Evolution Mining has completed its $213 million acquisition of Carnaby Resources under a court-approved scheme of arrangement implemented on November 10, with Carnaby shareholders receiving 0.0682 new Evolution shares for each share held and the new shares expected to trade on the ASX from November 11, when Carnaby is delisted. The deal, first announced in July, brings the Greater Duchess copper-gold project in north-west Queensland into Evolution’s Ernest Henry operations near Cloncurry, where the company estimates the project could contribute about 10,000 tonnes of additional copper a year. Greater Duchess carries a mineral resource of 30.8 million tonnes grading 1.3 percent copper and 0.3 grams per tonne gold, and Evolution plans an updated feasibility study on integrating it into Ernest Henry’s mining and processing operations.
Evolution Mining completes $213 million Carnaby acquisition
Evolution Mining has completed its $213 million all-scrip acquisition of Carnaby Resources, formally implemented on November 10 through a court-approved scheme of arrangement, securing the Greater Duchess copper-gold project in north-west Queensland for integration into its Ernest Henry operations.
Why it matters: The completion gives Evolution a development project it estimates could add about 10,000 tonnes of copper a year using Ernest Henry's existing infrastructure and spare processing capacity, against group targets of 63,000 to 70,000 tonnes of copper in fiscal 2027.
Data as of Australian Mining report of November 10, 2026 (Australia), read in full in this run; single trade-press source, so the item ships at grade C. The transaction was first announced in July 2026. Developing item.
Sources
- Evolution seals $213m Carnaby acquisition - Australian Mining - 2026-11-10