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Carnaby Resources Limited (ASX:CNB)

ALERT: Price-sensitive ASX Announcement for CNB
Current share price for CNB : $0.865 0.385 (80.21%)+
Announcement
Release
27 Jul 2026 8:49AM
Price at Release
$0.480
Full Release
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Summary
Evolution Mining Limited announced the acquisition of Carnaby Resources Limited through a Scheme of Arrangement, offering Carnaby shareholders 0.0682 new Evolution shares per Carnaby share, with each share valued at $0.77, bringing Carnaby's valuation to approximately $213 million. This acquisition, recommended by Carnaby's Board, supports Evolution's strategy to enhance its portfolio with high-quality gold and copper assets, particularly through the incorporation of the Greater Duchess Project with Ernest Henry Operations. This move aims to boost copper production, leverage existing infrastructure, and strengthen Evolution's position in the Cloncurry district. The transaction includes termination of existing agreements between Carnaby and Glencore, with subsequent concentrate sales to Glencore.
Key Points
  • Carnaby shareholders to receive 0.0682 new Evolution shares for each Carnaby share held.
  • Scheme implies an offer price of $0.77 per Carnaby share, valuing Carnaby at approximately $213 million.
  • Scheme unanimously recommended by the Carnaby Board, subject to no superior proposal.
  • Acquisition aligns with Evolution’s strategy to expand its portfolio of high-quality, long-life assets.
  • Greater Duchess Project provides additional ore for Ernest Henry Operations and supports copper production growth.
  • The acquisition enhances Evolution's position in the North West Queensland copper-gold district.
  • Carnaby Board directors intend to vote in favor of the Scheme.
  • Evolution plans to update the Feasibility Study for Greater Duchess to integrate it with Ernest Henry.
  • Concentrate from Greater Duchess to be sold to Glencore under existing agreements.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.