Evolution Mining has reported a record half-year profit, with statutory net income more than doubling to $766.6 million, driven by higher gold and copper prices. The company also declared a fully franked interim dividend of 20 cents per share and progressed key mine expansions and developments.
- Statutory net profit after tax up 110% to $766.6 million
- Underlying EBITDA rises 57% to $1.59 billion
- Interim fully franked dividend of 20 cents per share declared
- Key projects on track – Mungari mill expansion, Cowal OPC, Northparkes and Ernest Henry developments
- Strong balance sheet with $966.5 million cash and $280 million debt reduction
Record Profit and Revenue Growth
Evolution Mining Limited has delivered a standout financial performance for the half-year ended 31 December 2025, posting a statutory net profit after tax of $766.6 million, more than double the $365.1 million recorded in the prior corresponding period. Underlying profit after tax also set a new record at $785.2 million, reflecting robust operational execution and favourable commodity prices.
Revenues surged 37% to $2.79 billion, buoyed by a significant increase in gold and copper prices despite a slight 4% decline in gold sales volume. The average realised gold price rose to $5,726 per ounce, up 48% year-on-year, while copper prices climbed 24% to $17,167 per tonne, underpinning the revenue uplift.
Operational Highlights and Cost Control
Operationally, Evolution maintained production in line with guidance, delivering 365,000 ounces of gold and 36,000 tonnes of copper during the period. The company successfully commissioned the expanded mill at Mungari, achieving an annualised processing rate of 4.1 million tonnes per annum, supporting higher future output.
At Cowal, the Open Pit Continuation project reached a key milestone with the completion of the northern protection bund, enabling further cutback development. Northparkes commenced production from the new E48 sub-level cave and secured board approval for the E22 block cave development, signalling a decade of sustained production growth. Ernest Henry completed critical infrastructure upgrades and approved the Bert project, despite a weather event in December causing short-term underground mining suspension.
Cost discipline was evident with a 6% improvement in all-in sustaining costs (AISC) to $1,640 per ounce, reflecting ongoing efficiency gains and higher by-product credits, partially offset by weather-related impacts at Ernest Henry.
Financial Position and Dividend
Evolution’s balance sheet remains strong, with cash and cash equivalents rising to $966.5 million, up $207 million from 30 June 2025. The company reduced net debt by $280 million during the half, maintaining a low weighted average borrowing cost of 4.5%. Operating mine cash flow surged 75% to $1.73 billion, supporting capital investments and shareholder returns.
The board declared an interim fully franked dividend of 20 cents per share, marking the 26th consecutive dividend payment. The dividend reinvestment plan will be offered without a discount, reflecting confidence in the company’s cash flow generation and outlook.
Sustainability and Strategic Outlook
Evolution continues to embed sustainability across its operations, reporting no material incidents and maintaining sector-leading ESG ratings. The company reaffirmed its commitment to achieving net zero greenhouse gas emissions by 2050 and a 30% reduction by 2030.
Post-reporting period developments include an amended streaming agreement with Triple Flag International Ltd. for the E44 mine at Northparkes, involving a refundable advance and minimum delivery obligations. The board also approved two major projects – the E22 block cave at Northparkes and the Bert high-grade orebody at Ernest Henry, both expected to underpin long-term production growth.
Bottom Line?
With record profits and strategic projects advancing, Evolution Mining is poised for sustained growth, though weather disruptions and streaming obligations warrant close watch.
Questions in the middle?
- How will the amended Triple Flag streaming agreement impact future cash flows and production decisions?
- What are the long-term operational implications of the December 2025 weather event at Ernest Henry?
- How will the newly approved E22 block cave and Bert projects influence Evolution’s production profile beyond FY26?