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Evolution Mining Limited (ASX:EVN)

ALERT: Price-sensitive ASX Announcement for EVN
Current share price for EVN : $13.070 1.78 (15.77%)+
Announcement
Release
27 Jul 2026 8:49AM
Price at Release
$11.290
Full Release
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Summary
Evolution Mining Limited announced its acquisition of Carnaby Resources through a Scheme of Arrangement, valuing Carnaby at approximately $213 million. This acquisition aligns with Evolution's strategy to expand its portfolio of high-quality, long-life gold and copper assets in tier-1 jurisdictions. Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share, with an implied offer price of $0.77 per share. The acquisition includes Carnaby’s advanced Greater Duchess Project, enhancing Evolution’s operations in North West Queensland and providing a potential increase in copper production at the Ernest Henry Operations. The scheme is unanimously recommended by the Carnaby Board and involves termination of existing agreements with Glencore, facilitating integration with Evolution's operations. The acquisition is expected to bring significant benefits to Carnaby shareholders, including exposure to a diversified portfolio and operational expertise of Evolution.
Key Points
  • Evolution Mining Limited to acquire Carnaby Resources.
  • Carnaby shareholders receive 0.0682 new Evolution shares per Carnaby share.
  • Implied offer price of $0.77 per Carnaby share.
  • Scheme values Carnaby at approximately $213 million.
  • Includes Greater Duchess Project near Ernest Henry Operations.
  • Expected increase in copper production at Ernest Henry.
  • Termination of existing tolling and offtake agreements with Glencore.
  • Scheme unanimously recommended by Carnaby Board.
  • Enhances Evolution's position in North West Queensland copper-gold district.
  • Provides benefits for Carnaby shareholders through exposure to Evolution's portfolio.
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.