Carnaby Resources well-suited to become future copper producer - Macquarie

Carnaby Resources

14/03/2023 02:48

** Australia's Carnaby Resources  CNB.AX , on March 10,
posted A$5.1 million ($3.39 million) net loss attributable
as compared to A$1.5 mln a year ago
    ** Brokerage Macquarie says first-half loss was 16% lower
than estimate of A$6.0 mln, reflecting lower-than-expected
exploration expenditure; lifts 1HFY23 EPS estimates by 7% 
    ** Analyst says co well-suited to become future copper
producer with resource potential, prospective tenements and
prime location access    
    ** Co said to undertake 40,000-metre drilling programme at
its Great Duchess project in 2023; brokerage adds further
drilling could increase the size of the deposit
    ** CNB shares currently down as much as 6.8%
    ** Stock has risen 18.2% this year, as of last close 


($1 = 1.5053 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))