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Evolution Mining (EVN) USD

At a glance: strengths & risks
✓Revenue growing (+28%)✓Profit growing (+59%)✓Margins improving (41%→56%)✓Low leverage (0.0x EBITDA)✓Commodity price +9% vs 1-yr · -23% vs 3-yr✗Priced above model value

Sector: Gold mining

AU_EVN

Price chart

15.35 AUDDay 1.86%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
15.35 AUD · 1.86%
Market cap
22.0 bn USD

Growth

Δ revenue y/y
25.3%
Δ EBITDA y/y
36.4%

Multiples

P/E (LTM)
21.4x
3y avg: 17.7x
P/B (FY)
5.5x
P/E (ann.)
22.5x
EV/EBITDA (LTM)
10.1x
3y avg: 7.9x
EV/EBITDA (ann.)
10.2x

Cash return

Dividend yield
2.1%
FCF yield (LTM)
6.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-25.8%
↓ details

Liquidity

Daily turnover (listing)
164.7 mln AUD

Shares: yahoo_fundamentals_timeseries/EVN.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H2 2026 (6M)OK2066.0
y/y 44.8%
876.3
y/y 69.0%
292.6
y/y 25.6%
1168.9
y/y 55.5%
532.0
y/y 52.8%
1027.8-598.87263.3
y/y 15.4%
4014.3
y/y 24.0%
26.4%60.2Link
2025-12-31H1 2026 (6M)OK1804.6
y/y 34.9%
772.2
y/y 97.3%
242.2
y/y 1082.7%
1014.4
y/y 146.3%
495.1
y/y 106.1%
808.1-605.66697.8
y/y 18.1%
3764.6
y/y 37.2%
28.3%462.3Link
2025-06-30H2 2025 (6M)OK1427.2
y/y 10.7%
518.6
y/y 22.3%
233.0
y/y -45.5%
751.6
y/y -11.7%
348.2
y/y 62.4%
701.5-614.16293.0
y/y 7.2%
3237.1
y/y 17.4%
19.7%982.7Link
2024-12-31H1 2025 (6M)OK1337.7
y/y 49.2%
391.4
y/y 117.6%
20.5
y/y 63.4%
411.9
y/y 114.1%
240.2
y/y 270.7%
548.1-562.35669.7
y/y 1.2%
2743.5
y/y 4.9%
17.5%1484.9Link
2024-06-30H2 2024 (6M)OK1288.7
y/y —
424.1
y/y —
427.4
y/y —
851.4
y/y —
214.5
y/y —
562.1-526.35871.4
y/y 31.2%
2757.8
y/y 26.3%
10.4%1520.3—
2023-12-31H1 2024 (6M)OK896.6
y/y —
179.8
y/y —
12.5
y/y —
192.4
y/y —
64.8
y/y —
285.4-392.05604.2
y/y —
2614.1
y/y —
5.4%1714.0Link
2023-06-30FY 2023 (12M)OK1547.4
y/y —
268.7
y/y —
353.9
y/y —
622.6
y/y —
110.7
y/y —
497.7-838.74474.4
y/y —
2183.3
y/y —
—1717.3—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

05001 0001 5002 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-100%0%100%200%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (AUD mln)

-400-20002004006002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (AUD mln)

05001 0001 5002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 2.40x of reported net profit; after capex, 0.85x.
year20222023202420252026
cash flow / profit2.40x4.50x3.04x2.12x1.79x
accruals, % of assets-6.8%-8.5%-9.7%-10.8%-11.0%
Last twelve months (to 2026-06-30): 1.79x of profit came back as operating cash flow.
net debt / EBITDA 0.0x · capex 1.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold (FY Jun-end; plus copper: FY26 66kt, FY25 76kt; Ore Reserves Dec-2025 also 1.3Mt Cu)

Proved reserves
12 000 koz
2025
Reserve life (R/P)
16.8 yrs
reserves ÷ annual output
Annual production
715 koz
2026

Production, koz

750.5020257152026

Proved reserves

YearReserves, koz
202512 000

Production

YearProduction, kozper day, koz
2026715
−4.7%		1.96
2025750.502.06

Evolution Mining June 2026 Quarterly Report (yourir.info 2A1684470): FY26 715koz Au + 66kt Cu, AISC $1,717/oz; Annual Mineral Resources and Ore Reserves Statement (Dec-2025, ASX 1 May 2026): Group Ore Reserves 12Moz Au + 1.3Mt Cu; Annual Report 2025: FY25 750,512oz Au + 76,261t Cu. FY27 guidance due 19 Aug 2026 with FY26 results.

Key-commodity price — Gold

Current 4 608spot vs LTM +1%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -25.8%

Main driver: Gold +9% vs LTM; revenue ×1.01 vs costs ×1.04; EBITDA 3 136→2 328; at 9.6× EV/EBITDA → -26%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Gold (rev)+82%4 608.194 242.243 255.50+9%-0%-23%
Copper (rev)+15%14 642.2312 225.5910 916.23+20%+10%-11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 559
LTM EBITDA3 136
LTM cash costs (revenue − EBITDA)2 423
2 · Revenue projection
Revenue multiplier — spot×1.013 (+1%)
= Spot revenue5 633
Revenue multiplier — 3y price×0.731 (-27%)
= 3-year-price revenue4 064
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 520
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 520
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 113
= 3-year-price EBITDA1 544
Conservative EBITDA = min(spot, avg)2 328
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.6x
Target EV = EV/EBITDA × conservative EBITDA22 377
Net debt60
Target market cap = EV − net debt22 317
Current market cap30 074

Upside = target market cap ÷ current − 1 = -25.8%

Life of mine: 17 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY2 2862 018+13.3%845842+0.3%
2024 FY3 3042 561+29.0%1 4271 062+34.4%
2025 FY4 3514 330+0.5%1 7792 378-25.2%
2026 FY5 5596 300-11.8%3 1363 625-13.5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +28% vs +32% the year before — a -4.0 pp move. 3-year CAGR +34%.
revenue growth by year: 2024 +45% · 2025 +32% · 2026 +28%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 9.8x · target 75th pct (3y) 27.2x · LTM avg 10.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-020.2 AUDEx-dividend: 0.2 AUD per sharePaidYahoo Finance (ex-div)
2025-09-030.13 AUDEx-dividend: 0.13 AUD per sharePaidYahoo Finance (ex-div)
2025-03-030.07 AUDEx-dividend: 0.07 AUD per sharePaidYahoo Finance (ex-div)
2024-08-290.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)
2024-02-260.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2023-08-300.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2023-02-270.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2022-08-300.03 AUDEx-dividend: 0.03 AUD per sharePaidYahoo Finance (ex-div)
2022-02-270.03 AUDEx-dividend: 0.03 AUD per sharePaidYahoo Finance (ex-div)
2021-08-300.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Evolution Mining (EVN) — from primary filings.

Evolution Mining Limited explores, develops, and operates gold and gold-copper mines in Australia and Canada, and also sells gold and gold-copper concentrates.

Frequently asked questions

What is Evolution Mining (EVN)'s P/E ratio?
Evolution Mining (EVN) trades at a P/E of 21.4x (price to trailing 12-month earnings).
What is Evolution Mining (EVN)'s EV/EBITDA?
Evolution Mining (EVN) trades at 10.1x EV/EBITDA.
What is Evolution Mining (EVN)'s P/B ratio?
Evolution Mining (EVN) trades at a P/B of 5.5x.
What is Evolution Mining (EVN)'s dividend yield?
Evolution Mining (EVN)'s trailing 12-month dividend yield is 2.1%.
What is Evolution Mining (EVN)'s return on equity (ROE)?
Evolution Mining (EVN)'s ROE is 24.3%.
What is Evolution Mining (EVN)'s market capitalization?
Evolution Mining (EVN)'s market cap is 22.0 bn USD.

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