Carnaby Resources Limited shareholders have overwhelmingly backed Evolution Mining’s acquisition, clearing a critical hurdle in the scheme of arrangement. The vote delivered a decisive mandate, with 89.22 percent of shareholders present and voting in favour of the scheme resolution, while 95.42 percent of votes cast supported the transaction. These figures exceed the requisite majorities required under the Corporations Act, setting the path toward implementation.
The next phase depends on court approval. The Supreme Court of Western Australia is scheduled to hold a second hearing on 29 October 2026 at 10:00am (AWST). Assuming the court grants its approval and any remaining conditions are satisfied, Carnaby expects to lodge the court orders with ASIC on 30 October, at which point the scheme becomes legally effective. From shareholder approval to delisting, the process will compress into a matter of weeks.
Trading in Carnaby shares is expected to suspend from the close of business on 30 October. Shareholders will receive new Evolution shares, which are scheduled to begin trading on a deferred settlement basis from 2 November, before moving to standard T+2 settlement on 11 November. The actual completion of the scheme and finalisation of the share exchange occurs on 10 November 2026, with Carnaby’s delisting from the ASX following on 11 November.
For shareholders of Carnaby, the approval removes execution risk from the deal structure. The robust voting support suggests limited shareholder dissent and reduces the prospect of the scheme facing material obstacles at the court hearing. The merger represents a consolidation in the mining sector, with Evolution acquiring full ownership of Carnaby’s assets. The scheme terms were previously outlined in the scheme booklet distributed in September.
Investors should monitor the second court hearing on 29 October to confirm there are no unexpected legal obstacles to approval. Attention should also turn to the completion of the Glencore subscription and whether any final regulatory conditions materialize. The transition from Carnaby shares to Evolution shares will require shareholders to adjust their holdings, and the deferred settlement period offers a window for questions about share allocation or technical execution details.
A rules-based approach to leveraged ETFs
See how our quantitative strategy works and who it suits.
Explore the strategyBecome an authorised representative
Advise your clients under an established AFSL without building your own. Choose AR or CAR.
Become an AR or CARView the full ASX announcement (PDF)
About Evolution Mining Limited (ASX: EVN)
Evolution Mining Limited is an Australia-based gold mining company that engages in the exploration, mine development, operation, and sale of gold and gold-copper concentrates. The company operates six mines located in Australia and Canada, including assets in New South Wales, Queensland, Western Australia, and Ontario. It also explores for copper and silver deposits.
If you would like to discuss this announcement, request a callback or call us on 1300 889 603.
Learn to trade with a plan
Our free 5-day course covers entries, exits and risk management.
Start the free courseBecome an authorised representative
Advise your clients under an established AFSL without building your own. Choose AR or CAR.
Become an AR or CAR