Sydney, May 4, 2026, 03:02 AEST
Evolution Mining Limited lifted its group gold resource and reserve estimates in a new annual statement, giving investors a fresher read on how long its mines can keep feeding production. The Sydney-based miner reported 31 million ounces of gold in Mineral Resources and 12 million ounces in Ore Reserves as at Dec. 31, 2025.
That matters now because gold miners are being judged not only on output, but on whether they can replace metal dug out of the ground. Mineral Resources are estimates of metal with reasonable prospects of extraction; Ore Reserves are the more certain, economically mineable portion used for mine plans.
Evolution shares closed Friday at A$12.15, up 2.10%, after touching A$12.44 on volume of about 5.56 million shares. The stock remains below its 52-week high of A$17.75, market data showed.
The company said gold Mineral Resources rose by 0.9 million ounces, or 3%, net of depletion, with Cowal in New South Wales and the Northparkes open pits driving the increase. Gold Ore Reserves rose by 0.5 million ounces, or 5%, helped by Cowal and Red Lake tailings.
Managing Director and Chief Executive Officer Lawrie Conway said the update showed the portfolio’s “scale and longevity”. He also cited “clear potential” to grow copper resources around Ernest Henry and Northparkes over the next year. ASX Announcements
Cowal remains the main swing asset. Evolution said resource and reserve additions there were supported by extension drilling south of Dalwhinnie and deeper drilling at Regal, giving the company more confidence in mineable inventory and what Conway called “disciplined resource delineation”. ASX Announcements
The update was not all one-way. Copper Mineral Resources fell by 200,000 tonnes, or 4%, to 4.2 million tonnes, while copper Ore Reserves fell by 100,000 tonnes, also 4%, to 1.3 million tonnes. Mining depletion at Ernest Henry and Northparkes, plus an update at Marsden, weighed on the copper line.
Evolution kept its fiscal 2026 guidance at 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper. All-in sustaining cost, a mining measure that includes production and sustaining capital costs, is forecast at A$1,640 to A$1,760 an ounce.
The competitive read is mixed. Market data list Northern Star Resources and Genesis Minerals among related ASX gold names; on Friday, Northern Star rose 0.81% while Genesis fell 1.20%, suggesting Evolution’s gain was tied more closely to its own reserve update than to a simple sector-wide move.
But the statement has caveats. Reserve maths depends on price and cost assumptions, and Evolution used A$3,000 an ounce gold and A$13,000 a tonne copper for Ore Reserves; lower prices, higher costs, weaker grades or project delays could narrow what is deemed economic.
The next scheduled company marker is the June-quarter report, due July 15, with the Northparkes expansion study expected by the end of fiscal 2027. That leaves investors watching whether the new ounces move from technical inventory into funded mine plans.
