Acquisition announced: to be acquired by Evolution Mining Limited
This company is the subject of an announced acquisition. The deal was announced on 27 Jul 2026. Check the company's own releases for the deal's current status.
This company has been removed from the default Compare and Miners directory listings.
Carnaby Resources Limited
Carnaby Resources' Greater Duchess copper-gold project near Mount Isa, Queensland, hosts an updated resource of 29.2 Mt at 1.3% Cu and 0.2 g/t Au across the Mount Hope, Nil Desperandum and Lady Fanny deposits; a Pre-Feasibility Study outlined pre-tax free cash flow of A$723 million and a 281% IRR on just A$11 million of pre-production capital, with a Final Investment Decision targeted for June 30, 2026. On July 27, 2026, Evolution Mining Limited agreed to acquire 100% of Carnaby in an all-stock deal valued at roughly A$213 million to feed its nearby Ernest Henry operation -- announced the day before this research, so Greater Duchess's remaining feasibility work and construction timeline now sit under Evolution rather than as an independent developer.
Lifecycle Milestones
Jurisdiction (40%)9/10
Queensland: Fraser PPI 2025 is 82.72 of 100 (rank 18 of 68), which maps to 9 on this site's scale. Queensland, Australia — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Greater Duchess Copper-Gold Project, Mount Isa Region, Queensland (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Mount Isa (Glencore plc), 82 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
Evolution Mining Limited's acquisition of this company is already announced, so a forward-looking susceptibility score no longer applies.
Your Rankings
Management Team
Non-Executive Chairman of Carnaby Resources Limited (ASX: CNB). Previously founding Managing Director of Beadell Resources Limited (2007-2015, grew to a peak market capitalisation of ~A$800M) and founding Managing Director of Agincourt Resources Limited (2003-2007, grew to a peak market capitalisation of ~A$500M). Source: carnabyresources.com.au/corporate/board-and-management/.
Managing Director of Carnaby Resources Limited (ASX: CNB). Geologist with 20+ years exploration experience; previously founding Executive Director of Beadell Resources Limited and Exploration Manager of Agincourt Resources Limited. Source: carnabyresources.com.au/corporate/board-and-management/.
Non-Executive Director of Carnaby Resources Limited (ASX: CNB). 25+ years as a corporate and finance professional in mining; previously Chief Financial Officer of several ASX-listed mining companies in Australia and abroad; prior experience with KPMG. Source: carnabyresources.com.au/corporate/board-and-management/.
Non-Executive Director of Carnaby Resources Limited (ASX: CNB). B.AppSc, Grad Dip Min Ec, Grad Cert (Geostats), FAusIMM. Principal of PayneGeo with 30+ years mining industry experience; founding Managing Director of Dacian Gold Limited (led its ASX IPO and its major Mount Morgans gold discoveries, Western Australia); recent exploration experience includes gold exploration for Rift Valley Resources in Tanzania. Currently an independent consultant to De Grey Mining Ltd and Musgrave Minerals Ltd (current, concurrent). Source: carnabyresources.com.au/corporate/board-and-management/.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The QIC Critical Minerals and Battery Technology Fund holds 13.72% of Carnaby as of October 2025. It is a A$250M Queensland Government fund managed by Queensland Investment Corporation, set up to back critical-minerals projects in Queensland, and it has committed more than A$155M across nine investments. It is professionally run and does real project-level diligence, but it is state capital with a regional economic-development mandate rather than a producer buying in or a fund picking Carnaby out of a global opportunity set. No other strategic or specialist holder appears, and institutional ownership is 4.1%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Carnaby Resources is being acquired by Evolution Mining: under a scheme implementation deed signed on 27 July 2026, Carnaby shareholders are to receive 0.0682 Evolution shares per Carnaby share, valuing Carnaby at about A$213 million, and the scheme meeting is scheduled for 26 October 2026, with implementation targeted for 10 November 2026. Carnaby owns 100% of the Greater Duchess copper-gold project near Mount Isa in Queensland, whose resource totals 29.2 Mt at 1.3% copper and 0.2 g/t gold across the Mount Hope, Nil Desperandum and Lady Fanny deposits. A March 2026 pre-feasibility study, with a maiden ore reserve, outlines a 12-year mine life of six open pits followed by underground mining at Mount Hope Central and Nil Desperandum, with an after-tax NPV7% of US$225.4M (AUD 322M) and a 281% IRR at US$5.24/lb copper, on pre-production capital of US$7.7M (AUD 11M). The study's all-in sustaining cost is US$3.04/lb of payable copper, net of gold credits. Evolution intends to process Greater Duchess ore through its nearby Ernest Henry operation.