Evolution Mining Ltd (ASX: EVN) shares are off to the races today.
Again.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $13.51. In late morning trade on Wednesday, shares are swapping hands for $14.46 apiece, up 7%.
For some context, the ASX 200 is down 0.4% following weakness in US stock markets overnight.
With today's lift factored in, shares in the Aussie gold miner are up a whopping 155.5% since this time last year.
Here's why Evolution Mining stock is shrugging off Wednesday's broader sell-off to charge higher.
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Evolution Mining shares leap on record cash flow
Investors are bidding up Evolution Mining shares following the release of the miner's second-quarter results (Q2 FY 2026).
Highlights from the three months to 31 December included an all-time high operating mine cash flow of $1.1 billion, up 57% from the September quarter.
Quarterly group cash flow of $412 million also smashed into new record territory, up 110% from Q1 FY 2026.
In other core financial metrics, Evolution Mining produced 191,000 ounces of gold during the quarter and 8,000 tonnes of copper.
The miner reported an all-in sustaining cost (AISC) of $1,275 per ounce, which it noted is sector-leading.
And with the gold price soaring, Evolution Mining shares have caught some strong tailwinds with the miner achieving an average realised gold price of $6,206 per ounce, up 20% from the prior quarter. Management noted that prices continue to improve, with the current spot gold price of $6,900 per ounce already some 11% higher than the December quarter average.
The ASX 200 gold stock ended the quarter with a cash balance of $967 million, up 24%.
What did management say?
Commenting on the quarterly results helping to boost Evolution Mining shares today, CEO Lawrie Conway said, "Evolution delivered another consistent quarter representing eight consecutive quarters of delivery to plan."
As for that record quarterly cash flow, Lawrie added:
Delivering to plan in a rising metal price environment with minimal hedging has generated record cash flow and sector-leading cost performance. Our teams continue to safely demonstrate operational discipline while also successfully progressing key growth projects.
Mungari's expanded plant and new mining hub is fully commissioned and already generating strong return on investment via record high cash flows. We continue to bank the benefits of higher metal prices, which is ultimately delivering value for shareholders.
What's ahead for Evolution Mining shares?
Looking at what could impact Evolution Mining shares in the months ahead, the miner reaffirmed its full-year FY 2026 production guidance of 710,000 ounces to 780,000 ounces of gold and 70,000 tonnes to 80,000 tonnes of copper.
And management expects costs to come down, with forecast FY 2026 AISC declining 6% from the prior guidance to between $1,640 and $1,760 per ounce.
