Evolution has had a bumper week, releasing details from its third quarter report and exploration at its Mungari and Cowal deposits in Western Australia and New South Wales.
Operational highlights from the quarterly report included the Ernest Henry copper-gold operation in Queensland returning to normal operations, and the Cowal mine ramping up its underground activities.
September gold production was 158,304 ounces (oz), in line with expectations of this being a lower quarter due to scheduled maintenance.
“During the September quarter, we delivered gold and copper production in line with our guided FY24 (2024 financial year) production profile, driving strong operational cash generation,” Evolution managing director and chief executive officer Lawrie Conway said.
“Capital expenditure during the period reflects investment in future growth projects and a reducing intensity level. We remain on track to deliver our full year guidance and financial deleveraging and with the current spot price around $3,000oz, still has further potential to accelerate.”
Exploration drillholes at Mungari and Cowal were also highlights for Evolution, returning intercepts from new mineralised positions in close proximity to underground mining fronts.
“The drilling results announced today highlight the potential for additional high-grade mineralisation outside of known mineral resources and near active mining fronts at both Mungari and Cowal,” Evolution vice president discovery Glen Masterman said.
“Mungari’s results underpin our strategy of continuing to discover and delineate further high-grade underground ore to support the plant expansion from 2.0 million tonnes per annum (Mtpa) to 4.2Mtpa, positioning the site to further increase its mineral resource.”
The results have reinforced Evolution’s focus on delivering high grade underground production at the site in the coming years.