Carnaby Resources (CNB) Q4 2026 TU earnings summary

Executive summary

• Entered into a binding Scheme Implementation Deed for acquisition by Evolution Mining, offering 0.0682 Evolution shares per Carnaby share, representing a 60.4% premium to pre-announcement price.

• Board unanimously recommends the scheme, citing immediate value, de-risking of Greater Duchess development, and future upside via Evolution shares.

• Scheme subject to regulatory, court, and shareholder approvals, with completion targeted for mid-November 2026.

Financial highlights

• Cash balance as of 30 June 2026 was $10.8 million, including $1.4 million in restricted cash.

• Quarterly exploration and evaluation expenditure was $1.79 million; no substantive mining production or development activities during the quarter.

• Net cash outflow from operating activities for the quarter was $2.1 million.

• Estimated four quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Greater Duchess Feasibility Study workstreams to continue, with non-essential activities deferred pending transaction completion.

• Evolution intends to process Greater Duchess ore at Ernest Henry, terminating prior Glencore tolling and offtake agreements.

• Updated Mineral Resource Estimate (MRE) for Trek 2 expected in the current quarter.