Evolution Mining Limited (ASX:EVN): Record Earnings and the Carnaby Copper Transaction

Aditi Sarkar

28 October 2026 03:52 PM AEDT

Evolution Mining Limited (ASX:EVN): Record Earnings and the Carnaby Copper Transaction

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Highlights

FY26 statutory net profit after tax reached A$1,475 million.
Underlying EBITDA was A$3,171 million, with a 57% margin.
Annual fully franked dividends totalled 41.0 cents per share.
The proposed Carnaby acquisition centres on copper assets near Ernest Henry.
Carnaby shareholders approved the scheme in October 2026, ahead of a scheduled court hearing.

Evolution Mining Limited (ASX:EVN) operates gold and copper mines in Australia and Canada, producing metals through established processing and mining facilities. Its FY26 results, released on 19 August 2026, reported higher profit and cash generation, while a proposed acquisition of Carnaby Resources advanced through a shareholder vote in October. The two developments bring together the group’s operating performance and its plans for copper assets near the Ernest Henry operation in Queensland.

What the FY26 Accounts Show

For the year ended 30 June 2026, Evolution Mining Limited (ASX:EVN) reported statutory net profit after tax of A$1,475 million and underlying profit after tax of A$1,563 million. Underlying EBITDA reached A$3,171 million at a 57% margin. Underlying and statutory results use different accounting adjustments.

Evolution Mining Limited (ASX:EVN) produced 715,000 ounces of gold and 66,000 tonnes of copper during FY26. The group reported an all-in sustaining cost of A$1,717 per gold ounce. All-in sustaining cost includes specified operating and sustaining expenditure and provides one measure of the cost of maintaining production. Commodity prices, output and operating costs all affect the resulting earnings.

Net mine cash flow was A$2,079 million, and group cash flow totalled A$1,389 million. The company reported A$1,347 million of cash and A$1,329 million of debt at 30 June 2026, leaving a net cash position of approximately A$19 million. It also disclosed an undrawn A$525 million revolving credit facility and stated that no debt repayments fall due before FY29.

Dividends and Operating Investment

The board declared a fully franked final dividend of 21.0 cents per share, bringing the FY26 total to 41.0 cents per share. Evolution Mining Limited (ASX:EVN) said the annual distribution represented approximately A$833 million. Dividend declarations remain board decisions, and the FY26 payment does not establish an unconditional future payment rate.

Operational projects continued alongside the distributions. Mungari’s expanded processing mill was operating during FY26, and Northparkes advanced development initiatives. Evolution Mining Limited (ASX:EVN) also reported activity at Cowal, Red Lake and Ernest Henry, illustrating how capital spending and production performance differ across its operations.

Carnaby Scheme Reaches Shareholder Approval

On 27 July 2026, Evolution announced an agreement to acquire Carnaby Resources through a scheme of arrangement, with approximately A$213 million of scrip consideration described in its FY26 results announcement. The transaction includes Carnaby’s Greater Duchess copper interests, situated near the Ernest Henry operation. The strategic rationale concerns the possibility of using existing infrastructure and regional processing capacity, rather than an immediate increase in reported production.

Carnaby shareholders voted in favour of the scheme on 26 October 2026. The scheme meeting recorded support from 95.42% of votes cast and 89.22% of voting shareholders. A second court hearing was scheduled for 29 October 2026. Shareholder approval is an important procedural step, but it does not mean the transaction has already completed.

Production Guidance and Uncertainties

The FY27 guidance issued in August 2026 specified 660,000 to 730,000 ounces of gold and 63,000 to 70,000 tonnes of copper, with all-in sustaining costs of A$1,795 to A$1,995 per ounce. Those are company guidance ranges rather than actual production figures. Output, costs, gold and copper prices and weather disruption remain relevant to future results.

Key Insights

Evolution Mining Limited (ASX:EVN) entered FY27 after reporting substantial FY26 earnings and cash flow, alongside a larger annual dividend. The Carnaby scheme could expand the group’s exposure to copper projects near existing operations, but it remained subject to completion steps as of 28 October 2026. Reported results, formal guidance and proposed acquisition benefits should be considered separately.

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