Sydney, Jan 24, 2026, 17:29 AEDT — Market closed
- Evolution Mining closed Friday at A$14.86, marking a 5.32% rise as gold stocks regained investor interest
- Bullion’s record surge is boosting miners, though daily swings remain volatile
- ASX will be closed Monday in observance of Australia Day. Evolution’s next key event is the Feb. 11 earnings report
Evolution Mining Ltd (EVN.AX) shares closed Friday up 5.32% at A$14.86, lifted by a late-week rally in Australian gold stocks as bullion climbed further into record highs. The stock fluctuated between A$14.83 and A$15.29 during the session, according to market data. 1
This is crucial now because miners’ cash flow shifts rapidly with gold prices, which have surged enough to pull in momentum traders—and boost the chance of a sharp reversal. Gold soared to a record $4,988 an ounce on Friday, while silver shot past $100. StoneX analyst Rhona O’Connell described it as a “self-propelled frenzy,” and BNP Paribas strategist David Wilson warned profit-taking is likely “sooner rather than later.” 2
Traders in Sydney face tricky timing. The ASX cash market closes Monday for Australia Day, pushing the next local session to Tuesday. That leaves two days of international bullion trading to process first. 3
The sector took a hit on Thursday, with the ASX All Ordinaries Gold index dropping 5.57%, before snapping back 4.94% on Friday to finish at 21,291.3. 4
Peers helped push it higher. Northern Star Resources ended Friday up 5.42%, while Regis Resources jumped 10.16%, according to historical pricing data. 5
Evolution revealed some solid numbers in its December-quarter update. Operating mine cash flow came in around A$1.1 billion, while net mine cash flow climbed to A$727 million, driven by higher realised prices and lower costs. The group’s all-in sustaining cost—a comprehensive measure covering site expenses and sustaining capital—dropped 26% year-on-year to A$1,275 an ounce. It maintained its FY26 production outlook, targeting between 710,000 and 780,000 ounces of gold, plus 70,000 to 80,000 tonnes of copper. With minimal hedging in place, the company remains largely exposed to spot price fluctuations. 6
Evolution’s next major event is just around the corner. The company’s calendar lists its half-year results for Feb. 11, with the March-quarter report set for April 15. 7
By Friday’s close, the miner’s market cap hit roughly A$30.18 billion, ranking it among the bigger ASX-listed gold plays. 8
The downside scenario is straightforward: when bullion dips, gold miners usually take the hit quickly. On Thursday, gold shares were “hammered” as profit-taking dragged the metal 0.75% down, slipping below $4,800, according to IG’s market report. 9
Valuation is starting to come up more in discussions. Broker Morgans noted Evolution’s quarter exceeded forecasts on production and costs, predicting the company will hit net cash by FY26’s end. Still, they maintained a “trim” rating, seeing the stock as fully priced despite solid exposure to peak metals prices. 10
Trading in Sydney kicks off Tuesday with eyes on whether gold can stay close to record peaks following the long weekend. Then, all focus shifts to Feb. 11, when Evolution releases its half-year results, offering a new snapshot of costs, volumes, and cash flow.
