Australia’s Evolution Mining on Wednesday reported record profit and earnings for the 2025 financial year, lifted by higher gold and copper production and stronger commodity prices, and raised its final dividend to a record A$0.13 a share.

The gold and copper miner posted statutory net profit of A$926-million for the year ended June 30, up 119% from a year earlier, while underlying profit nearly doubled to A$958-million. Underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) climbed 46% to A$2.21-billion, with the Ebitda margin improving to 51% from 47%.

The board declared a fully franked final dividend of 13c a share, more than double last year’s payout, taking the full-year dividend to a record 20c.

“The record financial performance in FY25 was achieved through safely delivering to plan across all of our operations,” MD and CEO Lawrie Conway said. “This is a great credit to the efforts of our employees and contractors who I sincerely thank for their achievements."

"Our cost and production performance in the year saw our balance sheet continue to strengthen, with gearing levels falling while successfully delivering several major capital projects."

Conway said Evolution remained focused on continuing to generate high cash margins in 2026 through its operational and capital management discipline to ensure the benefit of a strong commodity price environment flowed through to shareholders.

Gearing fell to 15% from 25%, while liquidity rose to A$1.29-billion. The company reaffirmed its investment-grade credit rating in July.

Gold output rose 5% to 750 512 oz and copper output climbed 12% to 76 261 t. The achieved gold price jumped 35% to A$4 300/oz, while all-in sustaining costs (AISC) increased 12% to A$1 653/oz.

For 2026, Evolution maintained guidance of 710 000 oz to 780 000 oz of gold and 70 000 t to 80 000 t of copper at an AISC of A$1 720/oz to A$1 880/oz.

Operational highlights included record output and cash flow at the Cowal, Ernest Henry, Mungari and Red Lake mines. Cowal received board approval for its A$430-million Open Pit Continuation project, extending mine life beyond 2042, while Mungari completed a mill expansion nine months ahead of schedule and 9% under budget.