Macquarie are a fan as of today:
Macquarie rates CNB as Initiation of coverage with Outperform (1) -
Macquarie initiates coverage on junior copper explorer Carnaby Resources. The broker describes Carnaby Resources as having "all the right ingredients for success".
The company is expected to announce a maiden resource for its Greater Duchess asset - comprised of the Mount Hope, Nil Desperandum and Lady Fanny deposits - in the second quarter of 2023. Macquarie already sees exploration upside potential from the project, which it anticipates could become a belt-scale copper province.
The broker anticipates an equity raising in the new year to support a major drill out and scoping study. Macquarie initiates with an Outperform rating and a target price of $1.30.
Target price is $1.30 Current Price is $0.78 Difference: $0.525
If CNB meets the Macquarie target it will return approximately 68% (excluding dividends, fees
Ann: Greater Duchess Exploration Update - 41m @ 1.8% Copper, page-53
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37.0¢ |
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Mkt cap ! $63.61M | |||
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