Evolution Mining has reported a surge in mine cash flow for the December 2024 quarter, reflecting record levels driven by strong production and favourable gold prices.
The gold miner delivered $561 million in record operating mine cash flow and $263 million in net mine cash flow, a 31 per cent and 53 per cent increase quarter-on-quarter, respectively.
“Our cash flow materially increased by 54 per cent in the December quarter, reflecting the safe delivery of low-cost production and the benefits derived from the high metal price environment,” Evolution managing director and chief executive officer Lawrie Conway said.
“We are on track to meet our guidance for the year, which should provide a significant step up in cash flow compared to FY24 (the 2023–24 financial year).”
The Mungari mill expansion in Western Australia, a key growth project, is now nine months ahead of schedule and six per cent below its original $235 million budget.
The Mungari expansion aligns with Evolution’s broader strategy to sustain strong cash flows while advancing key growth projects. As the project accelerates, the company is poised for significant incremental cash generation in the second half of FY25.
Evolution’s gold production for the December quarter equalled 194,793 ounces, while copper production totalled 18,554 tonnes.
Key contributors to cash flow included the Cowal and Northparkes operations, with Northparkes delivering a record $49 million in net mine cash flow under Evolution’s ownership.
Evolution has maintained financial flexibility, ending the quarter with $520 million in cash and total available liquidity of over $1 billion, including a $525 million undrawn credit facility.
“The excellent exploration results announced today, will serve to enhance our high margin portfolio,” Conway said.
Evolution affirmed that its FY25 guidance is on track, supported by solid production levels, efficient cost control, and higher gold prices.
With an achieved average gold price of $4069 per ounce in the December quarter, Evolution is well-positioned to capitalise further on rising gold market trends.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
