Evolution Mining (ASX: EVN) – Evolution Mining Current Projects and Growth Plans

Evolution Mining has outlined an ambitious capital expenditure program spanning four major projects totaling approximately $1.21 billion across its portfolio, all of which are reported to be on track. The company is investing $430 million in Cowal’s Open Pit Continuation, $545 million in Northparkes’ E22 Block Cave development, $75 million in Northparkes’ Coarse Particle Flotation upgrade, and $160 million in Ernest Henry’s Bert project. These concurrent initiatives represent a substantial commitment to production growth and operational enhancement across the group’s flagship assets.

The Cowal project commenced in the fourth quarter of FY25, with first ore already delivered in FY26 following early commencement of E46 pit stripping in December 2025, ahead of the original schedule. The company has completed the North Lake Protection Bund and is targeting completion of southern infrastructure relocation in the first quarter of FY27. Cowal hosts a 10-million-ounce mineral resource and the company is pursuing a disciplined pathway toward developing it into a Tier 1 asset, defined as having a minimum ten-year life, annual production of at least 500,000 ounces of gold, and costs in the lower half of the industry cost curve. The company notes that discovery drilling and related studies are still required to define the operational potential and states it does not yet have reasonable grounds to believe the aim will be achieved.

At Northparkes, the E22 Block Cave project commenced in the third quarter of FY26 and is scheduled to deliver first ore by the end of FY30, providing the next major ore source for the operation. The E48 to E22 Access drive has commenced and the E22 twin decline box cut is underway. The Coarse Particle Flotation project, also at Northparkes, is designed to uplift recovery by approximately 2 percent for copper and gold while enabling throughput to reach 8 million tonnes per annum by the second half of FY28. Both projects are proceeding with engineering and procurement activities on schedule.

The Ernest Henry Bert project, which commenced in the third quarter of FY26, aims to unlock latent mill capacity and is slated to deliver first ore in FY29. The project benefits from early works completion and has mobilised its mining contractor for commencement in the first quarter of FY27. The company also noted the pending acquisition of Carnaby Resources, which would provide further production growth of approximately 10,000 tonnes of copper and 5,000 ounces of gold annually from around FY30, subject to customary approvals.

Investors should monitor project execution and approval timelines over the next financial year, particularly the completion of the southern infrastructure works at Cowal and the commencement of underground development at both Northparkes and Ernest Henry. Capital discipline and delivery against the outlined schedules will be key indicators of whether Evolution can successfully transition from a stable, cash-generative portfolio into a higher-growth producer.

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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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