Evolution Mining stock: Carnaby deal adds copper growth capacity

Published on 11/13/2026 at 20:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Evolution Mining stock gains a larger copper pipeline after the company completed its Carnaby Resources acquisition. Greater Duchess is central to the expansion.

Carnaby expands copper pipeline

Evolution Mining completed the Carnaby Resources acquisition on November 10, adding the Greater Duchess copper-gold project near Ernest Henry.
The transaction gives Carnaby shareholders 0.0682 new Evolution shares for each share held.
Evolution is targeting fiscal 2027 production of 63,000 to 70,000 tonnes of copper and 660,000 to 730,000 ounces of gold.

Evolution, AU000000EVN4, Illustration mit AI erstellt.

Evolution Mining completed its acquisition of Carnaby Resources on November 10, adding the Greater Duchess copper-gold project in north-west Queensland to its portfolio. Australian Mining reported that the court-approved scheme transferred all Carnaby shares to Evolution.

The all-share transaction was valued at 213 million Australian dollars. Carnaby shareholders received 0.0682 new Evolution shares for each Carnaby share held on the November 3 record date. The new Evolution shares were expected to begin trading on the Australian Securities Exchange on November 11, alongside Carnaby's expected delisting.

Greater Duchess broadens copper growth

Greater Duchess is located near Evolution's Ernest Henry operation in Queensland. Evolution expects the project could add about 10,000 tonnes of annual copper production by using existing infrastructure and spare processing capacity.

The acquisition also adds a larger resource base to Evolution's copper development pipeline. Carnaby increased Greater Duchess mineral resources by 10 percent in August to 30.8 million tonnes grading 1.3 percent copper and 0.3 grams of gold per tonne. The estimate contained about 415,000 tonnes of copper and 258,700 ounces of gold.

Evolution plans to complete an updated feasibility study after the acquisition. The work will assess how Greater Duchess can be integrated with Ernest Henry's mining and processing operations. The project joins other growth initiatives, including the Bert development at Ernest Henry and the E22 block cave project at Northparkes.

Production targets remain ahead

Evolution is targeting fiscal 2027 production of 63,000 to 70,000 tonnes of copper and 660,000 to 730,000 ounces of gold. The company also reported record fiscal 2026 group cash flow of 1.39 billion Australian dollars, according to Australian Mining.

Evolution Mining stock traded at 7.87 euros on Lang & Schwarz at 20:35 CET on Friday, November 13, 2026.