Carabella is a coal exploration and development company. It currently holds interests in a portfolio of 10 coal exploration tenements covering a total exploration area of approximately 4,400km² in the Bowen, Mulgildie, Clarence-Moreton and Eromanga Basins in Queensland, Australia. One of these tenements are still subject to transfer into the Company's name.

To date, the Company has focused its initial exploration activities at its flagship coking coal Tenement, Mabbin Creek. Mabbin Creek is located adjacent to a number of world class coking coal mines in the Northern Bowen Basin. Exploration activities to date at Mabbin Creek have identified the Company’s maiden JORC resource of 91.7 million tonnes of coking coal at the Grosvenor West prospect on the eastern border of the Tenement. This is comprised of 21.8 million tonnes of JORC Indicated resources and 69.9 million tonnes of JORC Inferred resources. The Board has also further identified between 450 million tonnes and 520 million tonnes of prospective coal Exploration Targets in the Mabbin Creek Tenement area.