ASX:EVN

ASX 200ASX:CNBASX:EVNASX:MYRASX:STO

Australian Shares Jump; Evolution Mining to Acquire Carnaby Resources in AU$213 Million Deal

Australian shares closed higher on Monday, as a fall in oil prices provided relief over inflation concerns.The S&P/ASX 200 Index gained 1.39%, or 121.70 points, to close at 8,894.Brent crude oil futures were trading over $92 per barrel, falling over 4%. Iran said it would stop its attacks if the US did the same. Gold rose to trade around $4,090 per ounce.Investors are also eyeing the results of the US Federal Reserve's July meeting on Wednesday.On the domestic front, Australia's headline inflation is expected to average 4% in the second quarter, below the Reserve Bank of Australia's 4.8% forecast, which should prompt the central bank to keep interest rates unchanged at its next policy meeting, BofA Securities said.In company news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.Santos (ASX:STO) and PRISM Energy International Australia jointly marketed and loaded the first condensate cargo from the Barossa gas project. The shipment of around 300,000 barrels of condensate was loaded from the BW Opal floating production, storage and offloading vessel for delivery to SK Incheon Petrochem's refinery in South Korea.Lastly, Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion. The company reported total sales of AU$3.67 billion and operating gross profit of AU$1.41 billion for fiscal year 2025.

Update: Evolution Mining to Acquire Carnaby Resources in Deal Valuing Carnaby at Around AU$213 Million; Carnaby Shares Surge 60%

(Updates with the stock movement in the headline and last paragraph.)Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million, according to releases on the Australian bourse on Monday.Following the proposed merger, Carnaby shareholders will own around 0.9% of Evolution, the filing said. The acquisition is expected to be completed by mid-November, subject to regulatory approvals, including Australian Competition and Consumer Commission merger clearance and court approval.Carnaby's board unanimously recommended that Carnaby shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of Carnaby shareholders, per the filing. Carnaby's directors also committed to vote the around 7.3% of Carnaby shares which they hold or control in favor of the scheme.The existing tolling and offtake agreements between Carnaby and Glencore will be terminated, which is expected to facilitate the integration of the Greater Duchess project into the Ernest Henry operations, Carnaby said in a separate bourse filing. In consideration, Carnaby will issue around 28.6 million shares to Glencore under its existing placement capacity, representing around 9.4% of Carnaby's issued share capital on a post-issue basis.Evolution and Glencore separately agreed that any concentrate produced from ore extracted from Greater Duchess will be sold to Glencore under the existing Ernest Henry offtake arrangements between Evolution and Glencore. The companies also entered into a binding agreement for the toll treatment of third-party ore produced through the Ernest Henry processing facility.Carnaby Resources shares surged 60% in recent Monday trade, while Evolution Mining gained over 3%.

ASX:CNBASX:EVN

ASX 200ASX:CNBASX:EVNASX:MYR

ASX Preview: Australian Shares to Rise as Oil Prices Fall on Trump's Iran Strike Pause; Evolution Mining to Acquire Carnaby Resources

Australian shares are poised to rise on Monday, tracking a decline in oil prices after US President Donald Trump paused strikes on Iran, boosting hopes for a diplomatic resolution that could ease Middle East tensions and reduce concerns over energy supply disruptions.On July 24, the S&P 500 and the Dow Jones Industrial Average rose 0.1% and 0.5%, respectively, while the Nasdaq Composite fell 0.6%.In the macroeconomy, investors are eyeing Australia's consumer price index report on Wednesday.In corporate news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion.Australia's benchmark index fell 0.8% or 66.7 points to close at 8,772.30 on July 24.

Evolution Mining to Acquire Carnaby Resources in Deal Valuing Carnaby at Around AU$213 Million

Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million, according to releases on the Australian bourse on Monday.Following the proposed merger, Carnaby shareholders will own around 0.9% of Evolution, the filing said. The acquisition is expected to be completed by mid-November, subject to regulatory approvals, including Australian Competition and Consumer Commission merger clearance and court approval.Carnaby's board unanimously recommended that Carnaby shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of Carnaby shareholders, per the filing. Carnaby's directors also committed to vote the around 7.3% of Carnaby shares which they hold or control in favor of the scheme.The existing tolling and offtake agreements between Carnaby and Glencore will be terminated, which is expected to facilitate the integration of the Greater Duchess project into the Ernest Henry operations, Carnaby said in a separate bourse filing. In consideration, Carnaby will issue around 28.6 million shares to Glencore under its existing placement capacity, representing around 9.4% of Carnaby's issued share capital on a post-issue basis.Evolution and Glencore separately agreed that any concentrate produced from ore extracted from Greater Duchess will be sold to Glencore under the existing Ernest Henry offtake arrangements between Evolution and Glencore. The companies also entered into a binding agreement for the toll treatment of third-party ore produced through the Ernest Henry processing facility.

ASX:CNBASX:EVN

Asia9d ago

Evolution Mining Shares Jump 4% as Gold Prices Rise

Shares of Evolution Mining (ASX:EVN) jumped 4% in recent trading on Tuesday as gold prices rose to trade around the $4,000-per-ounce mark.Spot gold rose nearly 1% to $4,045.65 per ounce.Northern Star Resources' (ASX:NST) shares rose over 2%, while those of Newmont (ASX:NEM) climbed nearly 1%.

Asia10d ago

Shares of Gold Miners Decline Nearly 1% As Price of Precious Metal Steadies

Shares of Northern Star Resources (ASX:NST), Newmont (ASX:NEM), and Evolution Mining (ASX:EVN) declined nearly 1% in recent trading on Monday as the price of gold steadied.Gold steadied to trade around $4,010 per ounce after falling below the $4,000-mark in the previous week.Investors expressed concern about the potential tightening of the monetary policy by the US Federal Reserve if the surge in oil prices caused by the conflict in the Middle East causes inflation to spike.

ASX 200ASX:EVNASX:KCNASX:RIO

Australian Shares Up; Rio Tinto Group Reports Lower Q2 Copper Production

Australian shares rose on Wednesday as investors reacted to a slowdown in inflation in the US.The S&P/ASX 200 Index rose 0.37%, or 32.60 points, to close at 8,841.10.The US consumer price index fell 0.4% in June, its first decline since the COVID-19 pandemic.Brent crude oil futures were trading around $85 per barrel as hostilities continued between the US and Iran.Overnight, the S&P 500 and Nasdaq Composite rose 0.4% and 0.9%, respectively.In company news, Rio Tinto Group (ASX:RIO) reported a 7% year-over-year decline in the second-quarter consolidated copper production to 213,000 tonnes, while global iron ore production fell 1% to 87.1 million tonnes. Iron ore production at its Pilbara operations during the period remained flat year over year at 83.5 million tonnes, while Pilbara iron ore sales rose 7% to 85.3 million tonnes.Kingsgate Consolidated (ASX:KCN) has restarted processing at Thailand-based Chatree gold mine's Plant 1 at 50% of normal capacity following remediation works and modifications to the plant's processing circuit.Lastly, Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter. Group production was 182,388 ounces of gold in the prior corresponding period.

Update: Evolution Mining Posts Lower June Quarter Gold Production

(Updates to add stock movement in the last paragraph)Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter, according to a Wednesday Australian bourse filing.Group production was 182,388 ounces of gold in the prior corresponding period, an earlier filing showed.The group produced 192,959 ounces of silver and 18,810 tonnes of copper, compared with 203,305 ounces of silver and 19,197 tonnes of copper a year earlier.Meanwhile, the company sold 177,909 ounces of gold and 208,928 ounces of silver during the quarter at achieved prices of AU$5,928 and AU$93 per ounce, respectively, compared with 178,385 ounces of gold and 198,848 ounces of silver a year earlier.Copper sales were 21,485 tonnes at an achieved price of AU$19,314 per tonne, compared with 18,873 tonnes a year earlier.The company expects fiscal 2027 production capacity to remain largely unchanged, with elevated inflation, higher sustaining capital investment, and increased mine development expenditure planned across key operations.The company's shares fell around 1% in recent Wednesday trade.

ASX Preview: Australian Shares to Rise Amid Middle East Tensions; Rio Tinto Group Reports Lower Q2 Copper Production

Australian shares are poised to rise on Wednesday after oil prices climbed to a one-month high as renewed US-Iran tensions and concerns over disruptions to crude flows through the Strait of Hormuz lifted energy stocks, while investors weighed the inflation risks from higher fuel costs.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.9%, and 0.02%, respectively.In the macroeconomy, investors are eyeing the consumer inflation expectations report on Thursday.In corporate news, Rio Tinto Group (ASX:RIO) reported a 7% year-over-year decline in the second-quarter consolidated copper production to 213,000 tonnes, while global iron ore production fell 1% to 87.1 million tonnes.Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter.Australia's benchmark index closed flat at 8,808.50 on Tuesday.

ASX 200ASX:EVNASX:RIO

Evolution Mining Posts Lower June Quarter Gold Production

Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter, according to a Wednesday Australian bourse filing.Group production was 182,388 ounces of gold in the prior corresponding period, an earlier filing showed.The group produced 192,959 ounces of silver and 18,810 tonnes of copper, compared with 203,305 ounces of silver and 19,197 tonnes of copper a year earlier.Meanwhile, the company sold 177,909 ounces of gold and 208,928 ounces of silver during the quarter at achieved prices of AU$5,928 and AU$93 per ounce, respectively, compared with 178,385 ounces of gold and 198,848 ounces of silver a year earlier.Copper sales were 21,485 tonnes at an achieved price of AU$19,314 per tonne, compared with 18,873 tonnes a year earlier.The company expects fiscal 2027 production capacity to remain largely unchanged, with elevated inflation, higher sustaining capital investment, and increased mine development expenditure planned across key operations.

Asia16d ago

Newmont, Evolution Mining, Northern Star Resources Shares Fall as Gold Prices Decline

Northern Star Resources (ASX:NST) shares fell past 2%, and Evolution Mining (ASX:EVN) shares dropped by almost 1% in recent Tuesday trade, while Newmont (ASX:NEM) shed slightly to 0.3%, as gold prices declined.Spot gold fell below $4,000 per ounce as rising Middle East tensions increased bets of a US Federal Reserve rate hike.

Research31d ago

Morgans Financial Upgrades Evolution Mining to Buy from Accumulate; Price Target is AU$15

Evolution Mining (ASX:EVN) has an average rating of overweight and mean price target of AU$14.18, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Asia31d ago

Market Chatter: Queensland Government Scraps Repurposing Plan for Evolution Mining's Mt Rawdon Gold Mine

The Queensland government will not proceed with its plan to repurpose Evolution Mining's (ASX:EVN) Mt Rawdon gold mine to a pumped hydro electricity generating facility, the Australian Broadcasting Corporation reported Monday, citing Evolution Mining Chairman Jake Klein.Klein said the budget shows Mt Rawdon is not a Queensland government priority, with investment instead directed to the Borumba pumped hydro project, a decision he described as surprising and disappointing, ABC reported.The state will proceed with early works on the Borumba pumped hydro project while also evaluating additional sites, including Capricornia near Mackay, per the report.Klein added that the company is now exploring private funding options for Mt Rawdon as its current low-grade gold processing operations are set to end in September, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Asia34d ago

Gold Miners' Stock Price Rises As Precious Metal Steadies

Shares of Northern Star Resources (ASX:NST), Newmont (ASX:NEM), and Evolution Mining (ASX:EVN) all rose over 2% in recent trading on Friday as the price of gold rose to around $4,000 per ounce.Gold remains on track for a fourth weekly loss as investors react to a potential hawkish trajectory from the US Federal Reserve.

Asia41d ago

Newmont, Evolution Mining, Northern Star Resources Shares Fall as Gold Prices Decline

Newmont (ASX:NEM) and Evolution Mining (ASX:EVN) shares fell about 5% in recent Friday trade, while Northern Star Resources (ASX:NST) shed over 2%, as gold prices declined.Comex gold futures were down 1% and the spot gold price retreated 0.8% after the US and Iran struck a peace deal to end the Middle East conflict, and following a rate hold by the US Federal Reserve earlier this week.

Research45d ago

Macquarie Upgrades Evolution Mining to Outperform from Neutral; Price Target is AU$13

Evolution Mining (ASX:EVN) has an average rating of overweight and mean price target of AU$14.41, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Asia50d ago

Newmont, Evolution Mining Shares Decline As Gold Falls

Shares of both Newmont (ASX:NEM) and Evolution Mining (ASX:EVN) dropped over 3% in recent trading on Wednesday as the price of gold fell to $4,225 per ounce.

ASX:EVNASX:NEM

Asia63d ago

Newmont, Evolution Mining, Northern Star Resources Fall as Gold Hits Two-Month Low

Major gold mining stocks declined in recent Thursday trade as the price of the precious metal fell to a two-month low.Newmont (ASX:NEM) shed more than 6%, while Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST) both tumbled past 5%.The spot gold price was down 1.6% to $4,383.35 per ounce, while Comex gold futures retreated around 1.5%.

Asia65d ago

Newmont, Evolution Mining, Northern Star Resources Shares Fall as Gold Price Declines

Major gold mining stocks fell in recent Tuesday trade after the price of the precious metal declined amid US strikes in the Strait of Hormuz that cast doubt on the outcome of Middle East peace talks.Newmont (ASX:NEM) shed nearly 3%, while Northern Star Resources (ASX:NST) and Evolution Mining (ASX:EVN) both fell nearly 2%.Spot gold prices were down 0.8% on worries that the US strikes could jeopardize peace negotiations, Bloomberg reported. US forces targeted missile launch sites in Iran as well as boats that were attempting to lay mines in the Strait of Hormuz, the report said, citing a US Central Command statement.