BUZZ-Australia's Carnaby Resources surges on acquiring copper deposit in Queensland

Reuters2024-11-28

** Shares of copper and gold explorer Carnaby Resources rise as much as 13.9% to A$0.41, their highest level since in a month

** Stock on track for biggest one-day pct gain since late-October ** CNB to fully acquire high-grade Trekelano copper deposit near Greater Duchess copper gold project in Queensland

** Says acquisition will increase mineral resources of the project by 27%

** Says it will raise A$17.0 mln ($11.1 mln) through a placement to fund the acquisition at A$0.31/shr, a 13.9% discount to last close

** Separately, co says Glencore will take fresh sulphide ore and concentrate from the project under a new deal

** Stock down 54.7% YTD as of last close

($1 = 1.5380 Australian dollars)

(Reporting by John Biju in Bengaluru) ((mailto:John.Biju@thomsonreuters.com;))

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