Evolution Mining (ASX: $EVN) Quarterly Report March 2024 Overview

Evolution Mining Limited (ASX: $EVN) reported a 7.5% increase in group cash flow to $85 million with gold production up 15% to 185,252 ounces at a lower All-in Sustaining Cost (AISC) of $1,464 per ounce. The company's cash on hand and liquidity increased to $215 million and $740 million respectively. Additionally, the balance sheet deleveraged with gearing falling to 28%. The company maintained its FY24 guidance for gold and copper production, with a material increase in gold production expected in the June quarter.

Executive Commentary on Evolution Mining's Quarterly Performance

'We continue to see increased cash generation with the cash balance up 13% to $215 million and gearing improving to 28%. Our portfolio is well positioned to benefit from high spot gold and copper prices with 95% of gold production unhedged and no copper hedging. Several milestones were achieved with Ernest Henry now fully repaid, Northparkes significant inaugural quarterly cash flow and the Cowal underground reaching commercial production, transforming the Cowal operation.'

Summary of Evolution Mining's Quarterly Report and Outlook

Evolution Mining (ASX: $EVN) reported a strong quarterly performance with increased cash flow, improved gold production, and significant operational milestones. The company maintained its FY24 guidance for gold and copper production, with a material increase in gold production expected in the June quarter. Exciting new drilling results at Ernest Henry and Mungari are expected to drive resource additions and potential reserve growth, positioning the company for future production. With a focus on cash generation and cost control, Evolution Mining remains well positioned to benefit from high spot gold and copper prices, maintaining a positive outlook for the upcoming quarters.