Australian miner Evolution Mining is progressing plans to convert its Mt Rawdon gold mine in Queensland into a pumped hydro energy storage facility, with chair Jake Klein using the company’s AGM on Thursday to highlight the “landmark” project.

Klein said the 2025 financial year had been a record for the company, supported by strong gold prices and disciplined operational delivery, and noted that the closure of Mt Rawdon as a gold operation marked “a fitting final chapter” before its shift into long-duration renewable-energy infrastructure.

“In what has been a record year for Evolution, it’s somewhat fitting that it also marks the final chapter for Mt Rawdon as an operating gold mine,” Klein told shareholders.

“We are well advanced in our vision to repurpose the site into a pumped hydro power station, together with the Queensland government. We welcome the Crisafulli government’s interest and involvement in this landmark project, which will facilitate low-cost renewable power and employment opportunities for decades to come.”

The Mount Rawdon pumped hydro project will be the first working gold mine in Australia to be repurposed as a power station and energy storage facility, with the capacity to generate 20 000 MWh of electricity each day.

Klein also reflected on the long history of the operation, noting the recent visit of David Muller, the prospector who drilled the first holes in the Mt Rawdon deposit nearly 50 years ago.

“David and three generations of the Muller family recently made their pilgrimage back to Mt Rawdon, marking a full circle and a fitting final chapter for Mt Rawdon as a gold mine,” he said.

Further, Klein added that while Evolution was benefitting from a “sustained case for gold”, the company’s focus remained on disciplined capital allocation and on capturing margin gains for shareholders.

Evolution paid a full-year dividend of 20c a share, totalling $400-million for 2025.

“We have a bold team, a clear strategy and the desire to succeed. Our future is bright,” Klein said in closing.