Evolution Mining doubles profit

Evolution Mining (ASX: EVN) has seen record high profit in FY25, driven by increased production alongside favourable commodity prices.

The miner has reported a statutory net profit of $926m, up by 119% from FY24.

Evolution Mining managing director and chief executive Lawrie Conway says the record financial performance was achieved through safely delivering to plan across all of its operations.

“Our cost and production performance in the year saw our balance sheet continue to strengthen, with gearing levels falling while successfully delivering several major capital projects,” he said.

“We have also been able to increase returns to shareholders with a record final dividend of 13 cents per share.

“Evolution remains focused on continuing to generate high cash margins in FY26 through our operational and capital management discipline to ensure the benefit of a strong commodity price environment flows through to our shareholders.”

Evolution Mining produced 750,512oz of gold, an increase of 5% from FY24, and 76,261oz of copper, an increase of 12%.

High production is expected to continue, with guidance of 710,000-780,000oz for gold, 70,000-80,000oz for copper.

Cowal saw record annual gold production, remaining the company’s highest earning site. It was granted approval for extended operations until 2042.

Ernest Henry also reported record cash flow, having its working life extended to 2040. Studies into additional ore sources are due to be completed by December.

Northparkes finished its first full financial year under Evolution Mining’s ownership, generating $108m. The E48 sub-level cave’s production is a priority for 2026.

In addition to financial growth, Evolution Mining reports improvements to sustainability, with recorded injuries down by about 35% and absolute emissions reduced by about 16%.