Financial News, Analysis and Data, FNArena

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Financial News, Analysis and Data

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Equity Bottom-Up

<ul><li>Mt Cuthbert provides AIC Mines with a pathway to materially expand its North Queensland copper footprint.</li><li> Mt Cuthbert adds a second growth hub for AIC Mines At the original hub, Eloise and Jericho drive near-term expansion Copper production poised to almost double Company management sees a &ldquo;transformational opportunity&rdquo;</li></ul>

Mt Cuthbert provides AIC Mines with a pathway to materially expand its North Queensland copper footprint. Mt Cuthbert adds a second growth hub for AIC Mines At the original hub, Eloise and Jericho drive near-term expansion Copper production poised to almost double Company management sees a &ldquo;transformational opportunity&rdquo;

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a> IE considers <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>’s offer (0.0682 EVN shares per CNB share) fair and reasonable.</li>
<li>Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).</li>
<li>The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.</li>
</ul>


The Carnaby Resources (CNB AU) IE considers Evolution Mining (EVN AU)’s offer (0.0682 EVN shares per CNB share) fair and reasonable.
Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).
The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.


Carnaby Resources (CNB AU): Scheme Vote on 26 October

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 27th July, gold/copper exploration play <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a> entered into a Scheme with <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>.</li>
<li>Evolution offered  0.0682 new shares for each Carnaby share, or an indicative Offer price of A$0.77/share, a 60.4% premium. Post merger, Carnaby shareholders would hold ~0.9% in the enlarged entity.</li>
<li>Carnaby's board unanimously support terms. Directors hold 7.3%. Retail pushback should be limited: scrip terms are now up ~41% since the Offer was announced.</li>
</ul>


Back on the 27th July, gold/copper exploration play Carnaby Resources (CNB AU) entered into a Scheme with Evolution Mining (EVN AU).
Evolution offered  0.0682 new shares for each Carnaby share, or an indicative Offer price of A$0.77/share, a 60.4% premium. Post merger, Carnaby shareholders would hold ~0.9% in the enlarged entity.
Carnaby's board unanimously support terms. Directors hold 7.3%. Retail pushback should be limited: scrip terms are now up ~41% since the Offer was announced.


Retail Pushback Not Large/Loud Enough To Threaten Evolution's Offer For Carnaby Resources (CNB AU)

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<ul><li>Extra Edition of the Broker Call Report</li></ul>

Australian Broker Call *Extra* Edition - Jul 24, 2025

Australia

AIC Mines Limited provides precious metal mining services. The Company offers base metals, lithium, and rare earth minerals. AIC Mines markets its products in Australia.

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AIC Mines Ltd (A1M AU)

AIC Mines' Second Copper Hub Excites

Mt Cuthbert provides AIC Mines with a pathway to materially expand its North Queensland copper footprint. Mt Cuthbert adds a second growth hub...

FNArena

Carnaby Resources (CNB AU): Scheme Vote on 26 October

The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross...

Arun George

Retail Pushback Not Large/Loud Enough To Threaten Evolution's Offer For Carnaby Resources (CNB AU)

A clean merger. I don't see retail investors disrupting the deal. Trading at a gross/annualised spread of 4.6%/22.7%, assuming mid-Nov completion....

David Blennerhassett

Rudi's View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

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Australian Broker Call Extra Edition - Jul 24, 2025

Extra Edition of the Broker Call Report

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