Evolution Mining has delivered record cash flow and earnings in its 2026 financial (FY26) half-year results, supported by strong gold and copper production and growing contributions from key assets, including Northparkes.
The company reported statutory net profit after tax of $767 million, up 110 per cent on the prior corresponding period, while underlying profit after tax rose 104 per cent to $785 million.
Underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 57 per cent to $1.59 billion, with EBITDA margin improving to 57 per cent.
Evolution generated record group cash flow of $608 million and net mine cash flow of $1.09 billion during the half, reinforcing the company’s balance sheet strength.
Cash holdings increased to $967 million, with all bank term loans fully repaid following the final $280 million repayment during the period.
Production remains on track, with Evolution delivering 365,000 ounces of gold and 36,000 tonnes of copper during the half.
The company reported an all-in sustaining cost (AISC) of $1493 per ounce, maintaining its position as a low-cost producer across its diversified portfolio.
Evolution expects FY26 AISC guidance to sit between $1640 per ounce and $1760 per ounce, reflecting updated operating and market assumptions.
Managing director and chief executive officer (CEO) Lawrie Conway said the results highlight the company’s disciplined operating approach and capital allocation strategy.
The company is now turning its focus to a series of high-return growth projects, particularly at its Northparkes operation in New South Wales (NSW).
Evolution has secured board approval to develop the E22 block cave at Northparkes, committing $545 million in capital investment.
The project is expected to establish a long-life, low-cost underground operation delivering an estimated internal rate of return of 28 per cent at base metal prices and 38 per cent at upside price scenarios.
Beyond Northparkes, Evolution is advancing growth opportunities at the Ernest Henry operation through development of the Bert deposit, supported by a $160 million investment designed to increase mill feed and improve overall returns.
Meanwhile, its Cowal operation in New South Wales continues to underpin the company’s portfolio as a major cash contributor, generating approximately $418 million in net mine cash flow during the half year, a 56 per cent increase on the prior corresponding period.
In parallel with these development activities, Evolution has strengthened its partnership with Triple Flag International through an amended metal purchase and sale agreement supporting the E22 development and broader Northparkes growth pipeline.
Under the revised agreement, Triple Flag will provide a refundable upfront deposit of $120 million while reducing the streaming rate on the gold-rich E44 deposit and creating potential pathways for future development across the Northparkes tenement package.
Evolution said the combination of strong operating performance and targeted growth investments positions the company to expand production while maintaining its low-cost profile across its global portfolio.
Read more: Strategy rather than luck is key to industry growth, says Evolution’s Jake Klein
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.