InvestSMART

Evolution Mining Limited (ASX:EVN)

ALERT: Price-sensitive ASX Announcement for EVN
Current share price for EVN : $14.250 2.96 (26.22%)+
Announcement
Release
27 Jul 2026 8:49AM
Price at Release
$11.290
Full Release
download
Summary
Evolution Mining Limited has entered into a binding Scheme Implementation Deed with Carnaby Resources to acquire 100% of the issued shares in Carnaby. The transaction will proceed by a scheme of arrangement, whereby Carnaby shareholders will receive 0.0682 Evolution shares per Carnaby share, representing an implied value of A$0.772 per share. This acquisition implies an equity value of approximately A$213 million for Carnaby, representing significant premiums over recent trading prices. The board of Carnaby recommends the transaction as it offers a de-risked premium and exposure to Evolution's high-quality assets. The scheme is subject to shareholder, regulatory, and court approvals, with completion targeted for November 2026. The transaction involves the cancellation of Carnaby's unlisted options and will allow integration of Carnaby's Greater Duchess project with Evolution's existing operations.
Key Points
  • Carnaby Resources to be acquired by Evolution Mining.
  • Scheme Implementation Deed for 100% acquisition.
  • Carnaby shareholders to receive 0.0682 Evolution shares per Carnaby share.
  • Implied value of A$0.772 per Carnaby share.
  • Transaction values Carnaby at approximately A$213 million.
  • 60.4% premium over last closing price of Carnaby shares.
  • Transaction de-risks Carnaby's Greater Duchess project.
  • Approval required from Carnaby shareholders and court.
  • Completion anticipated by November 2026.
  • Carnaby's unlisted options to be cancelled for cash.
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.