Evolution Mining has capped off the June 2025 quarter with a record quarterly cash flow of $308 million, driven by strong operational delivery and soaring gold prices.

The June quarter also saw a record mine operating cash flow of $697 million, up 16 per cent from the March 2025 quarter with all sites delivering positive net cash flow.

Notably, the Mungari gold operation in Western Australia delivered a 149 per cent surge to $96 million, while the Red Lake gold operation in Canada produced $90 million, a 127 per cent increase.

“We started the year with the goal of returning to safe, reliable, and consistent performance to achieve guidance and generate significant cash flow,” Evolution Mining managing director and chief executive officer Lawrie Conway said.

“Thanks to our committed workforce, we have done that and more, delivering $2.3 billion of operating mine cash flow and $787 million of (annual) group cash flow.”

Evolution ended the 2024–25 financial year (FY25) with a cash balance of $760 million and no debt due until July 2026, having made $220 million in repayments. Gearing improved to 15 per cent, down from 25 per cent, enhancing Evolution’s balance sheet flexibility.

The company’s full-year gold production reached 751,000 ounces (oz) and copper production totalled 76,000 tonnes (t), both in line with Evolution’s FY25 guidance.

Its all-in sustaining cost (AISC) for FY25 was $1572/oz, including $40–45/oz in royalties tied to the higher gold price.

Evolution’s operations also notched major achievements, with Mungari delivering record production with 620,000t milled following the successful commissioning of its mill expansion.

Red Lake recorded its strongest performance under Evolution’s ownership, while the Cowal gold operation in New South Wales delivered a record cash flow of $885 million and gained board approval to extend open-pit mining to 2042. The Ernest Henry gold operation in Queensland and the Northparkes gold operation in NSW also posted record annual cash flows.

“We maintained our capital discipline and built our cash margins, which we expect to sustain in FY26 as evidenced by our group guidance announced today,” Conway said.

Looking ahead, production in FY26 is forecasted at 710,000–780,000oz of gold and 70,000–80,000t of copper, with AISC expected to rise due to stockpiled ore processing and inflationary pressures. However, Evolution anticipates another year of high-margin cash generation.

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