Carnaby Resources (CNB) Conference Transcript

Summary of Carnaby Resources (CNB) Conference Call - July 24, 2025 Company Overview - Company: Carnaby Resources (CNB) - Key Shareholders: Includes major miners such as Glencore, BHP, and Rio Tinto, indicating strong project quality [2][34] Industry Insights - Copper Market: The copper space is highlighted as interesting with few quality development stories available [3][33] - Development Projects: The company is positioned as a significant player in the copper development sector in Australia, with a focus on high-grade projects [33] Key Developments - Greater Duchess Project: Located 70 km southeast of Mount Isa, with a resource estimate of 27 million tonnes at 1.5% copper equivalent, totaling 400,000 tonnes [4][33] - Trekalano Acquisition: The acquisition of the Trekalano deposit is nearing completion, expected to enhance the resource base significantly [7][25] - Infrastructure: Existing railway infrastructure is underutilized (25% capacity), which could facilitate ore transport to Mount Isa [34] Exploration and Drilling Results - Drilling Success: Recent drilling has confirmed significant ore bodies with high grades, including results of 93 meters at 6.2% copper and 41 meters at 2.7% copper equivalent [10][11][15] - Mount Hope Discovery: A major discovery with consistent mineralization across two main loads, showing promising results such as 24 meters at 2% copper [20][22] Project Development Plans - Scoping Study: A scoping study has been completed, with plans to include the Trekalano acquisition in future production profiles [25][27] - Production Timeline: Targeting three to five years of open-pit mining, with a Pre-Feasibility Study (PFS) expected by the end of the year and a Final Investment Decision (FID) in the first half of next year [26][27] Strategic Partnerships - Glencore Support: Glencore is actively supporting the company’s production plans, indicating a strong partnership that could facilitate quicker market entry [6][34] Risks and Challenges - Regulatory Constraints: Previous mining constraints have been lifted, allowing for expanded exploration and development opportunities [9][14] - Market Conditions: The company is monitoring government and market conditions closely, particularly regarding the smelter operations in the region [35] Future Outlook - Exploration Upside: The company has identified significant exploration potential with ongoing drilling and new VTEM surveys revealing additional targets [28][30][32] - Resource Growth: The current resource base of 400,000 tonnes is viewed as just the beginning, with expectations for substantial growth in the coming years [36][37]