The Evolution Mining Ltd (ASX: EVN) share price is in focus after the company reported its annual Mineral Resources and Ore Reserves Statement, revealing Group Mineral Resources have grown to 31 million ounces of gold and 4.2 million tonnes of copper, with contained gold up by 0.9 million ounces (3%) and reserves growth at key sites.
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What did Evolution Mining report?
- Group Mineral Resources: 31 million ounces (Moz) of gold and 4.2 million tonnes (Mt) of copper as at 31 December 2025
- Contained gold up 0.9Moz (3%) year on year, led by Cowal (+1.2Moz) and Northparkes open pits (+0.17Moz)
- Ore Reserves: 12Moz of gold and 1.3Mt of copper, with contained gold reserves up 0.5Moz (5%)
- Copper Mineral Resources were 200kt (4%) lower, mainly due to mining depletion at Ernest Henry and Marsden revisions
- Reserve growth driven by Cowal (+0.67Moz) and Red Lake Tailings (+0.2Moz), offset by some depletion in copper reserves
- Continued exploration success at Mungari and Cowal with extensions to high-grade mineralisation
What else do investors need to know?
Recent drilling at Mungari and Cowal has confirmed promising high-grade gold results. These developments not only support potential mine life extensions but also provide upside for future production at these operations.
The Northparkes expansion study is underway, with completion expected by the end of FY2027. This study is aimed at delivering further Mineral Resource and Ore Reserve growth, particularly for copper. Evolution has also increased its exploration program for FY2026, targeting growth around key assets like Ernest Henry and Northparkes.
What did Evolution Mining management say?
Managing Director and CEO Lawrie Conway said:
Our Mineral Resources and Ore Reserves Statement for December 2025 has seen Group Mineral Resources grow to 31Moz of contained gold. This demonstrates the scale and longevity of our long-life, high-quality portfolio, complemented by our current expansion studies that offer further upside. We also see clear potential to grow copper resources from the current 4.2Mt, with targeted exploration accelerating around Ernest Henry and Northparkes over the next year.
At Cowal, Mineral Resources and Ore Reserves have increased, driven by successful extension drilling to the south of Dalwhinnie and deeper drilling at Regal, providing increased confidence in mineable inventory. This positions Cowal for continued organic growth through disciplined resource delineation and execution focused mine planning.
What's next for Evolution Mining?
Evolution plans to keep growing its resource base through ongoing exploration and technical studies. The company's Northparkes expansion study, due by the end of FY2027, is expected to add both gold and copper upside.
Guidance for financial year 2026 remains at 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper at an all-in sustaining cost of $1,640 to $1,760 per ounce. The company continues to focus on disciplined development at Cowal, Northparkes, and other core assets.
Evolution Mining share price snapshot
Over the past 12 months, Evolution Mining shares have risen 54%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.
