Evolution Mining shares drop as production guidance in doubt
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The news: Evolution Mining was one of the worst performers in morning trade after the gold and copper miner reported lower-than-expected production for the first quarter.
The numbers: Evolution shares were down 2% to $11.19 at 11:52am AEDT, having surged 138% over the last 12 months.
Evolution reported quarterly production of 174,000 ounces of gold and 18,000 tonnes of copper.
The miner said it remained "on track" to deliver its FY26 production and cost guidance.
The context: RBC Capital Markets analyst Alex Barkley called it a "soft Q1" with gold output missing consensus estimates by 5%.
It leaves the miner tracking below FY26 guidance in a year that is expected to skew to the first half.
Barkley said first-quarter production of 174,000 ounces annualises at 696,000 ounces, below guidance of between 710,000 and 780,000 ounces.
He also noted that some project details were omitted from the trading update, "potentially creating some uncertainty."
The sources: ASX, RBC Capital Markets research
