Evolution Mining Ltd.: JunQ26 First Take: broadly in line, with AISC beat; FY27 cost and capex outlook heavier

研报英文原文证据摘录

Evolution Mining Ltd.: JunQ26 First Take: broadly in line, with AISC beat; FY27 cost and capex outlook heavier

J P M O R G A N Asia Pacific Equity Research

15 July 2026

Evolution Mining Ltd. Overweight

EVN.AX, EVN AU

JunQ26 First Take: broadly in line, with AISC beat; Price (14 Jul 26):A$11.78

FY27 cost and capex outlook heavier Price Target (Jun-27):A$14.30

Key takeaways: 1) Gold production of 180koz was broadly in line with JPMe of

182koz, while gold sales of 178koz missed by 4%; copper sales of 21.5kt beat by

33%. 2) Group AISC of A$1,706/oz was 6% better than JPMe A$1,814/oz,

supported by Ernest Henry’s return to full production. 3) Cash remained strong at

A$1,347m despite payment of a A$399m cash dividend, with JunQ Group cash

flow of A$374m. FY26 gold, AISC and capital guidance were achieved. We are

Overweight rated. Metals & Mining

Jonathon Sharp AC

• Key positives. Copper sales of 21.5kt were 33% above JPMe, with Ernest (61jonathon.sharp@jpmorgan.com2) 9003-8312

Henry returning to full production and generating record quarterly operating J.P. Morgan Securities Australia Limited

mine cash flow of A$251m. Group AISC of A$1,706/oz was 6% better than Lyndon Fagan

JPMe and improved 26% QoQ. Closing cash of A$1,347m was broadly stable (61-2) 9003-8648

despite the A$399m cash dividend, and EVN is now fully unhedged. lyndon.fagan@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Key negatives. Gold sales of 178koz were 4% below JPMe (185koz). Red Branko Skocic

Lake production of 32koz missed JPMe by 15% and AISC of A$2,858/oz was

(61-3) 9633-4069

19% above JPMe. Mungari production of 46koz missed by 6%, with the quarter branko.skocic@jpmorgan.com

affected by higher diesel costs, mill downtime and grid power outages. J.P. Morgan Securities Australia Limited