Shares of Aussie copper-gold explorer Carnaby Resources rise as much as 5.21% to A$1.110, biggest intraday pct jump since July 14.

Carnaby signs farm-in and joint venture deal with a unit of Rio Tinto for Devoncourt Project with potential iron ore, copper, gold deposits in Queensland.

As part of the deal, Carnaby can achieve a 51% JV stake in Devoncourt Project by sole funding A$5 mln exploration by August 2028.

Carnaby may elect to scoop up additional 29% stake in JV by sole funding exploration expense of minimum A$8 mln.

Stock up 12.8% this year, as of last close.

Carnaby Resources is an Australian copper-gold explorer.