Evolution agrees to acquire Carnaby Resources

• Evolution Mining to acquire 100% of Carnaby Resources
• Acquisition includes Greater Duchess copper-gold project
• Expected to deliver 10ktpa of additional copper production
• Carnaby shareholders to receive 0.0682 new Evolution shares
• Scheme recommended by Carnaby Board

Evolution Mining Limited (ASX: EVN) has entered into a binding agreement to acquire 100% of Carnaby Resources (ASX: CNB) via a Scheme of Arrangement. The acquisition includes the advanced copper-rich Greater Duchess Project, located near Evolution's Ernest Henry Operations. The acquisition is expected to deliver approximately 10ktpa of additional copper production, leveraging existing infrastructure and improving the operation's cost profile. Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, implying an offer price of $0.77 per Carnaby share and valuing Carnaby at approximately $213 million. The Scheme is unanimously recommended by the Carnaby Board, subject to certain conditions including shareholder approval and regulatory clearance.