Evolution Mining's (ASX:EVN) Northparkes copper project in New South Wales has credible options to utilize its larger resource base, while the Cowal mine, also in New South Wales, is assessing ways to defer low-grade stockpile feed, Jefferies said in a Tuesday note.

The mining firm indicated AU$1 billion per annum to AU$1.3 billion per annum of investment over the next decade. Higher spending shifts towards processing expansions, deeper underground infrastructure, and accelerated ore-source development from approved sustaining and replacement projects.

This could extend mine life, improve grade, and unlock latent capacity, with benefits likely to be seen from the mid to late 2030s. However, production remains flat until then, absent inorganic growth.

Northparkes offers the clearer volume pathway, but mine delivery is the constraint.

The brokerage maintained an underperform rating on Evolution and a AU$10.50 per share price target.