Carnaby Resources (CNB) H2 2024 earnings summary

Executive summary

• Achieved significant milestones, including the maiden Mineral Resource Estimate (MRE) and a positive Scoping Study for the Greater Duchess Copper Gold Project, confirming a high-grade resource and robust development options.

• Expanded landholding in the Mount Isa region through acquisitions and joint ventures, notably with Hammer Metals and Rio Tinto Exploration, enhancing exploration and development potential.

• Discovered new high-grade copper sulphide mineralisation at the Mohawk Prospect and identified multiple new drill targets across underexplored regions.

• Divested the Tick Hill Gold Project, retaining a royalty interest and exploration rights outside the existing resource.

Financial highlights

• Net loss after tax for FY2024 was $12.1 million, slightly improved from $12.2 million in FY2023.

• Net assets decreased to $26.8 million from $31.6 million year-over-year.

• Cash and financial assets at year-end totaled $10.8 million, down from $27.3 million in the prior year.

• No dividends declared or paid during the year.

Outlook and guidance

• Ongoing focus on expanding the Greater Duchess resource base through exploration and acquisition of adjacent deposits.

• Pre-feasibility studies and further drilling at Greater Duchess are underway, with continued assessment of both third-party and stand-alone processing options.

• Exploration to continue at new prospects, including Mohawk, Nil Secundo, and Breccia Hill, and at Western Australian projects as resources allow.