Australia's Evolution Mining Completes A$213 Million Acquisition of Carnaby Resources

en.Wedoany.com Reported - On November 10, Australian mining company Evolution Mining completed its acquisition of Carnaby Resources, with the transaction valued at approximately A$213 million. The deal was implemented through a court-approved scheme of arrangement, under which Carnaby was brought under Evolution's umbrella, integrating its Greater Duchess copper-gold project and related exploration tenement portfolio. Eligible Carnaby shareholders received consideration of 0.0682 new Evolution shares for each Carnaby share held.

The Greater Duchess copper-gold project is located in the Cloncurry region of northwestern Queensland, near Evolution's existing Ernest Henry mine. The project's latest mineral resource estimate stands at 30.8 million tonnes at 1.3% copper and 0.3 g/t gold, or 1.6% copper equivalent, containing 415,000 tonnes of copper and 258,700 ounces of gold, for a total copper-equivalent resource of 482,800 tonnes. Of this, indicated resources total 17.6 million tonnes and inferred resources total 13.2 million tonnes. These figures are based on Carnaby's resource estimate updated in August 2026.

Evolution has previously proposed combining the Greater Duchess project with the existing mining and processing facilities at the Ernest Henry mine, leveraging existing infrastructure and spare processing capacity at the plant to target potential additional copper production of approximately 10,000 tonnes per year. Following completion of the acquisition, the company plans to update the Greater Duchess project feasibility study and assess options for integrating ore mining, haulage and existing plant processing capacity. This additional production represents integration potential and is not production already achieved.

The transaction was settled entirely in shares. Under the scheme of arrangement, eligible Carnaby shareholders received 0.0682 new Evolution shares for each Carnaby share held. The share registration date was November 3, and the newly issued Evolution shares were scheduled to begin trading on the Australian Securities Exchange on a normal settlement basis from November 11. Carnaby has applied for formal delisting from the exchange, expected to take effect after market close on November 11.