Evolution Mining has marked a robust quarter, highlighted by substantial gains in cash flow and heightened gold production, according to its latest financial report.
The company’s quarterly group cash flow soared by an impressive 171%, reaching $230 million compared to $85 million in the previous quarter. The full-year cash flow totaled $367.3 million.
Gold production saw a notable increase of 14%, reaching 212,070 ounces, while copper production remained steady at 20,318 tonnes.
Evolution Mining also achieved a record quarterly net mine cash flow, rising by 74% to $242 million, equivalent to $1,170 per ounce. Furthermore, the company reported a significant reduction of 13% in all-in sustaining costs, down to $1,275 per ounce.
In exploration endeavors, Evolution Mining achieved another milestone by setting a record for the highest grading drilled at its Ernest Henry mine site. The drilling yielded 51.7 meters grading 4.12 grams of gold per tonne and 1.65% copper.
The positive financial performance comes amid a favorable market environment. Evolution Mining’s shares have demonstrated steady growth in recent weeks, recovering steadily over the past six months following setbacks in early 2023 due to higher-than-anticipated mine costs and a challenging December quarter.
The surge in gold prices globally, which hit record highs, contributed to the upbeat sentiment in the market. Additionally, increased global demand for copper has further bolstered optimism, with analysts at Macquarie revising their price forecasts for 2024 upwards in May.
“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,” commented Lawrie Conway, CEO and managing director of Evolution Mining.
Evolution Mining’s strong quarterly performance underscores its resilience and strategic positioning in a volatile commodities market, setting a positive trajectory for future growth.
Dailygoldprice provides you with live gold prices so that you can always understand the changes in the price of gold and better invest in gold.