What Evolution Mining (ASX:EVN), an ASX 200 Gold and Copper Miner, Reported for the September 2026 Quarter

Sonal Goyal

11 November 2026 06:45 PM AEDT

What Evolution Mining (ASX:EVN), an ASX 200 Gold and Copper Miner, Reported for the September 2026 Quarter

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Key Highlights

Gold production was 154,000 ounces in the September 2026 quarter, down from 180,000 ounces in the June quarter.
Copper production was 18,000 tonnes, adding to the group's exposure to both metals.
Group All-In Sustaining Cost was A$1,653 per ounce, well below the full-year guidance range.
Net cash rose to A$141 million from A$19 million at the end of June, and the company remains fully unhedged.

What did Evolution Mining Limited (ASX:EVN) report for the three months to 30 September 2026, and how does its growing copper exposure change the picture? The Quarterly Report released on 14 October 2026 showed lower gold production than the June quarter, a group all-in sustaining cost (AISC) well below its full-year guidance range, a larger net cash position and unchanged guidance. The mix of gold and copper, together with a company that is fully unhedged, explains most of the figures.

The central development: the September 2026 quarter

From Evolution's quarterly report (the first quarter of FY27):

Production: 154 thousand ounces (koz) of gold, down from 180 koz in the June 2026 quarter, and 18 thousand tonnes (kt) of copper.

Group AISC: A$1,653 per ounce, described by the company as a 73% margin. Mine-level AISC was A$2,194 per ounce at Cowal, A$3,172 at Mungari and A$4,349 at Red Lake.

Cash and net cash: a cash balance of A$1,470 million and a net cash position of A$141 million, compared with A$19 million at the end of June.

Liquidity: A$1,995 million, including an undrawn A$525 million revolving Credit Facility available until 2028.

Hedging: the company states it is fully unhedged, with no gold or copper hedges.

The group AISC is much lower than the AISC of the individual gold mines because copper sales are credited against gold costs, so the group figure benefits from copper by-product credits.

Guidance and the second-half weighting

Guidance for FY27 was maintained across all measures. The company's AISC guidance assumes a gold price of A$5,700 per ounce and a copper price of A$18,000 per tonne. Production is weighted to the second half, linked to the Cowal underground ramp-up and new mining areas at Red Lake.

At 154 koz, the first quarter annualises to about 616 koz, below the lowest point of guidance, so management is relying on that second-half step-up.

Business model and Revenue drivers

Evolution operates mines in Australia and Canada, selling gold and copper concentrate. Revenue depends on production volumes and on gold and copper prices, and because there are no hedges, Earnings move with the market.

Growth projects

The quarterly report lists the following:

Northparkes: the Board approved the Concentrate Regrind and Filtration Project at A$72 million (Evolution's share) with an expected return of 30% to 37%, adding about 2% gold and 1% copper recovery, due for completion by the first quarter of FY29. The E22 block cave is on schedule.

Cowal: the open pit continuation has an unchanged A$430 million budget spread over seven years to FY31, and the Regal portal is due for completion by the end of December 2026.

Ernest Henry (Bert): mine establishment is under way and the primary contractor has mobilised.

Mt Rawdon: moves to care and maintenance from the December 2026 quarter.

Returns quoted for projects are company estimates and depend on prices, costs and delivery.

Carnaby and corporate activity

The AGM is scheduled for November 2026.

Sector and competitive position

Evolution is among Australia's larger gold producers and has a distinctive copper component, which gives it exposure to two commodities. The company describes an average reserve life of 17 years and an investment-grade balance sheet. Its higher-cost assets, such as Red Lake in Canada, are a point of difference from its lower-cost Australian mines.

Risks and upcoming developments

Second-half delivery: the production ramp-up at Cowal underground and Red Lake needs to occur.

Commodity prices: no hedging means full exposure to price falls.

Higher-cost assets: Mungari and Red Lake have unit costs well above the group figure.

Project execution: multiple projects must stay on schedule and budget.

Corporate activity: the Carnaby transaction adds integration questions.

Dates to watch include completion of the Carnaby scheme, the AGM, the Regal portal at Cowal, Mt Rawdon's transition and the December 2026 quarterly report.

FAQs

Q: How did Evolution Mining (ASX:EVN) perform in the September 2026 quarter?

A: The company produced 154,000 ounces of gold and 18,000 tonnes of copper, with cash of A$1,470 million and net cash of A$141 million.

Q: Why is group AISC lower than the individual mines?

A: Copper sales are credited against costs at group level, so the group figure of A$1,653 per ounce sits well below the mine-level figures of A$2,194 at Cowal, A$3,172 at Mungari and A$4,349 at Red Lake.

Q: What is the company's hedging position?

A: Evolution states it is fully unhedged, with no gold or copper hedges, so it keeps full exposure to commodity prices.

Q: Did guidance change?

A: Unchanged guidance was reaffirmed, and liquidity stood at A$1,995 million including an undrawn A$525 million revolving credit facility available until 2028.

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