Evolution Mining Ltd. reported a 6% fall in annual net profit.

The Australian gold miner is tipping gold production to grow by about 25 per cent over the next few years following 12 months of portfolio changes and consolidation.

"FY22 was a pivotal year for Evolution, with the portfolio transformed through the consolidation of the Mungari district, the acquisition of full ownership in Ernest Henry and the divestment of Mt. Carlton," said Executive Chairman Jake Klein.

Shares of Evolution Mining dropped 3.9% following the announcement.