Australia's Carnaby Resources surges on acquiring copper deposit in Queensland

Carnaby Resources

28/11/2024 02:20

** Shares of copper and gold explorer Carnaby Resources  CNB.AX 
rise as much as 13.9% to A$0.41, their highest level since in a
month
    ** Stock on track for biggest one-day pct gain since
late-October
** CNB to fully acquire high-grade Trekelano copper deposit near
Greater Duchess copper gold project in Queensland
    ** Says acquisition will increase mineral resources of the
project by 27%
    ** Says it will raise A$17.0 mln ($11.1 mln) through a
placement to fund the acquisition at A$0.31/shr, a 13.9%
discount to last close
    ** Separately, co says Glencore will take fresh sulphide ore
and concentrate from the project under a new deal
    ** Stock down 54.7% YTD as of last close
     
     
    ($1 = 1.5380 Australian dollars)

(Reporting by John Biju in Bengaluru)
((mailto:John.Biju@thomsonreuters.com;))