Evolution Mining Bolsters Copper Exposure with Carnaby Acquisition

Evolution Mining has announced an all-scrip acquisition of Carnaby Resources to bolster its copper exposure, paying a premium for the Greater Duchess project in Queensland.

The deal, which was announced on July 27, 2026, will see Carnaby shareholders receive 0.0682 Evolution shares for each Carnaby share held, valuing Carnaby at approximately A$213 million on a fully diluted basis.

The offer represents a 60.4% premium to Carnaby's last close of A$0.48 and a 46.2% premium to the fifteen-day volume-weighted average price of A$0.53. Evolution plans to truck ore from Greater Duchess to its Ernest Henry operation, which has spare capacity.

The acquisition is expected to deliver approximately 10,000 tonnes per annum of additional copper production at Ernest Henry over time, increasing copper exposure and diversifying revenue streams beyond pure gold.