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

$12.90

25 Mar
2026

1.010

OPEN

$12.35

8.49%

HIGH

$13.03

11,405,169

LOW

$12.18

TARGET
$14.527 12.6% upside
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 46.5 115.1 xxx
DPS (cps) xxx 20.0 51.2 xxx
EPS Growth xxx 100.0% 100.0% xxx
DPS Growth xxx 100.0% 100.0% xxx
PE Ratio xxx N/A 11.0 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 43.0% 44.5% xxx

Dividend yield today if purchased 3 years ago: 6.73%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.58

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: 03/09 - ex-div 13.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

-0.1

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

13/02/2026

3

Neutral

$16.20

25.58%

Following interim results, Citi raises its target for Evolution Mining to $16.20 from $14.40 and maintains a Neutral rating, noting an implied gold price of US$4,670/oz is high compared with peers.

The broker's initial assessment on results day is summarised below.

Citi notes Evolution Mining’s 20c fully franked interim dividend exceeded 17c consensus expectations. The Dividend Reinvestment Plan has been reinstated without a discount.

The interim result was broadly in line with consensus expectations, notes the broker, with earnings of $1,589m and profit of $802m both slight "beats".

Capital commitments increased, the analyst highlights, with -$545m approved for the Northparkes E22 block cave and -$75m for coarse particle flotation. The broker also notes expansions at Earnest Henry and further study work at Northparkes.

Citi points to higher development and project capital guidance reflecting new approvals.

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$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

xxxx

$xx.xx

xx.xx%

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Jarden

16/02/2026

4

Underweight

$7.20

-44.19%

Evolution Mining's interim result was broadly in line, but Jarden argues the market reaction has been excessive given the “growth” projects announced are largely sustaining in nature.

The broker believes the market is underestimating the capital intensity required to maintain the gold producer's portfolio, and estimates the current share price implies a long term gold price of around US$4,900/oz.

The interim dividend of 20cps was the standout, while FY26 major project capex guidance rose by around $150m and FY27 to FY30 annual capex guidance increased to -$900m to -$1,100m from -$750m to -$950m.

Jarden's Underweight retained, target price lifted to $7.20 from $7.10, driven by higher near term gold price assumptions.

FORECAST
Jarden forecasts a full year FY26 dividend of 44.00 cents and EPS of 86.40 cents.
Jarden forecasts a full year FY27 dividend of 42.00 cents and EPS of 76.90 cents.
Access Extra Coverage Research History >

EVN STOCK CHART

FNArena News on EVN

1
Weekly Ratings, Targets, Forecast Changes – 20-03-26

Mar 23 2026 - Weekly Reports
2
Rudi’s View: TACO Time?

Mar 11 2026 - Rudi's View
3
Rudi’s View: Positives From February Results

Feb 26 2026 - Rudi's View
4
Australian Broker Call *Extra* Edition – Feb 18, 2026

Feb 18 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Feb 16, 2026

Feb 16 2026 - Daily Market Reports

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