Evolution Mining (EVN) Q4 2025 earnings summary

Executive summary

• Achieved record safety, operational, and financial results for FY 2025, with strong consistency and reliability across all sites.

• Produced 751,000 ounces of gold and 76,000 tons of copper for the year at an all-in sustaining cost (AISC) of AUD 1,572/oz for continuing operations.

• Generated record group cash flow, with AUD 308 million in the June quarter and nearly AUD 800 million for the year, driven by strong operational performance and high metal prices.

• Major project milestones reached, including Mungari mill expansion commissioning and Cowal Open Pit Continuation approval.

• Safety performance improved, with TRIF at 4.98, a 35% year-over-year improvement, reaching its lowest point under five.

Financial highlights

• Operating cash flow for the year totaled AUD 2.3 billion, with record mine cash flow and all operations delivering positive net mine cash flow.

• Cash balance at year-end was AUD 760 million after AUD 220 million in debt repayments; gearing reduced to 15%.

• Paid 24th consecutive dividend; DRP participation rate was approximately 56%.

• Renewed AUD 525 million revolver facility through August 2028, which remains undrawn.

• Achieved gold price for FY25 averaged AUD 4,300/oz; copper price AUD 14,470/t.

Outlook and guidance

• FY 2026 production guidance: 710,000–780,000 ounces of gold and 70,000–80,000 tons of copper, similar to FY 2025.

• AISC for FY 2026 guided at AUD 1,720–1,880/oz, reflecting 4% inflation and higher non-cash costs from stockpile ore at Cowal and Northparkes.

• Group capital investment for FY 2026 guided at AUD 780–980 million, about AUD 200 million lower than FY 2025 at midpoint.

• High-margin cash generation expected to continue in FY26.

• Key price assumptions: AUD 4,400/oz gold and AUD 14,500/ton copper.