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2026-11-06
◂ Monitor CNB ASX

Carnaby Resources Limited

PFS Developer · Copper · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-05
A$0.79
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$218.1M
EV
A$208.8M
Cash
A$9.4M
Debt
A$0
5 newer ASX announcements not yet reflected in this valuation

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory30 documents
Dispatch of Scheme BookletTransaction · HighExtracted

Carnaby confirms completed dispatch, BDO fair-and-reasonable conclusion, continuing unanimous board support and the 26 October scheme meeting.

Document ID
scheme-dispatch-2026
Published UTC
2026-09-25T06:22:00Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
CNB ordinary-share ASX close on 25 September 2026Market Data · HighExtracted

Latest eligible local close from data/asx_mining_companies.db selected by miners.reference_price; market data provider via miners.collect_stock_prices.

Document ID
cnb-close-2026-09-25
Published UTC
2026-09-25T06:10:00Z
Projects
—
Commodities
—
Open original source ↗
Evolution Mining ASX close on 25 September 2026Market Data · HighExtracted

External historical quote shows an EVN close of A$13.71 on 25 September 2026; a separate Stock Analysis history row differs by A$0.01, which is immaterial to the calculated scheme mark.

Document ID
evn-close-2026-09-25
Published UTC
2026-09-25T06:10:00Z
Projects
—
Commodities
—
Open original source ↗
Scheme Booklet registered with ASICTransaction · HighMetadata Only

The 425-page scheme booklet was registered with ASIC. Its full text could not be reliably extracted in this run; the 25 September issuer dispatch release supplies the material procedural facts used here.

Document ID
scheme-booklet-2026
Published UTC
2026-09-21T07:39:00Z
Projects
greater-duchess
Commodities
—
Open original source ↗
Annual Report 2026Results · HighExtracted

Audited FY26 report confirms pre-production status, cash, loss, executive roster, share reconciliation and the 24 August 2026 Greater Duchess resource update.

Document ID
annual-report-2026
Published UTC
2026-09-03T08:12:00Z
Projects
greater-duchess · western-australia-portfolio
Commodities
copper · gold
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted

Latest quarterly reported the Evolution scheme, A$9.392m unrestricted cash, A$1.372m restricted cash and a 76-cent reference price.

Document ID
june-2026-quarterly
Published UTC
2026-07-29T23:10:29Z
Projects
greater-duchess · western-australia-portfolio
Commodities
copper · gold · lithium
Open original source ↗
Carnaby Resources to be acquired by Evolution MiningCorporate Action · HighExtracted

Binding scheme implementation deed for Evolution to acquire Carnaby with fixed scrip consideration, subject to shareholder, court, regulatory and other conditions.

Document ID
evolution-scheme-cnb-2026
Published UTC
2026-07-26T22:49:09Z
Projects
greater-duchess · western-australia-portfolio
Commodities
copper · gold · lithium
Open original source ↗
Evolution agrees to acquire Carnaby ResourcesCorporate Action · HighExtracted

Evolution's announcement confirms the acquisition rationale and potential integration of Greater Duchess into Ernest Henry.

Document ID
evolution-scheme-evn-2026
Published UTC
2026-07-26T22:49:34Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Proposed issue of securities - CNBFinancing · HighExtracted

Conditional proposed issue of 28.572m shares to Glencore for termination of tolling and offtake agreements; no shares had been issued by cutoff.

Document ID
glencore-proposed-shares-2026
Published UTC
2026-07-26T22:50:04Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Notification of cessation of securities - CNBGovernance · LowExtracted

Lapse of 75,000 A$0.59 unlisted options, leaving 5.520m options.

Document ID
options-cessation-july-2026
Published UTC
2026-07-08T07:38:50Z
Projects
—
Commodities
—
Open original source ↗
Notification of cessation of securities - CNBGovernance · LowExtracted

Lapse of 300,000 A$0.73 unlisted options, leaving 5.595m options.

Document ID
options-cessation-may-2026
Published UTC
2026-05-11T05:41:12Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted

March 2026 quarterly restated PFS economics and reported A$11.583m unrestricted cash, later superseded.

Document ID
march-2026-quarterly
Published UTC
2026-04-28T22:19:06Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Notification regarding unquoted securities - CNBGovernance · LowExtracted

Issue of 300,000 employee options at A$0.70; exact ASX publication time was unavailable in the local metadata.

Document ID
options-issue-april-2026
Published UTC
2026-04-21T14:00:00Z
Projects
—
Commodities
—
Presentation - An Afternoon with ORDS - CopperPresentation · MediumExtracted

March 2026 investor presentation restating the current PFS, reserve and development plan.

Document ID
ords-presentation-2026
Published UTC
2026-03-25T01:23:30Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Greater Duchess Pre-Feasibility Study and Maiden Ore ReserveStudy · HighExtracted

Current PFS and maiden probable reserve for a toll-treated Greater Duchess mine plan.

Document ID
pfs-2026
Published UTC
2026-03-15T22:15:38Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Half Yearly Report and AccountsResults · MediumExtracted

Half-year statutory financials confirmed 276.12m shares and A$14.603m cash at 31 December 2025, later superseded by the June quarterly.

Document ID
half-year-2026
Published UTC
2026-03-05T04:50:06Z
Projects
greater-duchess · western-australia-portfolio
Commodities
copper · gold · lithium
Open original source ↗
Notification regarding unquoted securities - CNBGovernance · LowExtracted

Issue of 300,000 employee options at A$0.73; exact ASX publication time was unavailable in the local metadata.

Document ID
options-issue-march-2026
Published UTC
2026-03-02T13:00:00Z
Projects
—
Commodities
—
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted

December 2025 quarterly reported the updated resource and A$14.603m unrestricted cash, later superseded.

Document ID
december-2025-quarterly
Published UTC
2026-01-29T21:32:29Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Greater Duchess Mineral Resource UpdateResource Update · HighExtracted

Current Greater Duchess mineral resource estimate of 29.2Mt at 1.5% CuEq.

Document ID
mre-update-2026
Published UTC
2026-01-26T21:43:43Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Notification regarding unquoted securities - CNBGovernance · LowExtracted

Issue of 1.575m employee options; exact ASX publication time was unavailable in the local metadata.

Document ID
options-issue-december-2025
Published UTC
2025-12-15T13:00:00Z
Projects
—
Commodities
—
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted

September 2025 quarterly reported progress on the PFS and A$6.92m unrestricted cash, later superseded.

Document ID
september-2025-quarterly
Published UTC
2025-10-30T22:27:52Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Annual Report 2025Results · MediumExtracted

FY2025 statutory report and project review; financial balances were superseded by later interim and quarterly reports.

Document ID
annual-report-2025
Published UTC
2025-09-26T04:55:48Z
Projects
greater-duchess · western-australia-portfolio
Commodities
copper · gold · lithium
Open original source ↗
Trekelano Acquisition CompletesTransaction · HighExtracted

Trekelano acquisition completed, adding three granted mining leases to Greater Duchess.

Document ID
trekelano-completion-2025
Published UTC
2025-08-18T23:21:54Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Carnaby Secures 100% Ownership of Greater Duchess ProjectTransaction · HighExtracted

Agreement to acquire Latitude 66's 17.5% joint-venture interest, moving core Greater Duchess tenements to 100% Carnaby ownership.

Document ID
duchess-ownership-2025
Published UTC
2025-07-30T22:34:23Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted

June 2025 quarterly reported A$15.8m cash and ongoing Greater Duchess PFS work; exact ASX release time was unavailable in the local metadata.

Document ID
june-2025-quarterly
Published UTC
2025-07-29T14:00:00Z
Projects
greater-duchess
Commodities
copper · gold
Trekelano Acquisition, Tolling & Offtake and Capital RaiseTransaction · HighExtracted

Carnaby agreed to acquire Trekelano, signed a Glencore tolling and offtake term sheet, and announced a placement.

Document ID
trekelano-glencore-transaction-2024
Published UTC
2024-11-27T22:36:02Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Presentation - Trekelano Acquisition & Glencore Term SheetPresentation · MediumExtracted

Investor presentation supporting the Trekelano acquisition and Glencore processing strategy.

Document ID
trekelano-presentation-2024
Published UTC
2024-11-27T22:36:22Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Scoping Study Results Greater Duchess ProjectStudy · HighExtracted

Superseded 2024 scoping study favoured third-party processing with a low-capital start.

Document ID
scoping-study-2024
Published UTC
2024-05-29T23:21:16Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Greater Duchess Project Scoping Study UpdateStudy · MediumExtracted

Scoping work compared standalone processing with third-party toll treatment and was subsequently superseded.

Document ID
scoping-update-2023
Published UTC
2023-12-03T22:21:01Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Greater Duchess Maiden Mineral ResourceResource Update · HighExtracted

Maiden 2023 Greater Duchess resource, later superseded by the January 2026 estimate.

Document ID
maiden-mre-2023
Published UTC
2023-10-26T22:32:34Z
Projects
greater-duchess
Commodities
copper · gold
Open original source ↗
Evidence facts78
mre23-tonnesTotal mineral resource

21800000 tonnes

2023-10-27
mre23-cueqTotal contained copper equivalent

315400 tonnes CuEq

2023-10-27
scope24-npvThird-party processing post-tax NPV7

294000000 AUD

2024-05-30
scope24-capexThird-party processing pre-production capital

35000000 AUD

2024-05-30
trekelano-original-mreTrekelano acquisition resource

5200000 tonnes

2024-11-28
placement-2024-amountTwo-tranche placement commitments

17000000 AUD

2024-11-28
trekelano-initial-considerationTrekelano cash consideration estimate

9000000 AUD

2024-11-28
duchess-acquired-interestAdditional Greater Duchess JV interest acquired

17.5 %

2025-07-31
duchess-acquisition-considerationGreater Duchess JV acquisition consideration

6000000 AUD

2025-07-31
trekelano-ownershipTrekelano ownership

100 %

2025-08-19
trekelano-total-cash-paidTrekelano acquisition cash paid

8700000 AUD

2025-08-19
trekelano-environmental-bondTrekelano environmental bond

1300000 AUD

2025-08-19
options-dec25-issuedEmployee options issued

1575000 options

2025-12-15
options-dec25-totalTotal unlisted options after issue

5295000 options

2025-12-16
mre26-tonnesTotal mineral resource

29200000 tonnes

2026-01-27
mre26-copper-gradeMineral resource copper grade

1.3 % Cu

2026-01-27
mre26-gold-gradeMineral resource gold grade

0.2 g/t Au

2026-01-27
mre26-contained-copperContained copper

380300 tonnes Cu

2026-01-27
mre26-contained-goldContained gold

230200 oz Au

2026-01-27
mre26-contained-cueqContained copper equivalent

440500 tonnes CuEq

2026-01-27
options-mar26-issuedEmployee options issued

300000 options

2026-03-03
options-mar26-totalTotal unlisted options after issue

5595000 options

2026-03-03
pfs-posttax-npvBase-case post-tax NPV7

322000000 AUD

2026-03-16
pfs-spot-posttax-npvSpot-price post-tax NPV7

457000000 AUD

2026-03-10
pfs-capexPre-production capital

11000000 AUD

2026-03-16
pfs-max-fundingMaximum negative cumulative cash flow

24000000 AUD

2026-03-16
pfs-lifeProduction target life

12 years

2026-03-16
pfs-production-cueqAverage annual contained CuEq

15000 tonnes CuEq per year

2026-03-16
pfs-copper-pricePFS base copper price

16500 AUD/t Cu

2026-03-16
pfs-gold-pricePFS base gold price

6000 AUD/oz Au

2026-03-16
pfs-spot-copper-pricePFS spot copper price

18200 AUD/t Cu

2026-03-10
pfs-spot-gold-pricePFS spot gold price

7300 AUD/oz Au

2026-03-10
reserve-tonnesProbable ore reserve

8400000 tonnes

2026-03-16
reserve-gradeProbable ore reserve grade

1.9 % CuEq

2026-03-16
pfs-copper-payableLife-of-mine payable copper

141000 tonnes Cu

2026-03-16
pfs-gold-payableLife-of-mine payable gold

62000 oz Au

2026-03-16
pfs-aiscAISC per payable copper tonne

9583 AUD/t payable Cu

2026-03-16
pfs-revenue-copper-shareCopper share of project revenue

86 %

2026-03-16
options-apr26-issuedEmployee options issued

300000 options

2026-04-22
options-apr26-totalTotal unlisted options after issue

5895000 options

2026-04-22
options-may26-lapsedOptions lapsed

300000 options

2026-05-08
options-may26-totalTotal unlisted options after cessation

5595000 options

2026-05-11
options-jul26-lapsedOptions lapsed

75000 options

2026-07-08
options-current-totalTotal unlisted options

5520000 options

2026-07-08
shares-current-totalOrdinary shares on issue

276119864 shares

2026-07-08
scheme-exchange-ratioEvolution shares per Carnaby share

0.0682 EVN shares per CNB share

2026-07-27
scheme-implied-priceImplied scheme value per Carnaby share

0.772 AUD/share

2026-07-24
scheme-evn-reference-priceEvolution reference closing price

11.29 AUD/share

2026-07-24
scheme-preannouncement-cnb-priceCarnaby pre-announcement closing price

0.48 AUD/share

2026-07-24
scheme-glencore-sharesGlencore subscription shares

28572245 shares

2026-07-27
scheme-meeting-windowExpected scheme meeting timing

late October to early November 2026 None

2026-07-27
evn-potential-copperPotential additional Ernest Henry copper production

10000 tonnes Cu per year

2026-07-27
glencore-proposed-share-countProposed Glencore shares

28572245 shares

2026-07-27
glencore-proposed-considerationEstimated value of Glencore consideration

22000000 AUD

2026-07-27
june26-cash-headlineCash including restricted cash

10764000 AUD

2026-06-30
june26-cash-unrestrictedCash and cash equivalents

9392000 AUD

2026-06-30
june26-restricted-cashRestricted cash

1372000 AUD

2026-06-30
june26-debtDrawn loan facilities

0 AUD

2026-06-30
june26-runwayEstimated quarters of funding

4 quarters

2026-06-30
june26-reference-priceReference market price

0.76 AUD/share

2026-07-30
fy26-cashCash and cash equivalents

9391670 AUD

2026-06-30
fy26-restrictedRestricted deposits and other financial assets

1372432 AUD

2026-06-30
fy26-lossFY26 loss after tax

9527139 AUD

2026-06-30
fy26-sharesOrdinary shares at 30 June 2026

276119867 shares

2026-06-30
fy26-optionsUnlisted options after July lapse

5520000 options

2026-07-08
aug26-mre-tonnesGreater Duchess current resource tonnes

30800000 tonnes

2026-08-24
aug26-mre-cueqGreater Duchess current contained copper equivalent

482800 tonnes CuEq

2026-08-24
aug26-mre-indicatedGreater Duchess Indicated resource

17600000 tonnes

2026-08-24
fy26-no-commercial-revenueNo revenue from mining operations

True None

2026-06-30
fy26-mdRob Watkins is Managing Director

Rob Watkins None

2026-09-03
fy26-secretarySteven Bowler is Company Secretary

Steven Bowler None

2026-09-03
dispatch-completeScheme booklet dispatch completed

True None

2026-09-25
expert-conclusionBDO opinion

fair and reasonable and in shareholders best interests absent superior proposal None

2026-09-25
scheme-meeting-dateScheme meeting date

2026-10-26 None

2026-09-25
scheme-proxy-deadlineProxy deadline

2026-10-24 None

2026-09-25
cnb-close-0925CNB close

0.925 AUD/share

2026-09-25
cnb-volume-0925CNB traded volume

611455 shares

2026-09-25
evn-close-0925EVN close

13.71 AUD/share

2026-09-25
Conflicts requiring judgment2
  • cash and restricted cash at 30 June 2026

    The A$10.764m headline total includes A$1.372m restricted cash; the Appendix 5B A$9.392m balance is unrestricted cash and is selected for the cash field.

  • ordinary shares on issue

    The audited note totals 276,119,867 at 30 June while the later July Appendix 3H reports 276,119,864 quoted ordinary shares. The later ASX security register observation controls the current denominator; the three-share difference is immaterial but disclosed.