Team Veye July 27, 2026

Evolution Mining Expands Copper Growth Opportunities Via Acquisition of Carnaby Resources

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Evolution Mining Limited (ASX: EVN) has moved to consolidate its position in North West Queensland on 27 July 2026, announcing a binding Scheme Implementation Deed to acquire 100% of Carnaby Resources (ASX: CNB) and its copper rich Greater Duchess Project near the Ernest Henry Operations.

Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share under the scheme implying an offer price of about $0.77 per share and valuing Carnaby at roughly $213 million which is at a 60% premium to Carnaby’s last close on 24 July 2026.

The Carnaby board has unanimously recommended the proposal with directors representing 7.3% of the register committing to vote in favour in the absence of a superior offer and subject to a positive Independent Expert’s opinion.

Evolution is targeting incremental copper growth of around 10ktpa at Ernest Henry by integrating Greater Duchess which is at PFS stage with reported resources of 29.2Mt at 1.3% copper and 0.2g/t gold and reserves of 8.4Mt at 1.7% copper and 0.3g/t gold.

The company plans an updated feasibility study over the next 12-18 months to optimise mine planning, utilise latent mill capacity and embed Greater Duchess into the Ernest Henry life of mine plan.

Carnaby’s existing tolling and offtake arrangements with Glencore will be terminated as part of the transaction, clearing the way for processing synergies under Evolution’s Ernest Henry agreements and a new toll treatment arrangement for third party ore.

The scheme is scheduled to complete around mid November 2026 giving Carnaby investors ongoing exposure to a diversified, long life gold and copper portfolio under a larger balance sheet and index backed name.

(Source: Company Reports)

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