CARNABY RESOURCES LIMITED (CNB)
Share Price Analysis and Chart

08/12/2025

1

Outperform

$0.70

29.63%

Macquarie analysts have reset copper price forecasts from the forward curve to strategy team forecasts, resulting in 4-6% increases in near-term price estimates.

Forecasts for 2027-28, however, cut by around -9% to US$9,700-10,000/t, while the long-term view is lifted by 3% to US$9,500/t.

The broker left Carnaby Resources' FY26 EPS forecast unchanged but cut sharply for FY27.

Target trimmed to 70c from 80c. Outperform maintained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.70 cents.

12/12/2025

1

Buy

$0.76

40.74%

Carnaby Resources released further drilling results from ongoing work at the Trekelano deposit which is part of its Greater Duchess project in North Qld, Moelis explains.

The results infer a great mineralisation footprint across the tenements and the recently acquired asset is expected to boost the existing Greater Duchess ore bodies.

The analyst sees the explorer as well positioned to move to production with few impediments between starting and concentrate sales as Carnaby is well capitalised.

No change to Buy rating and 76c target price.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.10 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.30 cents.