Evolution Mining delivered record financial results for FY26, posting underlying net profit of $1.6 billion alongside record operating mine cash flow of $3.4 billion. The company generated record underlying EBITDA of $3.2 billion while maintaining sector-leading all-in sustaining costs of $1,717 per ounce across 715,000 ounces of gold production. These outcomes reflect the quality of Evolution’s asset base and the disciplined execution that has defined the business over its 15-year journey.
The record cash generation flowed directly to shareholders through a record total dividend of 41 cents per share, up 105 percent year-on-year. The final dividend of 21 cents brings the company’s consecutive payout streak to 27 years, a notable track record in the broader sector. The cash generation also highlights Evolution’s strategic focus on margins over volume. Since inception in 2011, the company has grown contained gold resources from 6 million ounces to 31 million ounces, while building a copper resource base from zero to 4.2 million tonnes.
All six operating assets performed strongly throughout the year. Cowal delivered record operating mine cash flow of $1.2 billion and remains the company’s largest cash contributor. Mungari achieved record production of 186,000 ounces following successful ramp-up of its expanded 4.2 million tonne per annum mill. Red Lake generated record cash flow of $500 million. Ernest Henry overcame weather disruptions in the third quarter to finish the year strongly with record quarterly operating cash flow. Northparkes delivered record operating and net mine cash flows on consistent production performance.
Looking to future growth, Evolution’s organic development pipeline provides visibility well beyond the current financial year. Cowal’s Open Pit Continuation project commenced mining at its first satellite pit and remains within its $430 million budget. Northparkes received Board approval for the E22 block cave, expected to support nine years of production at around 6 million tonnes per annum. The Coarse Particle Flotation project and Mill Expansion Study underpin further processing improvements. Ernest Henry’s Bert Project gained approval and is scheduled to deliver incremental production from FY29 through FY35.
Evolution also signalled strategic direction through the proposed acquisition of Carnaby Resources and the Greater Duchess Copper Project near Ernest Henry. The move reflects the company’s long-held conviction in copper’s role in global electrification, a thesis that drove the original Ernest Henry investment over a decade ago. With record cash generation, a strengthened balance sheet, and multiple growth projects moving through approval stages, Evolution enters FY27 positioned to fund organic growth and evaluate capital allocation across shareholder returns and inorganic opportunities. Investors should track execution on the major projects, monitor exposure to commodity price movements in both gold and copper, and assess capital allocation decisions as the company approaches its 15-year formation milestone.
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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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