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Evolution Mining (EVN) AUD

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

At a glance: strengths & risks
✓Revenue growing (+28%)✓Profit growing (+59%)✓Margins improving (41%→56%)✓Low leverage (0.0x EBITDA)

Sector: Gold mining

AU_EVN

Price chart

12.83 AUDDay -0.93%

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
12.83 AUD · -0.93%
Market cap
26.2 bn AUD

Growth

Δ revenue y/y
19.2%
Δ EBITDA y/y
29.8%

Multiples

P/E (LTM)
17.8x
3y avg: 16.8x
P/B (FY)
4.5x
P/E (ann.)
18.5x
EV/EBITDA (LTM)
8.4x
3y avg: 7.3x
EV/EBITDA (ann.)
8.4x

Cash return

Dividend yield
3.2%
FCF yield (LTM)
5.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-3.8%
↓ details

Liquidity

Daily turnover (listing)
104.6 mln AUD

Shares: connector/market_inputs

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 AUD, 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 AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2026-06-30H2 2026 (6M)OK2764.4
y/y 19.2%
1171.8
y/y 39.9%
393.0
y/y 6.9%
1564.8
y/y 29.8%
708.5
y/y 26.3%
1385.3-598.810546.2
y/y 9.4%
5828.8
y/y 17.6%
25.7%60.2stockanalysis.com
2025-12-31H1 2026 (6M)OK2794.3
y/y 37.5%
1195.7
y/y 101.0%
375.0
y/y 1105.1%
1570.7
y/y 151.0%
766.6
y/y 110.0%
1251.3-605.610021.9
y/y 9.5%
5633.0
y/y 27.2%
29.0%462.3stockanalysis.com
2025-06-30H2 2025 (6M)OK2318.6
y/y 18.1%
837.4
y/y 30.0%
367.8
y/y -43.1%
1205.1
y/y -6.6%
561.1
y/y 72.4%
1133.7-614.19637.2
y/y 9.3%
4957.3
y/y 19.7%
19.7%982.7stockanalysis.com
2024-12-31H1 2025 (6M)OK2032.8
y/y 51.7%
594.8
y/y 121.3%
31.1
y/y 66.1%
625.9
y/y 117.7%
365.1
y/y 276.9%
832.9-562.39153.1
y/y 11.0%
4429.1
y/y 15.1%
17.0%1484.9stockanalysis.com
2024-06-30H2 2024 (6M)OK1963.8
y/y —
644.2
y/y —
646.3
y/y —
1290.6
y/y —
325.4
y/y —
854.8-526.38818.8
y/y 30.6%
4142.2
y/y 25.7%
10.6%1520.3Yahoo Finance
2023-12-31H1 2024 (6M)OK1340.2
y/y —
268.8
y/y —
18.7
y/y —
287.5
y/y —
96.9
y/y —
426.7-392.08248.2
y/y —
3847.5
y/y —
5.4%1714.0stockanalysis.com
2023-06-30FY 2023 (12M)OK2285.9
y/y —
397.0
y/y —
522.8
y/y —
919.8
y/y —
163.5
y/y —
735.3-838.76752.4
y/y —
3294.9
y/y —
—1717.3Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

01 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-50%0%50%100%150%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (AUD mln)

-50005001 0002023 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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 167spot vs LTM -1%

Commodity-player potential

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

Upside: -3.8%

Main driver: Gold -2% vs LTM; revenue ×0.99 vs costs ×1.04; EBITDA 3 136→2 440; at 10.5× EV/EBITDA → -4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Gold (rev)+82%4 166.944 242.243 357.31-2%-4%-21%
Copper (rev)+15%14 575.4712 225.5911 181.52+19%+16%-9%

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×0.989 (-1%)
= Spot revenue5 497
Revenue multiplier — 3y price×0.796 (-20%)
= 3-year-price revenue4 424
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 EBITDA2 977
= 3-year-price EBITDA1 904
Conservative EBITDA = min(spot, avg)2 440
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)10.5x
Target EV = EV/EBITDA × conservative EBITDA25 540
Net debt60
Target market cap = EV − net debt25 479
Current market cap26 477

Upside = target market cap ÷ current − 1 = -3.8%

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%845797+6.0%
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 8.6x · target 75th pct (3y) 21.1x · LTM avg 10.5x

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

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (Australia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal10.74.8x4.9x
Kinross Goldglobal28.94.9x5.1x
Barrick Mining Corporationglobal67.45.2x5.4x
Harmony GoldSouth Africa10.83.8x6.2x
Gold FieldsSouth Africa31.64.4x7.2x
Coeur Miningglobal11.37.0x7.3x
Newmont Corporationglobal125.87.6x7.9x
Northern Star ResourcesAustralia23.68.1x8.1x
Agnico Eagle Minesglobal92.28.7x9.1x
Alamos Goldglobal13.79.0x9.4x
AngloGold AshantiSouth Africa47.96.3x10.2x
Hecla Mining Companyglobal11.512.0x12.5x
Group median6.6x7.6x
Group average6.8x7.8x
This companyAustralia18.38.4x8.4x

Group median 6.6x as traded, 7.6x adjusted; this company 8.4x — a 11% premium.

Group average 6.8x as traded, 7.8x adjusted; against the average this company is at a 8% premium.

At the adjusted group median the market cap would be -10% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-090.21 AUDEx-dividend: 0.21 AUD per sharePaidYahoo Finance (ex-div)
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)

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.

Frequently asked questions

What is Evolution Mining (EVN)'s P/E ratio?
Evolution Mining (EVN) trades at a P/E of 17.8x (price to trailing 12-month earnings).
What is Evolution Mining (EVN)'s EV/EBITDA?
Evolution Mining (EVN) trades at 8.4x EV/EBITDA.
What is Evolution Mining (EVN)'s P/B ratio?
Evolution Mining (EVN) trades at a P/B of 4.5x.
What is Evolution Mining (EVN)'s dividend yield?
Evolution Mining (EVN)'s trailing 12-month dividend yield is 3.2%.
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 26.2 bn AUD.

See also: Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation · Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map