Evolution Mining (EVN) investor relations material

Executive summary

• Achieved record net mine cash flow of $366M and second highest operating mine cash flow of $676M for the September quarter, with all operations delivering positive net mine cash flow.

• Group gold production was 174,000 ounces and copper production was 18,000 tonnes, with sector-leading AISC of $1,724/oz, supporting FY26 production and cost guidance.

• Safety performance remained strong, with TRIF below five (4.93), continuing a favourable trend.

• Deleveraging accelerated, with gearing reduced to 11% and all bank term loans repaid; cash balance increased to $780M.

• Structural shifts in gold and copper markets are benefiting operations, with central banks increasing gold reserves and copper prices rising due to supply constraints.

Financial highlights

• Operating mine cash flow for the quarter was $676M, with net mine cash flow at $366M and group cash flow at $196M.

• Total liquidity reached $1.3B, including a $525M undrawn revolving credit facility.

• Achieved gold price increased 4% to $5,193/oz, with spot gold price reaching ~$6,100/oz by quarter end.

• Spot prices for gold and copper are significantly above achieved prices, indicating potential for over $3.3B in operating mine cash flow if current prices persist.

• All operations delivered positive net mine cash flow, with record contributions from Red Lake ($39M) and Northparkes ($55M).

Outlook and guidance

• Full-year and FY26 production and cost guidance reaffirmed, with targets on track.

• Estimated operating mine cash flow for FY26 could increase from $2,755M to $3,325M at current spot prices.

• Five-year capital outlook remains unchanged at $750M–$950M, with flexibility for incremental projects if needed.

• Policy of paying out around 50% of cash flows to shareholders remains, with capital returns to be reviewed at half year.

• Minimal gold hedging remains (38koz at A$3,267/oz for FY26); no copper hedging in place.