Australian miner Evolution Mining has approved a series of growth and development projects at its Northparkes and Ernest Henry operations, as well as new exploration investments in Canada, aimed at improving returns across its portfolio.

The company on Wednesday announced board approval for the development of the E22 block cave at Northparkes, with a capital investment of $545-million, establishing a long-life, low-cost bulk underground mining operation. The project is expected to deliver a rate of return of 28% at base-case metal prices and 38% at upside prices.

The E22 block cave is expected to produce first ore by the end of the 2030 financial year and operate for about nine years, enabling steady-state underground production of about six-million tonnes a year. 

Evolution also approved the Northparkes coarse particle flotation project, involving capital investment of about $75-million to upgrade flotation and dewatering areas. The project is expected to lift concentrate-grade adjusted copper recovery by about 2% at current throughput rates and support increased processing capacity of up to 8-million tonnes a year.

Further, the miner approved funding of $14-million for the Northparkes expansion study, including a prefeasibility study to assess increasing mill capacity to 10-million tonnes a year or more.

At Ernest Henry, the board has approved development of the Bert deposit, with total capital investment of $160-million. The project is expected to provide incremental feed to use latent mill capacity and enhance operational flexibility.

In Canada, Evolution entered into agreements to acquire the Two Times Fred exploration project and secure an option over the Clisbako project in British Columbia. Evolution plans to start drilling at both projects in the first half of the 2027 financial year.

"The investments announced today are expected to deliver returns in the range of 23% to 48%, which is higher than our current portfolio’s average return of 18%. This disciplined approach, supported by a flexible balance sheet, allows us to also continue investing in key exploration projects like the Two Times Fred and Clisbako projects in Canada we announced today," said MD and CEO Lawrie Conway.

"Following record half-year financial results, we are well positioned to sustain higher returns and deliver ongoing value for shareholders."