Key Highlights

  • Statutory profit after tax rose 59% to $1.475 billion, while Underlying Profit increased 63% to $1.563 billion.
  • Group Cash Flow increased 76% to $1.389 billion, with underlying EBITDA rising 44% to $3.171 billion.
  • Gold production fell 5% to 715,000 ounces and copper production declined 14% to 66,000 tonnes.
  • The final fully Franked Dividend increased 62% to 21 cents per share, taking the FY26 full-year dividend to 41 cents per share.

Evolution Mining (ASX:EVN) shares have surged over 20% in just five trading days, last trading at AUD 15.88, after the company posted a record FY26 profit and a sharply higher dividend.

What's Driving the Rally

Statutory profit after tax rose 59% to $1.475 billion, while underlying profit increased 63% to $1.563 billion. Underlying EBITDA rose 44% to $3.171 billion, with Margin expanding to 57% from 51%. Group cash flow rose 76% to $1.389 billion.

The gains came despite lower output — gold production fell 5% to 715,000 ounces and copper fell 14% to 66,000 tonnes — as higher realised prices more than offset the decline. Achieved gold price rose 40% to $6,023/oz, while achieved copper price rose 25% to $18,051/t. AISC rose 9% to $1,717/oz.

Balance Sheet and Dividend

Evolution moved to a net cash position of $19 million, from net Debt of $849 million in FY25. The Board lifted its dividend payout target to approximately 60% of Group cash flow, with the final dividend rising 62% to 21 cents per share — taking the FY26 full-year dividend to 41 cents, about $833 million returned to shareholders.

Is EVN Worth Watching?

FY27 guidance points to gold production of 660,000–730,000 ounces and copper of 63,000–70,000 tonnes, with AISC guided at $1,795–$1,995 per ounce. Evolution is also pursuing the proposed Acquisition of Carnaby Resources.