Evolution Mining has started the 2024–25 financial year strongly, delivering high-margin cashflow growth.
Evolution produced 193,554 ounces of gold and 19,059 tonnes of copper in the September quarter, with an all-in sustaining cost (AISC) of $1569 per ounce, maintaining one of the sector’s lowest-cost profiles.
The company’s operating mine cashflow reached $429 million, representing a 61 per cent margin of $2227 per ounce.
Evolution generated group cashflow of $108 million, bringing the company’s cash balance to $484 million, compared to $403 million at the end of June 2024.
“It is very satisfying to start the year in a positive way with a first quarter on plan with an improved safety performance,” Evolution Mining managing director and chief executive officer Lawrie Conway said.
“With spot prices well above the achieved prices in the September quarter and the business delivering to plan, we are on track for over $1.9 billion of operating cash flow for the year.”
Safety performance saw a significant improvement, with the company reducing its total recordable injury frequency (TRIF) by 7.4 per cent to 7.12.
Scheduled shutdowns at the Ernest Henry, Cowal, and Northparkes mines were completed successfully, supporting steady production levels.
Among its key operations, Red Lake delivered a record quarter with 37,319 ounces of gold production and a net mine cashflow of $67 million.
The Mungari mill expansion project, Mungari 4.2, remains on schedule and within budget.
Evolution said it remains on track for its 2024–25 production guidance of 710,000–780,000 ounces of gold and 70,000–80,000 tonnes of copper at an AISC of $1475–1575 per ounce.
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