Rob Watkins

Career chronology

• Appointed 23 April 2019; current through cutoff: Carnaby Resources Limited — Managing Director. Annual Report 2026 (Directors’ Report, director biographies and Executive Employment Agreement); Annual Report 2023 (Directors’ Report, pp. 4–5); Acquisition of Tick Hill Gold Project and Board/Management Changes (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 (Directors’ Report, director biographies); Annual Report 2023 (Directors’ Report, p. 4); Acquisition of Tick Hill Gold Project and Board/Management Changes (Board and Management Changes, p. 7)

• Prior to Beadell; exact dates not disclosed: Agincourt Resources Limited — Exploration Manager. Annual Report 2026 (Directors’ Report, director biographies); Annual Report 2023 (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 (Directors’ Report, director biographies)

Education and qualifications

BSc (Honours) and professional membership

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 (Directors’ Report, director biographies); Annual Report 2023 (Directors’ Report, p. 4)

Contributions and company outcomes

Greater Duchess PFS, maiden reserve and resource growth delivered during MD tenure

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 (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

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 (Directors’ Report, director biographies and Executive Employment Agreement); Annual Report 2023 (Directors’ Report, p. 4); Acquisition of Tick Hill Gold Project and Board/Management Changes (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.