Sydney, Jan 21, 2026, 17:23 AEDT — Market closed.
Evolution Mining Ltd jumped roughly 9.5% Wednesday, buoyed by a forecast of record cash flow and falling costs. The Australian gold miner’s shares settled at A$14.79, having hit an intraday high of A$14.855, according to delayed pricing data. Intelligent Investor
The update came as funds continue pouring into gold, which recently hit new record highs. Investors are favoring miners able to keep costs low amid price swings. “Gold has surged deeper into uncharted territory as investors hedge against rising political risk,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. Reuters
Evolution reported December-quarter gold production up to 191,000 ounces, while copper output remained steady at 18,000 tonnes. Operating mine cash flow surged 57% to A$1.06 billion, with net mine cash flow reaching a record A$727 million. The miner’s all-in sustaining costs (AISC), which cover operating expenses and sustaining capital, came in at A$1,275 an ounce. It also trimmed its FY26 AISC guidance to A$1,640-A$1,760. Cash balances grew to A$967 million, and gearing dropped to 6%. However, flooding at Ernest Henry will temporarily reduce output by 7,000-8,000 ounces of gold and 4,000-5,000 tonnes of copper. CEO Lawrie Conway said the company is “delivering to plan in a rising metal price environment with minimal hedging”. Open Briefing
Output at Cowal in New South Wales climbed to 80,000 ounces, up from 71,000 the previous quarter. Meanwhile, the Mungari hub in Western Australia hit a record 50,000 ounces, marking its fourth consecutive quarter of growth, Reuters reported. Jefferies noted Cowal’s production was largely in line with Visible Alpha’s estimates and added that “2Q gold production exceeded our expectations.” Mining Weekly
Gold miners stood out on the ASX earlier, with Westgold Resources, Bellevue Gold, and Ramelius Resources all gaining ground as bullion surged to fresh highs, ABC News reported. ABC
But the plan depends heavily on smooth execution over the coming weeks. A hiccup in the Ernest Henry recovery or a sudden drop in gold prices could quickly drag down cash forecasts, especially after a rally that has pushed the stock to new peaks.
With the market closed, traders will be eyeing if Wednesday’s surge sticks around Thursday as brokers tweak forecasts amid the fresh cost range and the firm’s minimal hedging, which covers just a fraction of output. Copper by-product credits, which help offset gold expenses, will also draw attention.
Evolution’s upcoming key event is the FY26 half-year results, set for Feb 11, per the company’s financial calendar. Evolution Mining
