Evolution Mining Ltd EVN

Stock XASX Rating as of Oct 2, 2026

A$13.09 +0.01 (0.08%)

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As of Oct 2, 2026, 6:12:19 AM Delayed Price Closed

Company Report

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Raising Evolution's Fair Value by 7%; Shares Expensive as the Gold and Copper Bull Markets Continue

Jon Mills Aug 21, 2026

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.

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Price vs Fair Value

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EVN is trading at a LOCK|>ncQ<! premium.

Price

A$13.09

Oct 2, 2026

Fair Value

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Aug 21, 2026

Uncertainty

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1-Star Price: LOCK|^^
5-Star Price: LOCK|b^
Economic Moat: LOCK|h%?
Capital Allocation: LOCK|lx$nCMD

Bulls Say, Bears Say

Bulls

The company is in the first quartile of the gold cost curve, meaning it is less leveraged to changes in gold prices than its higher-cost competitors.

Bears

With roughly 85% of midcycle sales in fiscal 2031 from its Cowal, Red Lake, and Mungari mines, Evolution is dependent on production meeting expectations at these mines.

Trading Information

Previous Close Price: A$13.08
Day Range: A$12.90–13.20
52-Week Range: A$9.79–17.75
Bid/Ask: A$13.02 / A$13.18
Shares Outstanding: 2.04B
Market Cap: A$26.76B
Volume/Avg: 6M / 9M

Key Statistics

Price/Earnings (Normalized): 16.34
Price/Sales: 4.74
Dividend Yield (Trailing): 3.13%
Dividend Yield (Forward): 3.21%
Dividend Payment Schedule: Apr, Oct
Total Yield: 3.13%

Company Profile

Evolution Mining is an Australia-based gold miner. It sold around 710,000 ounces of gold in fiscal 2026 from six wholly or majority owned mines in Australia and Canada. Formed in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines, Evolution has acquired more mines and sold the generally less attractive, higher-cost 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 an 80% stake in the Northparkes copper and gold mine in December 2023. It had roughly 15 years of gold and copper reserves at the end of December 2025.

Sector: Basic Materials
Industry: Gold
Stock Style Box: Large Growth
Total Number of Employees: 5
Website: https://www.evolutionmining.com.au

Competitors

Valuation

Metric	EVN	PRU	KGC
Price/Earnings (Normalized)	16.34	13.38	9.48
Price/Book Value	4.56	2.54	2.96
Price/Sales	4.74	3.97	3.43
Price/Cash Flow	10.06	8.84	6.26

Price/Earnings

EVN

PRU

KGC

Financial Strength

Metric	EVN	PRU	KGC
Quick Ratio	1.40	2.90	1.90
Current Ratio	1.86	3.52	2.89
Interest Coverage	13.07	59.59	80.59

Quick Ratio

EVN

PRU

KGC

Profitability

Metric	EVN	PRU	KGC
Return on Assets (Normalized)	—	17.27%	24.33%
Return on Equity (Normalized)	—	21.48%	35.49%
Return on Invested Capital (Normalized)	—	19.45%	31.26%

Return on Assets

EVN

PRU

KGC

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