EVOLUTION MINING LIMITED (EVN)
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EVN

EVN - EVOLUTION MINING LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.8
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Evolution Mining is an Australian gold and gold/copper concentrate producer. It owns and operates five mines in NSW, QLD and WA. Evolution was created in 2011 through the merger of Catalpa Resources and Conquest Mining.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$11.15

02 Oct
2025

0.400

OPEN

$11.09

3.72%

HIGH

$11.20

8,923,392

LOW

$10.89

TARGET
$8.114 -27.2% downside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
EVN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 46.5 73.0 xxx
DPS (cps) xxx 20.0 33.6 xxx
EPS Growth xxx 100.0% 57.1% xxx
DPS Growth xxx 100.0% 67.9% xxx
PE Ratio xxx N/A 15.0 xxx
Dividend Yield xxx N/A 3.1% xxx
Div Pay Ratio(%) xxx 43.0% 46.0% xxx

Dividend yield today if purchased 3 years ago: 9.48%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.82

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/08 - ex-div 2c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx46.5
DPS All xxxxxxxxxxxxxxx20.0
Sales/Revenue xxxxxxxxxxxxxxx4,351.5 M
Book Value Per Share xxxxxxxxxxxxxxx247.6
Net Operating Cash Flow xxxxxxxxxxxxxxx1,966.6 M
Net Profit Margin xxxxxxxxxxxxxxx21.28 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx20.36 %
Return on Invested Capital xxxxxxxxxxxxxxx14.55 %
Return on Assets xxxxxxxxxxxxxxx10.04 %
Return on Equity xxxxxxxxxxxxxxx20.36 %
Return on Total Capital xxxxxxxxxxxxxxx22.36 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx997.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx29 M
Long Term Debt xxxxxxxxxxxxxxx1,739 M
Total Debt xxxxxxxxxxxxxxx1,768 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx760 M
Price To Book Value xxxxxxxxxxxxxxx3.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,176.4 M
Capex % of Sales xxxxxxxxxxxxxxx27.03 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,812 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx98 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx148 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.4

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Bell Potter

10/09/2025

1

Upgrade to Buy from Hold

$10.55

-5.38%

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Evolution Mining upgraded to Buy from Hold. Target rises to $10.55 from $8.15.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 36.00 cents and EPS of 86.10 cents.
Bell Potter forecasts a full year FY27 dividend of 35.00 cents and EPS of 78.10 cents.

Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Jarden

18/08/2025

4

Underweight

$6.05

-45.74%

Evolution Mining's FY25 results met guidance, with EBITDA of $2.15bn meeting Jarden's forecast and net profit ahead by 8%. Gearing reduced to 15% following $220m debt repayment.

FY26 production guidance is flat vs FY25 and cost higher but the broker understands the company's "margin over ounces" strategy while also noting the flat profile comes despite depletion at Mt Rawdon.

The broker commends the capital allocation policy as a right balance between reinvesting in the business, reducing debt and returning cash to shareholders.

FY26 EBITDA forecast cut by -5% and FY27 by -2% on modest cuts to production, and operating and capex forecasts.

Underweight. Target trimmed to $6.05 from $6.18.

FORECAST
Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 47.00 cents.
Jarden forecasts a full year FY27 dividend of 23.00 cents and EPS of 43.90 cents.
Access Extra Coverage Research History >

EVN STOCK CHART

FNArena News on EVN

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