Buying ASX 200 gold stocks? Here's how Evolution Mining, Newmont and Northern Star shares stacked up in July

The S&P/ASX 200 Index (ASX: XJO) gained a solid 2.3% in July, with most ASX 200 gold stocks mildly underperforming those gains.

This saw the S&P/ASX All Ordinaries Gold Index (ASX: XGD) increase a more modest 1% over the month just past.

Investors didn't get much direction from the gold price in July. The yellow metal was trading for US$4,030 per ounce on 1 July. It then traded in a fairly tight range to be fetching US$4,046 per ounce on 31 July, according to data from Bloomberg.

So how did Evolution Mining Ltd (ASX: EVN), Newmont Corp (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) shares stack up?

Let's dig in.

Evolution Mining shares slide despite record $3.4 billion cash flow

Evolution Mining shares slipped 4.1% in July to end the month trading for $11.27 apiece.

It was a busy month for the ASX 200 gold stock, with Evolution releasing its June quarter update on 15 July.

Over the three-month period, the miner produced 180,000 ounces of gold and 19,000 tonnes of copper at an all-in sustaining cost (AISC) of $1,706 per ounce.

The miner met its full-year FY 2026 production and cost guidance, reporting FY 2026 gold production of 715,000 ounces and copper production of 66,000 tonnes. FY 2026 AISC came in at a low $1,717 per ounce.

This helped Evolution Mining achieve a record operating mine cash flow of $3.39 billion.

The ASX 200 gold stock captured investor interest again on 27 July following news that it will acquire Aussie copper and gold miner Carnaby Resources Ltd (ASX: CNB).

The all-share acquisition deal values Carnaby Resources at around $213 million.

Northern Star shares outperform on gold production boost

Northern Star shares outpaced the benchmark in the month just gone, gaining 5% to close on 31 July trading for $19.90 each.

The ASX 200 gold stock gained 2.2% on 29 July, following the release of its June quarter update.

Over the three months, Northern Star reported gold sales of 433,482 ounces, up 14% quarter on quarter. The miner produced that gold at an all-in sustaining cost (AISC) of $2,651 per ounce.

For the full FY 2026 year, management expects Northern Star's earnings to be between $2.86 billion and $2.95 billion, in line with cash earnings of $2.87 billion in FY 2025.

Newmont shares finish in the green

Last but not least, Newmont shares managed to close out July in the green, finishing the month up a slender 0.3% at $134.97 each.

Newmont released its own June quarterly update on 24 July.

Shares in the ASX 200 gold stock closed down 1.4% on the day, with the miner reporting a 14.3% year decline in quarterly gold production to 1.2 million ounces. And Newmont's AISC of US$1,938 per ounce in the June quarter was up 21.7% from last year.

However, the pain was mitigated by the increase in the average realised gold price Newmont received to US$4,414 per ounce. This helped drive a 15.1% year-on-year boost in quarterly sales to US$6.12 billion.

Reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.76 billion were up 25%.