Evolution Mining has reaffirmed its full-year performance targets across all measures following a solid September quarter, underpinned by robust cash generation and low-cost production.
The gold producer recorded group production of 154,000 ounces of gold and 18,000 tonnes of copper for the quarter. Driven by strong copper exposure and strict cost discipline, Evolution’s all-in sustaining cost (AISC) came in at AU$1,653 per ounce, placing it among the lowest in the resources sector.
Operating mine cash flow reached AU$775 million, while net mine cash flow stood at AU$466 million, supported by positive cash generation across all operating sites. The Ernest Henry operation in Queensland delivered a standout performance, posting a record net mine cash flow of AU$186 million.
The quarter closed with group cash flow of AU$185 million, lifting the company’s total cash balance by 9 per cent to AU$1.47 billion and strengthening its net cash position to AU$141 million.
Evolution Mining CEO Lawrie Conway said the business remains on track to meet its annual targets despite a slower operational start to the financial year.
“After the first quarter we remain on track to deliver to all key FY27 Group guidance measures, albeit after a slower start than expected for the September quarter,” Conway said.
“Our focus on preserving our margin, complemented by the upside from our copper exposure, resulted in an all-in sustaining cost of AU$1,653 per ounce, below the low end of group guidance at a margin of 73 per cent.”
Total major capital expenditure for the quarter included investment mainly in Stage 2 Castle Hill mine development and underground ventilation at Mungari, the advancement of key growth projects at Cowal, commencement of the Bert development and underground ventilation upgrades at Ernest Henry, and growth projects at Northparkes.
At Northparkes, the board approved AU$72 million for a Concentrate Regrind and Filtration Project to boost metal recoveries.
Furthermore, exploration drilling intersected significant mineralization at Ernest Henry up to 900 metres below current production levels.
