Evolution Mining (EVN) Q3 2025 earnings summary

Executive summary

• Delivered another successful quarter with record group mine operating cash flow of $600 million, up 7% sequentially, and net mine cash flow of $303 million, up 15% from the previous quarter, maintaining operational consistency and benefiting from high metal prices and minimal gold hedging.

• Achieved significant milestones in organic growth projects, including early completion of Mungari plant expansion and regulatory approval for Cowal Open Pit Continuation, extending operations to 2042.

• Cash balance increased by $141 million to $661 million, with net debt reduced to $1,093 million and gearing improved to 19%.

• Positioned for a strong finish to FY25, with disciplined capital allocation, organic growth across the portfolio, and robust production.

• FY25 guidance remains unchanged, with expectations for even stronger cash generation in the June quarter.

Financial highlights

• Group cash flow increased 25% to $207 million, driven by an 11% increase in achieved spot gold price, with operating mine cash flow reaching $600 million and net mine cash flow $303 million.

• Produced 179,778 oz of gold and 19,450 tonnes of copper in the quarter; all operations delivered positive mine cash flow before major capital.

• Achieved gold price increased 11% to $4,512/oz; current spot price is ~$5,140/oz, with minimal gold hedging.

• Cash balance rose to $661 million after $60 million in debt repayments, including a $32 million prepayment; gearing improved to 19%.

• All-in sustaining cost (AISC) was $1,616/oz for the quarter and $1,575/oz year-to-date, among the lowest in the sector.

Outlook and guidance

• FY25 production guidance unchanged: 710,000–780,000oz gold and 70,000–80,000t copper at AISC of $1,475–$1,575/oz.

• Major project capital investment of $180–230 million and sustaining capital of $215–270 million expected in FY25.

• Cowal OPC project approval adds $65–70 million in major project capital and ~$5 million in major mine development to FY25 guidance.

• Estimated operating mine cash flow could increase from $1,805 million to $2,275 million based on annualised YTD production and current spot prices.

• Labor costs expected to increase 3-4% next year, with royalties rising if gold prices remain elevated.