Carnaby Resources Expands Greater Duchess Resource by 10%, Eyes 2026 Production
Carnaby Resources has reported a 10% increase in its Greater Duchess Copper Gold Project resource, completed full ownership of the JV, and is advancing its pre-feasibility study with strong cash backing and promising drill results.
- 10% increase in total Mineral Resource Estimate to 29.2Mt @ 1.5% CuEq
- 49% growth in Indicated Resources, now 65% of total resource
- Acquisition of remaining 17.5% JV interest completed, securing full project control
- Pre-Feasibility Study nearing completion, targeting Final Investment Decision in H1 2026
- Strong cash position of $16 million and $12.5 million placement to QIC Critical Minerals Fund
Resource Growth and Ownership Consolidation
Carnaby Resources Limited has delivered a robust December 2025 quarterly update, highlighting a significant 10% increase in the total Mineral Resource Estimate (MRE) at its flagship Greater Duchess Copper Gold Project in Queensland. The updated MRE now stands at 29.2 million tonnes grading 1.5% copper equivalent (CuEq), containing approximately 380,300 tonnes of copper and 230,200 ounces of gold.
Notably, the Indicated Resources category surged by 49% to 17 million tonnes at 1.7% CuEq, representing 65% of the total resource base. This upgrade reflects the company’s successful drilling campaigns and resource modelling refinements, positioning Greater Duchess as a more advanced and higher-confidence asset.
Adding to this momentum, Carnaby completed the acquisition of the remaining 17.5% interest in the Greater Duchess Joint Venture from Latitude 66 Limited during the quarter. This buyout grants Carnaby full ownership and operational control, streamlining decision-making and accelerating development plans.
Drilling Success at Trek 1 and Footwall Lode
Exploration drilling at the Trek 1 prospect within the Greater Duchess project has yielded impressive high-grade results, including intercepts such as 6 metres at 7.1% CuEq and 3 metres at 12.8% CuEq. These results extend the main lode mineralisation over 400 metres down dip, demonstrating strong continuity and potential for resource expansion.
Additionally, a newly identified Footwall Lode beneath historical workings returned a standout intercept of 6 metres at 12.6% CuEq, located below the current open pit design. This discovery opens a fresh target zone outside the existing resource, with further drilling planned to delineate its full extent.
Advancing Towards Production
The company’s Pre-Feasibility Study (PFS) for Greater Duchess is nearing completion, with key production scheduling and financial modelling underway. Carnaby is targeting a Final Investment Decision (FID) in the first half of 2026, aiming to fast-track production through toll treatment at a third-party facility. First ore production is anticipated in the second half of 2026, contingent on successful permitting and financing.
Supporting these development ambitions, Carnaby secured a $12.5 million placement to the QIC Critical Minerals and Battery Technology Fund, bolstering its cash position to $16 million as of 31 December 2025. This strong balance sheet provides the company with the financial flexibility to advance exploration and development activities.
Broader Exploration and Corporate Highlights
Beyond Greater Duchess, Carnaby continues to explore other prospects including Mount Hope, Nil Desperandum, Lady Fanny, and the Devoncourt Project, with encouraging drill results reported at the Wimberu prospect. However, the company’s primary focus remains on unlocking the value of Greater Duchess.
Corporate actions during the quarter have enhanced Carnaby’s development pathway, including the JV buyout and binding tolling and offtake agreements with Glencore International AG, which underpin the project’s commercial viability.
Bottom Line?
With resource upgrades, full project ownership, and a strong cash position, Carnaby is poised to make critical development decisions in 2026 that could reshape its growth trajectory.
Questions in the middle?
- How will the upcoming Pre-Feasibility Study results influence Carnaby’s Final Investment Decision timeline?
- What impact will the high-grade Footwall Lode discovery have on the overall project economics and mine plan?
- How might commodity price fluctuations affect the viability and financing of the Greater Duchess project?
