Evolution Mining's (ASX:EVN) March quarter results were "mixed" with gold production in line with Jarden's estimate but slightly below consensus, while copper output beat the research firm's estimate but remained more than 20% below consensus, said Jarden in a Wednesday note.

The company on Wednesday reported group production of 170,137 ounces of gold for the March quarter, down from 179,778 ounces of gold for the March 2025 quarter.

Jarden expects the company to report 3.26 billion operating earnings before interest, taxes, depreciation, and amortization (EBITDA) in fiscal 2026 with operating revenue of AU$5.63 billion.

The research firm added that Capricorn Metals (ASX:CMM) remains its sector preference on relative and absolute value, the "strongest" growth profile, and "sector-leading" management.

Jarden maintained its underweight rating on Evolution Mining and increased its price target to AU$8.60 from AU$8.50.

The company's shares fell almost 5% in recent Thursday trade, while Capricorn Metals' shares shed about 3%.