Evolution Mining (EVN) investor relations material

Executive summary

• September-quarter production was 154koz of gold and 18kt of copper; FY27 guidance was maintained across all measures.

• Weather and grid interruptions slowed the start, but assets returned to planned rates during the quarter.

• Production is weighted to H2 FY27, supported by Cowal underground ramp-up and new mining areas at Red Lake.

Financial highlights

• AISC was AUD 1,653/oz at a 73% margin, below the FY27 guidance range.

• Operating mine cash flow was AUD 775m and net mine cash flow AUD 466m; group cash flow was AUD 185m, or AUD 1,185/oz.

• Quarter-end cash was AUD 1.47bn, net cash AUD 141m and total liquidity AUD 1.995bn, including a AUD 525m undrawn facility.

• Achieved prices were AUD 6,115/oz for gold and a record AUD 20,876/t for copper; no commodity hedges were in place.

Outlook and guidance

• FY27 guidance was maintained: gold production 660–730koz, copper production 63–70kt and AISC AUD 2,000–2,200/oz.

• FY27 capital guidance is AUD 265–325m sustaining, AUD 440–500m major mine development and AUD 570–650m major projects.

• Production is expected to rise in coming quarters, with H2 weighting reflecting Cowal underground ramp-up and new Red Lake mining areas.

• At Q1 achieved prices, FY27 operating mine cash flow was estimated at ~AUD 3.6bn, AUD 200m above FY26 after FY27 cost escalation.