Evolution surges on gold rally
Evolution Mining (ASX: EVN) has moved into a net cash position following a strong March quarter underpinned by higher gold prices and consistent operational delivery.The company generated $406m in group cash flow for the period, finishing the quarter with a $42m net cash position and total cash holdings of $1.37b.Gold production reached 170,000oz for the quarter alongside 11,000t of copper, at an all-in sustaining costs of $2,220/oz.Evolution says it remains on track to meet its FY26 gold production at lower than original cost guidance, with group copper production now expected to come in around the low end of guidance following weather disruptions at Ernest Henry.High-margin operations across the portfolio continued to drive performance, with record net mine cash flows achieved at both Mungari and Red Lake. Mungari delivered 51,000oz of gold for the quarter, while Red Lake maintained steady output above 30,000oz for the fourth consecutive quarter.Evolution managing director and chief executive Lawrie Conway says the results reflects consistent execution and disciplined capital management.“Evolution continues to generate significant cash flows from consistent operational delivery and disciplined capital allocation,” he said.“We have rapidly deleveraged by more than 31% in just over two years, reaching a net cash position by the end of March.”Across the portfolio, Evolution reported no material disruptions linked to the global fuel supply situation, noting existing supply contracts remain in place.The company also advanced several key growth projects during the quarter, including the E22 block cave and coarse particle flotation project at Northparkes and the Bert orebody at Ernest Henry. These developments are progressing on schedule and within budget, according to the miner.