Evolution Mining more than triples interim dividend after breaking profit record in goldie litmus test

WA’s horde of gold miners are set to shower their backers with huge payouts — more so than some may have expected — after Evolution Mining released its half-year financial results. Evolution is the first Australian Securities Exchange-listed gold major to lift the lid on its financials for the first-half where the gold price went from strength to strength, continuously breaking records and now heading towards $US3000 an ounce. The Sydney-based outfit delivered a record net profit of $365 million, up 277 per cent year-on-year, with operating cash flow of $991m. After reducing its debt from $1.64b to $1.29b, Evolution rained riches down on shareholders — hiking the interim dividend from 2¢ to 7¢. The bumper result was better than the market expected, with Evolution’s shares up 1.6 per cent in early trade on a day where its gold peers were in the red. Managing director Lawrie Conway said the gold miner was continuing the momentum and on track to generate $2 billion of operating cash flow this financial year. “We have seen the benefits of the foundations laid during FY24 resulting in consistent and reliable delivery in FY25, with record breaking financial results and significant cash flow generation achieved in the first half,” he said. Evolution runs two mines in NSW, two in Queensland, and one in WA — the Mungari gold project, about 20km west of Kalgoorlie. It also owns the Red Lake mine in Canadian province of Ontario. Long-serving executive chairman Jake Klein will transition to an non-executive chair role in July.