Evolution Mining
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Evolution Mining (EVN) investor relations material

Evolution Mining Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary20 Jan, 2026

Executive summary

  • Delivered eighth consecutive quarter of safe, on-plan operations, producing 191,000 oz gold and 18,000 t copper at an AISC of AUD 1,275/oz, with TRIF at 5.8.

  • Achieved record operating mine cash flow of AUD 1.1B, up 57% from the previous quarter, and record net mine cash flow of AUD 727M, with operations improving between 55-140%.

  • Cash balance increased to AUD 967M after repaying AUD 110M in debt and AUD 116M in dividends; gearing reduced to 6%.

  • Delivered strong cash flow in a rising metal price environment, with minimal hedging and no debt due until FY29.

Financial highlights

  • Group cash flow reached a record AUD 412M (up 110% quarter-on-quarter), and underlying group cash flow was AUD 541M (up 176%).

  • Operating cash flow up 57% to just over AUD 1B; net mine cash flow doubled to AUD 727M.

  • Cowal delivered AUD 361M operating cash flow and AUD 284M net cash; Mungari record net mine cash flow of AUD 104M, up 142%.

  • Red Lake produced 33,000 oz, doubling net mine cash flow to AUD 80M; AISC improved to AUD 2,644/oz.

  • Total liquidity stands at approximately AUD 1.5B, including a AUD 525M undrawn revolving credit facility.

Outlook and guidance

  • On track to meet FY26 group production guidance: 710,000–780,000 oz gold and 70,000–80,000 t copper; copper output expected at low end due to Ernest Henry weather event.

  • Updated group AISC guidance to AUD 1,640–1,760/oz, a 6% improvement on original guidance.

  • Second half FY26 cash flows anticipated to be 25% higher than first half based on commodity price increases.

Impact of current spot prices on FY26 cash flow
Next steps for Bert and E22 studies
Address the increase in TRIF to 5.8
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H1 202610 Feb, 2026
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Evolution Mining Limited engages in the exploration, mine development, mine operations, and sale of gold and gold/copper concentrates in Australia and Canada.

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