CARNABY RESOURCES LIMITED (CNB)
Share Price Analysis and Chart

30/03/2026

1

Outperform

$0.70

48.94%

Macquarie has raised its 2026 commodity price forecasts, with the largest increases for thermal coal up 29%, aluminium up 26%, metallurgical coal up 15%, gold up 7%, iron ore up 6% and copper up 3%.

In the near term, the broker is overweight thermal coal, aluminium, metallurgical coal and nickel relative to consensus, while remaining even-weight on copper, iron ore, zinc, lithium, gold, silver and manganese.

Alumina is the only commodity where Macquarie is underweight.

The broker’s Australian dollar forecast is around 6% stronger than consensus. While higher prices support earnings, higher FX and fuel costs offset some of the benefit, the analyst explains.

The target for Carnaby Resources remains at 70c and the Outperform rating is unchanged.

This is a summary of research produced by Macquarie on March 27.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.50 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.50 cents.

07/04/2026

1

Buy

$0.95

102.13%

Moelis notes copper has traded in a relatively tight range throughout the March quarter before weakening late to close at US$5.50/lb.

Amid a growing narrative of potential price weakness as US stockpiles are unwound, the price has held up, which the broker suggests could be a reminder that decarbonisation remains essential to negate reliance on fossil fuel supplies.

Prices are increased between 8-11% throughout the forecast period. Long-term estimates are increased by around 2% and are now at US$4.66/lb.

Moelis has also made upward revisions to capital and operating expenditures to reflect the re-emergence of inflation, which negates some of the upside to cash flow and therefore valuation. Buy rating for Carnaby Resources retained and the target is lifted to $0.95 from $0.90.

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 0.30 cents.