Evolution Mining Limited has acquired the QIC Queensland Critical Minerals Fund’s 13.7% stake in Carnaby Resources, taking ownership of approximately 37.9 million shares through the issuance of roughly 2.6 million new Evolution fully paid ordinary shares.

The transaction follows Evolution's July 2026 announcement of a binding scheme implementation deed to acquire 100% of Carnaby. Under the scheme terms, Carnaby shareholders are set to receive 0.0682 new Evolution shares for each Carnaby share held, valuing the transaction at approximately $213 million. With this share acquisition, Evolution has secured its position as the largest shareholder in Carnaby at 13.7%.

The scheme has been unanimously recommended by the Carnaby Board, with all directors collectively representing 7.3% of Carnaby intending to vote their shares in favour in the absence of a superior proposal and subject to an independent expert concluding the arrangement is in the best interests of shareholders. Implementation remains targeted for November 2026.

Evolution intends to complete an updated feasibility study to refine the development pathway for the Greater Duchess project, incorporating the asset into its regional production pipeline alongside the nearby Ernest Henry operation. 

Read the full announcement: Evolution acquires QIC's 13.7% stake in Carnaby Resources