Highlights

  • Record or near-record FY2026 gold production driven by Cowal and Red Lake complex outperformance
  • All-in sustaining costs (AISC) improvement reflecting operational discipline at mature mines
  • Elevated Australian dollar gold price above A$4,500/oz supports exceptional free cash flow generation
  • Ernest Henry copper-gold mine generating strong by-product credits reducing effective gold AISC

Evolution Mining Limited (ASX:EVN), with shares at A$6.73 as at 30 October 2026, is one of Australia's premier gold producers, operating a portfolio of high-quality mines across Australia and Canada that have delivered strong operational and financial performance in a gold price environment that has been consistently supportive through 2025 and into 2026, with Australian dollar gold prices maintaining levels above A$4,500 per ounce through most of the period.

Cowal Gold Mine: Flagship Australian Asset

The Cowal Gold Mine in New South Wales remains Evolution's largest Australian gold producing asset and a cornerstone of the Company's production profile. Cowal has consistently delivered strong quarterly production numbers and benefits from a large, long-life open pit operation that provides predictable production rates and cost structure. Evolution has progressively developed the underground Cowal Underground operation alongside the open pit, which will extend mine life and improve the grade profile of ore processed through the Cowal mill in future years. The mine's location in central-western New South Wales provides access to established infrastructure, a skilled regional workforce, and a water management system enhanced through ongoing capital investment.

Red Lake Complex: Transformation Delivering Results

Evolution acquired the Red Lake gold complex in Ontario, Canada, from Newmont in 2020 in a transaction that has required significant investment in mine development, infrastructure, and operational improvement. The Red Lake transformation program has been a multi-year journey, and through 2025 and 2026 the complex has been demonstrating improving production rates and operational stability as the underground mine development investment matures. Red Lake hosts world-class high-grade gold mineralisation that, if delivered at the processing rates being achieved through the transformation program, generates attractive margins at current gold prices. Evolution management has consistently described Red Lake as a long-life, high-value asset that will be a material contributor to Group production for decades.

Ernest Henry: Copper-Gold By-Product Credits

Evolution's Ernest Henry copper-gold mine in Queensland is a unique asset in the portfolio that generates substantial copper revenue credited against gold production costs, structurally reducing Evolution's all-in sustaining cost per gold ounce produced. At elevated copper prices, Ernest Henry's copper credits can reduce Evolution's group AISC significantly versus what it would otherwise be, providing the Company with a naturally hedged cost structure in periods when both gold and copper prices are elevated. Ernest Henry processes ore from an underground sublevel cave operation and has a long reserve life at current production rates.

Financial Position and Gold Price Leverage

Evolution's financial profile is characterised by strong operating cash flows supported by a multi-mine production base and the elevated Australian dollar gold price environment. The Company's capital allocation framework prioritises organic mine development and exploration at its existing assets, supplemented by disciplined M&A activity when appropriately priced opportunities arise. The strong AUD gold price above A$4,500 per ounce has been a meaningful tailwind for Australian gold producers including Evolution in recent reporting periods.