Evolution Mining (ASX:EVN) has acquired Queensland Critical Minerals Fund’s (QCMF) 13.7% stake in Carnaby Resources (ASX:CNB) ahead of its planned takeover.
The gold miner issued approximately 2.6 million new shares to acquire QCMF’s 37.9 million Carnaby shares, calculated using the scheme consideration of 0.0682 Evolution shares for each Carnaby share.
Evolution is set to become Carnaby’s largest shareholder following the transaction, which relates to its July announcement to acquire 100% of Carnaby through a scheme of arrangement.
The Carnaby board has unanimously recommended the scheme, with directors collectively holding 7.3% of Carnaby shares intending to vote in favour. The recommendation remains subject to an independent expert concluding the scheme is in shareholders’ best interests, alongside no superior proposal emerging.
The acquisition centres on expanding copper growth opportunities at the Ernest Henry operation in Queensland, providing Evolution with access to Carnaby’s exploration assets and development projects in the region.
Evolution says implementation remains on track for November 2026.
Evolution Mining is a gold and copper mining company operating six core mines across Australia and Canada.
Write to Paula Fabe at Mining.com.au
Images: Evolution Mining
