Ownership Consolidation Could Accelerate Greater Duchess Project Development

Full Ownership Secured

Carnaby Resources Limited (ASX – CNB) has taken a decisive step in its copper-gold ambitions by acquiring the remaining 17.5% interest in the Greater Duchess Copper Gold Joint Venture from Latitude 66 Limited. This A$6 million transaction, comprising A$2 million in cash and A$4 million in shares, grants Carnaby 100% ownership of the project’s extensive tenements in Queensland’s Mt Isa inlier.

The move simplifies the ownership structure significantly, removing joint venture complexities and allowing Carnaby to steer the project’s development with greater agility. With mining lease and environmental permitting applications imminent, full control is expected to expedite these critical processes.

Strategic Development Momentum

The Greater Duchess Copper Gold Project boasts a pro forma mineral resource estimate of 27 million tonnes at 1.5% copper equivalent, translating to approximately 400,000 tonnes of copper equivalent metal. This substantial resource base underpins Carnaby’s ongoing Pre-Feasibility Study (PFS), which remains on track for completion in the second half of 2025.

Binding tolling and offtake agreements with global commodity giant Glencore International AG further enhance the project’s commercial viability, providing a clear pathway for processing and marketing the anticipated production.

Integration and Growth Prospects

Managing Director Rob Watkins highlighted the strategic value of the acquisition, noting that full ownership will enable seamless integration of the Greater Duchess deposits with Carnaby’s other assets, including the 100% owned Mount Hope and the pending Trekelano acquisition. This consolidation is expected to unlock synergies and accelerate project timelines.

With a tight capital structure and a strong cash position of A$15.8 million as of June 30, 2025, Carnaby is well-positioned to advance exploration and development activities across its portfolio. The company’s management team, noted for its credentials and experience, is focused on delivering value through disciplined execution.

Looking Ahead

The completion of this acquisition by the end of Q3 2025 will mark a pivotal moment for Carnaby, setting the stage for a more streamlined and potentially accelerated development pathway. Investors will be watching closely as the PFS results emerge and permitting milestones are reached, which will provide clearer insights into the project’s economic potential and timeline to production.