OREMAVEN
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2026-11-06
◂ Monitor EVN ASX

Evolution Mining Limited

Producer · Gold · Copper · AU · CA · US Rating locked: sign in to view v8 · evn-20261024t160254-full
Last 2026-11-06
A$12.91
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$26.4B
EV
A$27B
Cash
A$1.3B
Debt
A$1.4B
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

11 assets

Core asset

Cowal

AU

Producer100% ownedGold

Operating and reinvesting

Producer · Producer
Production annualised (attributable)
299.8k ozd
Production (last FY, 100%)
297.0k oz
AISC (latest quarter)
A$2,473/oz
AISC margin at spot
57.8%m
Delivery vs guidance
NM
Reserve life
17.2 yrsd
Head grade
1.36 g/t
Published study economicsIssuer or study metrics
IRR34%Published return
Initial capexA$430MPublished capital estimate

Disclosed Evolution attributable incremental base case, post stream where stated. Cowal uses A$3300 gold; E22/CPF/Bert use A$4000 gold and A$14350 copper. Summary tax/discount basis not asserted.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred340M t ore0.92 g/t AuGold2025-12-31
Ore ReserveProved and probable180M t ore0.89 g/t AuGold2025-12-31
Economic studies1
StudyStageStatusDateSummary
Cowal Open Pit ContinuationOperating PlanCurrent2025-04-15Approved capital and disclosed incremental economics; not added to whole-mine value, tax/discount basis not fully specified in summary release.

Core asset

Ernest Henry

AU

Producer100% ownedGoldCopper

Operating and reinvesting

Producer · Producer
Production annualised (attributable)
66.9k ozd
Production (last FY, 100%)
55.1k oz
AISC (latest quarter)
A$-4,046/oz
AISC margin at spot
169.1%m
Delivery vs guidance
NM
Reserve life
20.0 yrsd
Head grade
0.41 g/t
Published study economicsIssuer or study metrics
NPVA$95MPublished value
IRR23%Published return
Initial capexA$160MPublished capital estimate

Disclosed Evolution attributable incremental base case, post stream where stated. Cowal uses A$3300 gold; E22/CPF/Bert use A$4000 gold and A$14350 copper. Summary tax/discount basis not asserted.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred100M t ore0.78 g/t AuGold · Copper2025-12-31
Ore ReserveProved and probable73M t ore0.46 g/t AuGold · Copper2025-12-31
Economic studies1
StudyStageStatusDateSummary
Bert Pre-Feasibility StudyPFSCurrent2026-02-11Approved capital and disclosed incremental economics; not added to whole-mine value, tax/discount basis not fully specified in summary release.

Core asset

Northparkes

AU

Producer80% ownedGoldCopperSilver

Operating and reinvesting

Producer · Producer
Production annualised (attributable)
22.8k ozd
Production (last FY, 100%)
34.1k ozd
AISC (latest quarter)
A$-10,696/oz
AISC margin at spot
282.7%m
Delivery vs guidance
NM
Reserve life
25.3 yrsd
Head grade
0.20 g/t
Published study economicsIssuer or study metrics
NPVA$330MPublished value
IRR28%Published return
Initial capexA$545MPublished capital estimate
NPVA$75MPublished value
IRR23%Published return
Initial capexA$75MPublished capital estimate
Initial capexA$14MPublished capital estimate

Disclosed Evolution attributable incremental base case, post stream where stated. Cowal uses A$3300 gold; E22/CPF/Bert use A$4000 gold and A$14350 copper. Summary tax/discount basis not asserted.

Disclosed Evolution attributable incremental base case, post stream where stated. Cowal uses A$3300 gold; E22/CPF/Bert use A$4000 gold and A$14350 copper. Summary tax/discount basis not asserted.

Disclosed Evolution attributable incremental base case, post stream where stated. Cowal uses A$3300 gold; E22/CPF/Bert use A$4000 gold and A$14350 copper. Summary tax/discount basis not asserted.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred500M t ore0.19 g/t AuGold · Copper · Silver2025-12-31
Ore ReserveProved and probable79M t ore0.27 g/t AuGold · Copper · Silver2025-12-31
Economic studies3
StudyStageStatusDateSummary
E22 updated Feasibility StudyUpdated FeasibilityCurrent2026-02-11Approved capital and disclosed incremental economics; not added to whole-mine value, tax/discount basis not fully specified in summary release.
Coarse Particle Flotation projectOperating PlanCurrent2026-02-11Approved capital and disclosed incremental economics; not added to whole-mine value, tax/discount basis not fully specified in summary release.
Northparkes expansion PFS and concept studiesPFSCurrent2026-02-11Approved capital and disclosed incremental economics; not added to whole-mine value, tax/discount basis not fully specified in summary release.

Core asset

Mungari

AU

Producer100% ownedGold

Operating and reinvesting

Producer · Producer
Production annualised (attributable)
182.1k ozd
Production (last FY, 100%)
186.1k oz
AISC (latest quarter)
A$2,732/oz
AISC margin at spot
53.3%m
Delivery vs guidance
NM
Reserve life
11.3 yrsd
Head grade
1.87 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred180M t ore1.27 g/t AuGold2025-12-31
Ore ReserveProved and probable47M t ore1.36 g/t AuGold2025-12-31

Core asset

Red Lake

CA

Producer100% ownedGold

Operating and reinvesting

Producer · Producer
Production annualised (attributable)
127.8k ozd
Production (last FY, 100%)
127.2k oz
AISC (latest quarter)
A$2,858/oz
AISC margin at spot
51.2%m
Delivery vs guidance
NM
Reserve life
15.7 yrsd
Head grade
4.91 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred61M t ore3.63 g/t AuGold2025-12-31
Ore ReserveProved and probable18M t ore3.35 g/t AuGold2025-12-31

Material

Mt Rawdon

AU

Care And Maintenance100% ownedGold

Disclosed interest at cutoff; development gates remain open

Care and maintenance · Care and maintenance
Nameplate capacity
—
Restart capex
—
Contained metal (attributable)
NM
Last production year
—
Target restart
—

Material

Marsden

AU

Resource Stage100% ownedGoldCopper

Disclosed interest at cutoff; development gates remain open

Resource / scoping · Resource stage
Contained metal (attributable)
920.0k ozd
Resource grade
0.30 g/t
% Measured + Indicated
97.8%d
Resource tonnes
97.00 Mt
Our value per attrib. contained unit
Locked
Mining method
Open pit
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC measured, indicated and inferred97M t ore0.3 g/t AuGold · Copper2025-12-31
Ore ReserveProved and probable68M t ore0.36 g/t AuGold · Copper2025-12-31

Material

Carnaby Resources holding

AU

PFS Developer13.7% ownedCopperGold

Disclosed interest at cutoff; development gates remain open

Equity investment · Held
Investee
Carnaby Resources
Holding
13.7%
Shares held
37.90m
Market value
—
% of holder's market cap
—
Cost basis
—

Other

Arizona Gold & Silver holding

US

Early Explorer9.9% ownedGoldSilver

Disclosed interest at cutoff; development gates remain open

Equity investment · Held
Investee
Arizona Gold & Silver
Holding
9.9%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—

Other

Two Times Fred

CA

Early Explorer100% ownedGoldSilver

Disclosed interest at cutoff; development gates remain open

Exploration · Early explorer
Ownership
100%
Commodity
Aur
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Clisbako option

CA

Early Explorer0% ownedGoldSilver

Disclosed interest at cutoff; development gates remain open

Exploration · Early explorer
Ownership
0%
Commodity
Aur
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)