Business
16 October, 2025
Evolution Mining continues to kick goals after record year
The future looks bright for the shareholders of Cloncurry's Ernest Henry Mine.
Evolution Mining has capped off a record-breaking year, underpinned by strong performance across its portfolio and a standout contribution from the Ernest Henry copper-gold mine near Cloncurry.
The company’s FY25 Annual Report, released yesterday, revealed record operating cash flow of $2.3 billion, a net profit of $926 million – up 119 per cent year-on-year – and a fully franked 13 cent final dividend, more than double last year’s payout
Ernest Henry delivered $541 million in operating mine cash flow, producing 70,625 ounces of gold and 47,776 tonnes of copper, cementing its reputation as one of Australia’s most efficient underground operations.
Copper was a defining feature of Evolution’s FY25 story. Across the group, the company produced 76,261 tonnes of copper, reinforcing its status as a dual-commodity miner strategically exposed to both gold and the metals vital for global electrification
Evolution’s Ernest Henry Mine Extension Feasibility Study, completed in the June quarter, points to long-term copper growth and sustained regional employment, while exploration at nearby prospects – such as Bert and Ernie Junior – returned “significant assay results” showing strong potential for further resource expansion
Beyond operations, Evolution advanced its Cloncurry North JV and Corella exploration projects, adding more than 1200 square kilometres of highly prospective ground near Ernest Henry.
The company is positioning itself as a key player in Queensland’s critical minerals landscape at a time when domestic copper supply and processing capacity are under increasing scrutiny.
Evolution chairman Jake Klein, who has stepped down from his executive role, described the year as proof of a “disciplined strategy and a high-quality portfolio,” noting the company had delivered $3.7 billion in economic value to Australia and Canada.
“On behalf of the board, I am delighted to report on what was an outstanding year for Evolution,” Mr Klein said.
“It is rewarding to reflect on our achievements, with the highlight being the value we created for all our shareholders – delivered in a safe, responsible and sustainable manner.
“In a high gold price environment, there is a temptation to do deals. We did not. Instead, we focused on capturing the benefit of the record gold price and made a lot of money, much of which we have returned to our shareholders.
“The mining industry continues to play a pivotal role in Australia’s economy, employing approximately 12 per cent of the national workforce, contributing 57 per cent of total tax revenue and generating nearly half of the country’s income. Evolution is proud to be a significant contributor, delivering $3.7 billion in economic value to Australia and Canada this year – representing around a 16 per cent increase on the previous year.”
Lawrie Conway, the CEO and managing director, praised the Evolution team for its success.
“We set out with a clear plan for improved performance. And we did just that – safely, consistently and with discipline,” he said.
“In a rising metals environment, our team delivered record-breaking results across our portfolio; generating improved shareholder returns and further deleveraging our balance sheet.
“The Ernest Henry Mine Extension Feasibility Study was completed in June and confirmed the outcomes of the 2023 Pre-Feasibility Study, notably that mine life could be extended to 2040.
“In addition, there are numerous ore sources – including the Bert ore body and Corella exploration project – providing future potential opportunities to optimise processing capacity.”
Evolution Mining shares soared over 130 per cent this year, trading at $11.09, helped by rising gold prices and a strong copper market.