Carnaby Resources
Carnaby Resources is a pre-revenue Australian copper-gold explorer (ASX:CNB) advancing the Greater Duchess Project in Queensland's Mount Isa Inlier toward production, with Glencore offtake agreements and additional exploration acreage in Western Australia's Pilbara and Yilgarn regions.
- Company typePublic
- Founded2017
- HeadquartersSubiaco, Australia
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Carnaby Resources does
Carnaby Resources Limited (ASX:CNB) is an Australian exploration and development company focused on copper and gold projects, headquartered in Subiaco, Western Australia. Its flagship asset is the Greater Duchess Copper Gold Project in Queensland's Mount Isa Inlier, encompassing 1,946 km² of Iron Oxide Copper-Gold (IOCG) prospective tenure with a Mineral Resource Estimate of 29.2Mt @ 1.3% Cu, 0.2g/t Au, and 1.5% CuEq, containing 380kt Cu, 230koz Au, and 441kt CuEq across multiple deposits including Mount Hope, Trekelano, Nil Desperandum, and Lady Fanny. The company employs systematic exploration using RC, diamond, and aircore drilling methods alongside induced polarization surveys and metallurgical test work.
Carnaby is pre-revenue and will generate future income through sale of copper and gold concentrates to offtake partners. It has secured tolling and off-take agreements with Glencore International AG covering the Greater Duchess Project. Additional exploration assets include the Pilbara Gold and Lithium Projects (442 km² in Western Australia's Mallina Basin) and the Yilgarn Margin Projects (783 km² of gold and base metals prospective ground). The company completed an A$20 million placement in 2022 to fund development activities and is currently progressing a Pre-Feasibility Study for Greater Duchess.
The company is led by Non-Executive Chairman Peter Bowler (former founding MD of Beadell Resources and Agincourt Resources) and Managing Director Rob Watkins (geologist, former founding Executive Director of Beadell Resources). Carnaby operates as a small public company with 4 directors and a company secretary, and is expanding its footprint via a farm-in agreement with Rio Tinto Exploration at the adjacent Devoncourt Project.
Carnaby Resources firmographics
Firmographics- Name
- Carnaby Resources
- Legal name
- Carnaby Resources Limited
- Website
- https://carnabyresources.com.au
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Carnaby Resources is a pre-revenue Australian copper-gold explorer (ASX:CNB) advancing the Greater Duchess Project in Queensland's Mount Isa Inlier toward production, with Glencore offtake agreements and additional exploration acreage in Western Australia's Pilbara and Yilgarn regions.
- Ownership category
- akta.pro rank
Carnaby Resources industry classification
Industry- Product category
- Copper-Gold Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230), Metal Ore Mining (2122)
- SIC
- Metal Mining (1000), Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Copper Exploration & Resource Development (IMAKADAA)
- akta.pro secondary industries
- Gold Mining (IMAKAEAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
Keywords
Where Carnaby Resources is headquartered
LocationHeadquarters
- HQ city
- Subiaco
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Carnaby Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure
Revenue model
- Future Copper and Gold Concentrate Sales: Pre-revenue exploration company. Will generate revenue through sale of copper and gold concentrates once production commences at Greater Duchess Project. Has tolling and offtake agreements with Glencore International AG in place.
- Project Development and Divestment: Company has divested non-core assets (e.g., Lainejaur Project in Sweden for $1.5M, Tick Hill Tailings Dam for $6M) as part of portfolio management strategy.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Carnaby Resources product offering
Product offeringCore offering
Carnaby Resources Limited is an Australian exploration and development company focused on copper and gold projects in Queensland and Western Australia. The company advances Iron Oxide Copper-Gold (IOCG) and gold deposits through systematic drilling, induced polarization surveys, resource definition, and Pre-Feasibility studies, with its flagship Greater Duchess Copper Gold Project carrying a Mineral Resource Estimate of 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq.
Product overview
Carnaby Resources is an Australian exploration and development company focused on copper and gold projects in Queensland and Western Australia. The company's portfolio consists of its flagship Greater Duchess Copper Gold Project in Queensland, along with the Pilbara Gold and Lithium Projects and Yilgarn Margin Projects in Western Australia. The Greater Duchess project forms the core of the company's mineral resource inventory with a Mineral Resource Estimate of 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq, while the Pilbara and Yilgarn projects provide additional gold and lithium exploration upside.
Differentiator
Problem solved
Functional benefit
Products and services
- Greater Duchess Copper Gold Project
Quantifiable outcome
- 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq mineral resource estimate
- +3 more outcomes
Companies that use Carnaby Resources
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Carnaby Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Carnaby Resources partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Glencore International AGcoreTolling and off-take agreements in place with Glencore International AG for the Greater Duchess Copper Gold Project. This represents a critical pathway to production, providing certainty for future concentrate sales and project financing.
- Rio Tinto Exploration Pty LtdminorCarnaby is farming-in to Rio Tinto Exploration Pty Ltd's Devoncourt Project located east of Carnaby's Greater Duchess mineral deposits. The project encompasses 838 km2 of exploration tenure covering the Wimberu granite, considered a potential source of IOCG mineralised fluids. Carnaby is earning 51% interest.
Scale indicators6 records
Recent moves7 records
Expansion highlights5 records
Carnaby Resources competitors and assessment
Company assessmentDirect peers
- Hammer Metals: ASX-listed junior explorer with copper-gold tenure in the Mount Isa Inlier, directly overlapping Carnaby's IOCG target style and exploration-stage value drivers.
- Aeris Resources: ASX-listed copper-gold producer-developer (Cracow, Tritton, Constellation) focused on Australian and IOCG-style copper-gold systems; similar pre-production development pathway for the Constellation project in Mount Isa.
- Sandfire Resources: ASX-listed mid-tier copper-gold producer and developer with operations across Australia (DeGrussa, Motheo) and exposure to the greater Mount Isa/Camooweal region, making it a directly comparable copper-gold operating peer.
- Coda Minerals: ASX-listed copper developer with the Elizabeth Creek IOCG-argentiferous shale project in South Australia's Olympic Copper-Gold Province; comparable developer-stage copper exposure.
- Alicanto Minerals: ASX-listed copper-gold explorer focused on IOCG/porphyry targets in Queensland and Western Australia; comparable size, jurisdiction, and exploration/development stage to Carnaby.
Emerging players
- Sunshine Gold: ASX-listed junior gold-copper explorer with Mount Isa Inlier tenure; comparable size and district exposure to Carnaby in the IOCG prospective corridor.
- Capricorn Metals: ASX-listed gold developer/producer with operations in Western Australia (Mt Gibson, Karlawinda); comparable Australian developer-stage profile with gold exposure overlapping Carnaby's Pilbara assets.
- Liontown Resources: ASX-listed lithium developer with the Kathleen Valley project in WA; comparable Australian explorer-to-developer pathway covering Carnaby's adjacent Big Hill lithium exposure in the Pilbara.
Broad incumbents
- BHP Group Limited: Global mining major with the world's largest copper business (Escondida, Olympic Dam, Pampa Norte, post-Oz Minerals); sets the benchmark for copper IOCG economics at Olympic Dam and is acquirer of adjacent junior developers.
- Rio Tinto Exploration: Diversified global mining major with significant copper-gold, lithium and battery minerals portfolio; Carnaby's Devoncourt farm-in partner and a benchmark for IOCG resource ownership in Australia.
Market position
Strengths5 records
Weaknesses6 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Carnaby Resources social profiles
Digital presenceCarnaby Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carnaby Resources leadership team
Management profileNumber of profiles
Profiles5 records
Carnaby Resources funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carnaby Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carnaby Resources
What does Carnaby Resources do?
Carnaby Resources Limited is an Australian exploration and development company focused on copper and gold projects in Queensland and Western Australia. The company advances Iron Oxide Copper-Gold (IOCG) and gold deposits through systematic drilling, induced polarization surveys, resource definition, and Pre-Feasibility studies, with its flagship Greater Duchess Copper Gold Project carrying a Mineral Resource Estimate of 29.2Mt @ 1.3% Cu, 0.2g/t Au, 1.5% CuEq.
Is Carnaby Resources a public or private company?
Carnaby Resources is a public company. It is classified as public and is currently operating.
When was Carnaby Resources founded?
Carnaby Resources was founded in 2017. It employs 1 to 10 people.
Where is Carnaby Resources based?
Carnaby Resources is headquartered in Subiaco, Australia, in the Oceania region.
How does Carnaby Resources make money?
Two revenue lines are on record. Future Copper and Gold Concentrate Sales are the primary driver. The others are project Development and Divestment.
Who are Carnaby Resources's main competitors?
Direct peers on record are Hammer Metals, Aeris Resources, Sandfire Resources, Coda Minerals and Alicanto Minerals. Emerging players are Sunshine Gold, Capricorn Metals and Liontown Resources. Broad incumbents are BHP Group Limited and Rio Tinto Exploration.
Does Carnaby Resources have an API?
No public API is recorded for Carnaby Resources.
What industry is Carnaby Resources in?
Carnaby Resources's product category is Copper-Gold Mining. Its primary akta.pro industry code is IMAKADAA, Copper Exploration & Resource Development, with a secondary code of IMAKAEAA, Gold Mining. Its NAICS code is 212230 and its SIC code is 1000.