Evolution Mining Ltd.：Northparkes现场考察：CPF为下一步，E22奠定通往超1000万吨/年的路径

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

16 September 2026

Evolution Mining Ltd.

Northparkes site visit: CPF the next step, E22 builds

the path to >10Mtpa

Day 2 of EVN’s three-day investor trip included tours of the Northparkes

underground mine, processing plant / CPF project, tailings facilities and

exploration core. Key takeaways were: (1) CPF (Coarse Particle Flotation) is the

next near-term growth step, targeting ~2ppt higher Cu/Au recovery while

supporting throughput toward 8–8.5Mtpa; (2) E22 is more than the next orebody,

adding a second materials-handling system alongside the existing E26 hoist and

infrastructure supporting the ~11–12Mtpa growth case; and (3) beyond this, the

key constraints appear to be ore-source sequencing and water, particularly toward

15Mtpa, rather than resource scale. The 10–11Mtpa case appears materially less

complex than 15Mtpa, which would require a larger step-up in water, tailings,

approvals and processing infrastructure.

CPF is the next near-term growth step, with attractive returns. EVN is

investing ~A$75m attributable capex, with commissioning expected in

2HFY28. The project targets ~2ppt higher Cu/Au recovery and lifts plant

throughput from the current ~7.6Mtpa toward 8.0Mtpa, with the circuit

designed for ~10% stretch beyond this. EVN estimates ~A$75m NPV, 23%

IRR and a ~5-year payback post-stream. CPF allows a coarser grind (~170µm

to ~200µm) by recovering coarse Cu/Au otherwise lost to tailings, reducing

recirculating loads and freeing grinding capacity. We see CPF as a relatively

capital- and power-efficient first step in the Northparkes growth pathway

versus adding further grinding capacity. The circuit is not sized for a future

15Mtpa operation, which would require additional CPF capacity or a different

processing configuration.

E22 creates the infrastructure platform for further growth. E22 carries A

$545m EVN-share capex, with first ore targeted around end-FY30 and steadystate production of ~6Mtpa. The project adds a dedicated ~6Mtpa conveyor

alongside the existing ~6–6.5Mtpa E26 hoist, supporting the ~11–12Mtpa

mining opportunity. The conveyor has an upgrade path from two drives/

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