Evolution shares up 3% on quarterly results for June showing rise in gold production

Evolution Mining Ltd (ASX:EVN) has seen its share price move up more than 3% on news that its gold production for the June quarter had risen 14% to 212,070 ounces, with copper production remaining steady at 20,318 tonnes, with economic parameters also looking positive.

In its quarterly report to the market, Evolution also noted that net mine cash flow for the period was also up 74% to $242 million (making it around $1,170 an ounce), while the all-in sustaining cost had dropped 13% to $1,275 an ounce.

The company – which owns five mines outright across three Australian states and Ontario in Canada – also reflected on strong exploration work, particularly at Queensland mine Ernest Henry, where an intercept of 51.7 metres (43.0 metres estimated true width) grading 4.12 grams per tonne gold and 1.65% copper was picked up through extensional drilling.

This, Evolution said, was the highest every gold intercept drilled at the mine.

Managing Director and CEO Lawrie Conway said the results were a testament to the strength of the company’s assets and production flow.

“We had an outstanding June quarter with sector leading cash generation and low costs which showcase the quality of our portfolio,” he said.

“We achieved multiple records at an operational level and I am particularly pleased that June was the strongest month of the quarter which builds momentum moving into FY25. This result is a credit to our team.”

At 11:53 AEDT, Evolution shares were trading at $4.11, a rise of 3.26% since the market opened.