Carnaby Resources reports strong September quarter progress, including significant high-grade copper-gold drill results, full JV buyout, and a $12.5 million placement to advance its Greater Duchess project.
- High-grade drill results extend mineralisation at Trekelano’s Trek 1 deposit
- Completion of full acquisition of Trekelano mining leases and Greater Duchess JV buyout
- $12.5 million placement secured from QIC Critical Minerals and Battery Technology Fund
- Pre-Feasibility Study (PFS) on track for Q1 2026 completion, targeting low capex start-up
- Strong cash position of $19.5 million post-placement to fund ongoing development
Robust Drilling Success at Trekelano
Carnaby Resources Limited has delivered a compelling update in its September 2025 quarterly report, underscoring significant progress at its flagship Greater Duchess Copper Gold Project in Queensland. The highlight is the impressive high-grade copper-gold assay results from the Trekelano Prospect, particularly the Trek 1 deposit, where recent drilling has extended mineralisation 150 metres down plunge beyond previous historical limits. Notably, drill hole CBRC001 returned 7 metres at 9.3% copper equivalent, including a 5-metre section grading 12.5% CuEq, while CBRC033 confirmed continuity with 6 metres at 7.1% CuEq. These results lie outside the current Mineral Resource Estimate, suggesting substantial upside potential.
Strategic Acquisitions and Corporate Moves
The quarter also saw Carnaby complete the acquisition of the remaining 17.5% interest in the Greater Duchess Joint Venture from Latitude 66 Limited, granting full ownership and operational control over the project tenure. This buyout, combined with the earlier acquisition of the Trekelano mining leases, positions Carnaby to accelerate exploration and development activities without JV constraints. The company paid a total of $6 million to Latitude 66, partly in cash and partly in shares, reflecting a strategic investment in consolidating its asset base.
Capital Injection to Fuel Development
In a significant boost to its financial position, Carnaby secured a $12.5 million placement from the QIC Critical Minerals and Battery Technology Fund. This capital injection, issued through approximately 37.9 million new shares, lifts the company’s pro forma cash balance to $19.5 million. The funds are earmarked primarily for completing the Greater Duchess Pre-Feasibility Study (PFS) and advancing to a Definitive Feasibility Study (DFS) in the first half of 2026, with a targeted Final Investment Decision (FID) by Q3 2026.
Advancing the Pre-Feasibility Study
The PFS is progressing well despite a slight delay due to the timing of the Trekelano acquisition, now expected for completion in Q1 2026. It incorporates extensive drilling, metallurgical sampling, and engineering studies, including open pit optimisation and infrastructure planning. Importantly, the study is based on a low capital expenditure start-up model leveraging a binding tolling and offtake agreement with Glencore International AG, which provides a processing pathway via the Mount Isa mill concentrator.
Broader Exploration and Resource Growth
Beyond Trekelano, Carnaby reported encouraging drilling results from other prospects within the Greater Duchess Project, including Mount Hope, Lady Fanny, and Burke & Wills. These results feature shallow, open-pittable mineralisation and high-grade sulphide zones that will feed into updated Mineral Resource Estimates and support the ongoing PFS. The company’s exploration expenditure of $2.42 million during the quarter reflects a focused approach to resource definition and growth.
Outlook and Market Position
With a proven management team, a tight capital structure, and a strong cash position, Carnaby is well-placed to advance its copper-gold assets amid growing demand for critical minerals. The consolidation of project ownership and strategic funding underpin a clear pathway towards development, while ongoing exploration success continues to enhance the project’s value proposition. Investors will be watching closely as the company moves towards its PFS completion and subsequent feasibility milestones.
Bottom Line?
Carnaby’s strengthened ownership and funding set the stage for a pivotal 2026 as it advances Greater Duchess towards production.
Questions in the middle?
- How will the upcoming Definitive Feasibility Study refine project economics and timelines?
- What are the potential impacts of commodity price fluctuations on the project’s viability?
- How quickly can Carnaby progress permitting and infrastructure development post-PFS?