MINING REFINING

Evolution Mining reports strong quarter as gold production lifts

Thu July 18 2024

The news: Evolution Mining has reported a strong quarter, with record cash flow and increased gold production. The numbers: Quarterly group cash flow was up 171% to $230 million for the quarter, compared to $85 million last quarter. Its full-year cash flow was at $367.3 million.

Gold production increased by 14% to 212,070 ounces while copper production remained level at 20,318 tonnes. The group also set its record quarterly net mine cash flow, up 74% to $242 million, the equivalent of $1,170 per ounce, while all-in sustaining cost reduced by 13% to $1,275 per ounce.

In exploration, Evolution also set a record for highest grading drilled at its Ernest Henry mine site, drilling 51.7 metres grading 4.12 grams of gold per tonne and 1.65% copper. The context: The copper and gold producer's share price has climbed steadily over the last few weeks, compounding a steady rebuild over the last six months after shares slid in January on mine cost blowouts and a weak December quarter.

Gold stocks soared on the ASX on Wednesday as gold hit record high prices globally. Copper has also been surging due to increased global demand, with Macquarie analysts raising their expected prices for 2024 in May.

What they said: “We achieved multiple records on an operational level and I am particularly pleased that June was the strongest month of the quarter which builds momentum moving into FY25," Evolution CEO and managing director Lawrie Conway said.

Source: https://www.capitalbrief.com/