CARNABY RESOURCES LIMITED (CNB)
Share Price Analysis and Chart

02/12/2024

1

Outperform

$0.90

146.58%

Carnaby Resources has expanded its total resource base by 27% through the acquisition of the Trekelano copper deposits for approximately -$9m. As part of the transaction, management raised $17m in two tranches at 31c per share.

Macquarie highlights the proximity of the Trekelano deposits, located only 20km from the company’s existing tenements at Greater Duchess.

Regarding Greater Duchess, management separately announced a binding agreement with Glencore for tolling and offtake of 100% of product, highlights the broker.

Macquarie raises the target price to 90c from 88c and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -10.10 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.50 cents.

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05/02/2025

1

Buy

$0.75

105.48%

Moelis notes 2Q25 was another strong quarter for Carnaby Resources, both in terms of exploration progress and project development. Cash came in higher than the broker's estimate but this was mainly due to the timing of the Trekelano deal payment.

The broker believes the most significant milestone for the quarter was the company securing a long-term processing solution with Glencore, coupled with Glencore’s addition as a cornerstone investor. In the broker's view, this further reinforces the viability of a standalone operation at Duchess, effectively paving the way for a low-upfront capex development strategy.

No change to Buy rating. Target price 75c. Next key catalyst is the release of the Pre-Feasibility Study expected around 3Q25.

FORECAST
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.60 cents.
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.80 cents.