What Evolution Mining Limited/ADR does

Evolution Mining Limited is an ASX-listed (ASX:EVN) mid-tier gold producer founded in November 2011 and headquartered in Sydney, Australia. The company operates six wholly-owned and joint-venture mines across Tier 1 jurisdictions: Cowal (New South Wales), Ernest Henry (Queensland), Northparkes (New South Wales), Red Lake (Ontario, Canada), Mungari (Western Australia), and Mt Rawdon (Queensland). For FY26, Evolution is guiding production of 715,000 ounces of gold at an all-in sustaining cost of A$1,717/oz, with copper by-product credits from Ernest Henry and Northparkes contributing a secondary revenue stream at US$14,119/t (A$19,711/t).

The company monetizes its mineral reserves by extracting, processing, and selling gold (predominantly) and copper (by-product) into global commodity markets at prevailing LBMA and LME prices, with realized FY26 gold pricing of approximately A$6,051/oz (US$4,337/oz). Its business model is operational and capital-intensive: revenue is a function of ore grade, recovery rate, throughput, AISC discipline, and commodity price. The company has publicly committed to a strategy of scaling the portfolio to up to eight producing assets, all within Tier 1 jurisdictions, and is actively pursuing copper exposure via the announced acquisition of Carnaby Resources (27 Jul 2026).

Technologically, Evolution deploys AI-driven exploration targeting across its portfolio to prioritize drilling and resource conversion, and is rolling out battery electric vehicle fleets at Red Lake as part of an emissions-reduction roadmap. It maintains partnerships with CSIRO, University of Queensland, Caterpillar, Epiroc, and the Electric Mine Consortium to advance automation, electrification, and processing science. Governance is led by Founder and Chair Jake Klein and CEO Lawrie Conway, with operations spanning both hemispheres and a clear focus on Tier 1 jurisdiction risk control.

Name

Evolution Mining Limited/ADR

Legal name

Evolution Mining Limited

Website

https://evolutionmining.com

Company type

Public

Founded year

2011

Operating status

Operating

Short description

Evolution Mining Limited (ASX:EVN) is a Sydney-headquartered mid-tier gold producer operating six mines in Australia and Canada, targeting 715,000 ounces of gold at AISC of A$1,717/oz in FY26, with copper by-product credits and AI-driven exploration across the portfolio.

Ownership category

akta.pro rank

Product category

Gold and Copper Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Silver Mining (IMAKAEAB)

Keywords

• Gold mining
• Copper production
• Precious metals
• Mineral exploration
• Ore processing

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Gold Production and Sales: Primary revenue from gold production and sales. FY26 production of 715koz gold. Gold is sold as doré bars or concentrate to metal traders and refineries.
2. Copper Production: Additional exposure to copper through Ernest Henry and other operations. Copper is sold as concentrate to smelters.
3. By-Product Credits: Revenue from by-products including silver and other metals recovered during gold processing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Evolution Mining produces and sells gold (as doré bars) and copper (as concentrate) from six operating mines across Australia and Canada, supported by exploration activities and mineral resources/reserves management. FY26 gold production reached 715,000 ounces at an All-in Sustaining Cost of $1,717 per ounce, with copper by-product credits from Ernest Henry and Northparkes.

Product overview

Evolution Mining is a leading Australian gold mining company operating six mine sites across Australia and Canada. The portfolio includes Cowal, Ernest Henry, Northparkes, Red Lake, Mungari, and Mt Rawdon operations. The company also produces copper as a byproduct at Ernest Henry and Northparkes. Core operations are supported by exploration activities (which leverage AI for targeting and planning) and comprehensive resources & reserves management. The company positions itself as aspiring to build a portfolio of up to eight assets in Tier 1 jurisdictions.

Differentiator

Problem solved

Functional benefit

Products and services

• Cowal Gold Operations

Quantifiable outcome

• 715koz gold production in FY26
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Carnaby ResourcescoreStrategic or Co-development Partner · 27 July 2026Evolution agreed to acquire Carnaby Resources in July 2026, expanding the company's copper growth opportunities and portfolio of Tier 1 assets.
• CaterpillarcoreTechnology or IntegrationEvolution Mining partners with Caterpillar to reduce emissions at mine sites. This collaboration focuses on deploying battery electric vehicles and other emissions reduction technologies in mining operations.
• CSIROcoreStrategic or Co-development PartnerPartnership with CSIRO to identify alternatives in mine water treatment using algae. This innovative research collaboration focuses on sustainable environmental solutions for mining operations.
• Electric Mine ConsortiumcoreStrategic or Co-development PartnerEvolution is a member of the Electric Mine Consortium, collaborating with other mining companies to advance battery electric vehicle technology and reduce emissions in underground and surface mining.
• University of QueenslandcoreStrategic or Co-development PartnerEvolution Mining and UQ launched a $1.25 million Fellowship to advance sustainable mining research. Also partners on Trailblazer Agreement for rehabilitation innovation and other sustainability research initiatives.
• LifeFlightminorStrategic or Co-development PartnerErnest Henry Operations partners with LifeFlight to increase support for people living in remote Queensland. LifeFlight provides emergency air medical services to mining operations and surrounding communities.
• AusEarthEdminorStrategic or Co-development PartnerPartnering with AusEarthEd to support a pipeline of geologists, environmental scientists and engineers through educational programs and industry engagement.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Newmont Corporation: Newmont is the world's largest gold miner with globally diversified operations including Australian assets (formerly Newcrest). Overlaps with Evolution as a major gold producer but operates at a far larger scale across more jurisdictions and metals.
• AngloGold Ashanti: AngloGold Ashanti is a global gold major with operations across Africa, Australia, the Americas, and recently acquired Centamin's Sukari mine. Comparable multi-jurisdiction gold producer with broader geographic reach than Evolution's Australia/Canada footprint.
• Kinross Gold: Kinross Gold is a mid-to-senior global gold producer with operations in the Americas and West Africa. Comparable as a multi-asset gold producer with a focus on Tier 1 jurisdictions and disciplined cost management, though at a larger scale than Evolution.
• Barrick Gold: Barrick Gold is a global gold major with a portfolio that includes significant copper exposure. Comparable as a large-scale gold producer with copper by-product credits, but with a much larger and more geographically diversified asset base than Evolution.
• Agnico Eagle Mines: Agnico Eagle Mines is a senior Canadian-based gold producer with operations in Canada, Australia, and Mexico. Closely comparable Tier 1 jurisdiction exposure (notably Canada and Australia) to Evolution, with a similar quality-focused, low-AISC philosophy but at a much larger scale.

Direct peers

• Ramelius Resources: Ramelius Resources is an ASX-listed mid-tier Australian gold producer operating Mt Magnet, Edna May, and other Western Australian mines. Comparable to Evolution in scale, Australian Tier 1 jurisdiction focus, and production profile.
• Perseus Mining: Perseus Mining operates Edikan, Sissingué, and Yaouré gold mines, with a mix of West African and Australian assets. Comparable mid-tier gold producer with a growth-oriented multi-asset strategy similar to Evolution's portfolio approach.
• Gold Road Resources: Gold Road Resources operates the Gruyere gold mine in Western Australia as a joint venture with Gold Fields. Comparable ASX-listed mid-tier Australian gold producer with a focus on Tier 1 jurisdictions and disciplined capital allocation.
• Northern Star Resources: Northern Star Resources is an ASX-listed mid-tier gold producer with similar Tier 1 Australian and Canadian operations (Kalgoorlie, Jundee, Yandal, Pogo). Closest direct peer to Evolution given comparable production scale, jurisdiction mix, and growth strategy.
• Capricorn Metals: Capricorn Metals is an ASX-listed gold producer focused on the Karlawinda mine in Western Australia. Comparable as an Australian mid-tier gold producer with a similar growth orientation and Tier 1 jurisdiction strategy.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/evolution-mining

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolution Mining Limited/ADR