Evolution Mining (EVN) Q2 2026 earnings summary

Executive summary

• Delivered eighth consecutive quarter of safe, on-plan operations, producing 191,000 oz gold and 18,000 t copper at an AISC of AUD 1,275/oz, with TRIF at 5.8.

• Achieved record operating mine cash flow of AUD 1.1B, up 57% from the previous quarter, and record net mine cash flow of AUD 727M, with operations improving between 55-140%.

• Cash balance increased to AUD 967M after repaying AUD 110M in debt and AUD 116M in dividends; gearing reduced to 6%.

• Delivered strong cash flow in a rising metal price environment, with minimal hedging and no debt due until FY29.

Financial highlights

• Group cash flow reached a record AUD 412M (up 110% quarter-on-quarter), and underlying group cash flow was AUD 541M (up 176%).

• Operating cash flow up 57% to just over AUD 1B; net mine cash flow doubled to AUD 727M.

• Cowal delivered AUD 361M operating cash flow and AUD 284M net cash; Mungari record net mine cash flow of AUD 104M, up 142%.

• Red Lake produced 33,000 oz, doubling net mine cash flow to AUD 80M; AISC improved to AUD 2,644/oz.

• Total liquidity stands at approximately AUD 1.5B, including a AUD 525M undrawn revolving credit facility.

Outlook and guidance

• On track to meet FY26 group production guidance: 710,000–780,000 oz gold and 70,000–80,000 t copper; copper output expected at low end due to Ernest Henry weather event.

• Updated group AISC guidance to AUD 1,640–1,760/oz, a 6% improvement on original guidance.

• Second half FY26 cash flows anticipated to be 25% higher than first half based on commodity price increases.