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36.5¢ carnaby resources limited

Ann: Results of Meeting, page-15

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Stylonnnn

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29/10/21

07:55

Post #: 57164124
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Originally posted by peter63: ↑

Ok Just back from the AGM. So here goes

Peter (chair) opened up the meeting
Some things he mentioned, obviously its very hard at the mo due to Covid / border restrictions (our premier not helping the situation)
Rob has been working over time on the drill rigs and been away from his family for extended periods
The amount of copper at Duchess is incredible. The elephant in the room is Strelley and NO the market has not yet woken up to it. But DEG is indicative of what can happen. It took Dennis O'Meara 15 years (DEG), we've only been there 15 months, our drilling is vary spacious which is necessary at this stage of exploration. We absolutely hold dear to us the low shares on issue register. 5.5m in the bank with another couple of mill coming in from sale of nickel and royalties. We are spending a lot on drilling. Assays: We are currently paying a 50% premium at the mo to get them prioritized but the problem is everybody is paying to get theirs prioritized, costs have gone up for everyone 50% !!!! The bottom line is in the last 12 months we have achieved way more than the share price is reflecting.

Rob then gave his presentation. We are more advanced than we were at any stage prior and on the cusp of something big. He couldn't believe the markets lackluster response to the results this week.The recent results are EXTREMELY GOOD, we should all be excited by them, He says its very hard with air core drilling and we have only received results from a handful of RC drills. It's also very hard to book rigs at the mo, yet we have plenty more drilling coming up THIS YEAR. He spoke a lot of the 4km long corridor at Strelley. Results from that are extremely encouraging. Targeted drilling for the next stage is being planned now. We also have so much copper around Duchess. Some serious deposits (of such a highly demanded commodity). They had a board meeting to discuss whether to concentrate on the copper or the gold and couldn't separate them, we have to move forward on both. Staff are hard to get in the current environment. Rigs are hard to book and results even harder to get. But we just have to keep ploughing ahead. Then he came to probably my personal favourite part of the meeting..... Lady Fanny ! He's spent the last 4 months organizing this with government departments. He can't believe there's been no drilling at all around it for the last 40 years. All that is about to change, we'll have the drill bit spinning before Christmas this year. He couldn't hide his excitement with Lady Fanny . I can't wait to hear more about her !!

So all in all we walked out of the meeting very upbeat. This is not a lifestyle company, the guys are all working very hard and have plenty of skin in the game themselves. They have a lot more drilling coming up and are working toward the bigger picture. It just takes time. In my office I have this saying in a frame on the wall: "The Stockmarket is simply a vehicle that transfers money from the impatient to the patient" Warren E Buffet It's there as a reminder to ME everyday when I walk in.
Carnaby Resources is a very well run company with extremely low amount of shares on offer. The leverage we have with this is unbelievable compared to companies whose shares run into billions and still raising capital. Sentiment stays as "buy"

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Great summary peter63 than you for relaying that.

CNB Price at posting: 29.5¢ Sentiment: Buy Disclosure: Held
7 Upvote

0 Great analysis

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Last 36.5¢		Change -0.020(5.19%)		Mkt cap ! $62.75M

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Ann: Results of Meeting, page-15

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