How Carnaby’s A$12.5M Boost Could Transform Greater Duchess Copper-Gold Project
Carnaby Resources has landed a A$12.5 million investment from the Queensland government-backed QIC Critical Minerals and Battery Technology Fund, accelerating development of its Greater Duchess copper-gold project. The funding will underpin key feasibility studies and position the company for a final investment decision by late 2026.
- A$12.5 million placement to QIC Critical Minerals and Battery Technology Fund
- Funds to complete Pre-Feasibility Study by H2 2025 and Definitive Feasibility Study in H1 2026
- Targeting Final Investment Decision in Q3 2026 for Greater Duchess Project
- Placement shares issued at 15% discount to recent volume-weighted average price
- Binding tolling and offtake agreements signed with Glencore International AG
Strategic Investment Boosts Development
Carnaby Resources Limited (ASX – CNB) has secured a significant A$12.5 million placement from the QIC Critical Minerals and Battery Technology Fund (QCMBTF), a Queensland government-backed investment vehicle focused on critical minerals and battery technology sectors. This capital injection is earmarked to accelerate the development of Carnaby’s flagship Greater Duchess Copper Gold Project, located near Mt Isa in Queensland.
The placement involves the issuance of approximately 37.9 million new shares at A$0.33 each, representing a 15% discount to the recent 20-day volume weighted average price. The new shares will be allotted by late October 2025, strengthening Carnaby’s balance sheet with proceeds primarily dedicated to advancing the project’s Pre-Feasibility Study (PFS), targeted for completion in the second half of 2025.
Pathway to Production
Following the PFS, Carnaby plans to progress to a Definitive Feasibility Study (DFS) in the first half of 2026. The company aims to reach a Final Investment Decision (FID) by the third quarter of 2026, contingent on positive DFS outcomes. This structured approach underscores Carnaby’s commitment to methodical project advancement, balancing technical rigor with market realities.
Importantly, Carnaby has already secured binding tolling and offtake agreements with Glencore International AG, a major global commodities trader. These agreements provide a clear pathway for processing and selling the copper-gold concentrate, mitigating market risk and enhancing project viability.
Institutional Confidence and Regional Impact
The QCMBTF’s investment signals strong institutional confidence in Carnaby’s management team and the strategic importance of the Greater Duchess project within Queensland’s critical minerals landscape. Managed by QIC Limited, one of Australia’s largest institutional investors with over A$130 billion in assets under management, the fund’s backing aligns with broader government objectives to foster local critical minerals supply chains and clean energy technologies.
Managing Director Rob Watkins highlighted the significance of this endorsement, noting it not only validates the project’s potential but also strengthens Carnaby’s position to deliver on key milestones. The Greater Duchess project, with a mineral resource estimate of 27 million tonnes at 1.5% copper equivalent, sits within a highly prospective region boasting multiple iron oxide copper gold deposits.
Looking Ahead
With drilling programs underway and the recent acquisition of the Trekelano mining leases integrated into the project’s development plans, Carnaby is poised to leverage this capital to unlock value. The coming months will be critical as the company advances its feasibility studies and continues exploration activities, setting the stage for potential production in the medium term.
Bottom Line?
Carnaby’s fresh capital and institutional backing set the stage for a pivotal year ahead as it moves closer to unlocking the Greater Duchess project’s full potential.
Questions in the middle?
- Will the Definitive Feasibility Study confirm the project’s economic viability as anticipated?
- How will the market respond to the 15% discounted placement and potential share dilution?
- What are the timelines and expected outcomes for ongoing drilling and exploration activities?
