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Asia

Carnaby Resources' Queensland Project Drilling Has Potential to Improve Project Economics Within Current Mine Plans, Euroz Hartleys Says

Carnaby Resources' (ASX:CNB) ongoing drilling at the Trek-1 FWZ within the Greater Duchess copper-gold project in Queensland has the potential to improve project economics within the current mine plans and extend mine lives, according to a Wednesday note by Euroz Hartleys.The firm is looking to complete its feasibility study at Greater Duchess by mid-year, ahead of a final investment decision and a targeted first ore production in the second half.Euroz Hartleys modelled around 143,000 tonnes of copper and around 55,000 ounces of gold production over the 12-year life of mine at average all-in sustaining costs of around $3.17 per pound of copper, net of gold credits, pre-production capital of AU$15 million, and total capital expenditure of around AU$246 million.The investment firm retained its speculative buy rating on Carnaby Resources along with its AU$0.96 per share price target.

ASX:CNB
Asia

Carnaby Resources Strengthens Australia Project's Long-Term Production Profile, Says Euroz Hartleys

Carnaby Resources' (ASX:CNB) recent drill results "materially" strengthen the long-term production profile of the Greater Duchess copper-gold project, according to a Tuesday Euroz Hartleys note.The company said on Tuesday that it intersected 232 meters at 1.3% copper equivalent, including 65 meters at 2.9% copper equivalent, at the Miniboom Lode Discovery of its Greater Duchess Project in Queensland, Australia.The research firm noted that the company is looking to complete its feasibility study for the project mid-year, ahead of a final investment decision, and targeted first ore production in the second half of the year.Euroz Hartleys kept a speculative buy rating on Carnaby Resources while its price target of AU$0.96 is under review.The company's shares rose almost 9% to their highest since May 2024 on market close.

ASX:CNB
Asia

Carnaby Resources Delivered 'Excellent' Drilling Results at Queensland Project; Remains Undervalued, Euroz Hartleys Says

Carnaby Resources (ASX:CNB) delivered "excellent" drilling results from a new Footwall lode at its Greater Duchess copper-gold project in Queensland, materially improving the resource potential at the Trek 1 prospect, Euroz Hartleys said in a Thursday note.The results included intercepts of 19 meters at 7.1% grade of copper-equivalent, including 4.4% grade of copper and 3.1 grams per tonne grade of gold, from 256 meters, as well as 16 meters at 2.4% grade of copper-equivalent, including 2% grade of copper and 0.5 g/t grade of gold, from 197 meters.The deposit is open up-dip toward the existing Trek 1 ore reserve pit and needs further drilling to confirm the results. "There is potential for meaningful pit shell growth and higher ore reserve inventories," if the deposit is confirmed up-dip, the equity research firm said."We note recent drilling continues to define consistent, high-grade copper-gold mineralization at depth, which in our view materially strengthens the long-term production profile of Greater Duchess," Euroz Hartleys added.The investment firm maintains a speculative buy recommendation on Carnaby Resources with a price target of AU$0.96 per share, saying the company continues to be undervalued relative to its peers and production potential.

ASX:CNB
Asia

Carnaby Resources Continues to Be Undervalued Relative to Peers, Euroz Hartleys Says

Carnaby Resources (ASX:CNB) continues to be undervalued relative to its peers and given its production potential, Euroz Hartleys said in a Tuesday note, adding that the market may have missed a near-term production opportunity.The company has commenced a roughly 3,000 meters reverse circulation drilling program at its Greater Duchess copper gold project in Queensland, targeting extensions of high-priority mineralization at the Trekelano deposit.In addition, more assay results from a recently completed diamond drilling program are also pending, providing near-term news flow alongside the current drilling program, the equity research firm said.Leveraging its binding tolling and offtake deals with Glencore provides a low capital pathway to first production for Carnaby, and the first three years of production on Euroz Hartleys' modeling should come from lower-risk open pit reserves in the Trekelano, Mt Hope and Lady Fanny operations, it said.The equity research firm maintain a speculative buy recommendation on the stock with a price target of AU$0.96.

ASX:CNB
Asia

Carnaby Resources Begins Reverse Circulation Drilling at Queensland Project

Carnaby Resources (ASX:CNB) began a 3,000-meter reverse circulation drill program at the Greater Duchess project in Queensland, according to a Tuesday Australian bourse filing.The program will test extensions of high-priority targets at Trekelano.

ASX:CNB