Evolution Mining's Copper Growth is Coming

Dow Jones10:22

0222 GMT - Evolution Mining is poised for more copper growth in FY28-29, although it will require a step up in investment spending, says UBS. The bank sees rising copper volumes coming from both Northparkes and Ernest Henry. "Now awaiting guidance, we expect capex to step materially higher than EVN's former 5-year target of A$750 million-A$950 million [per annum] as it looks at various potential expansions," UBS says. It forecasts FY27 capex of A$1.3 billion. The bank raises its share-price target to A$13.00 from A$12.00 to reflect increased expected mine life and output at some operations. It keeps a neutral rating. "Next catalysts are the FY27 guidance in two weeks and September site visits" to Cowal and Ernest Henry, UBS says. Shares are up 1.8% at 13.23 Australian dollars.

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