Evolution Mining Ltd. has acquired a 13.7 per cent stake in explorer Carnaby Resources, becoming its largest single shareholder as it progresses a full AU$213 million acquisition.
Evolution secured approximately 37.9 million shares previously held by the QIC Queensland Critical Minerals Fund (QCMF). In exchange, the company issued roughly 2.6 million new fully paid ordinary Evolution shares to QCMF.
The share transfer was executed at the exact exchange ratio of 0.0682 Evolution shares for every Carnaby share, matching the consideration offered under the binding scheme of arrangement announced.
The early share acquisition strengthens Evolution’s position ahead of the formal takeover vote.
Evolution agreed to acquire Carnaby in July as part of the company’s strategy of building a portfolio of long-life gold and copper assets.
The deal is driven by Carnaby’s Greater Duchess copper-gold project, situated in North West Queensland.
Due to its close proximity to Evolution’s existing Ernest Henry underground mine, Evolution plans to integrate Greater Duchess ore directly into its established processing infrastructure, unlocking operational synergies and expanding regional copper output.
The board of Carnaby Resources has unanimously recommended that shareholders vote in favour of the transaction, in the absence of a superior proposal and subject to an Independent Expert concluding the deal is in shareholders’ best interests.
Carnaby directors, who collectively control 7.3 per cent of the company’s issued shares, have pledged to vote all their holdings in support of the scheme under the same conditions.
With the cornerstone stake now secured, Evolution confirmed the transaction remains firmly on track. Scheme implementation and final settlement are targeted for completion in November, subject to customary regulatory and shareholder approvals.
