Cannindah Resources Limited (ASX: CAE) has kicked off the final week of February 2026 with a flurry of corporate activity, releasing two significant ASX announcements on the same day. The Company appointed an experienced exploration geologist to lead its field operations and confirmed that its Share Purchase Plan (SPP) closed heavily oversubscribed, together signalling strong momentum across both its operational and capital-raising fronts.
A Seasoned Hand Takes the Wheel: Appointment of Chris Chambers as Exploration Manager
The Board of Cannindah Resources Limited has appointed Mr Chris Chambers as Exploration Manager, effective immediately. Chambers brings more than 30 years of experience in mineral exploration spanning multiple continents and a diverse range of mineralisation styles, including porphyry-related, intrusive-related, and epithermal systems.
His career reads like a who’s who of respected Australian exploration houses:
- A decade with Normandy Exploration, one of Australia’s most storied exploration businesses
- Another decade with Newcrest Exploration’s growth team, driving new discovery across the company’s pipeline
- A role with Evolution Mining Group at the Cracow and Pajingo operations in Queensland
- Exploration Manager at Minjar Gold for the Pajingo Gold Mine
- A Business Development role with Austroid Australia in South America
Managing Director and CEO Cameron Switzer described Chambers’ track record as one defined by exploration success and Project delivery.
“Chris’s exploration career has been dominated by exploration success and Project delivery. The skill base and management rigor he brings to the team is ideal for Cannindah as we continue the exciting discovery and delineation phase of our exploration journey at our flagship Project,” Mr Switzer mentioned.
The Board also recognised departing exploration steward Simon Shakesby, thanking him for steering the 2025 drill program safely and successfully to completion.
Figure 1: Mr Chris Chambers, newly appointed Exploration Manager [LinkedIn]
Mt Cannindah Project: A Classically Zoned Porphyry System with Multiple Growth Fronts
The Mt Cannindah Copper-Gold Project sits 90 kilometres southwest of Gladstone in central Queensland. The 100%-owned Project covers nine granted Mining Leases and two enveloping Exploration Permit for Minerals (EPMs), spanning a historically significant mineral field that hosted small-scale mining operations as far back as 1884.
The Project hosts at least 17 significant copper (Cu), gold (Au), and molybdenum (Mo) mineralised occurrences, all tied to the Triassic-age Monument Intrusive Complex. Mineralisation styles include:
- Porphyry-related breccias — exemplified by the flagship Cannindah Breccia
- Skarns and stockworks with peripheral hematite-magnetite-garnet-chlorite alteration assemblages
- Late-stage Au-As veins with high sulphidation characteristics at Cannindah East
- Base metal veining and stockworks carrying Pb, Zn, Ag, Te, Bi, As, and Au throughout the system footprint
The system carries shoshonitic and alkalic geochemical features, consistent with high-grade porphyry centres globally. The current Mineral Resource Estimate (MRE), released 3 July 2024, stands at 14.5 Mt @ 1.09% CuEq, comprising 7.1 Mt Measured, 5.7 Mt Indicated, and 1.7 Mt Inferred.
Figure 2: Location of Cannindah Resources’ Mt Cannindah Copper-Gold Project [Cannindah Resources]
The GAP Zone and Southern Porphyry: Two Compelling Growth Catalysts
The Company’s current resource expansionary drilling targets what it calls the “GAP” zone — a 275-metre section within the Cannindah Breccia’s 600-metre strike length. The GAP zone emerged from a forensic review of the drill database that identified three compounding factors which had previously caused mineralisation to be understated in the MRE:
- Sparse historical drill coverage within the zone
- Sub-optimal drill orientations that failed to intersect the high-grade footwall structure
- Historical sampling omissions due to excessively conservative high-grade cut-offs
The Company expects to update the MRE upon the completion of this drilling program and receipt of all assay data.
Meanwhile, the Southern Target continues to deliver results. A drill intersection of 28 metres at 1.15% CuEq from hole 25CRC016 (reported 28 January 2026) ended in mineralisation, which the Company interprets as intersecting the upper or outer halo of a high-grade gold-copper pencil porphyry system. An additional drill rig is scheduled to mobilise to this target shortly.
Figure 3: Southern Porphyry target drill hole locations along with their corresponding results. [Cannindah Resources]
Shareholders Back the Vision: SPP Closes 145% Oversubscribed
In a vote of confidence from existing shareholders, the Company’s Share Purchase Plan closed on 20 February 2026 with applications totalling $4.9 million from 278 shareholders, far exceeding the $2.0 million target. The Company exercised its discretion to scale back total allotments to $3.0 million, applying a pro-rata methodology above a minimum allocation of $2,000 per applicant.
The SPP offered shares at A$0.045 per share. Combined with the first tranche of a two-tranche placement, which raised A$11.1 million (before costs), the Company has accumulated substantial capital to prosecute its two-pronged growth strategy. The second tranche of the placement, targeting up to A$3.9 million (before costs), remains subject to shareholder approval at a general meeting scheduled for 18 March 2026.
Mr Switzer stated that the oversubscribed SPP demonstrates the strong belief shareholders hold in the Mt Cannindah Project and its transformational potential.
“The significantly oversubscribed SPP, demonstrates the market’s and our existing shareholders strong belief in the Mt Cannindah Copper-Gold Project and its transformational potential. This outstanding support from our shareholders provides us the funding to deliver on our two major 100% owned growth Projects.” Mr Switzer has commented.
He has also stated, “Our Base Case Cannindah Breccia has demonstrated upside with the recently released GAP target and will require extensive drill testing complemented with updated metallurgical testwork targeted at improved recoveries and lower unit costs in preparedness for the completion of an updated Mineral Resources Estimate.”
Putting Capital to Work: Use of Funds
The combined proceeds from the SPP and Placement will fund the following activities:
- Reverse Circulation (RC) drilling to expand the Mt Cannindah Copper-Gold Breccia deposit and address the GAP zone within the current MRE;
- Diamond drilling at the Southern Porphyry Target to test the depth and continuity of the recently identified high-grade gold-copper system;
- Other exploration and development activities across the broader Mt Cannindah Project tenure;
- General working capital to support corporate operations.
Investor Outlook
Cannindah Resources (ASX: CAE) was trading at A$0.049 per share, giving the Company a market capitalisation of approximately A$62.6 million, as of February 25, 2026. Share price performance data underscores a measured but positive trajectory:
- Last Price: A$0.049
- 1-Month Return: +8.89%
- 2026 Year-to-Date Return: +2.08%
- 1-Year Return: +6.79%
- Market Capitalisation: A$62.61M
Figure 4: Cannindah Resources’ share price performance over the last year. [Cannindah Resources]
The near-term investment thesis for Cannindah rests on two distinct but complementary value levers. The first is the delineation and expansion of the Cannindah Breccia resource through GAP zone drilling, a relatively de-risked campaign targeting an identified blind spot in the existing MRE that could deliver a materially higher resource number with improved grade distribution.
The second and potentially more transformative lever is the Southern Porphyry Target. The 28-metre intersection at 1.15% CuEq that ended in mineralisation points to a system that may extend at depth and could represent a discovery of considerably larger scale than the existing Breccia resource. The appointment of Chris Chambers, a geologist with specific expertise in porphyry-related systems, positions the Company well to execute on this high-priority target with the rigour and geological insight it demands.
For investors, the key catalysts to watch in the coming months include assay results from the GAP zone RC campaign, mobilisation of the second drill rig to the Southern Porphyry Target, results from deep diamond drilling at the Southern Target, and the updated MRE following completion of the current program. An updated metallurgical testwork programme, aimed at improving recoveries and reducing unit costs, also adds a longer-term pathway to Project development and valuation uplift.
