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Evolution Mining has completed its $213 million acquisition of Carnaby Resources, securing the Greater Duchess copper-gold project in north-west Queensland as it looks to expand production at its Ernest Henry operations.
The transaction was formally implemented on November 10 through a court-approved scheme of arrangement, with all Carnaby shares transferred to Evolution and eligible shareholders receiving the agreed consideration.
Under the all-scrip transaction, Carnaby shareholders received 0.0682 new Evolution shares for every Carnaby share held as of the November 3 record date.
The new shares are expected to commence trading on the Australian Securities Exchange (ASX) on November 11, when Carnaby is also expected to be officially delisted.
The acquisition marks the completion of a deal first announced in July, when Evolution outlined plans to integrate Greater Duchess into its existing Ernest Henry operations near Cloncurry.
At the time, Evolution managing director and chief executive officer Lawrie Conway highlighted the opportunity to increase copper output using existing infrastructure and spare processing capacity.
The company estimated that Greater Duchess could contribute approximately 10,000 tonnes of additional copper production annually, alongside the ongoing development of the Bert deposit at Ernest Henry.
Evolution subsequently became Carnaby’s largest shareholder in August, securing a 13.7 per cent stake through the acquisition of shares held by the QIC Queensland Critical Minerals Fund.
Greater Duchess has also continued strengthening its resource base throughout the acquisition process, and Carnaby increased the project’s mineral resource by 10 per cent in August to 30.8 million tonnes grading 1.3 per cent copper and 0.3 grams per tonne gold.
The updated estimate contains approximately 415,000 tonnes of copper and 258,700 ounces of gold, equivalent to 482,800 tonnes of contained copper equivalent.
Much of the increase came from the Trekelano deposits, where resource growth at Trek 1 and Trek 2 strengthened the broader development pipeline.
Earlier exploration also delivered new discoveries at Trek 1 Footwall Lode and Miniboom, highlighting additional opportunities across Greater Duchess.
Evolution previously outlined plans to complete an updated feasibility study following the acquisition, assessing opportunities to integrate Greater Duchess into Ernest Henry’s processing and mining operations.
The acquisition also complements Evolution’s existing investment program, which includes the Bert development at Ernest Henry and the E22 block cave project at Northparkes in New South Wales.
More recently, Evolution reported a record $1.39 billion in FY26 group cash flow, supporting its broader production growth strategy.
With Carnaby now under its ownership, Evolution has strengthened its copper development pipeline as it targets FY27 production of 63,000–70,000 tonnes of copper and 660,000–730,000 ounces of gold.
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