Evolution Mining Bids A$213 Million for Carnaby Resources' Greater Duchess Project

Evolution Mining (ASX: EVN) has announced its intention to acquire Carnaby Resources (ASX: CNB) in an all-scrip transaction valued at approximately A$213 million. The deal, which is subject to shareholder and court approval, would see Evolution gain control of the Greater Duchess copper-gold project, located near its Ernest Henry operation in Queensland.

The acquisition is strategic rather than financially driven, with Evolution aiming to utilize spare capacity at Ernest Henry to produce additional copper output from the Greater Duchess resource. The company estimates that this could add approximately 10,000 tonnes of copper production per year, although an updated feasibility study will be required to confirm these projections.

The Carnaby shareholders would receive 0.0682 new Evolution shares for each Carnaby share, representing a premium of 60.4% above Carnaby's last closing price and 31.4% above its 30-day average price.