Evolution Mining stock gains 1.95 percent as copper plans advance

Published on 10/07/2026 at 05:25 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Evolution Mining stock was trading at AUD 13.08 on October 7, 2026, up 1.95 percent. Copper supplied 22 percent of revenue in FY2026.

Evolution, AU000000EVN4, Illustration mit AI erstellt.

Evolution Mining stock (ISIN AU000000EVN4) was trading at AUD 13.08 on the ASX on October 7, 2026, up 1.95 percent from the previous close. The move comes as the gold producer advances a copper-led growth strategy and prepares for a shareholder vote on the Carnaby Resources acquisition.

Copper adds a second growth engine

According to Investing.com on September 29, 2026, Evolution reported five-year production growth of 6 percent annually, from 680,000 to 920,000 gold equivalent ounces. FY2026 production was 890,000 ounces after weather disruption at Ernest Henry, while copper represented 22 percent of revenue.

The same company presentation highlighted copper C1 costs of AUD 0.65 to AUD 1.23 per pound at Ernest Henry and Northparkes. The combination gives Evolution exposure to copper growth while its gold portfolio remains the main production base.

Carnaby vote sets the next checkpoint

The proposed Carnaby Resources acquisition is scheduled for a shareholder vote on October 26, 2026, according to Investing.com. The transaction would add copper-gold assets near Ernest Henry and could provide access to 1.3 million to 1.5 million tons of additional capacity, the transcript said.

The operating picture is supported by lower leverage. Evolution moved from gearing of 33 percent in FY2023 to net cash by the end of FY2026, while its dividend payout target rose from 50 percent to 60 percent of group cash flow.

Analysts see limited upside

Consensus remains restrained despite the operating growth. Investing.com lists a Neutral rating from 17 analysts, with 7 Buy, 7 Hold and 3 Sell recommendations. The average 12-month target is AUD 13.61, with a high of AUD 18.00 and a low of AUD 4.80, putting the average target 4.1 percent above the AUD 13.08 price.

Macquarie maintained a Hold rating and set an AUD 13.50 target in a report dated October 1, 2026, according to Markets Insider. That target is 3.2 percent above the current ASX price, showing why execution at the copper assets matters for the valuation.

Evolution Mining stock holds above AUD 13

Evolution Mining stock was last at AUD 13.08 on the ASX on October 7, 2026, at 2:04 p.m. AEST, with a session range of AUD 12.92 to AUD 13.16. Its 52-week range is AUD 9.79 to AUD 17.75, leaving the price 26.3 percent below the yearly high.