Carnaby Resources Acquisition by Evolution Mining Completed via Court-Approved Scheme

Mukul

10 November 2026 12:56 PM AEDT

Carnaby Resources Acquisition by Evolution Mining Completed via Court-Approved Scheme

Image Source: Krish Capital Pty Ltd

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Carnaby Resources (ASX:CNB) has been acquired by Evolution Mining Limited (ASX:EVN) following the implementation of a Court-approved Scheme of Arrangement on 10 November 2026, with all Carnaby shares transferred to Evolution and eligible shareholders receiving the agreed scheme consideration.

Key Points

The Scheme of Arrangement was implemented on 10 November 2026, with all Carnaby shares transferred to Evolution Mining.
Eligible Carnaby shareholders received 0.0682 new Evolution Mining shares for each Carnaby share held on the Scheme Record Date of 4:00pm (AWST) on 3 November 2026.
New Evolution Mining shares are expected to commence trading on a normal settlement basis from 11 November 2026.
Carnaby has applied for removal from the ASX official list, with delisting expected to take effect from close of trading on 11 November 2026.

Scheme Consideration and Share Issuance

All Carnaby shares subject to the Scheme have been transferred to Evolution Mining, with eligible shareholders issued 0.0682 new Evolution Mining shares for each Carnaby share held on the Scheme Record Date of 4:00pm (AWST) on 3 November 2026. Evolution has also issued to a Sale Agent the new Evolution shares that would otherwise have been payable to Ineligible Foreign Shareholders and Non-Electing Small Parcel Shareholders. The Sale Agent will sell those shares, with net proceeds to be distributed to those shareholders in accordance with the process described in the Carnaby Scheme Booklet.

Carnaby Delisting from ASX

Carnaby Resources has applied for removal from the official list of the ASX and termination of the official quotation of its shares. The company's shares have been suspended from trading since the Scheme became effective on 30 October 2026. The delisting of Carnaby from the ASX is expected to take effect from close of trading on 11 November 2026, according to the filing. The release was approved by Evolution Mining Chair, Jake Klein.

Evolution Mining Operations and Production Guidance

According to the filing, Evolution Mining operates six mines comprising five wholly owned operations — Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada — along with an 80% share in Northparkes in New South Wales. Evolution Mining's financial year 2027 production guidance is disclosed as 660,000 to 730,000 ounces of gold and 63,000 to 70,000 tonnes of copper, at an All-in Sustaining Cost range of $1,795 to $1,995 per ounce.

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