ASX-listed Carnaby Resources Limited (AU:CNB) is an exploration company specializing in gold and copper projects. The company has projects in Mount Isa Inlier, Queensland, and the Pilbara’s Mallina Basin and Yilgarn Margin, Western Australia.
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Over the last three years, the company’s stock has skyrocketed with a gain of more than 1000%. In the last six months, the stock has been trading up by 27%. Analysts still remain bullish on the stock and expect further growth in the share price.
Let’s take a look at the details.
Positives
Yesterday, the company announced its exploration results for Greater Duchess Copper-Gold Project in Mount Isa, Queensland. The company shared new findings and readings from the project, indicating a substantial mineral discovery. The management also remains optimistic about the consistent drilling and the promising growth prospects of these projects.
In April, the company secured funding of AU$ 20 million through the issue of 16.4 million shares to institutional investors. The funding validates the potential of the Greater Duchess Project and also provides support for additional drilling activities.
Is Carnaby Resources a Good Buy?
Last month, David Brennan from Petra Capital reiterated his Buy rating on the stock at a price target of AU$1.89.
CNB stock has a Moderate Buy rating on TipRanks with one Buy recommendation from Brennan. The average target price of AU$1.89 implies an upside potential of more than 60% in the share price.
Conclusion
Within the realm of small gold miners in Australia, CNB emerges as an attractive choice for investors, receiving a Buy rating from an analyst. The company’s dedicated focus on the Greater Duchess Copper-Gold Project, along with positive readings, reinstates investors’ confidence in the stock.
