• Carnaby shareholders to receive 0.0682 Evolution shares per Carnaby share
• Scheme expected to deliver a 60.4% premium to pre-announcement share price
• Evolution to de-risk Greater Duchess development and funding
• Carnaby to continue critical workstreams for Greater Duchess prior to scheme implementation
• Carnaby to terminate Glencore tolling and offtake agreements

Carnaby Resources Limited announced a proposed scheme of arrangement with Evolution Mining Limited, under which Evolution will acquire 100% of Carnaby's issued shares. Carnaby shareholders will receive 0.0682 Evolution shares for each Carnaby share, representing a 60.4% premium to the pre-announcement share price. The scheme is expected to de-risk the development and funding of the Greater Duchess Copper Gold Project by leveraging Evolution's expertise and strong balance sheet. Carnaby will continue to progress critical workstreams for the project while deferring non-essential activities, including finalization of the feasibility study. The scheme is subject to shareholder approval and regulatory and court approvals.

Carnaby shareholders to receive 0.0682 Evolution shares per Carnaby share

The scheme with Evolution Mining is expected to de-risk the development and funding of the Greater Duchess Copper Gold Project.