Evolution Mining Limited is pleased to provide a preliminary summary of its production, costs, and financial performance for the September 2020 quarter. This summary is being released to coincide with the annual Diggers and Dealers Mining Forum which commences today in Kalgoorlie, Western Australia. Full activities for the September quarter will be released on Tuesday 27 October 2020.
Group summary:
- Gold production of 170,021 ounces
- All-in Sustaining Cost (AISC)1 of A$1,198 per ounce (US$857/oz)2
- All-in Cost (AIC)3 of A$1,663 per ounce at an AIC margin of A$871 per ounce
- Operating mine cash flow of A$272.3 million
- Net mine cash flow of A$183.4 million
Net bank debt of A$180.3 million (30 June 2020: A$196.4M) post FY20 final dividend of A$153.8 million
All the above metrics are tracking ahead of the FY21 plan. These results exclude any contribution from Cracow which was divested on 1 July 2020.
Evolution also advises that a major milestone has been achieved for the Cowal underground mine development with the submission on 30 September 2020 of the Significant State Development (SSD) Application and the Modification 16 Development Application to the New South Wales Department of Planning, Industry and Environment. An Environmental Impact Study forms part of the SSD and will be on public display for a period of 60 days commencing in mid-October. The Feasibility Study for the Cowal underground mine is progressing in line with plan.
Commenting on these results, Evolution’s Executive Chairman Jake Klein said:
“It’s great to start the new financial year with continued positive momentum. Our operations are performing well and it is pleasing to be ahead of where we had planned to be at the end of the first quarter. Most importantly, the business continues to generate sector leading cash flow per ounce and our balance sheet remains strong with net debt reducing even after rewarding shareholders with their 15th consecutive dividend of A$153.8 million. The submission for approval of the Cowal underground mine is another important step towards achieving our objective of producing 350,000 ounces per annum of low-cost gold from this cornerstone operation.”
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