Evolution Mining shares (ASX: EVN) added 2.2% to A$13.95 today, as the company spent September steadily converting its Nevada North lithium joint venture from a promising concept into a defined development path.
Overnight, joint venture partner Surge Battery Metals confirmed that drilling has begun on the 2026/27 program at the Nevada North Lithium Project in Nevada, after receiving approval from the US Bureau of Land Management. The program is explicitly designed to feed a Bankable Feasibility Study, with core, sonic and reverse circulation rigs gathering the geotechnical, hydrogeological and metallurgical data engineers need to design a mine plan. Evolution holds 32.5% of the JV vehicle, with Surge holding the balance.
The scale being targeted is substantial. The project’s updated resource estimate reports 657.5 million tonnes grading 3,007 parts per million lithium, containing an estimated 10.5 million tonnes of lithium carbonate equivalent. “With BLM approval in hand and rigs turning, we are now collecting the data our engineers need to design the mine plan,” Surge chief executive Greg Reimer said.
Earlier this month, the JV produced 99.95% battery-grade lithium carbonate from project ore using a conventional flowsheet, effectively proving ore-to-battery chemistry at pilot scale. Days before that, the venture signed an access and mitigation agreement with the Salmon River Cattlemens Association, resolving protests against water applications and securing surface and water access for the life of the project.
The lithium angle is landing on top of an already strong core business. Evolution’s FY26 results showed record statutory net profit of around A$767 million, underlying profit near A$785 million and EBITDA margins around 57%, with operating mine cash flow of A$1.733 billion and net mine cash flow up 151% to A$1.093 billion. The company has now paid 26 consecutive dividends, including a fully franked 20 cent interim earlier this year, and the EVN share price has added 10% since the turn of 2026.
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The Setup From Here
On the technical side, the trend structure is constructive. The share price sits above its 50-day moving average of A$13.18, which itself sits above the 200-day average of A$13.03, pointing to an established uptrend that has followed from the sub A$10 levels of July.
Bulls will be looking to ensure the head and shoulders pattern on the chart that had been forming snaps to the upside, whilst bears will be eager to see the stock firmly rejected around A$14 to complete the buildout. There will be plenty of technical traders eyeing up how the week develops from here.
