Evolution Mining has completed its acquisition of Carnaby Resources through a court-approved scheme, issuing new Evolution shares to eligible Carnaby investors. Carnaby is expected to disappear from the ASX after trading closes on 11 November.
- 0.0682 new Evolution shares issued for each Carnaby share
- Scheme implemented on 10 November 2026
- New Evolution shares expected to trade normally from 11 November
- Carnaby delisting expected at the close of trading on 11 November
- No updated production or financial guidance disclosed
Carnaby acquisition reaches implementation
Evolution Mining Limited (ASX:EVN) has completed its acquisition of Carnaby Resources Limited (ASX:CNB), converting a proposed copper expansion into a completed corporate transaction. The court-approved Scheme of Arrangement was implemented on 10 November, with Carnaby shares transferred to Evolution.
The deal gives eligible Carnaby shareholders 0.0682 new Evolution shares for every Carnaby share held at the 3 November record date. The new Evolution shares are expected to begin normal settlement trading on the ASX from 11 November.
Share exchange replaces Carnaby's public listing
The completion follows Evolution's earlier 13.7% Carnaby stake acquisition and the scheme terms that offered the same 0.0682 Evolution shares per Carnaby share. Those new Evolution shares marked the initial step in Evolution's position as Carnaby's largest shareholder; today's announcement completes the path to full ownership.
Evolution has also issued shares to a sale agent for ineligible foreign shareholders and non-electing small parcel holders. The agent will sell those shares and distribute the net proceeds under the scheme process, rather than those investors receiving Evolution stock directly.
Carnaby set to leave the ASX
Carnaby has applied to be removed from the ASX official list, with delisting and the termination of quotation expected to take effect at the close of trading on 11 November. Its shares have been suspended since the scheme became effective on 30 October.
The filing does not quantify the number or value of Evolution shares issued, nor does it provide revised production, cost or financial guidance attributable to Carnaby. Evolution's existing FY27 guidance remains stated at 660,000 to 730,000 ounces of gold and 63,000 to 70,000 tonnes of copper, with all-in sustaining costs of $1,795 to $1,995 an ounce.
Bottom Line?
The transaction is legally complete, but the next material test is how Evolution reports Carnaby's assets, capital needs and operating contribution in future updates.
Questions in the middle?
- How many new Evolution shares were issued under the scheme, and what was their effective value at completion?
- When will Evolution disclose the operational and financial contribution expected from Carnaby's assets?
- Will the acquisition alter Evolution's stated FY27 production, cost or capital priorities?