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.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
CNB	0.62	162846337		100964728.94	20.9/0


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.