Evolution Mining Stock Earnings Reports

Evolution delivered a strong December quarter: safe operational performance (TRIF down to 5.44), group production in line with plan (~195k oz gold, ~18.5kt copper) and a 54% increase in quarter cash flow to A$165m. The company remains on track to meet FY25 guidance (710koz gold, 70–80kt copper) with AISC guidance of US$1,475–1,575/oz, noting quarterly AISC was slightly elevated due to sales timing and a lower achieved copper price. Key highlights include Mungari’s 4.2Mtpa mill now scheduled to commission in the June quarter — ~9 months early and ~6% under original budget (~A$235m) — which should materially boost future cash generation; Cowal received NSW approval to extend open pit mining to 2042 (Board approval expected in June quarter) and is described as a ‘‘cash cow’’ generating strong cash flow; and the exploration program delivered positive results (Ernest Henry/Bert PFS initiated, Northparkes Major Tom and E51 expanded, new Cowal underground target) that could add incremental feed and life. Financially, operating and net mine cash flows set records (operating/ net mine cash flow of A$561m / A$263m for the period cited), net cash balance rose to ~A$520m after dividends, gearing fell to 22.6% (targeting ≤20% by end FY25), scheduled FY25 debt repayments are modest (~A$60m remaining), and the business benefits from significant spot-price upside with only ~25koz of hedging in H2. Capital discipline remains: some Mungari mine development capex is being brought forward to match earlier commissioning (group guidance unchanged). Other items: final FY24 dividend (A$0.05) paid; ongoing legal matter (class action) that the company will defend; Mt Rawdon pumped-hydro work progressing with government engagement ongoing.