Yeah, I hold EVN and they're performing well despite Red Lake. Guidance for FY25 looks good and I'm optimistic on medium-term gold prices. Worth a closer look!
EVN - Evolution Mining
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Evolution Mining FY24 Earnings Call Highlights
Evolution Mining FY24 Earnings Call Highlights
Evolution Mining (ASX: EVN) reported a clean sweep of better-than-expected revenue, EBITDA and net profit for FY24, boosted by soaring gold prices, higher production and stabilising costs.
www.marketindex.com.au
i hold EVN
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Market Matters afternoon report:
Evolution Mining (EVN) +6.82% rocketed today after it released solid quarterly production numbers highlighting its continued low-cost profile and improving free cash flow. The group also announced positive drill results at existing sites. Executing operationally once again – big tick for EVN!
The rest of the gold sector maintained momentum – Regis Resources (RRL) +6.67% , Newmont Corporation (NEM) +2.58% and Northern Star (NST) +1.82% all up 3 out of the last 4 sessions.
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Evolution Mining (EVN) +6.82% rocketed today after it released solid quarterly production numbers highlighting its continued low-cost profile and improving free cash flow. The group also announced positive drill results at existing sites. Executing operationally once again – big tick for EVN!
The rest of the gold sector maintained momentum – Regis Resources (RRL) +6.67% , Newmont Corporation (NEM) +2.58% and Northern Star (NST) +1.82% all up 3 out of the last 4 sessions.
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Evolution eyes nearly $2b of cashflow
Evolution Mining has started the 2024–25 financial year strongly, delivering high-margin cashflow growth.Evolution produced 193,554 ounces of gold and 19,059 tonnes of copper in the September quarter, with an all-in sustaining cost (AISC) of $1569 per ounce, maintaining one of the sector’s lowest-cost profiles.
The company’s operating mine cashflow reached $429 million, representing a 61 per cent margin of $2227 per ounce.
Evolution generated group cashflow of $108 million, bringing the company’s cash balance to $484 million, compared to $403 million at the end of June 2024.
“It is very satisfying to start the year in a positive way with a first quarter on plan with an improved safety performance,” Evolution Mining managing director and chief executive officer Lawrie Conway said.
“With spot prices well above the achieved prices in the September quarter and the business delivering to plan, we are on track for over $1.9 billion of operating cash flow for the year.”
Safety performance saw a significant improvement, with the company reducing its total recordable injury frequency (TRIF) by 7.4 per cent to 7.12.
Scheduled shutdowns at the Ernest Henry, Cowal, and Northparkes mines were completed successfully, supporting steady production levels.
Among its key operations, Red Lake delivered a record quarter with 37,319 ounces of gold production and a net mine cashflow of $67 million.
The Mungari mill expansion project, Mungari 4.2, remains on schedule and within budget.
Evolution said it remains on track for its 2024–25 production guidance of 710,000–780,000 ounces of gold and 70,000–80,000 tonnes of copper at an AISC of $1475–1575 per ounce.
Evolution eyes nearly $2b of cashflow
Evolution Mining has started the 2024-25 financial year strong, delivering a solid operational performance and high-margin cash flow growth.
www.australianmining.com.au
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Craton
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Nice uptick, still roughly a buck and a half off all time high.
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Evolution is Market Matters' top pick for their active growth p/f for performance in early cal 2025.
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Not Buying
Like all commodities, gold is cyclical, but it’s in the middle of a bullish trend that could ultimately surprise many on the upside. EVN has been our preferred vehicle to play this move due to the company’s strong operational transformation in addition to its acquisition of an 80% stake in the NSW Northparkes copper and gold mine from China Molybdenum Co. (CMOC) this time last year when the price was gold prices were ~30% lower. EVN is now a 75% gold and 25% Copper play, and at MM, we’re also bullish on the industrial metal over the coming years, making EVN a great vehicle for exposure to our views.
Not Held
Not Buying
Like all commodities, gold is cyclical, but it’s in the middle of a bullish trend that could ultimately surprise many on the upside. EVN has been our preferred vehicle to play this move due to the company’s strong operational transformation in addition to its acquisition of an 80% stake in the NSW Northparkes copper and gold mine from China Molybdenum Co. (CMOC) this time last year when the price was gold prices were ~30% lower. EVN is now a 75% gold and 25% Copper play, and at MM, we’re also bullish on the industrial metal over the coming years, making EVN a great vehicle for exposure to our views.
- We are bullish toward EVN, looking for a break of its 2020 high through 2025/6.
