Commodities● Neutral
Evolution Mining Gold Record, Dividend Jump as Debt Falls
Record gold output, a 43% dividend hike, and net debt at a 15-year low set the stage for organic growth at Cowal and Red Lake as the miner holds on copper guidance.
Continue with
Evolution Mining posted record gold production of 860,383 ounces for the 2026 financial year, up 11% from a year earlier, and raised its final dividend 43% to A$0.10 per share. Free cash flow nearly doubled to A$423.8 million, allowing the miner to cut net debt 15% to A$812.9 million.
Revenue rose 28% to A$3.06 billion. The jump was driven by the higher gold price and a full year of output from the Northparkes copper-gold mine, which Evolution acquired in late 2024. Underlying net profit after tax hit A$583.8 million, up 85% from the prior year, the company said Monday.
The result came on an all-in sustaining cost of A$1,624 an ounce, down 3% despite higher production. Stronger grades at the Cowal mine in New South Wales and the Ernest Henry operation in Queensland helped offset cost pressures.
Chief Executive Lawrie Conway said the balance sheet was in its healthiest state in the company's history. Net debt to earnings before interest, taxes, depreciation, and amortization stood at 0.57 times, the lowest level since Evolution began paying dividends. The board approved a final dividend of A$0.08 per share, with a A$0.02 special dividend on top, for a total payout of A$199 million.