Evolution Mining

About

Evolution Mining Limited (ASX: EVN) describes itself as a premier global gold company. The Company operates six production centres across Australia and Canada.

Evolution Mining sits within the ASX 50 index. The Company reported record underlying EBITDA of $1.6 billion for the half year ended 31 December 2025.

Cowal

Cowal sits in New South Wales and stands as a cornerstone asset through 2042. Open pit mining at the site was extended by ten years following a recent Board approval.

The Company reported net mine cash flow of $418 million from Cowal in the first half of FY26. This figure represented a 56% increase over the prior comparable period.

Underground resource growth at Cowal now offers additional value beyond the open pit. At full rate, underground ore will supply one third of mill feed and half of total ounces.

Ernest Henry

Ernest Henry Operations sits in Queensland and produces both gold and copper. The site delivered net mine cash flow of $240 million during the first half of FY26.

Evolution completed a mine continuation study at Ernest Henry in the September 2025 quarter. This study extended the mine life to approximately 2040 at a steady production rate.

The Company also approved the Bert deposit as an additional ore source at this site. Bert is expected to deliver an estimated seven-year mine life from the first half of FY29.

Northparkes

Northparkes Operations sits in New South Wales and produces gold alongside copper. Evolution approved two major growth projects here during the reporting period.

The E22 block cave and the Coarse Particle Flotation Project both received investment approval. These projects support a long-term transition toward higher mill throughput at the site.

Northparkes delivered net mine cash flow of $150 million in the first half of FY26. This result represented a 216% increase compared with the prior comparable period.

Mungari

Mungari Operations sits in Western Australia within the eastern goldfields region. The site draws ore from both open pit and underground sources across multiple deposits.

The Company reported net mine cash flow of $322 million from Mungari during FY26 year to date. This figure already exceeds the cost of the site's plant expansion project.

Mungari also received the largest FY26 discovery budget allocation across the Evolution Mining portfolio. Recent drilling success at the Genesis and Solomon deposits supports this ongoing investment.

Red Lake

Red Lake Operations sits in Ontario, Canada, and represents the Company's sole international asset. The site generated approximately $300 million in net mine cash flow across the past 21 months.

Red Lake achieved record mill throughput of around one million tonnes during FY25. Recent tailings drilling has also delivered a growing Mineral Resource and Ore Reserve base.

Mt Rawdon

Mt Rawdon sits in Queensland and is approaching the conclusion of its mining operations. The Company is assessing an opportunity to transition this site into a pumped hydro facility.

Company Purpose

Evolution Mining describes itself as inspired people creating a premier global gold company. The Company aims to deliver consistent high returns through disciplined capital allocation and portfolio quality.

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