Resource and Reserve Outlook Strengthens Across Core Assets
Evolution Mining has released a fresh mineral resources update, unveiling stronger gold reserves across several key assets and reinforcing its long-term outlook through copper integration. The company’s latest reporting shows total ore reserves have grown 4% to 9.6 million ounces, driven primarily by gains at the Mungari mine in Western Australia.
This annual reserve and resource statement reveals a deliberate reshaping of Evolution’s portfolio—shifting toward assets with 15+ year mine lives, higher-margin gold, and increasingly copper-endowed projects like Ernest Henry and Northparkes.
Mungari Expansion Leads Gold Reserve Gains
A standout from this year’s update is the Mungari operation, where reserves surged by 35% following successful extension drilling and the ongoing Frog’s Leg and Boomerang underground development. The updated numbers position Mungari as a long-life cornerstone for Evolution in Western Australia.
“Mungari continues to deliver, and our expansion strategy is positioning it as a flagship for low-cost, high-quality production,” said CEO Lawrie Conway during the release.
With a planned increase in mill capacity and mine life extensions now secured, Evolution expects Mungari to play a critical role in sustaining consistent gold output well beyond 2035.
Source: Discovery Alert
Strategic Scale-Back at Red Lake
In contrast, the Red Lake project in Ontario, Canada has undergone a measured reserve reduction of 600,000 ounces, reflecting refined modelling, updated costs, and a narrowed production focus.
While the headline reduction appears sharp, Evolution stated the change aligns with its strategy to concentrate on higher-grade, economically robust zones at Red Lake, rather than maximising volume. Exploration will continue in select areas, but capital intensity will shift to Australia-based growth assets.
“We’re focused on quality ounces, not just ounces for ounces’ sake,” Conway added.
Copper-Rich Assets Add Long-Term Optionality
The Ernest Henry copper-gold operation in Queensland and Evolution’s 80% stake in Northparkes have also featured in the updated report, with emphasis on growing copper endowment. These two assets now contribute meaningfully to Evolution’s resource base and position the company to benefit from long-term decarbonisation and electrification trends.
The combined copper mineral resource stands at 1.26 million tonnes, with reserves of over 560,000 tonnes. This gives Evolution one of the most balanced portfolios among Australian mid-tier miners, with increasing exposure to future-facing metals while still delivering on its core gold strategy.
Ernest Henry underground mine contributes significantly to Evolution’s copper-gold resource base.
Source: Finance News Network
A 15-Year Vision Anchored in High-Quality Ore
Across all operations, Evolution Mining’s gold reserves and resources now support a 15-year average mine life, aligning with its vision of sustainable, low-risk growth. The company has stated its ambition is to generate stable free cash flow while preserving flexibility through exploration, partnership, and selective development.
Current highlights from the FY25 update:
- Gold ore reserves:6Moz (up 4%)
- Gold mineral resources:8Moz (inclusive of reserves)
- Copper mineral resources:26Mt
- Life of mine average: >15 years across operating sites
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Evolution’s Outlook: Disciplined Growth, Copper Diversification
Evolution’s strategy is now firmly anchored in margin-focused gold production, long-life mine planning, and increasing copper leverage. While many peers chase scale through M&A, Evolution is investing in deepening known resources and extracting greater value from existing operations.
With robust metrics from Mungari, copper-rich options in the east, and disciplined guidance across its Canadian assets, the company appears poised to navigate shifting commodity cycles while staying true to its low-cost, high-return model.
Conclusion: Evolution Sharpens Focus on Quality and Longevity
Evolution Mining’s latest reserves and resources report highlights a shift toward quality and longevity, as its gold assets mature into more efficient, future-ready operations. The company’s pivot toward long-life, copper-integrated operations could serve as a model for sustainable mining in a decarbonising world.
