Sydney, June 12, 2026, 06:15 (AEST)
• Evolution Mining finished at A$10.95, up 2.05% on the day, after dropping to A$10.205 intraday.
• Still, the stock is down 12.26% from where it closed seven days ago. The latest gold-market reset has made EVN volatile.
• Spot gold came back on Thursday after a steep fall, putting ASX gold miners in the spotlight.
Evolution Mining Limited shares closed at A$10.95 on Thursday, up 22 cents or 2.05% from the previous session, based on delayed market figures at 16:41 on June 11. The ASX-listed gold and copper producer moved between A$10.205 and A$10.95 intraday. Market cap stood near A$22.24 billion.
EVN clawed back some ground in a choppy week. Data from Intelligent Investor put the stock at A$10.73 at the close on June 10, off 3.07%, following a 7.01% pop the session before. Shares changed hands at A$10.95 but that left them 12.26% under the A$12.48 finish from a week ago.
Australian shares edged down as the S&P/ASX 200 dropped 20.10 points, or 0.23%, to 8,633.20 on June 11. The All Ordinaries lost 0.23% to close at 8,836.70. Tensions in the Middle East and moves in oil prices hit the index, along with pressure from banks and tech stocks.
Gold led trading Thursday. Reuters said spot gold jumped 2% to US$4,153.71 an ounce by 2:00 p.m. ET, after touching its lowest level since November earlier in the session. The move came as U.S. President Donald Trump canceled planned strikes on Iran. “If it turns out to be real, then sure, it could help support gold off the lows,” Ryan McKay, commodity strategist at TD Securities, told Reuters. Reuters
The bounce came after a steep drop the previous day. Reuters said June 10 that spot gold lost 3.5% to US$4,111.95 an ounce, hitting its lowest since March 23. Market saw worries about a bigger U.S.-Iran war, fueling inflation and rate fears. Higher rates usually weigh on gold since it pays no income.
Evolution is still sensitive to bullion swings since it has kept hedging low. In its March 2026 quarterly, the company reported a gold price of A$6,794 an ounce for the March quarter, which is a 9% climb from December. Evolution said it locked in about 97% of the average spot gold price for the year to March 31. It said its last 18,000 ounces of gold hedging are due to be delivered in the June quarter. No copper hedging is currently in place.
Evolution’s results show a firmer operating story than the stock move implies. The company put out March-quarter gold production at 170,000 ounces and 11,000 tonnes of copper, with all-in sustaining cost at A$2,220 an ounce. Group cash flow reached A$406 million, leaving a net cash position of A$42 million. “Our financial position is outstanding with $1,371 million in cash and no debt repayments due until FY29,” Managing Director and CEO Lawrie Conway said.
Quarterly numbers put net mine cash flow at Mungari at a record A$175 million, and Red Lake at A$104 million, another high. Evolution said it has begun work on approved growth projects at Northparkes, which include the E22 block cave and the Coarse Particle Flotation project. Work is also underway on the Bert orebody project at Ernest Henry. The company said these projects are still on track and within budget.
Evolution (EVN) trades on the Australian Securities Exchange and runs mines in Australia and Canada. Its assets include Cowal, Ernest Henry, Northparkes, Red Lake, Mungari and Mt Rawdon. The miner says it looks for lower-risk Tier 1 areas and wants up to eight assets in its portfolio.
Evolution Mining’s next update is the June 2026 quarter result due on July 15, then FY26 full-year numbers come out August 19. Near-term, EVN trading will probably keep tracking spot gold and copper, plus any change in the June quarter cash position after management flagged possible improvement in March.
