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10 stories mentioning ASX:CNBUpdated 3d ago

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Asia

Incorporation of Carnaby's Queensland Project into Evolution's Operations Could Deliver Around 10,000 Tonnes-per-Annum of Copper Production, Euroz Hartleys Says

The incorporation of Carnaby Resources' (ASX:CNB) Greater Duchess copper-gold project has the potential to deliver around 10,000 tonnes-per-annum of additional copper production at Evolution Mining's (ASX:EVN) Ernest Henry operations, Euroz Hartleys said in a Monday note.Evolution agreed to acquire Carnaby via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.The transaction allows Evolution to incorporate Carnaby's Greater Duchess project into its Ernest Henry operations, providing a lower capital development to production than a standalone project and leveraging Ernest Henry's excess processing capacity. .The investment firm maintained speculative buy recommendation on Carnaby and adjusted its price target to AU$0.77 per share from AU$0.96 per share, aligning with the takeover bid price.

ASX:CNBASX:EVN
Asia

Australian Shares Jump; Evolution Mining to Acquire Carnaby Resources in AU$213 Million Deal

Australian shares closed higher on Monday, as a fall in oil prices provided relief over inflation concerns.The S&P/ASX 200 Index gained 1.39%, or 121.70 points, to close at 8,894.Brent crude oil futures were trading over $92 per barrel, falling over 4%. Iran said it would stop its attacks if the US did the same. Gold rose to trade around $4,090 per ounce.Investors are also eyeing the results of the US Federal Reserve's July meeting on Wednesday.On the domestic front, Australia's headline inflation is expected to average 4% in the second quarter, below the Reserve Bank of Australia's 4.8% forecast, which should prompt the central bank to keep interest rates unchanged at its next policy meeting, BofA Securities said.In company news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.Santos (ASX:STO) and PRISM Energy International Australia jointly marketed and loaded the first condensate cargo from the Barossa gas project. The shipment of around 300,000 barrels of condensate was loaded from the BW Opal floating production, storage and offloading vessel for delivery to SK Incheon Petrochem's refinery in South Korea.Lastly, Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion. The company reported total sales of AU$3.67 billion and operating gross profit of AU$1.41 billion for fiscal year 2025.

ASX 200ASX:CNBASX:EVNASX:MYRASX:STO
Asia

Update: Evolution Mining to Acquire Carnaby Resources in Deal Valuing Carnaby at Around AU$213 Million; Carnaby Shares Surge 60%

(Updates with the stock movement in the headline and last paragraph.)Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million, according to releases on the Australian bourse on Monday.Following the proposed merger, Carnaby shareholders will own around 0.9% of Evolution, the filing said. The acquisition is expected to be completed by mid-November, subject to regulatory approvals, including Australian Competition and Consumer Commission merger clearance and court approval.Carnaby's board unanimously recommended that Carnaby shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of Carnaby shareholders, per the filing. Carnaby's directors also committed to vote the around 7.3% of Carnaby shares which they hold or control in favor of the scheme.The existing tolling and offtake agreements between Carnaby and Glencore will be terminated, which is expected to facilitate the integration of the Greater Duchess project into the Ernest Henry operations, Carnaby said in a separate bourse filing. In consideration, Carnaby will issue around 28.6 million shares to Glencore under its existing placement capacity, representing around 9.4% of Carnaby's issued share capital on a post-issue basis.Evolution and Glencore separately agreed that any concentrate produced from ore extracted from Greater Duchess will be sold to Glencore under the existing Ernest Henry offtake arrangements between Evolution and Glencore. The companies also entered into a binding agreement for the toll treatment of third-party ore produced through the Ernest Henry processing facility.Carnaby Resources shares surged 60% in recent Monday trade, while Evolution Mining gained over 3%.

ASX:CNBASX:EVN
Asia

ASX Preview: Australian Shares to Rise as Oil Prices Fall on Trump's Iran Strike Pause; Evolution Mining to Acquire Carnaby Resources

Australian shares are poised to rise on Monday, tracking a decline in oil prices after US President Donald Trump paused strikes on Iran, boosting hopes for a diplomatic resolution that could ease Middle East tensions and reduce concerns over energy supply disruptions.On July 24, the S&P 500 and the Dow Jones Industrial Average rose 0.1% and 0.5%, respectively, while the Nasdaq Composite fell 0.6%.In the macroeconomy, investors are eyeing Australia's consumer price index report on Wednesday.In corporate news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion.Australia's benchmark index fell 0.8% or 66.7 points to close at 8,772.30 on July 24.

ASX 200ASX:CNBASX:EVNASX:MYR
Asia

Evolution Mining to Acquire Carnaby Resources in Deal Valuing Carnaby at Around AU$213 Million

Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million, according to releases on the Australian bourse on Monday.Following the proposed merger, Carnaby shareholders will own around 0.9% of Evolution, the filing said. The acquisition is expected to be completed by mid-November, subject to regulatory approvals, including Australian Competition and Consumer Commission merger clearance and court approval.Carnaby's board unanimously recommended that Carnaby shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of Carnaby shareholders, per the filing. Carnaby's directors also committed to vote the around 7.3% of Carnaby shares which they hold or control in favor of the scheme.The existing tolling and offtake agreements between Carnaby and Glencore will be terminated, which is expected to facilitate the integration of the Greater Duchess project into the Ernest Henry operations, Carnaby said in a separate bourse filing. In consideration, Carnaby will issue around 28.6 million shares to Glencore under its existing placement capacity, representing around 9.4% of Carnaby's issued share capital on a post-issue basis.Evolution and Glencore separately agreed that any concentrate produced from ore extracted from Greater Duchess will be sold to Glencore under the existing Ernest Henry offtake arrangements between Evolution and Glencore. The companies also entered into a binding agreement for the toll treatment of third-party ore produced through the Ernest Henry processing facility.

ASX:CNBASX:EVN
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

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