ASX mining stock Evolution Mining Ltd (ASX: EVN) is pushing higher on Friday, rising 3.5% to $12.31 in morning trade.
The move follows the release of its latest annual Mineral Resources and Ore Reserves Statement, which highlighted solid growth in both gold and copper reserves, along with encouraging exploration results.
Today's gain adds to an already impressive run. Evolution shares are now up around 57% over the past 12 months, comfortably outperforming the S&P/ASX 200 Index (ASX: XJO), which has climbed just 6% over the same period.
So, what's driving the rally?
Image source: Getty Images
Reserves growth boosts confidence
Evolution delivered a strong update on its underlying asset base.
The ASX mining stock reported total Mineral Resources of 31 million ounces of gold and 4.2 million tonnes of copper. Contained gold increased by 0.9 million ounces, representing 3% growth, with reserves also expanding across key operations.
That kind of growth is important for miners. It supports longer mine lives and provides a stronger foundation for future production.
Recent drilling has also added to the positive momentum. At Mungari and Cowal, the company confirmed high-grade gold results, reinforcing the potential for further resource expansion.
These developments not only extend the life of existing mines but also open the door to increased production over time.
Exploration and expansion in focus
The ASX mining stock isn't slowing down. The company is ramping up its exploration efforts in FY 2026, targeting resource growth around core assets such as Ernest Henry and Northparkes. This reflects a broader strategy of building scale through both discovery and development.
A key part of that plan is the Northparkes expansion study, which is currently underway and expected to be completed by the end of FY 2027. The study aims to unlock further resource and reserve growth, particularly in copper. This commodity has strong long-term demand prospects.
The company plans to continue growing its resource base through ongoing exploration and technical studies, positioning itself for sustained long-term expansion.
Production outlook remains solid
Alongside its resource update, Evolution reaffirmed its FY 2026 production guidance.
The ASX mining share expects to produce between 710,000 and 780,000 ounces of gold, along with 70,000 to 80,000 tonnes of copper. All-in sustaining costs are forecast to range between $1,640 and $1,760 per ounce.
That steady outlook, combined with growing reserves, provides investors with a clearer picture of future earnings potential.
Managing Director and CEO Lawrie Conway said:
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.
Foolish Takeaway
Evolution Mining's latest update ticks several key boxes: growing reserves, strong exploration results, and a clear pathway for expansion.
With a rising resource base and exposure to both gold and copper, the company appears well-positioned to benefit from favourable commodity trends, and investors are taking notice of the ASX mining stock.
