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It’s been a rosy start to the year for Evolution Mining (ASX:EVN), and the latest victory has come in the spreadsheets: The Australian gold miner today reported net profits of up to $365 million for the six months through to December 2024.
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The word “record” was used a hefty 19 times in the company’s financial report shared early on Wednesday morning – and not without due cause either.
Maybe most importantly, Evolution’s earnings per share rose to a “record” 18.4%.
This comes after the miner scored a 277% jump in net profits (also a “record”) to December.
On top of all those records already in the books, Evolution hopes to bust several more with 710,000 to 780,000 ounces in full-year gold production and 70,000 to 80,000 tonnes of copper at a cost of $1,475 to $1,575 an ounce.
“We have seen the benefits of the foundations laid during FY24 resulting in consistent and reliable delivery in FY25,” Evolution’s managing director and CEO Lawrie Conway said.
Then the Evolution MD went back to the well, spruiking the gold miner’s “record-breaking results” several times in his post-results address today.
“It’s very satisfying to finish the first half on plan supported by an improved safety performance,” Mr Conway continued. “With spot prices well above the achieved prices in the first half and the business well-placed to deliver on FY25 guidance, we are on track to generate over $2B of operating cash flow.”
All this comes amid a gold price windfall the gold miner will only benefit from; the safe haven metal is quickly barreling towards US$3,000 an ounce.
Even today, it’s hovering at an all-time high and doesn’t seem to be slowing down.
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“We knew when [Donald Trump] was coming into office that it would have an impact on the gold price, and we expected it to be positive depending on which way he decided to take his administration,” Mr Conway told The Australian on Sunday.
The trick, the Evolution CEO pointed out, is that companies in the sector have to show shareholders they can capitalise on these prices – and he believes Evolution can.
“What the shareholders want to see is that [the cash] is actually hitting the bank account,” he continued. “I think if we can demonstrate that as an industry, there will be more support and then the re-rate would flow on from that.”
Evolution has been on a bit of a tear share price-wise too, adding 105% in a year.
Today, the gold miner will be selling at $6.22 a share at open.
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