Evolution Mining (ASX: EVN) has delivered its strongest financial performance in 14 years of operations. The company announced record shareholder returns at its Annual General Meeting held on 20 November 2025.
Figure 1: Ore transported along a conveyor system
Chair Jake Klein described the year as one where Evolution Mining did exactly what it promised. The company declared its 24th and 25th dividends, totalling 20 cents per share for the full year.
Evolution Mining ASX Performance Highlights Strong Operational Delivery
The EVN ASX-listed miner achieved production of 751,000 ounces of gold for the financial year. Copper production reached 76,000 tonnes, demonstrating consistent operational delivery across its portfolio.
Evolution Mining maintained its industry-leading low-cost profile with All-in Sustaining Costs of AUD 1,572 per ounce. Net profit after tax reached AUD 926 million, doubling for the second consecutive year.
Group cash flows hit a record AUD 787 million during the period. The strong financial performance benefited from elevated gold prices throughout the year. Evolution Mining has returned more than AUD 1.7 billion to shareholders since 2013.
The company’s Total Recordable Injury Frequency Rate fell to its lowest level. This safety milestone reflects Evolution Mining’s commitment to workforce wellbeing across six operating mines.
EVN ASX Portfolio Expansion: Long-Life Assets Deliver 18% Average Returns
Evolution Mining operates a diversified portfolio spanning five wholly-owned mines and one joint venture. The assets include Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, and Mungari in Western Australia.
Red Lake in Ontario, Canada, and an 80% interest in Northparkes in New South Wales complete the portfolio. The portfolio generates an average return on investment of 18% with 15 years of reserve life.
Cowal Gold Operations celebrated 20 years of continuous production during the year. Since Evolution Mining acquired Cowal in 2015, the mine life has been extended repeatedly. The operation produced 2.6 million ounces over the past decade.
Ernest Henry mine life now extends to at least 2040 following reserve expansions. The operation provides consistent cash generation and performance. Ernest Henry’s main orebody mining will continue for at least 15 more years.
Mungari transitioned following completion of a mill expansion project nine months ahead of schedule. The expansion came in 15% under budget. Production rates will increase 50% to approximately 200,000 ounces annually for five years.
Northparkes holds a significant Mineral Resource of 600 million tonnes. The operation processed 7.3 million tonnes during FY25 on a 100% basis. Multiple production sources provide optionality through underground and open-pit mining.
Leadership Transition Positions the Company for Growth
Jake Klein transitioned from executive to non-executive Chair at the end of the financial year. The leadership change began planning over two years ago. Klein highlighted the seamless transition with Managing Director and Chief Executive Officer Lawrie Conway.
The executive team welcomed Chief Financial Officer Fran Summerhayes from BHP during the year. Chief Operating Officer Matt O’Neill and Chief Technical Officer Nancy Guay joined 12 months earlier. The enhanced leadership team brings deep mining industry experience.
Delivers Economic Value Across Communities
Evolution Mining contributed AUD 3.7 billion in economic value to Australia and Canada during the year. This represents a 16% increase on the previous year. The resources sector contributes 57% of Australia’s total tax revenue.
The industry generates nearly half of the country’s income from exports. Evolution Mining maintains strong commitments to regional employment and community support. The company supports Care Flight services in North-West Queensland.
Medical support programmes assist regional communities with limited healthcare access. The Mungari team painted mental health support messaging on expanded mill infrastructure. The bright blue mural reads “You’re not alone” to support workforce wellbeing.
FY26 Production Guidance and Market Outlook
Evolution Mining provided FY26 production guidance of 710,000 to 780,000 ounces of gold. Copper production guidance ranges from 70,000 to 80,000 tonnes for the year. All-in Sustaining Cost guidance sits between AUD 1,720 and AUD 1,880 per ounce.
Figure 5: Underground mining personnel analysing ore samples
Evolution Mining’s balance sheet flexibility is enhanced with gearing at 11%. The strong financial position supports planned growth projects and continued dividend payments. The company now holds positions in the S&P/ASX 50 and MSCI Indices.
Evolution Mining ASX Share Price Performance
EVN ASX shares currently trade at AUD 11.405 per share on the Australian Securities Exchange. The 52-week trading range spans AUD 4.610 to AUD 12.040 per share. Evolution Mining’s market capitalisation stands at AUD 22.41 billion.
Figure 6: EVN share price chart showing strong upward momentum over the past three months.
Evolution Mining’s inclusion in major indices increased institutional investor interest. The company’s market capitalisation positions it among Australia’s leading gold miners. Analysts maintain positive ratings based on the portfolio quality and growth pipeline.
FAQs
Q1: What dividend did Evolution Mining declare for FY25?
Evolution Mining declared a full-year dividend of 20 cents per share for FY25. This represents total dividends of AUD 400 million for the year.
Q2: What is Evolution Mining’s FY26 production guidance?
EVN ASX guidance projects 710,000 to 780,000 ounces of gold production. Copper production guidance ranges from 70,000 to 80,000 tonnes.
Q3: How many operating mines does Evolution Mining have?
Evolution Mining operates six mines across Australia and Canada. Five are wholly-owned and one is an 80% joint venture interest.
Q4: What is Evolution Mining’s All-in Sustaining Cost guidance for FY26?
Evolution Mining ASX guidance indicates AISC between AUD 1,720 and AUD 1,880 per ounce for FY26.
Q5: When will Mt Rawdon cease operations?
Mt Rawdon concluded gold mining operations in FY25. The site will transition to a pumped hydro power station development.
