EVN.ASX: Carnaby Resources to be acquired by Evolution Mining

Carnaby Resources to be acquired by Evolution Mining

Stock	Evolution Mining Ltd (EVN.ASX)
Release Time	27 Jul 2026, 8:49 a.m.
Price Sensitive	Yes

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Evolution Mining to Acquire Carnaby Resources

Key Points

Carnaby shareholders to receive 0.0682 Evolution shares per Carnaby share
Implied value of A$0.772 per Carnaby share, a 60.4% premium to last closing price
Carnaby Board unanimously recommends voting in favor of the Scheme

Full Summary

Evolution Mining Limited (ASX: EVN) has announced its intention to acquire Carnaby Resources Ltd (ASX: CNB) through a scheme of arrangement. Under the proposed transaction, Carnaby shareholders will receive 0.0682 Evolution shares for each Carnaby share, implying a value of A$0.772 per Carnaby share. This represents a 60.4% premium to Carnaby's last closing price of A$0.48 per share on 24 July 2026. The transaction is expected to provide significant benefits to Carnaby shareholders, including a substantial upfront premium, de-risking of the Greater Duchess project, and exposure to Evolution's high-quality assets and consistent dividend policy. The transaction is subject to approval by Carnaby shareholders and certain other customary conditions.

Guidance

Carnaby shareholders to receive 0.0682 Evolution shares per Carnaby share, implied value of A$0.772 per share.

Outlook

The transaction is expected to provide significant benefits to Carnaby shareholders, including a substantial upfront premium, de-risking of the Greater Duchess project, and exposure to Evolution's high-quality assets and consistent dividend policy.