ASX mining stock Evolution Mining Ltd (ASX: EVN) is charging higher. The share price jumped 7.5% to $14.18 during lunch hour trading after a blockbuster quarterly update.
And it caps off an already stellar run. Over the past 12 months, the ASX mining stock surged 73%, comfortably outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen almost 16% over the same period.
So what's driving today's surge?
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Record cash flow
Let's dig deeper. During the March 2026 quarter, Evolution generated a massive $406 million in group cash flow, a record result that immediately caught the market's attention.
Even more importantly, the company has now moved into a net cash position. That's a big deal for a mining stock. It signals a stronger balance sheet, greater flexibility, and the ability to fund growth while still rewarding shareholders.
Managing Director and Chief Executive Officer Lawrie Conway said:
Evolution continues to generate significant cash flows from consistent operational delivery and disciplined capital allocation. We have rapidly deleveraged by more than 31% in just over two years, reaching a net cash position by the end of March. There is further cash flow upside in the June quarter as we remain on track to deliver on guidance. Our financial position is outstanding with $1,371 million in cash and no debt repayments due until FY29.
Good performance key assets
And the strength wasn't isolated. Record quarterly net mine cash flows from Mungari and Red Lake stood out, highlighting just how well key assets are performing. Across the board, operational delivery remained solid, with the company continuing to execute at a high level.
There's more. Evolution remains on track to deliver full-year FY26 gold production at a lower cost than originally guided. That's a rare combination that investors love. While copper production is expected to land at the lower end of guidance due to weather disruptions at Ernest Henry, the broader picture remains firmly positive.
Then there's the income story. The ASX mining stock paid its 26th consecutive dividend in April, returning $399 million in cash to shareholders. That kind of consistency reinforces its appeal as both a growth and income play.
What next for the ASX mining stock
Looking ahead, growth is also front of mind. Investments in organic projects at Northparkes and Ernest Henry are progressing on time and on budget, setting the stage for future expansion.
At the same time, exploration is delivering results, with high-grade drilling hits at Mungari and Cowal and multiple targets advancing across North Queensland and Canada. That adds another layer of upside.
And management isn't slowing down. The company expects to further improve its net cash position in the June quarter, assuming current commodity prices hold. With projects ramping up and operational improvements continuing, production growth and efficiency gains look well supported.
