Evolution Mining (EVN) investor relations material

Executive summary

• Achieved a net cash position of $42 million at quarter end, with group cash flow of $406 million and a cash balance of $1.37 billion, up 42% sequentially, and no debt repayments until FY 2029.

• Rapid de-leveraging from over 30% gearing to net cash in just over two years, removing around $1.7 billion of net debt while investing in high-grade projects and paying dividends.

• Produced 170,000 ounces of gold and 11,000 tonnes of copper at an all-in sustaining cost (AISC) of $2,220/oz for continuing operations in the March quarter, on track for FY26 guidance at lower than original cost.

• March quarter impacted by weather at Ernest Henry and maintenance at Cowal, but operations are now normalized and on track for FY26 production and cost guidance.

• Exploration results at Mungari and Cowal indicate significant potential for resource growth and mine life extension, with multiple drill-ready targets advancing in North Queensland and Canada.

Financial highlights

• Group operating mine cash flow for the quarter was $769 million, with net mine cash flow of $486 million.

• Mungari delivered a record quarterly net mine cash flow of $175 million and gold production of 51,000 ounces.

• Red Lake generated a record $104 million in cash flow for the quarter and nearly $225 million year to date.

• Mount Rawdon contributed $13 million in the quarter and over $30 million year to date from processing low-grade stock material.

• Paid 26th consecutive dividend of $406 million, mostly in cash, with total liquidity at ~$1.9 billion including undrawn $525 million revolving credit facility.

Outlook and guidance

• On track to generate approximately $3.6 billion of operating mine cash flow in FY 2026, with group production expected at AISC of $1,640–1,760/oz, 6% lower than original guidance.

• Full-year gold production guidance expected to be met; copper production to be at the lower end of guidance due to weather impacts.

• Cowal expected to produce around 10% fewer ounces in FY 2027, with no material change in cash flows due to processing of stockpiled ore.

• June quarter expected to further improve net cash position at current spot prices.

• Capital management policy, including dividends and potential buybacks, to be reviewed and updated with full-year results.