Results - ASX:EVN
Evolution FY26: record A$1,475m profit, A$1,347m cash and a 21.0c final dividend
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 the company ended the year with A$1,347.5m cash, a record FY26 dividend of 41.0c and A$1,872.5m of total liquidity. The report contains no new drilling or resource estimates.
(price sensitive) - Evolution Mining announced: "Appendix 4E and FY26 Financial Report" (108 pages) - read the original
What investors must know
- Statutory profit after tax was a record A$1,475.1m (up 59%) and underlying profit was a record A$1,562.9m, giving basic EPS of 72.84 cents.
- Operating mine cash flow was A$3,394.3m and net mine cash flow was A$2,079.5m, both records; cash rose A$588.0m to A$1,347.5m at 30 June 2026.
- Gold production was 714,728 oz (down 5%) and copper 65,636 t (down 14%); AISC rose to A$1,717/oz from A$1,572/oz, and the company says it met its production, AISC and capital guidance.
- The FY26 final dividend is 21.0c (A$426.5m), making 41.0c for the year (A$832.6m), about 56% of statutory profit; the DRP issues new shares with no discount.
- Ernest Henry's December 2025 and March 2026 rain event cost A$274.9m of revenue timing and A$45.4m of non-operational costs; insurance recoveries are expected only in future periods.
- After year end the company agreed to buy Carnaby Resources for about A$213m, bought 9.9% of Arizona Gold & Silver for A$12.1m and amended the Triple Flag stream for a A$120m upfront payment due December 2026.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.3bn
- Debt
- $1.4bn
- Undrawn facilities
- $525m
- Operating cash flow (quarter)
- $2.6bn
- Exploration spend (quarter)
- $12.5m
- Shares on issue
- 2,031.1m
- Options, rights & convertibles
- 29.6m
- Gold produced
- 714,728 oz
- Copper produced
- 65,636 t
- AISC
- A$1,717/oz (margin about A$4,502/oz at the day's gold price)
- Revenue
- $5.6bn
- Guidance
- Company states it achieved production, AISC and capital guidance for FY26. Production was 714,728 oz gold against 715koz in the STIP scorecard; the STIP target was 760koz, which was not met. No new FY27 guidance is given in this report.
Full year to 30 June 2026, not a quarterly 5B, so there is no Appendix 5B funding position and burn and funding quarters are not stated. Debt is interest bearing liabilities at carrying amount (US Private Placements principal is A$1,383.0m). Undrawn is the A$525.0m Revolving Credit Facility; performance bond facilities have A$118.6m and A$72.8m undrawn but are not cash funding. Exploration is the expensed amount only; capitalised exploration additions were A$59.952m (Note 7). The FY26 final dividend (A$426.5m) is not a raising; the DRP issued 17,158,567 shares worth A$152.5m in lieu of cash. Production is stated as produced gold and copper. Gold sales were 710koz for the year at A$6,023/oz achieved.
Appendix 5B explained - why runway predicts raisings - every company's runway
How the price reacted
News signal positive, and on day 1 the stock moved +0.4% against the gold index (XGD). After 20 trading days: -3.8% against the XGD.
From the last close before the market could trade on it ($13.65 on 18 Aug 2026), with day-1 volume 1.0x the 20-day average.
EVN's past price-sensitive news
After 9 earlier announcements, EVN rose on day 1 4 times and fell 5 times - an average move of -1.2%.
DrillScore has no recorded share price reactions to earlier Evolution news. The shares closed at A$13.65 before the release and A$13.02 now, about 4.6% lower, against a 52-week range of A$10.205 to A$17.75. Over the same period the XGD fell 0.6%, GDX fell 8.2% and GDXJ fell 14.2%, so the stock has moved broadly with the gold sector. This describes past and current moves only and does not predict the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for EVN and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.3% by day 5 and +1.1% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.3%
- Day 20
- +1.1%
Only 2 of EVN's earlier announcements have traded - too few to show a pattern.
In the 20 trading days before this release the XGD gold index moved +28.7% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.1% by day 5 and -4.4% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.1%
- Day 20
- -4.4%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,421 | US$3,886 | -12.1% |
| Gold (A$/oz) | A$6,219 | A$5,737 | -7.8% |
| Copper (US$/lb) | US$6.48 | US$6.09 | -6.1% |
| AUD/USD | 0.7108 | 0.6774 | -4.7% |
At the 19 August release, spot gold was about A$6,219/oz (US$4,421/oz) against an achieved FY26 price of A$6,023/oz and AISC of A$1,717/oz, so margins were wide. Since then gold has fallen to about A$5,737/oz (US$3,886/oz) and copper to about US$6.09/lb, while the US 10-year yield rose to 5.15% and the US dollar index to 103.4, all of which weigh on gold. Spot gold remains well above the company's A$4,000/oz base case for E48, E22, Coarse Particle Flotation and Bert and above the A$3,300/oz base for OPC, so the study assumptions look conservative against current spot, but the cushion is narrower than at release. Sector mood has been weaker: XGD is down 0.6% since release, GDX down 8.2%, GDXJ down 14.2% and COPX down 19.1%.
Against EVN's own history
DrillScore's database holds no earlier intercepts, raisings or price reactions for Evolution. Its recent analysed items are the 27 July 2026 Carnaby acquisition announcements. The database's March 2026 quarter entry (cash 13, shares 276.12m) does not match this report, which shows 2,002.4m shares at 30 June 2025 and 2,031.1m at 30 June 2026, and cash of A$759.5m at 30 June 2025 and A$1,347.5m at 30 June 2026. That entry looks wrong and should be checked. Also, the database profile lists Cadia as a project, but this report does not mention Cadia; its six mines are Cowal, Ernest Henry, Mungari, Red Lake, Northparkes (80%) and Mt Rawdon. Against prior years in this report, FY26 is stronger on profit and cash, with production down 5% and AISC up 9%.
Risks & caveats
- Earnings are highly exposed to metal prices; the company is now unhedged after final delivery of its gold hedges, and FY26 gold sales at A$6,023/oz benefited from spot prices that have since fallen.
- Mt Rawdon is ending processing in the September 2026 quarter, and Cowal gold output fell 33koz to 297koz with AISC rising to A$2,253/oz.
- A Federal Court class action filed in December 2024 alleges misleading disclosure about Red Lake in July 2021 to June 2022; damages are unspecified and the company says it will defend it.
- The Carnaby acquisition and Triple Flag payment depend on completion steps and cash; the scheme meeting was expected in late October to early November 2026 and its outcome is not in the data supplied.
- Reported net cash of A$18.8m uses the company's own definition, which nets off hedge-related items and excludes leases; on a simple balance-sheet view the group is in a small net debt position.
What's next
- Final dividend of 21.0c paid (record date 10 September 2026) - 2 October 2026 (payment date as stated)
- Carnaby Resources scheme meeting (outcome not in data supplied) - Late October to early November 2026 (expected per report)
- Triple Flag amended stream upfront payment of A$120m - December 2026
- Mt Rawdon processing ceases - September 2026 quarter (as stated)
- Ernest Henry insurance recoveries expected to partly offset flood costs - Future periods, not stated
- Final contingent consideration payment on Northparkes - July 2027 (as stated)
- Bert project first production - FY29 (as stated)
- Revolving Credit Facility expiry - August 2028 (as stated)
Questions worth asking
- What did the Carnaby scheme vote deliver, and how will the about A$213m cost be funded from cash and facilities?
- How much of the expected Ernest Henry insurance recovery is likely, and when will it be booked?
- What is FY27 AISC guidance once Mt Rawdon has closed and Cowal moves to lower-grade stockpile feed?
- How sensitive is the cash flow to a lower A$ gold price than the A$5,700 to A$6,200 range seen since release?
- Has the company quantified any potential exposure to the Red Lake class action?
What it means
For someone following Evolution, this report confirms a strong FY26 for cash generation and dividends, and it leaves room to fund the Carnaby deal and growth projects from cash and undrawn facilities. The points to weigh are the sharp fall in gold and copper prices since the release, the end of the hedge book, the closure of Mt Rawdon, weaker Cowal output and cost, the Ernest Henry insurance outcome and the Red Lake class action. This is general information only and not a recommendation to buy, sell or hold.
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.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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