Evolution Mining Secures Strategic Copper-Gold Asset in $213M Carnaby Resources Acquisition

Evolution Mining's $213M Acquisition of Carnaby Resources Explained

Evolution Mining has acquired Carnaby Resources in an all-scrip scheme of arrangement for approximately A$213 million ($149 million USD). This strategic move is aimed at consolidating tenure in one of Australia's most historically productive copper-gold corridors. The transaction values each Carnaby share at A$0.77, a 60% premium to its last closing price before the announcement.

The deal will give Evolution access to the Greater Duchess copper-gold project, located in north-west Queensland. This pre-feasibility stage asset has an ore reserve grade of 1.7% copper and is expected to be integrated with Ernest Henry's existing processing capacity, reducing capital intensity and costs. Evolution estimates that integrating Greater Duchess could add approximately 10,000 tonnes of copper per annum to its output.

The scheme structure provides certainty for both parties, ensuring every Carnaby shareholder receives the same consideration and independent expert assessment. Post-completion, former Carnaby shareholders will collectively hold around 0.9% of Evolution Mining, providing ongoing exposure to the combined entity's production base.