How Will Carnaby’s Full Control of Greater Duchess Transform Its Copper Gold Future?
Carnaby Resources has completed the acquisition of the remaining 17.5% stake in the Greater Duchess Copper Gold Joint Venture, gaining 100% ownership and full operational control. This strategic move positions Carnaby to accelerate development and unlock the project’s significant copper-gold potential.
- Acquisition of remaining 17.5% interest from Latitude 66 completed
- Carnaby now holds 100% ownership of Greater Duchess mineral resources
- Total consideration of A$6 million paid partly in cash and shares
- Pre-Feasibility Study underway, targeting completion in H2 2025
- Binding tolling and offtake agreements signed with Glencore
Full Ownership Unlocks Strategic Flexibility
Carnaby Resources Limited (ASX, CNB) has officially completed its buyout of Latitude 66 Limited’s 17.5% interest in the Greater Duchess Copper Gold Joint Venture, securing full ownership of one of Queensland’s most promising copper-gold projects. This acquisition consolidates Carnaby’s control over all mineral resources within the Greater Duchess tenure, a move that industry watchers see as a critical step toward streamlining project development and enhancing shareholder value.
The transaction, valued at A$6 million, was settled through a combination of A$2 million in cash and approximately 9.85 million Carnaby shares issued at a price reflecting recent trading levels. This capital structure preserves Carnaby’s strong cash position, reported at A$15.8 million as of June 2025, while expanding its asset base.
Project Scale and Resource Potential
The Greater Duchess Copper Gold Project spans nearly 2,000 square kilometres in the Mt Isa inlier region, hosting multiple iron oxide copper gold (IOCG) deposits including Mount Hope, Trekelano, Nil Desperandum, and Lady Fanny. The combined mineral resource estimate stands at approximately 27 million tonnes grading 1.5% copper equivalent, translating to around 400,000 tonnes of copper equivalent metal content. This sizeable resource underpins Carnaby’s confidence in the project’s long-term viability.
With the Pre-Feasibility Study (PFS) progressing on schedule for completion in the second half of 2025, Carnaby is poised to clarify development pathways and capital requirements. The full ownership now allows the company to expedite permitting processes and optimize operational strategies without the complexities of joint venture negotiations.
Strategic Partnerships and Market Positioning
Adding to the project’s appeal are binding tolling and offtake agreements signed with Glencore International AG, a global commodity giant. These agreements provide Carnaby with a clear route to market and processing infrastructure, reducing execution risk and enhancing the project’s commercial attractiveness.
Management, led by Managing Director Rob Watkins and supported by a proven board, emphasizes the tight capital structure and strong cash reserves as key enablers for advancing Greater Duchess. The company also holds promising gold exploration tenure near De Grey Mining’s Hemi discovery, indicating a diversified portfolio within the mineral-rich Mt Isa region.
Looking Ahead
While the acquisition marks a significant milestone, the real test lies ahead as Carnaby navigates the PFS outcomes, permitting hurdles, and eventual project financing. Market participants will be watching closely for updates on development timelines and cost estimates, which will shape the company’s valuation and investment appeal.
Bottom Line?
Carnaby’s full ownership of Greater Duchess sets the stage for accelerated development, but execution risks remain as the project moves toward feasibility and permitting milestones.
Questions in the middle?
- How will the Pre-Feasibility Study results influence Carnaby’s development strategy and capital requirements?
- What are the timelines and potential challenges for securing final permits and environmental approvals?
- How will the binding agreements with Glencore impact project economics and off-take terms?
