Sydney, February 6, 2026, 17:45 AEDT — The market has closed.
- EVN slipped, marking another choppy week for gold miners
- Sharp moves in precious metals are triggering rapid position cuts throughout markets
- Investors are turning their attention to Evolution’s half-year results, set for release on Feb 11
Evolution Mining Ltd (ASX:EVN) shares fell 1.4% to close at A$14.34 on Friday, extending losses from Thursday. The stock had surged roughly 8% over Tuesday and Wednesday but then dropped 3.2% the day before. Trading volume hit around 8.6 million shares on Friday, according to MarketScreener data. (MarketScreener)
Investors pulled back from risk across the board following another tough global session. Australia’s S&P/ASX 200 dropped 2.0% to 8,708.8, according to Reuters. Spot gold and silver held their usual volatility, while crypto markets kept feeling the strain. Chris Weston, head of research at Pepperstone Group in Melbourne, said “big crowded positions” are being unwound “very, very aggressively.” (Investing.com Australia)
Precious metals remain a headache. CME Group bumped up margin requirements for COMEX gold futures to 9% from 8%, and silver futures to 18% from 15%, starting after Friday’s close. These margins are cash deposits traders must hold to cover risk if prices swing wildly. Spot gold jumped 2.6% to $4,894.99 by 0601 GMT, recovering from an earlier dip to $4,654.29, Reuters reported. (Reuters)
Thursday’s selloff set the stage. Spot gold dropped 1.8%, while silver plunged nearly 14%, driven by a stronger dollar and a broad market rout that prompted investors to offload precious metals, Reuters reported. Bob Haberkorn, senior market strategist at RJO Futures, noted that some traders were dealing with “margin issues” and closing metal positions after losses in equities. (Reuters)
Stress is showing up in retail products as well. China’s only exchange-listed pure-silver fund has hit its 10% daily limit down for the fifth session in a row, even after a trading halt, Reuters reported. Ole Hansen from Saxo said gold — and “especially silver” — is likely to “trade violently in both directions” until volatility eases and price discovery improves. (Reuters)
Evolution didn’t stand alone. Regis Resources slipped 2.5% to A$7.66, according to MarketScreener data. (MarketScreener)
Evolution’s latest quarterly update on Jan. 21 showed production of 191,000 ounces of gold and 18,000 tonnes of copper in the December quarter, with an all-in sustaining cost (AISC) of A$1,275 per ounce. The company maintained its FY26 output guidance at 710,000–780,000 ounces of gold and 70,000–80,000 tonnes of copper. It also narrowed its full-year AISC forecast to A$1,640–A$1,760. CEO Lawrie Conway highlighted “eight consecutive quarters of delivery to plan.” The miner closed December with A$967 million in cash, has no debt repayments due until November 2028, but warned that heavy rainfall at Ernest Henry could impact full-year production.
Miners haven’t followed gold’s selloff in sync, and forced selling can drag the sector down even when bullion ticks higher. For Evolution, unexpected shifts in costs, grades, or mine schedules might weigh heavier than the metal price for a short stretch—say, a week or two.
Evolution is set to release its half-year financial report along with the Appendix 4D, the ASX-mandated filing, ahead of the market open on Wednesday, Feb 11. CEO Conway and CFO Fran Summerhayes will hold a conference call at 10:30 a.m. Sydney time.
At Monday’s open, eyes will be on whether gold and silver settle following the recent margin increase, and if global stocks manage to stabilize. EVN investors are focused on Feb 11 — that’s when the earnings drop and any updates to FY26 guidance are expected.
