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Carnaby Resources Ltd ASX:CNB

Gold Exploration Copper Mining Critical Minerals

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Dec 2025 to today

Commentary Showing 2 of 5

DateManagerActionSummary

31 Jul 2026Ellerston CapitalHeldEllerston Capital holds a small position in Carnaby Resources Ltd (ASX: CNB), which rose 26% for the month after receiving a takeover offer from Evolution Mining. Ellerston kept the position small because it expected Carnaby would need to raise capital to fund its copper development project. Ellerston views the project as a natural fit for Evolution, which has excess capacity to process copper ore.

Monthly Report, price recorded $0.74

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31 Jul 2026SG Hiscock & CompanyHeldSG Hiscock & Company continues to hold Carnaby Resources after the company delivered strong performance following Evolution Mining's agreement to acquire it via an all-scrip scheme of arrangement, with an offer of 0.0682 Evolution shares per Carnaby share implying approximately $0.77 per share and a premium of around 60% to the pre-announcement closing price, which the manager views as external validation of the strategic value of Carnaby's Greater Duchess copper-gold assets in the Mount Isa region.

Monthly Report, price recorded $0.74

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3 more comments on CNBPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on CNB.

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About Carnaby Resources Ltd

Materials, Metals and Mining

Carnaby Resources (ASX:CNB), a Queensland copper-gold explorer, is being acquired by Evolution Mining. In July 2026, SG Hiscock reported Carnaby delivered strong performance after Evolution Mining agreed to acquire the company via an all-scrip scheme of arrangement. SG Hiscock had taken a position in December 2025, describing copper as the most important of all critical metals, and highlighted a steady stream of encouraging drilling results and resource growth at the Greater Duchess copper-gold project. Carnaby Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 4 comments from 1 fund manager, SG Hiscock & Company. Founded in 2016 and headquartered in Subiaco, Perth, Carnaby explores and develops the Greater Duchess copper-gold project near Mount Isa in Queensland, including the Nil Desperandum and Mount Hope deposits, which attracted Evolution Mining's acquisition interest.

Market cap: $222m
Price to earnings: Loss-making
Return on equity: -17.9%
Dividend yield: 0.0%
Price to book: 5.68x
52-week range: $0.34 to $1.06

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Carnaby Resources Ltd (ASX:CNB)?

Fund managers including SG Hiscock & Company have invested in Carnaby Resources Ltd (ASX:CNB).

What opportunities or catalysts do fund managers highlight for Carnaby Resources Ltd?

SG Hiscock highlights Evolution Mining's all-scrip takeover and strong drilling and resource growth at Greater Duchess, validating its copper thesis.

What are the key risks to the Carnaby Resources Ltd investment thesis, according to fund managers?

The available commentary does not set out specific risks beyond completion of the scheme, with returns tied to Evolution Mining's share price.

What does Carnaby Resources Ltd (ASX:CNB) do?

Carnaby Resources Ltd. is an Australian mineral exploration company headquartered in Subiaco. Founded on February 19, 2016, the company focuses on the development of high-value resource assets. Its key project portfolio includes the Greater Duchess Copper Gold Project, alongside diversified exploration interests in Pilbara gold and lithium, and Yilgarn margin projects. Carnaby Resources continues to execute its exploration strategy across these strategic properties to identify and advance mineral deposits.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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