Carnaby Resources Agrees to AU$213 million Takeover by Evolution Mining
Carnaby Resources Limited (ASX: CNB) has entered into a binding Scheme Implementation Deed under which Evolution Mining (ASX: EVN) will acquire 100% of the company through a scheme of arrangement. Under the proposed transaction, Carnaby shareholders will receive 0.0682 Evolution shares for each Carnaby share, implying a value of approximately AU$0.77 per share and an equity valuation of around AU$213 million. The offer represents a substantial premium to Carnaby’s recent trading levels, and the board has unanimously recommended shareholders vote in favour of the scheme, subject to customary conditions, including an independent expert concluding the proposal is in shareholders’ best interests.
The acquisition centres on Carnaby’s Greater Duchess Copper-Gold Project in northwest Queensland, an advanced development asset located near Evolution’s Ernest Henry operation. Evolution intends to integrate Greater Duchess into Ernest Henry’s existing infrastructure, utilising available processing capacity to support additional copper production while enhancing regional exploration potential. Following completion of the transaction, Evolution plans to undertake an updated feasibility study before progressing development. Subject to shareholder, court and regulatory approvals, the scheme is expected to be implemented in mid-November 2026, providing Carnaby shareholders with ongoing exposure to Evolution’s diversified gold and copper portfolio while reducing project funding and execution risks.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Carnaby Resources Agrees to AU$213 million Takeover by Evolution Mining
Carnaby Resources Limited (ASX: CNB) has entered into a binding Scheme Implementation Deed under which Evolution Mining (ASX: EVN) will acquire 100% of the company through a scheme of arrangement. Under the proposed transaction, Carnaby shareholders will receive 0.0682 Evolution shares for each Carnaby share, implying a value of approximately AU$0.77 per share and an equity valuation of around AU$213 million. The offer represents a substantial premium to Carnaby’s recent trading levels, and the board has unanimously recommended shareholders vote in favour of the scheme, subject to customary conditions, including an independent expert concluding the proposal is in shareholders’ best interests.
The acquisition centres on Carnaby’s Greater Duchess Copper-Gold Project in northwest Queensland, an advanced development asset located near Evolution’s Ernest Henry operation. Evolution intends to integrate Greater Duchess into Ernest Henry’s existing infrastructure, utilising available processing capacity to support additional copper production while enhancing regional exploration potential. Following completion of the transaction, Evolution plans to undertake an updated feasibility study before progressing development. Subject to shareholder, court and regulatory approvals, the scheme is expected to be implemented in mid-November 2026, providing Carnaby shareholders with ongoing exposure to Evolution’s diversified gold and copper portfolio while reducing project funding and execution risks.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au