Evolution Mining (EVN) Q2 2026 earnings summary

Executive summary

• Achieved record operating mine cash flow of just over AUD 1.1 billion, up 57% from the previous quarter, and record net mine cash flow of AUD 727 million, with operations improving between 55–140%.

• Delivered eight consecutive quarters meeting operational and safety targets, with strong gold and copper production and improved cost performance.

• Cash generation accelerated, supported by favorable metal prices, minimal hedging, and disciplined execution.

• Maintained focus on safety, with TRIF at 5.8, despite a minor uptick in injuries at Cowal and Mungari in October.

• Cash balance increased to AUD 967 million, with gearing reduced to 6% and no debt payments due until November 2028.

Financial highlights

• Produced 191,000 ounces of gold and 18,000 tons of copper at an AISC of AUD 1,275/oz for continuing operations.

• Underlying group cash flow rose 176% to AUD 541 million; reported cash flow up 110% to AUD 412 million.

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

• Achieved gold price rose 20% to AUD 6,206/oz; current spot price is AUD 6,900/oz, 11% above the quarter average.

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

Outlook and guidance

• On track to deliver group production guidance of 710,000–780,000 ounces of gold and 70,000–80,000 tons of copper.

• Group copper production expected at low end of guidance due to weather event at Ernest Henry.

• 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 approximately 25% higher than first half based on commodity price increases.

• Anticipated to achieve net cash position this year, enhancing balance sheet flexibility and potential shareholder returns.