SYDNEY, June 30, 2026, 06:02 AEST
- Evolution Mining closed at A$12.39 on Monday, gaining 1.31%. The ASX gold index dropped 0.18%.
- Spot gold dropped 1.7% to US$4,020.68. Evolution’s website listed gold at US$4,009, or A$5,822 per ounce.
- With gold at A$5,822 and Evolution’s revised FY26 AISC midpoint, the spot minus cost comes to around A$4,122 per ounce.
- June-quarter results are scheduled for July 15. Full-year figures come out Aug. 19.
It’s 06:02 AEST in Sydney and ASX cash stocks have not opened yet. Pre-open will start at 0700, with main session from 09:59:45 to 1600 Sydney time. The most recent price on Evolution Mining Limited ASX:EVN is from Monday’s close.
EVN climbed 1.31% to A$12.39 on Monday. Volume was 5.72 million shares and turnover hit about A$70.8 million. The stock outperformed the S&P/ASX All Ordinaries Gold index (ASX:XGD), which slipped 0.18% to 15,730.70. That left a 1.49 percentage-point gap. Bullion fell and the gold index dropped, but EVN still closed higher.
| Instrument/company | Monday close | Day move | Day range | Volume / note |
|---|---|---|---|---|
| Evolution Mining Limited ASX:EVN | A$12.39 | up 1.31% | traded A$12.19 to A$12.64 | 5.72 million shares changed hands, turnover A$70.8 million |
| S&P/ASX All Ordinaries Gold index (ASX:XGD) | 15,730.70 | fell 0.18% | went from 15,632.60 to 16,205.20 | volume at 176.7 million |
| Northern Star Resources Ltd ASX:NST | A$20.12 | dropped 2.28% | — | gold peer |
| Genesis Minerals Ltd ASX:GMD | A$5.49 | added 1.86% | — | gold peer |
| Ramelius Resources Ltd ASX:RMS | A$3.07 | rose 2.33% | — | gold peer |
Volume was lighter. EVN traded 5.72 million shares, about 68% of its 8.40 million average, according to Google Finance. Market cap came in at A$25.17 billion. Shares have moved between A$6.96 and A$17.75 in the past year. EVN closed Monday about 30% off its high, but still 78% above the low.
Gold slipped. Reuters said spot gold fell 1.7% to US$4,020.68 an ounce by 2:00 p.m. ET Monday. U.S. gold futures for August dropped 1.4% to US$4,038.90 at settlement. “Could edge to new lows” if U.S. jobs data gives more weight to higher rates, Peter Grant, vice president and senior metals strategist at Zaner Metals, told Reuters. Reuters
The simplest trade on EVN is playing Aussie-dollar gold against costs. Evolution’s own site had gold at A$5,822 per ounce. For the March quarter, Evolution hit A$6,794/oz, with 170,000 ounces of gold and 11,000 tonnes of copper produced, and AISC at A$2,220/oz. Its updated FY26 AISC range is A$1,640 to A$1,760/oz.
| Reference point | Gold price used | Cost basis used | Price less cost |
|---|---|---|---|
| March quarter numbers | A$6,794/oz booked | A$2,220/oz AISC | A$4,574/oz |
| Current spot, same March cost | A$5,822/oz | A$2,220/oz AISC | A$3,602/oz |
| Current spot, FY26 guidance midpoint | A$5,822/oz | A$1,700/oz AISC | A$4,122/oz |
The table gives price minus AISC, not profit estimates. That’s why Monday’s stock move is in focus. If June-quarter costs stay within the new yearly range, the spot-to-cost spread hasn’t fallen apart after the gold drop. But if costs end up close to March-quarter AISC, the margin gets cut by nearly A$1,000/oz.
Evolution is sitting on a strong balance sheet. As of March 31, the company had A$42 million in net cash and a total of A$1.371 billion in cash, with no debt repayments before FY29. Total liquidity stands at about A$1.9 billion. “There is further cash flow upside” for the June quarter, Managing Director and CEO Lawrie Conway said in the March-quarter report.
Capital returns are coming up as the big question for the stock. Conway told analysts in April that holding a net cash position was “a good problem to have” when asked about dividends and options like buybacks, specials and reinvestment. He said the board would look at capital management at the June year-end. Investing
Operational risk for Evolution is still focused on Ernest Henry and copper. In its March-quarter update, the company said Ernest Henry is back to normal production, but group copper output is now tracking to the low end of guidance after more rain. Evolution also confirmed it has 18,000 ounces of gold still hedged for June-quarter delivery at A$3,284/oz, and no copper hedging in place.
The June-quarter results on July 15 will show if copper recovery, lower stated costs and a net cash balance made up for weaker bullion.
