Net revenue
4,351A$m
+35.3% vs FY2024
Five-year financial review
MII / ASX financial review
(ASX: EVN) Evolution Mining Financial Review - FY2021~25
Earnings, cash investment and the changing gold–copper portfolio.
FY2021–FY2025AUD · row units statedYear-end: 30 June
FY2025 at a glance
Stronger earnings and operating cash flow; acquisitions changed the asset base.
Statutory profit
926A$m
+119.3% vs FY2024
Operating cash flow
1,967A$m
+53.5% vs FY2024
Changes are calculated from the selected FY2024 and FY2025 cells. Original comparison notes remain with the tables.
Five years in context
Events behind the numbers
FY2021
Battle North acquired
- Completed in May
- Bateman capacity added to the Red Lake plan
FY2022
Cowal & Red Lake investment
- Capital programme across both operations
- Issuer-reported Group capex: A$606m
FY2023
Ernest Henry weather disruption
- Production below plan
- Adverse impact on Group AISC
FY2024
Northparkes acquisition
- Asset base expanded
- Triple Flag streaming obligations assumed
FY2025
Record operating results
- Issuer-reported record EBITDA
- Record operating mine cash flow
01 / Five-year financial picture
Earnings recovered after the FY2023 low.
Sales revenue (net)
A$m
1,864FY2021
2,065FY2022
2,227FY2023
3,216FY2024
4,351FY2025
Statutory profit after tax attributable to owners
A$m
345FY2021
323FY2022
164FY2023
422FY2024
926FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Five-year financial overview
A$mSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Sales revenue (net) | 1,864 | 2,065 | 2,227 | 3,216 | 4,351 | +1,135.6 |
| EBITDA (issuer-defined) | 914 | 899 | 845 | 1,428 | 2,161 | +732.7 |
| Statutory profit after tax attributable to owners | 345 | 323 | 164 | 422 | 926 | +503.9 |
Basis: Revenue and statutory profit after tax attributable to owners are consolidated statutory amounts. EBITDA is issuer-defined non-IFRS. Figures rounded from A$'000.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Revenue basisNet sales, not gross revenue.
Earnings basisStatutory profit and issuer-defined EBITDA are different measures.
02 / Cash flow and investment
Operating cash flow rose alongside the investment programme.
Net cash inflow from operating activities
A$m
757FY2021
777FY2022
735FY2023
1,281FY2024
1,967FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Cash flow and investment
A$mSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Net cash inflow from operating activities | 757 | 777 | 735 | 1,281 | 1,967 | +685.1 |
| Cash capital expenditure | (433) | (669) | (839) | (918) | (1,176) | -258.1 |
Basis: Statutory cash-flow statement amounts. Cash capex is a disclosed calculation: PP&E payments plus mine-properties payments plus exploration/evaluation payments; negative sign denotes an outflow.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Cash capexPP&E + mine-property + exploration cash payments.
Classification changeMine development and exploration were combined in FY2021–23; later reports separate them.
03 / Income statement detail
Keep operating costs, tax and financing costs separate.
Basic EPS
cents per share
20.21cFY2021
17.74cFY2022
8.91cFY2023
22.02cFY2024
46.49cFY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Selected statutory income-statement measures
A$m, except basic EPSSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Cost of sales | (1,285) | (1,573) | (1,798) | (2,293) | (2,792) | -499.9 |
| Income tax expense | (151) | (94) | (70) | (198) | (349) | -151.9 |
| Basic earnings per sharecents/share | 20.21c | 17.74c | 8.91c | 22.02c | 46.49c | +24.5 |
Basis: Consolidated statutory amounts. Costs and tax are shown as expenses (negative); EPS is cents per share attributable to owners.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Finance costs
A$mSwipe the table to compare all years →
| Measure | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|
| Finance costs | (75) | (148) | (160) | -12.0 |
Basis: Selected statutory finance-cost records. A shorter table is used because the directly selected comparable series starts in FY2023.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
FY2024 boundaryCost of sales included metal purchases under the Triple Flag stream.
Per-share measureEPS is in cents, not A$ millions.
04 / Financial position and debt
A larger asset base; lower interest-bearing liabilities in FY2025.
Total assets
A$m
3,957FY2021
6,630FY2022
6,752FY2023
8,819FY2024
9,637FY2025
Total equity / net assets
A$m
2,535FY2021
3,254FY2022
3,295FY2023
4,142FY2024
4,957FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Balance sheet and debt
A$mSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Total assets | 3,957 | 6,630 | 6,752 | 8,819 | 9,637 | +818.3 |
| Total liabilities | 1,422 | 3,376 | 3,458 | 4,677 | 4,680 | +3.2 |
| Total equity / net assets | 2,535 | 3,254 | 3,295 | 4,142 | 4,957 | +815.1 |
| Interest-bearing liabilities | 611 | 1,838 | 1,763 | 1,924 | 1,723 | -200.9 |
Basis: Closing consolidated statutory balance-sheet amounts. FY2021 uses the later-restated balance-sheet presentation in its annual report. Debt is interest-bearing liabilities net of capitalised borrowing costs where stated; it is not issuer-defined net debt.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
NorthparkesThe streaming arrangement added deferred-revenue obligations.
Debt definitionStatutory borrowings are not the issuer's net-debt measure.
05 / Operations and costs
Gold, copper and AISC each need their own unit.
Gold production
koz
681 kozFY2021
640 kozFY2022
651 kozFY2023
717 kozFY2024
751 kozFY2025
Group AISC
A$/oz
A$1,215/ozFY2021
A$1,259/ozFY2022
A$1,450/ozFY2023
A$1,477/ozFY2024
A$1,572/ozFY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Group operating measures
Production: koz gold / t copper; AISC: A$/ozSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Gold productionkoz | 681 koz | 640 koz | 651 koz | 717 koz | 751 koz | +33.8 |
| Copper productiontonnes | 21,361 t | 38,834 t | 47,348 t | 67,862 t | 76,261 t | +8,399.0 |
| All-in sustaining costA$/oz | A$1,215/oz | A$1,259/oz | A$1,450/oz | A$1,477/oz | A$1,572/oz | +95.0 |
Basis: Issuer-reported Group production and non-IFRS AISC. FY2023's table uses '$/oz'; linked annual-report context establishes the Group A$ amount.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
AISC currencyThe Group series is A$/oz, including FY2023.
By-product creditsCopper credits can produce negative AISC at individual operations.
06 / Liquidity, debt and shareholder returns
Cash increased and issuer-defined net debt declined in FY2025.
Closing cash and cash equivalents
A$m
160FY2021
572FY2022
46FY2023
403FY2024
760FY2025
Net debt (issuer-defined)
A$m
(485)FY2021
(1,298)FY2022
(1,788)FY2023
(1,626)FY2024
(1,016)FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Liquidity and capital returns
A$m, except dividend per shareSwipe the table to compare all years →
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Closing cash and cash equivalents | 160 | 572 | 46 | 403 | 760 | +356.2 |
| Net debt (issuer-defined) | (485) | (1,298) | (1,788) | (1,626) | (1,016) | +609.8 |
| Dividends paid | (273) | (147) | (92) | (76) | (161) | -84.5 |
| Declared full-year dividend per sharecents/share | 12.0c | 6.0c | 4.0c | 7.0c | 20.0c | +13.0 |
Basis: Cash is statutory closing cash. Net debt is Evolution's issuer-defined reconciliation and negative values denote net debt. Dividends paid are cash-flow outflows. Full-year dividend per share combines disclosed interim and final dividends where both are available.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Cash paid vs declaredThe FY2025 final dividend was not a liability at year-end.
FY2023 net debtTaken from the opening balance in the FY2024 reconciliation.
07 / Comparability, tax and reporting boundaries
Comparison boundaries
FY2023Cash comparative marked purchase-price-allocation adjusted.
FY2025Tax-loss and contractual-cash-flow presentation changed; balance-sheet book values did not.
Northparkes streamDo not infer an unadjusted mine-to-Group cash-flow bridge.
Definitions & reporting basis
Reporting basis and comparison notes
Years ended 30 June. Amounts are Australian dollars unless stated otherwise; financial tables are A$ millions rounded from issuer-reported A$ thousands. Statutory rows are consolidated IFRS measures. EBITDA, operating mine cash flow, Group cash flow, AISC and net debt are issuer-defined non-IFRS measures and are labelled as such. FY2023 comparatives affected by the Ernest Henry purchase-price allocation are retained as reported; FY2025 presents a revised contractual-cash-flow presentation with no change to balance-sheet net book values.
- Cash-capex components change label across the annual reports; the report preserves the disclosed calculation and does not imply an identical underlying accounting definition.
- The report is an evidence-led historical financial review; the publisher notice describes its review scope and limitations.
Terms used in the tables
- EBITDA
- Evolution's issuer-defined non-IFRS EBITDA in the segment reconciliation; it is not presented here as statutory profit.
- AISC
- All-in sustaining cost is an issuer-reported non-IFRS mining measure. The FY2023 table prints '$/oz'; linked annual-report context establishes the A$1,450/oz Group figure used here.
- Net debt
- Issuer-defined reconciliation of cash, bank loans, US private placements and lease liabilities; negative values shown in the report denote net debt.
Annual reports used
- FY2021 · Evolution Mining Limited · Annual Report to shareholders. Year ended 2021-06-30
- FY2022 · Evolution Mining Limited · Annual Report to shareholders. Year ended 2022-06-30
- FY2023 · Evolution Mining Limited · Annual Report to shareholders. Year ended 2023-06-30
- FY2024 · Evolution Mining Limited · Annual Report to shareholders. Year ended 2024-06-30
- FY2025 · Evolution Mining Limited · Annual report. Year ended 2025-06-30
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