Acquisition announced — acquired by Evolution Mining Limited
Evolution Mining agreed to acquire 100% of Carnaby Resources in an all-stock deal valued at approximately A$213 million (announced July 27, 2026), gaining the advanced Greater Duchess copper-gold project near Evolution's Ernest Henry operation. The deal is newly announced, not yet closed -- unlike other near-closing acquisitions excluded elsewhere in this site's research, Carnaby is kept as a tracked, flagged listing given typical multi-month ASX scheme-of-arrangement timelines.
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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.
Notable vs. Peers
- Financials score of 4.2/10 is weaker than the peer average of 6.2/10.
Lifecycle Milestones
Evolution Mining Limited's acquisition of this company is already announced, so a forward-looking susceptibility score no longer applies.
Your Rankings
Management Team
No one tracked here yet.
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
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.