Don't Discount Competition for Carnaby Resources, Bull Says

Dow Jones07-27 09:13

0113 GMT - A rival bid for Carnaby Resources can't be ruled out given recent demand for copper assets around Mt. Isa in Australia's Queensland state, Euroz Hartleys says. Its remark follows an all-stock takeover deal between the explorer and Evolution Mining. The broker cuts its target on the Carnaby to A$0.77, from A$0.96, to align with Evolution's implied offer price. Euroz reaffirms a Speculative Buy recommendation. Carnaby shares are up 60% at A$0.77. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

July 26, 2026 21:13 ET (01:13 GMT)

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Carnaby shares are up 60% at A$0.77. 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