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Carnaby Resources Ltd.
(Sydney:CNB)
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Rating:53Neutral
Price Target:
AU$0.82
â–¼(-20.96% Downside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative operating/free cash flow), despite a conservative balance sheet with very low debt. Technicals are a key offset, showing strong uptrend and positive momentum, while valuation remains hard to assess due to negative earnings and no dividend yield data.
Positive Factors
Conservative leverage
Very low leverage reduces solvency pressure and limits interest obligations while the company advances its exploration portfolio. This provides greater financial flexibility than a heavily indebted explorer and leaves more capital available for drilling and resource definition.
Negative Factors
No operating revenue
The absence of revenue across five reporting years shows that Carnaby has not yet reached an operating or development stage capable of self-funding the business. Until projects generate sales or transactions, financial performance remains dependent on exploration outcomes and access to capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
Very low leverage reduces solvency pressure and limits interest obligations while the company advances its exploration portfolio. This provides greater financial flexibility than a heavily indebted explorer and leaves more capital available for drilling and resource definition.
Read all positive factors
Carnaby Resources Ltd. (CNB) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$223.66M
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)―
Beta (1Y)2.47
Revenue GrowthN/A
EPS Growth-8.63%
CountryAU
Employees15,317
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.04
Shares Outstanding276,119,870
10 Day Avg. Volume1,103,165
30 Day Avg. Volume1,124,115
Financial Highlights & Ratios
PEG Ratio29.41
Price to Book (P/B)3.44
Price to Sales (P/S)0.00
P/FCF Ratio-8.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.50Price Target Upside44.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$204.41M
Carnaby Resources Ltd. Business Overview & Revenue Model
Company Description
Carnaby Resources Limited, together with its subsidiaries, engages in the exploration and development of mineral properties in Australia. The company explores for gold, lithium, copper, nickel, platinum group elements, and base metal deposits. Its...
Carnaby Resources Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -97.36K | -98.75K | -100.66K | -93.87K | -51.19K |
| EBITDA | -10.19M | -7.29M | -11.98M | -12.13M | -8.16M |
| Net Income | -9.53M | -7.39M | -12.09M | -12.23M | -8.22M |
Balance Sheet | |||||
| Total Assets | 47.50M | 46.33M | 29.85M | 35.01M | 26.53M |
| Cash, Cash Equivalents and Short-Term Investments | 9.93M | 15.77M | 10.31M | 26.94M | 17.95M |
| Total Debt | 72.96K | 18.70K | 65.60K | 18.71K | 63.84K |
| Total Liabilities | 3.17M | 10.04M | 3.07M | 3.40M | 3.00M |
| Stockholders Equity | 44.33M | 36.29M | 26.78M | 31.61M | 23.53M |
Cash Flow | |||||
| Free Cash Flow | -17.43M | -11.59M | -16.46M | -11.46M | -9.30M |
| Operating Cash Flow | -8.98M | -7.68M | -12.05M | -11.27M | -8.16M |
| Investing Cash Flow | -4.65M | -7.71M | -3.51M | 990.50K | -370.12K |
| Financing Cash Flow | 11.07M | 17.05M | -172.54K | 19.68M | 19.80M |
Carnaby Resources Ltd. Technical Analysis
Positive
1.04
Price Trends
0.90
Negative
0.79
Positive
0.65
Positive
Market Momentum
-0.03
Positive
44.56
Neutral
33.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CNB, the sentiment is Positive. The current price of 1.04 is above the 20-day moving average (MA) of 0.83, above the 50-day MA of 0.90, and above the 200-day MA of 0.65, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.56 is Neutral, neither overbought nor oversold. The STOCH value of 33.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CNB.
Carnaby Resources Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | AU$223.66M | -22.47 | -20.39% | ― | ― | -8.63% | |
49 Neutral | AU$116.28M | -11.34 | -31.18% | ― | ― | 23.69% | |
46 Neutral | AU$205.11M | -17.61 | -24.03% | ― | ― | -67.62% | |
44 Neutral | AU$89.94M | -2.21 | -118.73% | ― | ― | -7.77% |
* Basic Materials Sector Average
AU:CNB
Carnaby Resources Ltd.
0.82
0.40
95.24%
AU:MKR
Manuka Resources Ltd
0.05
<0.01
4.17%
AU:MMA
Maronan Metals Ltd
0.37
0.07
23.33%
AU:MPK
Many Peaks Gold Ltd.
1.06
0.36
51.43%
AU:SPD
Southern Palladium Ltd.
1.50
0.46
44.23%
Carnaby Resources Ltd. Corporate Events
Court Clears Evolution Mining Takeover of Carnaby Resources
Oct 29, 2026
Carnaby Resources has secured Supreme Court of Western Australia approval for its scheme of arrangement under which Evolution Mining will acquire all Carnaby shares it does not already own, clearing a key legal hurdle for the takeover. The company...
Carnaby Resources Boosts Copper‑Gold Resources as Evolution Mining Moves to Acquire Company
Oct 26, 2026
Carnaby Resources reported that Evolution Mining has agreed to acquire all remaining shares in the company via a court‑approved scheme of arrangement, offering Carnaby investors 0.0682 Evolution shares for each Carnaby share subject to final...
Carnaby Shareholders Back Evolution Mining Takeover Scheme
Oct 26, 2026
Carnaby Resources has announced that its shareholders have approved a scheme of arrangement under which Evolution Mining will acquire all Carnaby shares it does not already own. The scheme resolution passed with 89.22% of shareholders present and ...
Carnaby Shareholders Convene to Vote on Evolution Mining Takeover Scheme
Oct 25, 2026
Carnaby Resources has called a scheme meeting at which shareholders will vote on Evolution Mining’s proposal to acquire all Carnaby shares it does not already own via a court-approved scheme of arrangement. An independent chair appointed by ...
Carnaby Sets Court Date for Evolution Mining Takeover Scheme
Oct 21, 2026
Carnaby Resources has notified shareholders of a second court hearing on 29 October 2026 in the Supreme Court of Western Australia to seek approval for a proposed scheme of arrangement with Evolution Mining. The scheme would enable Evolution Minin...
Carnaby Resources Secures AGM Extension Amid Evolution Mining Takeover Scheme
Oct 5, 2026
Carnaby Resources has received formal approval from the Australian Securities and Investments Commission to extend the deadline for holding its annual general meeting for the year ended 30 June 2026 from 30 November 2026 to 26 February 2027. The c...
Carnaby Sends Scheme Booklet as Evolution Mining Takeover Advances
Sep 25, 2026
Carnaby Resources has dispatched its Scheme Booklet to shareholders, detailing Evolution Mining’s proposed acquisition of all Carnaby shares it does not already own via a court-approved scheme of arrangement. Shareholders have been provided ...
Carnaby Resources Advances Evolution Mining Takeover with ASIC-Registered Scheme Booklet
Sep 21, 2026
Carnaby Resources Ltd., an ASX-listed mineral exploration and development company in Australia, operates within the mining sector and focuses on advancing projects that can attract larger industry players. Its activities position it within an ongo...
Carnaby Wins Court Nod to Put Evolution Mining Takeover to Shareholder Vote
Sep 18, 2026
Carnaby Resources has secured initial court approval in Western Australia for a scheme of arrangement under which Evolution Mining plans to acquire all remaining Carnaby shares it does not already own. The court has ordered that a shareholder meet...
Carnaby Resources Highlights Governance Structure and Focus on Greater Duchess Copper-Gold Project in Annual Report
Sep 3, 2026
Carnaby Resources Ltd. has released its annual report for June 2026, outlining its corporate structure and key governance details, including the board of directors, company secretary, auditors, and share registry arrangements. The report highlight...
Carnaby Resources Files Updated Corporate Governance Statement and Appendix 4G
Sep 3, 2026
Carnaby Resources has lodged its updated corporate governance statement for the financial year ended 30 June 2026, making it available via its website in accordance with ASX Listing Rules. The company has also submitted a completed Appendix 4G, co...
ASX Waiver Clears Path for Carnaby Options Cancellation in Evolution Takeover
Aug 31, 2026
Carnaby Resources Ltd., an ASX-listed minerals exploration and development company, is the target of a proposed acquisition by Evolution Mining Ltd. under a scheme of arrangement. The deal reflects consolidation within the Australian mining sector...
QIC-Backed Fund Exits Substantial Holding in Carnaby Resources
Aug 28, 2026
Carnaby Resources has disclosed that QBF No. 1 Pty Ltd, as trustee for the QIC Queensland Critical Minerals Fund, together with QIC Limited, has ceased to be a substantial shareholder in the company. The change follows the off‑market disposa...
Carnaby boosts Greater Duchess copper-gold resources with Trekelano upgrade
Aug 23, 2026
Carnaby Resources has reported an updated JORC 2012 mineral resource estimate for the Trekelano deposits within its Greater Duchess Copper Gold Project in Queensland, following drilling completed in 2026. The overall Greater Duchess mineral resour...
Carnaby Confirms New Copper-Gold Lodes at Greater Duchess as Evolution Deal Looms
Aug 13, 2026
Carnaby Resources has reported final drill results from its recent program at the Greater Duchess Project in Queensland, confirming two new copper-gold lode discoveries at Miniboom near Mount Hope and Trek 1 at Trekelano. The results demonstrate s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.