Overview of Carnaby Resources Limited's Scoping Study

Carnaby Resources Limited (ASX: $CNB) has released the results of a Scoping Study for the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The study indicates the potential for a low capex near-term mining operation with compelling outcomes. It focuses on two scenarios - low Capex Third Party Processing and construction of a new stand-alone mine and processing plant. The Third Party Processing option is the selected base case for the study. The study outlines the project's location, ownership, infrastructure, geology, metallurgy, geotechnical aspects, mining, processing, financial analysis, and forward work plans. Additionally, the company is undertaking a Pre-Feasibility Study and continues exploration in the region.

Executive Commentary on Scoping Study Results

Carnaby Resources' Managing Director, Rob Watkins, expressed confidence in the project's potential and highlighted ongoing exploration efforts to expand the Mineral Resource and Production targets. The company believes it has a clear pathway to a low capex start-up and anticipates a significant portion of debt financing to be achievable assuming commodity pricing remains strong. The company has commenced a Pre-Feasibility Study with planned completion in H2 FY25, focusing on a Third Party processing low capex start-up. The Scoping Study is based on information compiled by competent persons and includes forward-looking statements, which are subject to change without notice.

Summary of Scoping Study and Future Plans

Carnaby Resources Limited's Scoping Study for the Greater Duchess Copper Gold Project in Mt Isa, Queensland, reveals the potential for a low capex near-term mining operation. The study outlines two scenarios, with the Third Party Processing option as the selected base case. The company is also undertaking a Pre-Feasibility Study and continues exploration in the region. The study indicates that funding in the order of A$47 million will likely be required for the project, and there is no certainty that Carnaby will be able to raise that amount of funding when needed. The company's Managing Director expressed confidence in the project's potential and highlighted ongoing exploration efforts to expand the Mineral Resource and Production targets. The announcement provides detailed information on the project's technical and economic aspects, including the study's outcomes, production targets, financial analysis, and forward work plans. It also includes cautionary statements and disclaimers regarding forward-looking statements and investment decisions.