Bell Potter says this ASX 200 gold share is a buy with 18% upside

If you thought it was too late to gain exposure to the booming gold price, then think again.

That’s because Bell Potter has just named one ASX 200 gold share as a buy with plenty of upside.

Which ASX 200 gold share?

The gold miner that Bell Potter is recommending to clients is Evolution Mining Ltd (ASX: EVN).

It was impressed with its performance in the second quarter, with gold production and all-in sustaining costs (AISC) beating expectations. It said:

EVN has reported a strong December quarter 2025 result. Group production was 191.2koz gold and 17.9kt copper (vs BPe 189.2koz gold and 18.9kt copper). All-In-Sustaining-Costs (AISC) were A$1,274/oz (vs BPe A$1,446/oz), dropping 26% QoQ as copper by-product credits made a significantly increased contribution. A solid lift in gold production and steady copper production was in line with our forecasts.

EVN ended the quarter with cash and bullion of $967m (from A$780m qoq), after early debt repayment of $110m, a dividend payment of $116m and cash tax payment of $207m. EVN reduced FY26 AISC guidance by $100/oz (or 6%, midpoint basis), production guidance is unchanged.

Overall, the broker felt this was a “very positive result” and highlights that its copper exposure differentiates it from peers. It adds:

This was a very positive result, demonstrating consistent operational delivery, capital discipline and surging cash flows due to EVN’s effectively unhedged gold exposure. It also highlighted EVN’s copper kicker – a key aspect of its business that differentiates it from the majority of its peers but, in our view, is often overlooked by the market. EVN’s annualised copper production of 70-80ktpa is a significant boost to margins, free cash flow and shareholder returns. The market is becoming more attuned to this with the rising copper price and, combined with EVN’s other attributes, we expect this to continue driving EVN’s outperformance.

Time to buy

According to the note, the broker has retained its buy rating on the ASX 200 gold share with an improved price target of $16.70 (from $12.35).

Based on its current share price of $14.11, this implies potential upside of 18% for investors over the next 12 months.

Commenting on its buy recommendation, Bell Potter said:

EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life assets in Tier 1 jurisdictions and overseen by a high-quality management team. EVN has stated its intention to pass growing free cash flows on to shareholders. Our NPV-based Target Price lifts 35% to $16.70/sh and we retain our Buy recommendation.

The post Bell Potter says this ASX 200 gold share is a buy with 18% upside appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.