Evolution Mining has delivered record financial results for FY26, generating cash flow of $1,389 million while maintaining a net cash position of $1,347 million. The company met all its production and cost guidance for the year, producing 715,000 ounces of gold and 66,000 tonnes of copper at an all-in sustaining cost (AISC) of $1,717 per ounce. This combination of cash generation, balance sheet strength, and fully unhedged precious metals exposure positions the company well for continued returns to shareholders.
The operational execution across Evolution’s portfolio has been consistent and reliable. Ernest Henry has returned to full production following recovery from earlier maintenance issues, while the Mungari mill ramp-up is now complete. All operations delivered positive net mine cash flow after capital investment during FY26 and the June quarter, demonstrating the underlying quality of the asset base. The company’s portfolio delivered 180,000 ounces of gold in the June quarter at an AISC of $1,706 per ounce, representing a 23 percent improvement on the prior quarter. This operational momentum provides confidence in the sustainability of current cash-generation rates.
The AISC performance is particularly noteworthy given prevailing inflationary pressures in the mining sector. An AISC of $1,717 per ounce across the group sits at the lower end of the cost curve and positions Evolution as a high-margin producer. The June quarter cash margin reached $2,104 per ounce on the achieved gold price, reflecting the significant spread between realized commodity prices and production costs. With the gold price averaging $5,928 per ounce across FY26, Evolution’s position as a low-cost producer has translated into substantial cash generation and shareholder value.
The removal of all hedges on gold and copper exposure aligns the company with its commodity price exposure. This unhedged stance means Evolution will benefit fully from any further appreciation in precious metals prices while exposed to downside risk if prices decline. Combined with the net cash position, this flexibility provides management with strategic optionality for growth investments and shareholder distributions.
Looking ahead to FY27, Evolution faces some headwinds. The company expects inflation to impact AISC by 4 to 5 percent, equivalent to $150 to $160 per ounce. Sustaining capital investment is likely to run $50 to $60 million above FY26 levels, while mine development spending is expected to increase by $130 to $160 million as the company ramps up development at Northparkes, Cowal, and Ernest Henry. These are timing-driven increases within original project budgets and reflect the company’s commitment to developing high-return organic growth opportunities.
Investors should watch for the full FY27 guidance, which will be released on 19 August 2026 alongside the financial results. The trajectory of AISC in response to inflation and the pacing of major capital deployment will be key metrics to assess. This announcement is classified as price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Evolution Mining Limited (ASX: EVN)
Evolution Mining Limited is an Australia-based gold mining company that engages in the exploration, mine development, operation, and sale of gold and gold-copper concentrates. The company operates six mines located in Australia and Canada, including assets in New South Wales, Queensland, Western Australia, and Ontario. It also explores for copper and silver deposits.
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