Evolution Mining (ASX: EVN) – Evolution Mining Completes Carnaby Acquisition

Evolution Mining has completed its acquisition of Carnaby Resources, combining two Australian gold producers through a Court-approved Scheme of Arrangement implemented on 10 November 2026. The transaction marks a significant consolidation in the precious metals sector and increases Evolution’s scale and production capacity ahead of its 2027 financial year guidance period.

Carnaby shareholders received 0.0682 new Evolution shares for each Carnaby share held as at the Scheme Record Date of 4:00pm AWST on 3 November 2026. The new Evolution shares commenced trading on the ASX from 11 November 2026 on a normal settlement basis. Carnaby has applied for removal from the official list, with delisting taking effect from the close of trading on 11 November 2026. For ineligible foreign shareholders and non-electing small parcel shareholders, a Sale Agent was appointed to sell the shares and distribute net proceeds according to the process outlined in the Scheme Booklet.

The acquisition expands Evolution’s operational footprint to six mines across Australia and Canada. Evolution now operates five wholly owned mines spanning Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, together with an 80 percent stake in Northparkes in New South Wales. This consolidation enhances portfolio diversity and geographic exposure, positioning the enlarged group across major gold-producing regions.

Evolution management has guided FY2027 production of 660,000 to 730,000 ounces of gold and 63,000 to 70,000 tonnes of copper at an all-in sustaining cost range of 1,795 to 1,995 dollars per ounce. The Carnaby acquisition should contribute to achieving these production targets and may help the group optimize its cost structure through operational synergies. The completion removes execution risk and provides clarity on Evolution’s near-term operational and financial outlook as the company moves to full integration.

Investors should monitor integration progress and whether Evolution achieves its FY2027 production targets. Future quarterly reports will provide visibility into whether operational synergies are being realized and whether the enlarged group can maintain or improve unit costs. The market will also watch for updates on capital expenditure plans, cost management initiatives, or further strategic developments as Evolution manages its expanded asset portfolio.

View 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.