Evolution agrees to acquire Carnaby Resources

Key points

• Evolution Mining to acquire 100% of Carnaby Resources
• Incorporates advanced copper-rich Greater Duchess Project
• Potential to deliver 10ktpa of additional copper production at Ernest Henry

Full summary

Evolution Mining Limited (ASX: EVN) has agreed to acquire 100% of Carnaby Resources (ASX: CNB) by way of a Scheme of Arrangement. The acquisition includes the advanced copper-rich Greater Duchess Project, located near Ernest Henry Operations, which has the potential to deliver approximately 10ktpa of additional copper production. Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, implying an offer price of $0.77 per share and valuing Carnaby at approximately $213 million. The acquisition is consistent with Evolution's strategy of building a portfolio of high-quality, long-life gold and copper assets in tier-1 jurisdictions.