By Rhiannon Hoyle

Australia's Evolution Mining reported a record-high half-year profit and dividend amid a boom in gold and copper prices, and said it has approved some new growth projects that it expects to be lucrative.

The miner said on Wednesday that it made a net profit of 766.6 million Australian dollars (US$543.8 million) in the six months through December, up from A$365.1 million a year earlier. Directors declared an interim dividend of 20 Australian cents a share, up from 7 cents a year ago.

Both were record highs owing to surging gold prices, which recently climbed to an all-time high on strong demand from central banks and from investors concerned about the outlook for the U.S. dollar and interest rates.

Underlying profit of A$785.2 million was also a record, up from A$385.1 million a year earlier. Market analysts expected a profit around A$802.3 million, according to a consensus forecast collated by Visible Alpha.

Evolution said its board has approved several projects, including a A$545 million block cave at the Northparkes mine in Australia's New South Wales state. The company will explore how it can increase processing capacity at that operation.

Directors also approved a A$160 million development of the Bert deposit at its Ernest Henry mine in Queensland state.

The projects are expected to deliver higher returns across the portfolio, Evolution said.

"The investments announced today are expected to deliver returns in the range of 23% to 48%, which is higher than our current portfolio's average return of 18%," Chief Executive Lawrie Conway said.

The miner also agreed to buy an exploration project, called Two Times Fred, in British Columbia. It signed an agreement for an option to acquire another, called Clisbako.

Conway said Evolution's first-half result reflects "our ability to capture the upside in a favorable metal price environment."

Evolution was paid 48% more for the gold it produced versus a year earlier.

Copper prices have also surged to new highs recently on the back of strong demand and supply disruptions. Evolution's average copper price was 24% higher than the year-earlier period.

Conway said the record dividend "meets our commitment to reward shareholders in the current high metal price environment."

The impact of higher prices dwarfed a drop in production, with first-half gold and copper output down 6.0% and 4.1%, respectively.

Evolution's so-called all-in sustaining cost, a key measure of how much it costs to keep a mine running, was 4.0% lower year over year.

Amid the surge in earnings, the miner continued to deleverage its balance sheet, Conway said.

Evolution reported gearing--a measure of debt to equity--of 6.0% at Dec. 31, from 23% a year earlier. Net debt totaled A$362 million at Dec. 31, down from A$1.29 billion a year earlier.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

February 10, 2026 17:53 ET (22:53 GMT)

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