Evolution Mining delivered record group cash flow of $1.39 billion last financial year, with Cloncurry’s Ernest Henry operation also landing bumper cash flow for the period.

The company’s latest quarterly report showed that it recorded a high margin of $1958/oz in FY26.

“The June quarter rounded out a great year for Evolution,” Evolution Mining (ASX: EVN) managing director and chief executive officer Lawrie Conway said.

“FY26 saw us deliver into our group guidance, deliver record cash flows, move to a net cash position and, at the end of June, we are now fully unhedged.

“Our growth projects are on track and budget. We captured the benefits of the high metal prices while maintaining our discipline on costs and capital to be one of the lowest-cost producers in the sector.”

Related: Evolution makes strides on Bert mining front

In addition to the Ernest Henry and Mount Rawdon sites in Queensland, Evolution owns the Cowal and Northparkes operations in New South Wales, Mungari in Western Australia, and Red Lake in Canada.

Mr Conway said all operations were net cash positive for the year.

For the full year, the group produced 715koz of gold and 66kt of copper at a sector-leading AISC (all-in sustaining cost) of $1717/oz.

The company expects to lift sustaining capital investment this year by about $50-60 million above the FY26 figure.

Mine development will ramp up in FY27 at Northparkes (the E22 development), Cowal (E42), and Ernest Henry (Bert), with about $130-160 million higher mine development expected.

“With all operations having organic growth options in a group mine life of 15 years, we want to ensure long-term sustained operational reliability,” Mr Conway said.

“To achieve this, now is the right time to allocate additional investment in fleet replacement and infrastructure.”