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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
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1M
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YTD
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1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1.3B Self Funding
Debt A$1.4B Net cash A$-33.1M
Basic shares 2B 2026-10-02
Runway Self Funding FY26 operating cash flow A$2.637bn exceeds property/plant payments A$1.204bn. Finite burn runway is not meaningful for a cash-generating producer.

Liquidity

Financial position

Reported June cash AUD1,347.496m; debt book value AUD1,380.583m plus leases AUD35.841m differs from hedged USPP principal AUD1,329m. October cash is an explicit seasonal estimate in the valuation bridge. AUD525m undrawn revolver; no principal due before FY29. AISC-based costs retain operating lease economics, so no second lease principal deduction.

Inventory composition1

Includes stores, ore, dore/concentrate and metal in circuit. Embedded in operating mine valuation; no additional equity bridge inventory credit.

Current and non-current operating inventory
A$736.4M carrying

Capital structure

Ownership and dilution

Ordinary shares
2B
Fully diluted
2.1B

30 June 2026 basic shares 2,031,090,542; 2 October Appendix 2A basic shares 2,045,015,360. Rights total 18,477,000 gives fully diluted 2,063,492,360. October DRP 466,963 shares at AUD13.3119. Pending Carnaby scheme assets and incremental shares are excluded together; 13.7% holding and shares already issued are included.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share2B——
Unquoted share rightsOther54K——
Unquoted performance rightsPerformance Right18.4M——

KPI history

Operating metrics · Company

Group gold production shown
054,542109,084163,626218,1682024-09: 193,554 oz Au2024-092024-12: 194,793 oz Au2024-122025-03: 179,778 oz Au2025-032025-06: 182,388 oz Au2025-062025-09: 174,000 oz Au2025-092025-12: 191,000 oz Au2025-122026-03: 170,000 oz Au2026-032026-06: 179,655 oz Au2026-06
MetricUnitTrend2024-092024-122025-032025-062025-092025-122026-032026-06
Group gold productionoz Au2024-09: 193,554 oz Au2024-12: 194,793 oz Au2025-03: 179,778 oz Au2025-06: 182,388 oz Au2025-09: 174,000 oz Au2025-12: 191,000 oz Au2026-03: 170,000 oz Au2026-06: 179,655 oz Au193,554194,793179,778182,388174,000191,000170,000179,655
Operating mine cash flowAUD2024-09: 429,000,000 AUD2024-12: 561,000,000 AUD2025-03: 600,000,000 AUD2025-06: 697,000,000 AUD2025-09: 676,000,000 AUD2025-12: 1,058,000,000 AUD2026-03: 769,000,000 AUD2026-06: 891,000,000 AUD429,000,000561,000,000600,000,000697,000,000676,000,0001,058,000,000769,000,000891,000,000
Operating metric source table23
MetricProjectPeriodPeriod typeValueStatus
Cowal gold productionCowalFY26Year297,029 oz AuReported
Ernest Henry gold productionErnest HenryFY26Year55,060 oz AuReported
Ernest Henry copper productionErnest HenryFY26Year37,751 t CuReported
Northparkes gold productionNorthparkesFY26Year27,299 oz AuReported
Northparkes copper productionNorthparkesFY26Year27,885 t CuReported
Mungari gold productionMungariFY26Year186,115 oz AuReported
Red Lake gold productionRed LakeFY26Year127,158 oz AuReported
Group gold productionCompany2024-09 quarterQuarter193,554 oz AuReported
Operating mine cash flowCompany2024-09 quarterQuarter429,000,000 AUDReported
Group gold productionCompany2024-12 quarterQuarter194,793 oz AuReported
Operating mine cash flowCompany2024-12 quarterQuarter561,000,000 AUDReported
Group gold productionCompany2025-03 quarterQuarter179,778 oz AuReported
Operating mine cash flowCompany2025-03 quarterQuarter600,000,000 AUDReported
Group gold productionCompany2025-06 quarterQuarter182,388 oz AuReported
Operating mine cash flowCompany2025-06 quarterQuarter697,000,000 AUDReported
Group gold productionCompany2025-09 quarterQuarter174,000 oz AuReported
Operating mine cash flowCompany2025-09 quarterQuarter676,000,000 AUDReported
Group gold productionCompany2025-12 quarterQuarter191,000 oz AuReported
Operating mine cash flowCompany2025-12 quarterQuarter1,058,000,000 AUDReported
Group gold productionCompany2026-03 quarterQuarter170,000 oz AuReported
Operating mine cash flowCompany2026-03 quarterQuarter769,000,000 AUDReported
Group gold productionCompany2026-06 quarterQuarter179,655 oz AuReported
Operating mine cash flowCompany2026-06 quarterQuarter891,000,000 AUDReported
Company guidance5
MetricProjectPeriodLowHighStatus
Gold ProductioncowalFY27285,000305,000 oz AuCurrent
Gold Productionernest-henryFY2750,00060,000 oz AuCurrent
Gold ProductionnorthparkesFY2720,00025,000 oz AuCurrent
Gold ProductionmungariFY27185,000205,000 oz AuCurrent
Gold Productionred-lakeFY27120,000135,000 oz AuCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-02Ann. 2026-08-19DividendA$427M467K—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Material stream, JV, FX, royalty and Carnaby commercial obligations identified from primary filings. Detailed offtake/tolling rates, private exploration-option payments and all individual ore-source royalty rates are not publicly disclosed in reviewed package.

Primary stream: 67.5% of Evolution attributable payable gold until 630koz delivered then 33.75%; silver 100% until 9Moz then 50%; cash payment 10% of spot. Remaining cumulative delivery headroom not disclosed in reviewed package.

Stream · Active
Counterparties
Triple Flag
Applies to
Northparkes · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Initial gold delivery: 67.5 %
Ongoing payment: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

AUD120m refundable deposit due 15 December 2026; E44 25% gold and 37.5% silver stream with 10% spot ongoing payment. Binding 45koz gold and 446koz silver FY31-FY38 deliveries regardless of output; refund election if no FID by 31 December 2029 totals approximately AUD146.2m at announcement FX.

Stream · Conditional
Counterparties
Triple Flag
Applies to
Northparkes · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Refundable upfront deposit: 120,000,000 AUD
Minimum gold delivery: 45,000 oz
Minimum silver delivery: 446,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Northparkes economic ownership 80%. Operating, production, reserve and capital tables expressly report Evolution share; all selected inputs have that basis.

Joint Venture · Active
Counterparties
Sumitomo
Applies to
Northparkes · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Evolution interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Mungari platform is wholly owned; EKJV 51% and WKJV 75% ore-source interests. Primary operating footnote states physical operating metrics gross except gold production and financials attributable.

Joint Venture · Active
Counterparties
East Kundana and West Kundana joint venture partners
Applies to
Mungari · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
EKJV: 51 %
WKJV: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

USD950m USPP fixed-to-fixed swaps with average AUD/USD strike0.7166 and AUD coupon4.4713%; economic hedged principal approximately AUD1,329m.

FX Hedge · Active
Counterparties
USPP derivative counterparties
Applies to
Company-wide
Economic direction
Mixed
Period
Dates not stated
Key terms
Hedged notional: 950,000,000 USD
Average strike: 0.72 AUD/USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Mine royalty amounts are disclosed in FY26 cost table. Ore-source statutory and private rates vary; effective revenue calibrations are analyst estimates, with price/cost alternatives retained.

Royalty · Active
Counterparties
State governments
Applies to
Cowal · Ernest Henry · Northparkes · Mungari · Red Lake · Gold · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
FY26 royalty calibration: Reported mine charges AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Glencore copper offtake terms are partly undisclosed. Existing refining/freight deductions are visible in FY26 financial report and reflected in current net cash cost calibration.

Offtake · Active
Counterparties
Glencore
Applies to
Ernest Henry · Copper
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional acquisition at 0.0682 EVN shares per CNB share. Existing 13.7% acquired for approximately 2.6m EVN shares; remaining scheme not implemented at cutoff.

Strategic Partnership · Conditional
Counterparties
Carnaby Resources · Glencore
Applies to
Carnaby Resources holding · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Scheme exchange ratio: 0.07 EVN share/CNB share
How it affects our valuation

No valuation treatment is available for this arrangement.

Option to acquire exploration property; economic ownership presently zero and detailed exercise economics unavailable in reviewed package.

Other · Conditional
Counterparties
Jim Dawson
Applies to
Clisbako option · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.