Evolution Mining agreed on 27 July to acquire ASX-listed Carnaby Resources by scheme of arrangement in an all-share deal valuing the copper developer at about A$213m.
Why Evolution Mining Limited is buying Carnaby Resources Limited
Evolution said combining Carnaby's Greater Duchess project and surrounding tenements with Ernest Henry gives a clear path to more copper output, with potential for about 10ktpa of additional production using existing infrastructure and latent processing capacity, while improving the operation's cost profile. Greater Duchess has an ore reserve of 8.4Mt at 1.7% copper and 0.3g/t gold.
Deal terms and financing
Carnaby shareholders will receive 0.0682 new Evolution shares for each share, implying A$0.77 a share. Carnaby's directors, who hold 7.3% of the company, intend to vote in favour, subject to no superior proposal and an independent expert's support.
Regulatory approvals and timing
The scheme requires Carnaby shareholder approval, court approval and regulatory clearances.
Market context
Greater Duchess sits in the Cloncurry copper-gold district of north-west Queensland and completed a pre-feasibility study in March 2026.
