Carnaby Resources (CNB) H2 2024 earnings summary

Executive summary

• Achieved significant milestones, including a maiden Mineral Resource Estimate (MRE) and a positive Scoping Study for the Greater Duchess Copper Gold Project, highlighting robust development potential and expansion opportunities.

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

• 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 a $12.2 million loss in FY2023.

• Cash and financial assets at 30 June 2024 totaled $10.8 million, down from $27.3 million a year earlier.

• Net assets decreased to $26.8 million from $31.6 million at the prior year end.

• Basic loss per share was $0.074, compared to $0.083 in FY2023.

• No dividends were declared or paid during the year.

Outlook and guidance

• Ongoing focus on expanding the Greater Duchess resource base through drilling and regional exploration.

• Pre-feasibility studies and further metallurgical work underway for the Greater Duchess Project, with both third-party and standalone processing options being advanced.

• Continued exploration at new prospects, including Mohawk, Nil Secundo, and Breccia Hill, and further work at Western Australian projects.