External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Financial results for developers like CNB tend to be of limited significance.</li><li>The variance in EBITDA and Adjusted NPAT was primarily due to marginally higher corporate costs and share- based payments.</li><li>Cash differed from our estimates (and the balance reported in the December quarter 5B), with the $3m transfer to term deposits, linked to the binding Asset Sale Agreement for Trekelano (held in escrow until completion) and not reflected as an investing cash outflow in the December quarterly report.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Financial results for developers like CNB tend to be of limited significance.The variance in EBITDA and Adjusted NPAT was primarily due to marginally higher corporate costs and share- based payments.Cash differed from our estimates (and the balance reported in the December quarter 5B), with the $3m transfer to term deposits, linked to the binding Asset Sale Agreement for Trekelano (held in escrow until completion) and not reflected as an investing cash outflow in the December quarterly report.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carnaby Resources Ltd - 1HFY25 Result: Looking to Pre-Feasibility Studies in 3Q 2025

<ul><li>Carnaby Resources is an Australian listed minerals explorer with projects throughout Australia targeting copper, gold and lithium deposits.</li><li>The flagship asset is the Greater Duchess Project, approximately 70km southeast of Mt Isa, hosting an in-situ resource of over 300kt Cu Eq having only been discovered in early 2022.</li><li>The Greater Duchess Project hosts numerous zones of mineralisation with the current mineral resource hosting 21.8mt at 1.3% Cu and 0.2g/t Au. This material was recently the subject of a scoping study (May 2024).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carnaby Resources is an Australian listed minerals explorer with projects throughout Australia targeting copper, gold and lithium deposits.The flagship asset is the Greater Duchess Project, approximately 70km southeast of Mt Isa, hosting an in-situ resource of over 300kt Cu Eq having only been discovered in early 2022.The Greater Duchess Project hosts numerous zones of mineralisation with the current mineral resource hosting 21.8mt at 1.3% Cu and 0.2g/t Au. This material was recently the subject of a scoping study (May 2024).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carnaby Resources Ltd -  Commencing Coverage at Buy with $0.86 Price Target

<ul><li>Cash: $6.5m (includes $0.5m restricted cash) (MA est. $6.8m)</li><li>Exploration expenditure: $2.4m ($3.0m)</li><li>Discovery of new San Quentin Deposit following VTEM campaign (see our first take here)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cash: $6.5m (includes $0.5m restricted cash) (MA est. $6.8m)Exploration expenditure: $2.4m ($3.0m)Discovery of new San Quentin Deposit following VTEM campaign (see our first take here)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carnaby Resources Ltd - 1Q FY25 Activities: On Track Toward Duchess Development

Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

<ul>
<li>Pure iron ore plays outperforming diversified producers, for now...</li>
<li>America wakes up to REE embargo threat, LYC critical for future supply plans</li>
<li>Nickel supply (primary and secondary) in structural deficit, fifth year in a row</li>
<li>LME Nickel stocks declining rapidly</li>
<li>Graphite Sector a SELL (both explorers and producers)</li>
<li>Reiterate BUY on <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>
</li>
<li>Current Offer on <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">Azumah Resources (AZM AU)</a> likely to fail</li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">Bhp Billiton (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a>, <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>, <a href="https://www.smartkarma.com/entities/syrah-resources-ltd" target="_blank" data-smartkarma-citation="entities:1978:1" rel="noopener">Syrah Resources (SYR AU)</a>, <a href="https://www.smartkarma.com/entities/walkabout-resources-ltd" target="_blank" data-smartkarma-citation="entities:16753:1" rel="noopener">Walkabout Resources (WKT AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/pensana-metals-ltd" target="_blank" data-smartkarma-citation="entities:2106:1" rel="noopener">Pensana Metals (PM8 AU)</a>, <a href="https://www.smartkarma.com/entities/peel-mining-ltd" target="_blank" data-smartkarma-citation="entities:4111:1" rel="noopener">Peel Mining Ltd (PEX AU)</a>, <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">Azumah Resources (AZM AU)</a>, <a href="https://www.smartkarma.com/entities/st-george-mining-ltd" target="_blank" data-smartkarma-citation="entities:18642:1" rel="noopener">St George Mining (SGQ AU)</a>, <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, <a href="https://www.smartkarma.com/entities/chesser-resources-ltd" target="_blank" data-smartkarma-citation="entities:1365:1" rel="noopener">Chesser Resources (CHZ AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/stavely-minerals-ltd" target="_blank" data-smartkarma-citation="entities:20213:1" rel="noopener">Stavely Minerals (SVY AU)</a>, <a href="https://www.smartkarma.com/entities/classic-minerals-ltd" target="_blank" data-smartkarma-citation="entities:18945:1" rel="noopener">Classic Minerals (CLZ AU)</a>, <a href="https://www.smartkarma.com/entities/frontier-resources-ltd" target="_blank" data-smartkarma-citation="entities:3173:1" rel="noopener">Frontier Resources (FNT AU)</a>, <a href="https://www.smartkarma.com/entities/venus-metals-corp-ltd" target="_blank" data-smartkarma-citation="entities:10142:1" rel="noopener">Venus Metals Corp (VMC AU)</a>, <a href="https://www.smartkarma.com/entities/poseidon-nickel-ltd" target="_blank" data-smartkarma-citation="entities:12760:1" rel="noopener">Poseidon Nickel (POS AU)</a>, <a href="https://www.smartkarma.com/entities/alkane-resources-ltd" target="_blank" data-smartkarma-citation="entities:19111:1" rel="noopener">Alkane Resources (ALK AU)</a>, <a href="https://www.smartkarma.com/entities/rox-resources-ltd" target="_blank" data-smartkarma-citation="entities:18355:1" rel="noopener">Rox Resources (RXL AU)</a>, <a href="https://www.smartkarma.com/entities/bellevue-gold-ltd" target="_blank" data-smartkarma-citation="entities:2297:1" rel="noopener">Bellevue Gold (BGL AU)</a>, <a href="https://www.smartkarma.com/entities/calidus-resources-ltd" target="_blank" data-smartkarma-citation="entities:16023:1" rel="noopener">Calidus Resources (CAI AU)</a>, <a href="https://www.smartkarma.com/entities/bowen-coking-coal-ltd" target="_blank" data-smartkarma-citation="entities:17492:1" rel="noopener">Bowen Coking Coal (BCB AU)</a>, <a href="https://www.smartkarma.com/entities/hot-chili-ltd" target="_blank" data-smartkarma-citation="entities:11138:1" rel="noopener">Hot Chili Ltd (HCH AU)</a>, <a href="https://www.smartkarma.com/entities/ora-banda-mining-ltd" target="_blank" data-smartkarma-citation="entities:2970:1" rel="noopener">Ora Banda Mining (OBM AU)</a>, <a href="https://www.smartkarma.com/entities/blackstone-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28181:1" rel="noopener">Blackstone Minerals Ltd (BSX AU)</a>, <a href="https://www.smartkarma.com/entities/spectrum-metals-ltd" target="_blank" data-smartkarma-citation="entities:2237:1" rel="noopener">Spectrum Metals (SPX AU)</a>, <a href="https://www.smartkarma.com/entities/alt-resources-ltd" target="_blank" data-smartkarma-citation="entities:28297:1" rel="noopener">ALT Resources Ltd (ARS AU)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources Nl (MCR AU)</a>, <a href="https://www.smartkarma.com/entities/great-western-exploration-limited" target="_blank" data-smartkarma-citation="entities:19901:1" rel="noopener">Great Western Exploration (GTE AU)</a>, <a href="https://www.smartkarma.com/entities/exore-resources-ltd" target="_blank" data-smartkarma-citation="entities:16357:1" rel="noopener">Exore Resources (ERX AU)</a>, <a href="https://www.smartkarma.com/entities/cora-gold-ltd" target="_blank" data-smartkarma-citation="entities:27988:1" rel="noopener">Cora Gold Ltd (CORA LN)</a>, <a href="https://www.smartkarma.com/entities/zyl-ltd" target="_blank" data-smartkarma-citation="entities:2971:1" rel="noopener">Hawkstone Mining (HWK AU)</a>, <a href="https://www.smartkarma.com/entities/bardoc-gold-ltd" target="_blank" data-smartkarma-citation="entities:4833:1" rel="noopener">Bardoc Gold (BDC AU)</a>, <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, <a href="https://www.smartkarma.com/entities/hammer-metals-ltd" target="_blank" data-smartkarma-citation="entities:15503:1" rel="noopener">Hammer Metals (HMX AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/atrum-coal-nl" target="_blank" data-smartkarma-citation="entities:9553:1" rel="noopener">Atrum Coal Nl (ATU AU)</a>, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener"></a>
</li>
</ul>


Pure iron ore plays outperforming diversified producers, for now...
America wakes up to REE embargo threat, LYC critical for future supply plans
Nickel supply (primary and secondary) in structural deficit, fifth year in a row
LME Nickel stocks declining rapidly
Graphite Sector a SELL (both explorers and producers)
Reiterate BUY on Gold Road Resources (GOR AU)

Current Offer on Azumah Resources (AZM AU) likely to fail

Bhp Billiton (BHP AU), Fortescue Metals (FMG AU), Lynas Corp Ltd (LYC AU), Syrah Resources (SYR AU), Walkabout Resources (WKT AU), Gold Road Resources (GOR AU), Pensana Metals (PM8 AU), Peel Mining Ltd (PEX AU), Azumah Resources (AZM AU), St George Mining (SGQ AU), Apollo Consolidated (AOP AU), Chesser Resources (CHZ AU), Musgrave Minerals (MGV AU), Stavely Minerals (SVY AU), Classic Minerals (CLZ AU), Frontier Resources (FNT AU), Venus Metals Corp (VMC AU), Poseidon Nickel (POS AU), Alkane Resources (ALK AU), Rox Resources (RXL AU), Bellevue Gold (BGL AU), Calidus Resources (CAI AU), Bowen Coking Coal (BCB AU), Hot Chili Ltd (HCH AU), Ora Banda Mining (OBM AU), Blackstone Minerals Ltd (BSX AU), Spectrum Metals (SPX AU), ALT Resources Ltd (ARS AU), Mincor Resources Nl (MCR AU), Great Western Exploration (GTE AU), Exore Resources (ERX AU), Cora Gold Ltd (CORA LN), Hawkstone Mining (HWK AU), Bardoc Gold (BDC AU), Apollo Consolidated (AOP AU), Carnaby Resources (CNB AU), Hammer Metals (HMX AU), Tietto Minerals Ltd (TIE AU), Atrum Coal Nl (ATU AU), De Grey Mining (DEG AU) 



New J. Hutton – Exploration Report (Weeks Ending 04/10/19)

Australia

Carnaby Resources Ltd provides mining services. The Company offers mineral exploration, project development, and finance services. Carnaby Resources serves customers in Australia.

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