Evolution Mining (ASX: EVN) agreed to buy Carnaby Resources (ASX: CNB) in an all-stock deal valued at about A$213 million (US$149 million), a transaction that would give the Australian gold producer a pipeline of high-grade copper-gold ore for its Ernest Henry operation.

The agreement would add copper-gold material to Evolution Mining’s portfolio through Carnaby Resources, which is listed on the Australian Securities Exchange under the ticker CNB. The acquisition is structured as an all-stock transaction and is valued at approximately A$213 million, or US$149 million.

The deal is intended to support supply for Ernest Henry, one of Evolution Mining’s operations. By acquiring Carnaby Resources, the company would gain access to a pipeline of high-grade copper-gold ore associated with that operation, adding another source of material tied to an existing producing asset rather than a greenfield project.

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