Unhedged Production and Low AISC Drive Evolution Mining to Net Cash Position

Evolution Mining reached a net cash position during the March 2026 quarter. The company captured this liquidity through an unhedged production strategy, which allows producers to realize 100% of spot price movements during a rally. This performance was amplified by operating leverage, where fixed costs remain constant as revenues scale. Producers with All-in Sustaining Costs (AISC) below USD $1,200 per ounce experienced revenue leverage of 3-5x EBITDA expansion when gold prices moved from USD $1,800 to USD $2,000 per ounce. For every USD $100 per ounce movement above AISC, free cash flow per ounce increases by approximately USD $80-95 after accounting for income tax rates of 25-35%. Evolution Mining achieved its net cash position through higher gold prices combined with consistent operational delivery.