Evolution Mining has sold its final hedged ounce of gold, capping out the fiscal year 2025-26 with record cash flow, more cash than debt, and all future ounces selling at market prices.
The gold and copper miner delivered the final 18,000 ounces of a 120,000-ounce hedge at $3,284 per ounce in the June quarter. The hedge was established in FY24 as part of the plant expansion at Mungari, near Kalgoorlie, Western Australia.
“We are now fully unhedged and have a net cash position. “All high-return organic growth projects are still on schedule and within budget,” Evolution Mining’s managing director and CEO, Lawrie Conway, stated.
Evolution’s gold sold for $5,928 an ounce in the June quarter and $6,023 an ounce for the year, while copper sold for a record $19,314 per tonne.
“FY26 continued to build on the improved consistent performance of the past couple of years, meeting group production and cost guidance,” he stated.
The company produced 715,000 ounces of gold and 66,000 tonnes of copper during the year, with an all-in sustaining cost (AISC) of $1,717 per ounce. The June quarter contributed 180,000 ounces and 19,000 tonnes at an AISC of $1,706 per ounce, 23% higher than the March quarter.
Group cash flow reached a record $1.389 billion, a margin of $1,958 per ounce, and shareholders received a record $406 million interim dividend for the quarter, the 26th in a row. The year ended with $1.347 billion in the bank, a total liquidity of $1.872 billion, and no debt due until fiscal 29.
The FY27 guidance will be released on August 19, along with the full-year results.
Every mine produced money after capital expenditures. Cowal, near West Wyalong in central New South Wales, had the highest annual earnings of $852 million, while Ernest Henry in Queensland had its strongest copper quarter of the year and a record $251 million in operating cash flow.
Growth spending is increasing alongside returns. The new E46 open pit, the first of four satellite pits being created next to the existing Cowal operation as part of the $430 million Open Pit Continuation project, produced its maiden ore during the quarter. Mine construction at Northparkes, near Parkes in New South Wales, and the Bert project at Ernest Henry will begin in fiscal year 27.
