Evolution Mining’s expanded Mungari operation in Western Australia’s Goldfields has delivered record gold production and operating mine cash flow following the ramp-up of its new 4.2-million-tonne-per-annum processing capacity.
The Western Australian operation produced a record 186,000 ounces of gold in the 2026 financial year (FY26), up from 135,000 ounces in FY25; meanwhile, operating mine cash flow climbed from $229 million to a record $652 million.
Evolution completed the Mungari mill expansion ahead of schedule for $212 million, 15 per cent below its original $250 million budget, and the stronger performance at Mungari contributed to a record financial year for the miner, although production across the broader group declined.
Evolution produced 715,000 ounces of gold, down five per cent, and 66,000 tonnes of copper, down 14 per cent. All-in sustaining costs increased nine per cent to $ 1,717 per ounce.
However, the impact of lower production was more than offset by stronger commodity prices, with Evolution achieving an average gold price of $6023 per ounce, 40 per cent higher than FY25. Its achieved copper price increased 25 per cent to $18,051 per tonne.
Statutory profit after tax rose 59 per cent to a record $1.48 billion, while underlying profit increased 63 per cent to $1.56 billion. Underlying EBITDA climbed 44 per cent to $3.17 billion at a margin of 57 per cent.
Evolution managing director and chief executive officer Lawrie Conway said the company’s financial performance was underpinned by its operations and disciplined capital management.
“The record financial performance is on the back of safe, consistent and reliable operational delivery, complemented by our disciplined approach to cost and capital management,” he said.
“Our high-margin business is generating significant cash flow with a record group cash flow of nearly $1.4 billion.”
Group cash flow increased 76 per cent to $1.39 billion after Evolution reinvested $1.09 billion into its operations, while net mine cash flow more than doubled to $2.08 billion, and the company moved from $849 million of net debt to a $19 million net cash position.
The Cowal site in New South Wales also delivered record operating and net mine cash flow of $1.22 billion and $852 million, respectively. Its open pit continuation project remains on schedule and within its original $430 million budget.
Evolution expects Mungari to produce 185,000–205,000 ounces in FY27 at an AISC of $2500–$2650 per ounce. Group guidance stands at 660,000–730,000 ounces of gold and 63,000–70,000 tonnes of copper at an AISC of $1795–$1995 per ounce.
The company has allocated $570–650 million to major projects and $440–500 million to major mine development during FY27.
“We are set to continue our safe, reliable performance in FY27 with guidance expected to sustain our high-margin, high-cash generation position,” Conway said.
Evolution also increased its targeted dividend payout from 50 per cent to 60 per cent of annual group cash flow. Its record 41-cent full-year dividend will return about $833 million to shareholders.