewed materials.

**Relevance:** Technical geology experience aligns with an exploration-led copper company moving toward development; full previous employer chronology remains incomplete.

[Annual Report 2026](<https://financialfilings.com/filings/carnaby-resources-limited/annual-report/2026/59459137/>) (Directors’ Report, director biographies and Executive Employment Agreement); [Annual Report 2023](<https://announcements.asx.com.au/asxpdf/20230919/pdf/05v1t35pmk2p29.pdf>) (Directors’ Report, p. 4); [Acquisition of Tick Hill Gold Project and Board/Management Changes](<https://carnabyresources.com.au/wp-content/uploads/AcquisitionOfTickHillGoldProject12Mar19.pdf>) (Board and Management Changes, p. 7)

## Evidence gaps

- Earlier employer dates and specific exploration discoveries/responsibilities at Beadell and Agincourt are not established.

- The PFS economic projections remain estimates; no independent review of execution readiness, funding and shareholder returns was conducted.

- No broad comparison of project outcomes, commodity price conditions or benchmarked total shareholder returns was prepared.

- No targeted official safety, environmental, court, ASIC, sanctions or professional-discipline registers were exhaustively searched.