EVN Expansion Blueprint 2026: Inside the Next Phase of Utility-Scale Growth Projects

Evolution Mining Limited (ASX: EVN) has laid out its most detailed construction update yet on the projects underpinning its next production phase. In an investor briefing dated 15 Sep 2026, Chief Technical Officer Nancy Guay and General Manager Projects Scott Paddington confirmed that four major developments are now active across the Company’s New South Wales and Queensland operations.

The update forms the core of the EVN expansion blueprint for the years ahead, spanning open pit extension at Cowal, a new block cave and flotation upgrade at Northparkes, and an independent ore source at Ernest Henry.

Four Growth Projects Move From Study to Construction

According to the briefing, all four projects are tracking on schedule. Evolution described its current construction program as follows:

• Cowal Open Pit Continuation: A$430 million capital, commenced FY25 Q4, first ore from the E46 pit already achieved in FY26.
• Northparkes E22 Block Cave: A$545 million (Evolution’s share), commenced FY26 Q3, first ore targeted for the end of FY30 with a nine-year mine life.
• Northparkes Coarse Particle Flotation: A$75 million (Evolution’s share), commenced FY26 Q3, production targeted for FY28 second half.
• Ernest Henry Bert: A$160 million capital, commenced FY26 Q3, first ore targeted for FY29 with a seven-year mine life.

Combined, these four commitments represent the bulk of Evolution’s near-term capital program and the clearest evidence yet of utility-scale growth projects moving from paper to construction.

Cowal’s Open Pit Continuation Extends the Operation Toward 2042

Cowal remains Evolution’s largest single asset, holding a combined Mineral Resource of 10 million ounces and an Ore Reserve of 5.1 million ounces across stockpile, open pit and underground sources. The Company has previously confirmed the Open Pit Continuation project will extend mining at Cowal by ten years, adding an estimated two million ounces of production.

Progress reported at the briefing includes the northern Lake Protection Bund reaching practical completion, and stripping at the E46 pit starting five months ahead of schedule in December 2025. The southern bund and remaining infrastructure relocation are due in FY27 Q1.

Figure 1: An aerial view of active pit operations at Evolution’s Cowal Gold Operation. [Courtesy: Evolution Mining Limited]

Evolution is also running parallel studies at Cowal. These cover the GR pit, expansion options for E41, underground expansion scenarios, staged mill expansion and oxide pre-treatment.

The studies are due for completion across FY27 and FY28. Together, they feed into what the Company calls an Integrated Business Case, which will guide further investment decisions. Evolution defines its Tier 1 target as an asset with a minimum ten-year mine life, annual gold production above 500,000 ounces, and costs in the lower half of the industry curve.

Northparkes Shifts Toward a Major Copper Growth Platform

Northparkes holds a combined gold Mineral Resource of 3.1 million ounces and a copper Mineral Resource of 2,500 kilotonnes, with a broader 630 million tonne resource base underpinning what Evolution frames as a scalable foundation for growth.

E22 Block Cave Unlocks the Next Ore Source

The E22 block cave, approved by the Board in February 2026 alongside the Coarse Particle Flotation project, is designed to become the operation’s next major ore source.

Progress to date includes the E48 to E22 access drive, the twin decline box cut, and early electrical infrastructure works. Mining contractor Redpath is due to mobilise in FY27 Q1.

Figure 2: A cross-sectional layout of the E22 twin decline and its connection to the existing E48 workings at Northparkes. [Courtesy: Evolution Mining Limited]

Coarse Particle Flotation Lifts Recovery and Throughput

The A$75 million Coarse Particle Flotation project, with GR Engineering Services as EPC contractor, targets a recovery uplift of approximately two per cent for both copper and gold, while enabling processing throughput to increase to 8 million tonnes per annum. Electrical tie-ins are complete, and deconstruction of redundant plant is underway.

An Expansion Study covering pre-feasibility work on the MJH block cave and the E44, Major Tom and E51 open pits, plus concept-level studies on three further block caves, is due for completion in FY27.

Ernest Henry’s Bert Project Adds a Second Ore Source

Ernest Henry has produced from underground since 2012, with Evolution completing full acquisition of the asset in January 2022. The Bert project, carrying A$160 million in capital, is designed to run as an independent ore source alongside the existing sub-level cave, unlocking latent mill capacity of roughly 2.2 million tonnes per annum.

Figure 3: The Bert portal under development alongside a geological model of the Bert orebody at Ernest Henry. [Courtesy: Evolution Mining Limited]

Bert is expected to contribute approximately 6,000 tonnes per annum of copper and 12,000 ounces per annum of gold from FY29. Evolution has also flagged the proposed Greater Duchess project, which would add a further 10,000 tonnes per annum of copper from around FY30.

That addition depends on Evolution’s agreed acquisition of Carnaby Resources, announced to the ASX on 27 Jul 2026, which remains subject to Carnaby shareholder, court and regulatory approval.

Group Resource Base Continues to Grow Despite Depletion

Evolution’s own reporting shows the underlying resource base expanding even as mining depletes reserves. The table below sets out the Company’s Group gold and copper Mineral Resources and Ore Reserves at 31 Dec 2025, compared with 31 Dec 2024, as reported in Evolution’s Annual Mineral Resources and Ore Reserves Statement.

Growth in gold Mineral Resources was driven mainly by additions at Cowal and the Northparkes open pits, while copper Mineral Resources declined slightly on mining depletion at Ernest Henry and a resource update at Marsden.

Figure 4: A geological plan of Cowal’s open pit and underground resource areas, including the Dalwhinnie and Regal zones. [Courtesy: Evolution Mining Limited]

Risks and Balance

Evolution’s own disclosures flag several factors that could affect delivery of the projects described above. These include:

• Commodity price volatility affecting gold and copper revenue
• Regulatory and approval timing, including further approvals required for Cowal’s northern growth options
• The Carnaby Resources acquisition remaining subject to shareholder, court and regulatory approval
• Cost inflation and contractor availability across concurrent construction projects
• Geological and technical uncertainty inherent in block cave and underground mining methods

Evolution states that discovery drilling and further studies are required to define Cowal’s full growth potential, and that it does not yet have reasonable grounds to believe that aim will be achieved.

Industry Outlook

Global gold demand is forecast to grow from 5.1 kilotons in 2026 to 7.25 kilotons by 2031, a 7.30% annual growth rate, supported by central bank buying and rising electronics use, even as falling ore grades push mining costs higher.

Copper follows a similar trend. The global market, worth US$261.93 billion in 2025, is expected to reach US$466.67 billion by 2034 at a 6.63% annual growth rate, driven by grid electrification and electric vehicle demand, a backdrop that favours Evolution’s copper growth at Northparkes and Ernest Henry.

Evolution Mining Share Price

Next Steps Across the Portfolio

• Completion of Northparkes Expansion Study pre-feasibility and concept work by the end of FY27, impacting future Northparkes copper and gold production
• Coarse Particle Flotation production commencing in FY28 second half, impacting Northparkes processing throughput
• First ore from Bert in FY29, impacting Ernest Henry’s copper and gold output
• First ore from the E22 block cave by the end of FY30, impacting Northparkes’ status as a long-term copper growth platform
• Ongoing Cowal studies feeding an Integrated Business Case across FY27 and FY28, impacting the timing of any further investment in Cowal’s mine life

Mining Herald will track these milestones, along with any commodities, approvals or market conditions that could affect their timing.

FAQs

Q1. What is the EVN expansion blueprint for 2026?
Ans. Four growth projects at Cowal, Northparkes and Ernest Henry, worth more than A$1.2 billion combined.

Q2. When does the E22 Block Cave start producing ore?
Ans. First ore is targeted for the end of FY30.

Q3. What does the Bert project add to Ernest Henry?
Ans. About 6,000 tonnes per annum of copper and 12,000 ounces per annum of gold from FY29.

Q4. Is Greater Duchess part of Evolution’s confirmed plans?
Ans. No, it depends on the pending Carnaby Resources acquisition.

Q5. What is Evolution’s long-term goal for Cowal?
Ans. To grow the asset toward Tier 1 scale, with a longer mine life and higher production.

Disclaimer

This article is intended for informational purposes only. If you pay attention to the Australian gold and copper mining sector as an investor, then all the data in this content is from third-party sources. Please check out the complete share price and market data information. Investing carries a high risk, and you should only invest at your own risk. Mining Herald has no involvement in the above-listed company.