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ASX:EVN - Gold & copper producer

Evolution Mining (ASX:EVN)

Cadia, Cowal, Ernest Henry, Mungari, Mt Rawdon, Red Lake - NSW, QLD, WA, Ontario

$13.02-2.9%
as of 13 Nov 2026, 4:11 pm
Avg DrillScore66Stronglast 10 announcements
Decoded10price-sensitive announcements
Best gold hit47 g-m
Best copper hit149 %-m
Cash runway-$1.5bn cash
Red flags6last 12 months
Avg day-1 move-1.1%after its news
Market cap$26.9bn52w $10.21 - $17.75

EVN share price - with every decoded announcement marked

$10$13$15$1814 Oct 2026 - Evolution September quarter: 154koz gold, A$1,653/oz AISC, A$1,470M cash; FY27 guidance held21 Sep 2026 - Carnaby scheme booklet registered with ASIC; Evolution scheme vote was set for 26 October 202615 Sep 2026 - Evolution capital update: FY26 dividends A$833m, net cash, A$1.9B liquidity; no new drilling15 Sep 2026 - Evolution reports new Cowal, Northparkes and Ernest Henry drill results; no resource update (DrillScore 72)15 Sep 2026 - Evolution project briefing: no new drilling or resources; project timelines and growth targets15 Sep 2026 - Evolution investor briefing restates FY27 guidance and reserves; one Ernest Henry copper interval cited (DrillScore 60)19 Aug 2026 - Evolution FY26 profit A$1,475m, cash flow A$1,389m, 21.0c final dividend; FY27 AISC guided higher19 Aug 2026 - Evolution FY26: record A$1,475m profit, A$1,347m cash and a 21.0c final dividend27 Jul 2026 - Evolution to acquire Carnaby Resources by scheme, adding the Greater Duchess copper-gold project27 Jul 2026 - Carnaby to be acquired by Evolution: 0.0682 EVN shares per share, implied A$0.772 (60.4% premium)Nov 202513 Nov 2026

About Evolution Mining

A major gold producer with meaningful copper by-product, owning a stake in the giant Cadia gold-copper operation in NSW, Cowal, Ernest Henry in Queensland, Mungari in WA and Red Lake in Canada.

ASX code
EVN
Commodity
Gold & copper
Stage
Producer
Projects
Cadia, Cowal, Ernest Henry, Mungari, Mt Rawdon, Red Lake
Where
NSW, QLD, WA, Ontario

Decoded

EVN announcements, analysed

Quarterly

Evolution September quarter: 154koz gold, A$1,653/oz AISC, A$1,470M cash; FY27 guidance held

ASX: "September 2026 Quarterly Report"

Evolution produced 153,616oz of gold and 17,915t of copper in the September 2026 quarter at a group AISC of A$1,653/oz, and ended with cash of A$1,470M. FY27 guidance was held, but the CEO called the start slower than expected...

Takeover

Carnaby scheme booklet registered with ASIC; Evolution scheme vote was set for 26 October 2026

ASX: "CNB: Scheme Booklet registered with ASIC"

Carnaby Resources has registered its scheme booklet for Evolution Mining's proposed acquisition, under which Carnaby holders would receive 0.0682 new Evolution shares per Carnaby share. The board unanimously recommends a yes vote...

Announcement

Evolution capital update: FY26 dividends A$833m, net cash, A$1.9B liquidity; no new drilling

ASX: "Capital management"

Evolution's 15 September 2026 capital management presentation restates FY26 results: A$833m of dividends, a net cash position and A$1.9B of liquidity at June 2026. FY27 guidance is restated, and the deck contains no new drilling...

Drilling

Evolution reports new Cowal, Northparkes and Ernest Henry drill results; no resource update

ASX: "Discovery and exploration"

Evolution's discovery briefing reports new drilling at Cowal, Northparkes and Ernest Henry and restates FY27 exploration guidance of A$130-160M. Cowal's four holes include 2.2m (1.76m estimated true width) at 16.17g/t gold, a...

146m @ 1.02% Cu from 36m (148.9 %-m)Mixed7 flags
72Strong
Project update

Evolution project briefing: no new drilling or resources; project timelines and growth targets

ASX: "Current projects and future growth opportunities"

Evolution's 15 September 2026 investor briefing updates project status and timing at Cowal, Northparkes and Ernest Henry. It reports no new drill results and no new resource or reserve estimate; the resource and reserve tables...

Announcement

Evolution investor briefing restates FY27 guidance and reserves; one Ernest Henry copper interval cited

ASX: "2026 Investor Briefing Presentations"

Evolution's 15 September 2026 investor briefing mostly restates known material: FY27 guidance of 660-730koz gold and 63-70kt copper, and resources and reserves at 31 December 2025. The only new drilling item is a headline Ernest...

61.3m @ 1.26% Cu (77.2 %-m)Mixed9 flags
60Solid
Results

Evolution FY26 profit A$1,475m, cash flow A$1,389m, 21.0c final dividend; FY27 AISC guided higher

ASX: "FY26 Full Year Financial results and Final Dividend"

Evolution reported FY26 statutory profit of A$1,475m and Group cash flow of A$1,389m, ending the year with A$1,347m cash against A$1,329m debt. The final dividend is 21.0 cents fully franked, taking the full year to 41.0 cents...

Results

Evolution FY26: record A$1,475m profit, A$1,347m cash and a 21.0c final dividend

ASX: "Appendix 4E and FY26 Financial Report"

Evolution Mining reported record FY26 statutory profit of A$1,475.1m (up 59%) and underlying profit of A$1,562.9m, with operating mine cash flow of A$3,394.3m. Gold output fell 5% to 714,728 oz at a higher AISC of A$1,717/oz, and...

Earlier

Drilling

EVN's best drill intercepts

Ranked by metal-metres, so a long modest hit and a short rich one can be compared fairly.

#CompanyInterceptMetal-metresRatingTop shareReleased
1EVN
Evolution Mining
61.3m @ 0.770g/t Au from 2,121m
EH1554A
47.2 g-m
Modest-
2EVN
Evolution Mining
3m @ 11.4g/t Au from 553m
RDU0298
34.3 g-m
Modest-
3EVN
Evolution Mining
15.2m @ 2.05g/t Au from 685m
E41D2969
31.2 g-m
Modest-
4EVN
Evolution Mining
20m @ 1.55g/t Au from 456m
E41D2969
31.0 g-m
Modest-
5EVN
Evolution Mining
21m @ 1.19g/t Au from 515m
E41D2969
25.0 g-m
Modest-
6EVN
Evolution Mining
10m @ 2.11g/t Au from 205m
E41D2248
21.1 g-m
Modest-
7EVN
Evolution Mining
17.1m @ 1.19g/t Au from 729m
E41D2969
20.3 g-m
Modest-
8EVN
Evolution Mining
14m @ 1.17g/t Au from 547m
E41D2969
16.4 g-m
Modest-
9EVN
Evolution Mining
3m @ 5.37g/t Au from 960m
E41D2969
16.1 g-m
Modest-
10EVN
Evolution Mining
6m @ 2.38g/t Au from 415m
E41D2969
14.3 g-m
Modest-
11EVN
Evolution Mining
146m @ 1.02% Cu from 36m
E51D020
148.9 %-m
Excellent91%
12EVN
Evolution Mining
214m @ 0.340% Cu from 10m
E26D731
72.8 %-m
Excellent43%
13EVN
Evolution Mining
200m @ 0.360% Cu from 6m
E26D727
72.0 %-m
Excellent9%
14EVN
Evolution Mining
166m @ 0.370% Cu from 90m
E26D729
61.4 %-m
Excellent12%
15EVN
Evolution Mining
138m @ 0.340% Cu from 182m
E26D728
46.9 %-m
Really good15%
16EVN
Evolution Mining
142m @ 0.330% Cu from 282m
E26D729
46.9 %-m
Really good-
17EVN
Evolution Mining
136m @ 0.340% Cu from 42m
MJD025
46.2 %-m
Really good16%
18EVN
Evolution Mining
61.3m @ 0.770g/t Au
47.2 g-m
Modest-
19EVN
Evolution Mining
61.3m @ 1.26% Cu
77.2 %-m
Excellent-

Money

Cash, burn and dilution

QuarterCashOperating CFOutgoingsRunwaySharesGold ozAISC
Sep 2026$1.5bn---2,045m153,616A$1,653
Jun 2026$9.4m---276m--
Jun 2026$1.3bn---2,031m715,000A$1,717
Jun 2026$1.3bn$2.6bn--2,031m714,728A$1,717
Mar 2026$13.0m---276m--

Price reactions

How EVN moved after its news

Day-1 move after each decoded announcement, from the last close before the market could trade on it.

Average day-1 move by type

Takeovers+1.3%2 announcements
Other news-3.1%2 announcements
Financial results+0.2%2 announcements
Quarterlies-3.2%1 announcement
Drill results-3.1%1 announcement
Project updates-3.1%1 announcement
Acquisitions+2.0%1 announcement

Historical pattern

What happened after news like EVN's latest

Based on Evolution September quarter: 154koz gold, A$1,653/oz AISC, A$1,470M cash; FY27 guidance... (14 Oct 2026): what share prices did after past results like it, from DrillScore's own records. It describes the past: it isn't a forecast for EVN and it isn't advice.

News like thisMixed news No clear lean

After 39 other announcements read as 'mixed', stocks moved +0.6% by day 1, +0.9% by day 5 and +0.7% by day 20 against the XGD on average.

Day 1
+0.6%
Day 5
+0.9%
Day 20
+0.7%
39 results, against the XGD
EVN's own record9 earlier announcements Leaned up

After its earlier announcements, EVN moved -0.3% by day 1, +1.0% by day 5 and -1.3% by day 20 against the XGD on average.

Day 1
-0.3%
Day 5
+1.0%
Day 20
-1.3%
9 results, against the XGD
The market nowXGD +0.1% in 20 days No clear lean

Over the last 20 trading days the XGD gold index moved +0.1% (steady). After 13 past gold announcements released into a steady gold index, stocks moved +1.3% by day 1, -0.9% by day 5 and +14.4% by day 20 on average - before taking the market's own move out.

Day 1
+1.3%
Day 5
-0.9%
Day 20
+14.4%
13 results, raw moves

A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out

Disclosure

Red flags and notes

Results look selectively reported

Northparkes tables list nil holes for E26, E51 and Major Tom, but the 31 Monzonite Stock Contact holes without significant assays are not listed; the company says this is in line with the broad nature of discovery drilling. Northparkes primary intervals use a 0.3% Cu cut-off with bulking of up to 20m, and the minimum intercept length was cut from 20m in earlier releases to 10m, which allows longer and more numerous intervals. Cowal gives four holes with no nil results and no total hole count, while saying all available discovery results are reported. Ernest Henry is a single hole. This list is capped at 60 rows, so 11 short Northparkes intervals of 10-16m at about 0.3% Cu are not listed.

EVN: Discovery and exploration - 15 Sep 2026
Headline grade carried by one narrow high-grade zone

16m @ 0.65% Cu from 44m contributes 93% of the %-metres of 18m @ 0.62% Cu from 42m in E51D022; the rest of the interval is much lower grade. 3 other intervals are carried the same way.

EVN: Discovery and exploration - 15 Sep 2026
Drill-hole table is incomplete

Some holes, collar details or nil results are missing from the drill-hole table.

EVN: Discovery and exploration - 15 Sep 2026
Changed intercept method at Northparkes

Earlier Major Tom and E51 results used a 20m minimum intercept length; this release uses 10m with up to 20m of bulked dilution. The change is explained, but old and new intervals are not directly comparable and no like-for-like restatement is given.

EVN: Discovery and exploration - 15 Sep 2026
Wide bulked intercepts near the cut-off

Primary intervals are bulked to 200m (E26D727), 214m (E26D731), 166m (E26D729) and 138m (E26D728) at a 0.3% Cu cut-off with up to 20m of internal dilution. Higher-grade sub-intervals are shown separately, but bulk grades sit close to the cut-off.

EVN: Discovery and exploration - 15 Sep 2026
Nil holes not tabulated

31 Monzonite Stock Contact holes with no significant assays are not listed, so the table cannot be checked against the full drilling programme.

EVN: Discovery and exploration - 15 Sep 2026
Cowal collar table misaligned

In the Cowal table the Northing and Easting labels appear swapped, and dip, azimuth and hole length values sit under the wrong headings. RDU0298 shows an elevation of -197.768. Interval and grade data agree with the slide text, but the collar data should be re-checked.

EVN: Discovery and exploration - 15 Sep 2026
No drill-hole table

The announcement does not give every hole's collar position, dip, azimuth, depth and result (including nil results), which the ASX expects for material exploration results.

EVN: 2026 Investor Briefing Presentations - 15 Sep 2026
JORC Table 1 not attached

JORC Table 1 sections 1 and 2 are missing - the ASX requires both with material exploration results.

EVN: 2026 Investor Briefing Presentations - 15 Sep 2026
No Competent Person statement

The JORC Code requires a Competent Person to take responsibility for exploration results, resources and reserves.

EVN: 2026 Investor Briefing Presentations - 15 Sep 2026
Drilling result summarised without the supporting detail

The 61.3m at 1.26% Cu and 0.77g/t Au interval appears only as a slide headline with a reference to a separate 15 September 2026 announcement. This document gives no hole ID, depth, cut-off, dilution or JORC Table 1, so the detail the ASX requires cannot be checked from it.

EVN: 2026 Investor Briefing Presentations - 15 Sep 2026
Production volumes stated for projects without a JORC basis

Ernest Henry capacity steps (Bert ~6ktpa Cu and ~12koz Au; Greater Duchess ~10ktpa Cu and ~5koz Au from ~FY30) are stated as volumes. Greater Duchess is shown at exploration stage and is not yet owned, and no resource, reserve or study is cited for these rates. The indicative-only caveat is given, but the basis is not.

EVN: 2026 Investor Briefing Presentations - 15 Sep 2026

Investors

Experiences with EVN

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Questions

EVN in brief

What does Evolution Mining mine?

A major gold producer with meaningful copper by-product, owning a stake in the giant Cadia gold-copper operation in NSW, Cowal, Ernest Henry in Queensland, Mungari in WA and Red Lake in Canada.

What was EVN's latest price-sensitive announcement?

On 14 Oct 2026 EVN released "September 2026 Quarterly Report". In plain English: Evolution September quarter: 154koz gold, A$1,653/oz AISC, A$1,470M cash; FY27 guidance held. It had no new drill results, so no DrillScore; DrillScore read its signal as mixed. Read the full analysis.

What is EVN's best drill result?

The best intercept DrillScore has decoded is 146m @ 1.02% Cu from 36m in hole E51D020 - 148.9 %-m, rated excellent, reported 15 Sep 2026.

How much cash does EVN have?

EVN reported $1.5bn in cash at 30 September 2026.

How does EVN's share price react to announcements?

Across 10 decoded price-sensitive announcements, EVN's average day-1 move was -1.0%, rising 5 times and falling 5 times. Past reactions don't predict future ones.

Is EVN a gold or a copper stock?

Evolution Mining is a gold & copper producer with operations in NSW, QLD, WA, Ontario. See all ASX gold stocks.

Where can I read EVN's announcements?

Every price-sensitive EVN announcement is decoded on this page within minutes of release, with a link to the original document. DrillScore's analysis is general information, not advice.

General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.

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