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

What investors must know

1. Cowal: four holes returned new gold intercepts; the best is 2.2m (1.76m estimated true width) at 16.17g/t Au from 252m in E41D2961, and 3m at 11.44g/t Au from 553m in RDU0298.
2. Ernest Henry: hole EH1554A returned 61.3m (about 50m estimated true width) at 1.26% Cu and 0.77g/t Au from 2,121m, using a 0.7% Cu cut-off and 5.5m of internal dilution.
3. Northparkes: 28 of 69 reported holes returned significant copper intercepts; the largest is 146m at 1.02% Cu in E51D020 (including 92m at 1.47% Cu).
4. Northparkes intervals use a 0.3% Cu cut-off and a 10m minimum length, down from 20m in earlier releases, so they are not like-for-like with older Major Tom and E51 results.
5. No new Mineral Resource or Ore Reserve estimate is given; the Major Tom and E51 maiden resources are cross-referenced to a separate 15 September 2026 announcement.
6. FY27 exploration guidance is A$130-160M, with planned drilling of 360-400km (FY26: 260km).

The drill intercepts, normalised

Every interval, in numbers

Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.

Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.

Holes reported

74

Drilling

Diamond core (DD) at Cowal and Ernest Henry; diamond core and reverse circulation (RC) at Northparkes

Cut-off grade

Cowal: minimum 10 Au gram-metres per intercept, no grade cut-off stated. Ernest Henry: 0.7% Cu. Northparkes: 0.3% Cu primary, with 0.5% and 1.0% Cu for including intervals.

Max internal dilution

Northparkes: up to 20m bulked internal dilution. Ernest Henry: 5.5m total non-consecutive. Cowal: not stated.

True widths

Stated - Cowal and Ernest Henry give estimated true widths (ETW). Northparkes gives downhole widths only; true widths are not known.

Hole spacing

Cowal: four holes in the E41 and Oban area; spacing not stated, and the company says continuity cannot be inferred from exploration drilling. Ernest Henry: one exploration hole, no spacing. Northparkes: discovery-stage drilling at variable spacing across E26, Major Tom, E51 and the Monzonite Stock Contact; mineralisation controls are not yet defined.

Depth

Ernest Henry hole EH1554A is 2,427.7m long at -75.2 dip. Northparkes hole lengths run from about 150m to 833m. Cowal table columns appear misaligned, so depths are not used.

Against the project's earlier holes

Ernest Henry's 61.3m at 1.26% Cu matches the same-day entry already in DrillScore records, so it is not a fresh result. The Cowal holes are new in DrillScore records; the company cites an earlier E41D2960 intercept of 9m at 5.83g/t, which is longer-grade-averaged but lower grade than the new 2.2m at 16.17g/t, so the new holes are higher grade but narrower. Northparkes has no earlier intercepts in DrillScore records, and its changed reporting basis limits comparison with earlier Major Tom and E51 releases.

Against similar explorers

The Cowal holes are high grade but short; most look modest on gram-metres, below the rough 50 g-m good guide. Northparkes copper grades of 0.3-0.6% over tens of metres are typical for a porphyry bulk target, with E51D020 (1.02% Cu over 146m) stronger than typical. The Ernest Henry hole is a strong copper result for an IOCG setting, but it is one hole.

Gram-metre calculator - gram-metres explained - the leaderboard

Disclosure checks - the ASX's own focus areas

• Drill-hole table (collars, dip, azimuth, depth, every intercept)
  caution
• JORC Table 1, Section 1 - sampling techniques and data
  pass
• JORC Table 1, Section 2 - reporting of exploration results
  pass
• Competent person statement
  pass
• No metal equivalents - grades as assayed
  pass
• Balanced reporting - low and high grades both shown

  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.

  fail
• No visual estimates - assays only
  pass
• True widths stated
  pass

Red flags and notes

Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates

How the price reacted

From the last close before the market could trade on it ($13.55 on 14 Sep 2026), with day-1 volume 2.1x the 20-day average.

EVN's past price-sensitive news

After 9 earlier announcements, EVN rose on day 1 5 times and fell 4 times - an average move of -0.8%.

• 13 Oct 26-3.2%
• 21 Sep 26+0.7%
• 14 Sep 26-3.1%
• 14 Sep 26-3.1%
• 14 Sep 26-3.1%
• 18 Aug 26+0.2%
• 18 Aug 26+0.2%
• 24 Jul 26+2.0%
• 24 Jul 26+2.0%

DrillScore has no recorded share price reactions to earlier price-sensitive news for this stock, so no pattern can be drawn. The share price closed at A$13.55 on 14 Sep and is A$13.02 now, but this coincides with a broad fall in gold and copper miner funds and says little about how the market read this news.

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.

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

At release (14 Sep close) gold was US$4,351.9/oz (A$6,084.87/oz); the FY27 AISC guidance deck uses A$5,700/oz, so the release-day price sat well above the deck. Gold now stands at about A$5,737/oz, close to that deck. Copper at US$6.33/lb at release and US$6.09/lb now both sit above the US$5.72/lb in the guidance deck. Since release, sector mood has weakened: GDX fell 13.3%, GDXJ 18.1%, COPX 19.1%, the ASX Metals and Mining index 6.1%, and silver 22.7%, with the US dollar index up 4.0% and the US 10-year yield at 5.154%. These are market moves, not evidence about the drilling.

Against EVN's own history

DrillScore records show a cash balance of A$1,347m at 30 June 2026 and undrawn facilities of A$525m, with no capital raisings on record. FY26 gold output was about 715koz and FY27 guidance is 660-730koz, and FY27 AISC guidance of A$1,795-1,995/oz is above the FY26 level of A$1,717/oz. The Cowal and Ernest Henry intercepts are new to DrillScore's records, apart from the Ernest Henry interval already noted. The Carnaby scheme (27 July 2026) adds the Greater Duchess copper-gold project, which is not covered here.

Questions worth asking

• How many holes were drilled in the Cowal discovery program, and what were the nil results?
• Why did Northparkes move its minimum intercept length from 20m to 10m, and what do the earlier Major Tom and E51 intervals look like on the new basis?
• Is the EH1554A interval the same result cited in the earlier 15 September 2026 investor briefing, and is this its first full release?
• Is the E41D2969 interval at 685m 10.64m or 12.16m true width, and which E51D020 inclusive interval is correct: 88m at 1.51% Cu or 92m at 1.47% Cu?
• When will the Major Tom and E51 maiden resources be reported in full, and what tonnes and grades do they contain?