Spot prices for copper have jumped by 82.9% in the past 31 months on the London Metal Exchange (LME).
Between 12 October 2023 and 14 May 2026, copper soared from US$3.57 to US$6.53 ($9.04) per pound (453.59 grams), according to Market Index.
One of the biggest listed winners in the Australian Securities Exchange is arguably Carnaby Resources (ASX:CNB), with shares in the company rising 140.74% to $0.65 in the past year.
Carnaby recently achieved ‘high-grade’ exploration drill results at its Trekelano Project, 70km south of Mount Isa in northwest Queensland.
The Trek 1 Footwall Lode discovery returned 19 metres (9 metres target interval) at 7.1% copper equivalent, as well as 4.4% copper and 3.1 grams per tonne of gold at 256 metres.
The company believes these results confirm a “significant new footwall lode”.
“Carnaby will incorporate the new results from the Main Lode and Footwall Lode discoveries at Trek 1 into an updated mineral resource estimate and will perform open pit optimisations and underground scoping studies in the second half of 2026,” Managing Director Rob Watkins says.
“These fantastic results from the new Trek 1 Footwall Lode discovery have completely opened up the Trek 1 deposit beneath the ore reserve pit design. We are looking at a completely new mineralised structure that links off the Main Lode in a more favourable northerly strike and may indeed be the primary driver of the Trek 1 deposit.”
Carnaby now plans to complete its Feasibility Study in mid-2026 before making a Final Investment Decision.
First ore production is targeted for the second half of 2026 from the Greater Duchess Project, which hosts Trekelano.
Further drill results are pending, with drilling continuing in the coming months.
Carnaby Resources is a copper and gold exploration and development company with assets in Queensland and Western Australia.
Write to Richard Szabo at Mining.com.au
Images: Carnaby Resources
