A significant Evolution Mining acquisition has been announced, with the company reaching an agreement to purchase Carnaby Resources. The transaction, valued at approximately $213 million, will bring the Greater Duchess Copper-Gold Project into the buyer’s expanding portfolio.
Under the terms of the agreement, shareholders of Carnaby Resources will receive 0.0682 shares in the acquiring company for every share they currently hold. This exchange ratio equates to an offer price of $0.77 per share. The valuation represents a 60.4 percent premium over the previous closing price of $0.48, as well as a 31.4 percent premium compared to the 30-day average price.
The board of directors at Carnaby Resources has given unanimous backing to the Evolution Mining acquisition. Furthermore, the directors intend to vote their combined 7.3 percent stake in favor of the arrangement. To facilitate the integration of the new assets, existing tolling and offtake agreements between Carnaby and Glencore will be terminated.
Strategic Integration and Resource Expansion
The Greater Duchess site is located in the Cloncurry region of Queensland, situated in close proximity to the existing Ernest Henry Operations. The project contains a mineral resource estimated at 29.2 million tonnes at 1.3 percent copper and 0.2 grams per tonne gold. Additionally, it holds an ore reserve of 8.4 million tonnes at 1.7 percent copper and 0.3 grams per tonne gold.
Infrastructure and Production Synergies
Company leadership views this acquisition as a clear pathway to increase copper output by roughly 10,000 tonnes annually. This production boost will be achieved by leveraging the spare mill capacity and established infrastructure at the Ernest Henry site.
Chief Executive Officer Lawrie Conway stated that the purchase strengthens the company’s footprint in the Cloncurry region. Conway noted that the close proximity of the Greater Duchess site offers a practical opportunity to raise copper production at Ernest Henry by utilizing latent mill capacity and current infrastructure. He further explained that combining the Bert project at Ernest Henry with Greater Duchess improves the organization’s capacity to maximize production and growth.
Approvals and Future Steps
Moving forward, the company plans to finalize an updated Feasibility Study for the Greater Duchess project within the next 12 to 18 months. This study will fully integrate the new asset into the broader mine plan for Ernest Henry.
The completion of this Evolution Mining acquisition remains subject to several standard conditions. These include:
- Shareholder approval
- Regulatory clearance, including merger clearance from the ACCC
- Final Court approval
The transaction is currently projected to close in mid-November 2026. The acquiring entity continues to operate as a major gold and copper producer, managing six mines across Australia and Canada, including Cowal, Ernest Henry, Mt Rawdon, Mungari, Red Lake, and an 80 percent interest in Northparkes.