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Asia

Carnaby Resources Says ASX Grants Waiver to Allow for Cancellation of Unlisted Options without Shareholder Approval; Shares Fall 5%

Carnaby Resources (ASX:CNB) said ASX granted it a waiver of a listing rule to allow for the cancellation of Carnaby's unlisted options for consideration without obtaining the approval of Carnaby's shareholders, for the purposes of facilitating the scheme of arrangement in relation to Evolution Mining's (ASX:EVN) acquisition of the firm, according to a Monday Australian bourse filing.Carnaby has 5.5 million unlisted options on issue. The aggregate consideration payable for the cancellation of all Carnaby options is AU$835,000, which is to be funded by Evolution.ASX granted the waiver on the conditions that the full details of the cancellation and the consideration payable are set out, to ASX's satisfaction, in a scheme booklet, and the scheme of arrangement becomes effective.Its shares fell 5% in recent trading on Monday.

ASX:CNBASX:EVN
Asia

Evolution Mining Acquires QIC Queensland Critical Minerals Fund's Nearly 14% Stake in Carnaby Resources

Evolution Mining (ASX:EVN) acquired QIC Queensland Critical Minerals Fund's 13.7% stake in Carnaby Resources (ASX:CNB), or about 37.9 million shares, through the issue of roughly 2.6 million new shares ahead of its proposed takeover, according to a Friday filing with the Australian bourse.The company planned to acquire 100% of Carnaby through a scheme of arrangement, with Carnaby shareholders receiving 0.0682 new Evolution shares for each Carnaby share held, the filing said.The Carnaby board recommended that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert continuing to conclude that the proposal is in their best interests.Implementation of the scheme is slated for November, per the filing.

ASX:CNBASX:EVN
Asia

APA Group to Invest AU$259 Million in Queensland Solar Farm, Battery Energy Storage System

APA Group (ASX:APA) is set to spend AU$259 million under a final investment decision to construct, own, and operate the 72-megawatt Sybella Creek Solar Farm and 52-megawatt battery energy storage system in Queensland, according to a Thursday filing with the Australian bourse.The investment is underpinned by an energy supply agreement with Evolution Mining (ASX:EVN) unit Ernest Henry Mining until mid-2046, per the filing.Under the agreement, Diamantina will provide firming capacity and energy supply, APA said.It added that construction is expected to start late this year, with project completion planned by mid-2028.Evolution Mining shares rose 9% in recent Thursday trade.

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Research

Argonaut Securities Downgrades Evolution Mining to Hold from Buy; Price Target is AU$14

Evolution Mining (ASX:EVN) has an average rating of hold and mean price target of AU$13.24, according to analysts polled by FactSet.

ASX:EVN
Evolution Mining's Fiscal 2027 Production Guidance Meets Estimate at Midpoint
US Markets

Evolution Mining's Fiscal 2027 Production Guidance Meets Estimate at Midpoint

Evolution Mining (ASX:EVN) fiscal 2027 gold production guidance met estimates at the midpoint, while the gold producer increased its dividend, helped by its cash flows.The company expects fiscal 2027 gold production of 660,000 to 730,000 ounces compared with 715,000 ounces in fiscal 2026 and Jefferies' estimate of 700,000 ounces.It also expects to produce 63,000 to 70,000 tonnes of copper in fiscal 2027 compared to 66,000 tonnes in fiscal 2026 and Jefferies' estimate of 67,000 tonnes.Evolution Mining reported fiscal 2026 earnings per share of AU$0.7277 compared with AU$0.4641 last year. Analysts surveyed by FactSet expected AU$0.79 earnings per share.It posted revenue of AU$5.56 billion, up from AU$4.35 billion last year and higher than the AU$5.52 billion analysts' consensus as polled by FactSet.Chief Executive Officer Lawrie Conway attributed the results to the company's "consistent and reliable" operational delivery, and its cost and capital management.The gold producer also bumped up its final dividend to AU$0.21 per share from AU$0.13 per share last year.Jefferies said that the company continues to generate strong cash flows, which supported increased dividends to shareholders while undertaking material major capital expenditure to maintain its current production rates.

ASX:EVN
Asia

Evolution Mining's Continued Strong Cash Flow Generation Supportive of Higher Dividends, Jefferies Says

Evolution Mining (ASX:EVN) fiscal 2026 earnings before interest, taxes, depreciation, and amortization of AU$3.17 billion were broadly in line with expectations, and the company continues to generate strong cash flows in support of higher dividends, Jefferies said in a Wednesday note."The stock is expensive on valuation grounds, but is delivering well operationally," the investment firm said after Evolution Mining reported AU$0.7277 in earnings per share for fiscal 2026, compared with AU$0.4641 a year ago.The company's final dividend of AU$0.21 per share exceeded Jefferies estimate of AU$0.19 and will likely result in around AU$427 million of dividends paid in the first half of fiscal 2027, the equity research firm said.Evolution Mining previously outlined several new capital expenditure projects, and as the gold producer heads into fiscal 2027, its capital spending continues to rise, mainly on projects that maintain production at existing levels, Jefferies said.The company has shown balance sheet strength, and ongoing strong gold prices are supporting increased asset margins, which will build on that strength, the investment firm said.Jefferies has an underperform rating on Evolution Mining with a price target of AU$10.

ASX:EVN
Asia

Evolution Mining Fiscal 2026 Earnings, Revenue Up

Evolution Mining (ASX:EVN) logged AU$0.7277 in earnings per share for the fiscal 2026, compared with AU$0.4641 a year ago, a Wednesday filing showed.Analysts polled by FactSet expected earnings of AU$0.79.For the 12 months ended June 30, revenue was AU$5.56 billion versus AU$4.35 billion previously, the Australia-listed gold producer added. Analysts surveyed by FactSet expected AU$5.52 billion.The board declared a final dividend of AU$0.21 per share, up from AU$0.13 a year earlier, payable Oct. 2 to shareholders on record as of Sept. 10.The company expects fiscal 2027 gold production of 660,000 to 730,000 ounces, an all-in sustaining cost of AU$1,795 to AU$1,995 per ounce, copper production of 63,000 to 70,000 tonnes, and sustaining capital of AU$265 million to AU$325 million.

ASX:EVN
Asia

Carnaby Resources' Drilling at Queensland Project Confirms Lode Position at Shallow Depths

Carnaby Resources (ASX:CNB) said final results from a recently completed drill program at the Greater Duchess project in Queensland confirmed the lode position at shallow depths, according to a Thursday filing with the Australian bourse.New results include 20 meters at 0.6% copper equivalent; 12 meters at 2.3% copper equivalent; 20 meters at 2.2% copper equivalent; and 42 meters at 0.7% copper equivalent, per the filing.Meanwhile, new drilling results from the Trek 1 discovery include 88.6 meters at 1.2% copper equivalent; 39 meters at 0.6% copper equivalent; 39 meters at 0.7% copper equivalent; and 38 meters at 1.9% copper equivalent.Evolution Mining (ASX:EVN) in July agreed to acquire Carnaby in a deal that values the company at around AU$213 million."We are now focused on delivering the Greater Duchess project into development through what we believe is the superior risk-weighted pathway under the proposed acquisition by Evolution Mining," said Carnaby Managing Director Rob Watkins.Shares of Carnaby and Evolution Mining both rose around 1% in recent Thursday trade.

ASX:CNBASX:EVN
Asia

Australia-Listed Gold Miners Advance as Gold Prices Extend Gains

Evolution Mining (ASX:EVN) and Newmont (ASX:NEM) shares advanced about 5% in recent Thursday trade, while Northern Star Resources (ASX:NST) climbed 4%, as gold prices extended gains.Comex gold futures rose 0.5%, and the spot gold price ticked 0.4% higher to $4,263 per troy ounce.

ASX:EVNASX:NEMASX:NST
Asia

ASX Biggest Gainers

Here are the ASX-listed companies with the biggest gains on Thursday.Brazilian Rare Earths (ASX:BRE): +7%, AU$4.26Ora Banda Mining (ASX:OBM): +7%, AU$1.34Mineral 260 (ASX:MI6): +6%, AU$0.70Vault Minerals (ASX:VAU): +6%, AU$5.64Genesis Minerals (ASX:GMD): +6%, AU$6.84Regis Resources (ASX:RRL): +6%, AU$7.11Evolution Mining (ASX:EVN): +6%, AU$13.27AMP (ASX:AMP): +6%, AU$2.31REA Group (ASX:REA): +6%, AU$176.02DPM Metals (ASX:DPM): +5%, AU$57.96

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Asia

Incorporation of Carnaby's Queensland Project into Evolution's Operations Could Deliver Around 10,000 Tonnes-per-Annum of Copper Production, Euroz Hartleys Says

The incorporation of Carnaby Resources' (ASX:CNB) Greater Duchess copper-gold project has the potential to deliver around 10,000 tonnes-per-annum of additional copper production at Evolution Mining's (ASX:EVN) Ernest Henry operations, Euroz Hartleys said in a Monday note.Evolution agreed to acquire Carnaby 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.The transaction allows Evolution to incorporate Carnaby's Greater Duchess project into its Ernest Henry operations, providing a lower capital development to production than a standalone project and leveraging Ernest Henry's excess processing capacity. .The investment firm maintained speculative buy recommendation on Carnaby and adjusted its price target to AU$0.77 per share from AU$0.96 per share, aligning with the takeover bid price.

ASX:CNBASX:EVN
Asia

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.

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Asia

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
Asia

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.

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Asia

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
Asia

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%.

ASX:EVNASX:NEMASX:NST
Asia

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:EVNASX:NEMASX:NST
Asia

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.

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Asia

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:EVN
Asia

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.

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