Carnaby Resources (ASX: CNB) – Greater Duchess Project QLD

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
		Management lacks development experience Flagship is a JV	Great anticipation usually leads to disappointment

ABOUT COMPANY

Carnaby Resources (https://carnabyresources.com.au/) explores copper and gold in Australia. Its flagship is the Greater Duchess Copper Project located in Mt Isa Queensland.

In April 2024, the company bought an initial 51% interest (up to 70% in total) in adjacent Mt Hope tenements from HMX for $9m ($4m cash and $5m share@55c).

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
CNB	0.47	171937246		80810505.6200	10.2/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
5059	35.6%	36.25%	14.64%		last raise $20m@$1.22

The directors sold 2.8m shares in FY22.

FLAGSHIP ASSETS

Greater Duchess Copper-Gold Project (82.5% with DCX)

CNB Greater duchess project webp

Project Data

Glencore to shut Mount Isa copper mines by 2025.

If DCX’s 17.5% didn’t get its share price up, CNB’s 82.5% wouldn’t be worth too much more than the deemed proportion.

Below are the project’s 2023 resources:

OTHER ASSETS

Mallina Basin Gold Project WA (442km)

Malina Basin/Marble Bar - Li, Gold, Base Metals - DEG, PLS, MIN, CAI, GL1, DVP, KAI

Malmac Base Metal Project Earaheedy WA

Earaheedy - Base Metals - RTR, ZNC, CDT, CNR

SUMMARY

The company doesn’t have a track record of delivering. It is yet to be seen how many resources are at QLD.