Evolution Mining reports record FY26 profits driven by Mungari expansion

Evolution Mining has reported record financial results for the 2026 financial year (FY26), driven largely by the expansion of its Mungari operation in Western Australia. The Mungari mill expansion, completed ahead of schedule and under budget at $212 million, enabled a record production of 186,000 ounces of gold at that site, up from 135,000 ounces in FY25.

While total group gold production fell 5% to 715,000 ounces and copper production declined 14% to 66,000 tonnes, higher commodity prices significantly boosted profitability. The company achieved an average gold price of $6,023 per ounce, a 40% increase over FY25. Consequently, statutory profit after tax rose 59% to a record $1.48 billion, and underlying EBITDA climbed 44% to $3.17 billion.

Looking forward, investors are monitoring potential inflationary pressures on all-in sustaining costs and higher anticipated capital expenditure for FY27. Evolution is also working to integrate Carnaby Resources Ltd, an acquisition valued at approximately $213 million, which is expected to strengthen its copper exposure.