Evolution Mining Stock Earnings Reports

Evolution Mining closed FY25 with strong operational and financial outcomes: FY25 production for continuing operations was 751,000 oz of gold and 76,000 t of copper, with record cash generation (~$800m) and group cash of $760m. Quarterly results: 182,000 oz gold and 19,000 t copper; quarterly cash flow ~$308m. The business improved safety (TRIF down 35%) and consistency across sites. FY26 guidance is effectively a “rinse and repeat”: 710,000–780,000 oz gold and 70,000–80,000 t copper; AISC guidance $1,720–$1,880/oz (driven mainly by ~4% inflation impact and higher use of stockpile feed, adding ~$75–$90/oz non‑cash); group capital investment guided at $780–$980m (midpoint ~ $200m lower than FY25). Key project and portfolio updates: Cowal OPC project approved (projected 35–70% returns) and early works underway; Mungari mill expansion commissioning progressing with ramp to ~4.2Mtpa expected in the coming quarter and target ~200k ozpa from Mungari; Ernest Henry extension study progressing (trucking and crusher location considerations); Northparkes exploration confirms continuity with potential near‑surface open pit targets; strong exploration results at Mungari (Genesis/Solomon veins) that could extend high‑grade underground life. Balance sheet & capital management: gearing improved to ~15% (from 25% a year prior); $525m revolver renewed (undrawn); management repaid scheduled debt early; 24th consecutive dividend paid. Corporate actions: CFO appointment (Fran Summerhayes) announced. Investor considerations/risks: FY26 AISC rise driven by stockpile feed and inflation (cash component rise is modest relative to spot gold upside); timing of concentrate shipments affects working capital quarter‑to‑quarter; some project and study spend will be staged and may change as studies progress; isolated ground control incident at Cowal under investigation. Overall thesis: high‑margin cash generation at current spot metal prices with a clear pipeline of projects and exploration upside, disciplined capital returns and continued focus on safety and operational consistency.