Company Reports

Evolution's adjusted net profit after tax of AUD 1.6 billion rose 63% in fiscal 2026 versus the previous year. Soaring realized gold and copper prices more than offset lower volumes and higher unit costs. A final dividend of AUD 21 cents per share was declared, up 62% on a higher 60% payout.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

The gold price continues to fall. At around USD 4,200 per ounce now, it is down 13% since we last updated our assumed prices. ETF outflows have accelerated, consistent with their tendency to be procyclical and the marginal buyers or sellers. Solid central bank buying partially offsets this.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

Evolution's fiscal 2026 first-half adjusted NPAT of AUD 790 million or AUD 0.38 per share is double that of a year ago. Stronger gold and copper prices and lower unit cash costs offset lower sales volumes. It declared an AUD 0.20 fully franked interim dividend, nearly triple that of a year ago.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

The gold bull market continues. Now around USD 3,850 per ounce, gold is up 47% so far in 2025 and near historical highs. Safe-haven buying is a major driver, led by strong ETF and central bank purchases, with ongoing US fiscal deficits, a weaker US dollar, and lower real interest rates assisting.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

Evolution's fiscal 2025 result saw adjusted net profit after tax double to AUD 958 million, or AUD 0.48 per share. Increased unit cash costs were outstripped by gold price and volume growth. The final dividend of AUD 0.13 per share is three times last year's. The share price is largely unchanged.

The gold price has been on a tear in 2025, rising 27% to USD 3,330 per ounce, close to historical highs. Safe-haven buying is likely the main driver, with investors concerned about tariffs and geopolitical uncertainty, as well as the US fiscal deficit.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023 it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

Gold is higher in the March quarter as worries over tariffs affecting economic growth see a flight to safety. Despite likely slower global growth, copper is up as investors try to get ahead of potential tariffs on US copper imports. Iron ore is flat, while metallurgical and thermal coal are down.

Gold prices have risen 19% so far in 2025 and are at historical highs. Tailwinds include a flight to safety on falling share markets, tariff worries, geopolitical instability, a weaker US dollar, and rising inflation expectations. Central bank buying is strong and ETF flows are now positive.

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023 it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.