Evolution Mining (EVN) Q3 2026 earnings summary

Executive summary

• Achieved a net cash position of $42M at quarter end, with group cash flow of $406M and a cash balance of $1,371M, up 42% sequentially, and no debt repayments until FY 2029.

• Rapid de-leveraging from over 30% gearing to net cash in just over two years, removing around $1.7B of net debt while investing in high-grade projects and paying dividends.

• Produced 170koz of gold and 11kt of copper at an AISC of $2,220/oz for continuing operations, with lower production due to weather and maintenance.

• Remain on track to deliver FY26 group production at AISC guidance of $1,640–1,760/oz, 6% lower than original guidance.

• No material operational impacts from global fuel supply issues; contracts with major oil suppliers remain fulfilled.

Financial highlights

• Group cash flow of $406M for the quarter, with operating and net mine cash flows of $769M and $486M, respectively.

• Mungari delivered a record quarterly net mine cash flow of $175M and gold production of 51koz.

• Red Lake generated a record $104M in cash flow for the quarter and nearly $225M year to date.

• Mount Rawdon contributed $13M in the quarter and over $30M year to date from processing low-grade stock material.

• Total liquidity at ~$1.9B, including undrawn $525M revolving credit facility.

Outlook and guidance

• On track to generate approximately $3.6B of operating mine cash flow in FY26.

• Expect to be at the low end of group copper guidance due to weather impacts at Ernest Henry.

• Cowal expected to produce around 10% lower ounces next year, but cash flows to remain stable due to processing of stockpiled ore.

• Guidance for AISC remains at $1,640–1,760/oz for FY26, with cost and capital discipline supporting delivery within range.

• June quarter expected to further improve net cash position at current spot prices.