The following is a summary of the Evolution Mining Limited (CAHPF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Evolution Mining reported a 7.5% increase in group cash flow to $85 million attributed to spot gold and copper prices along with boosted production.
The all-in sustaining cost per ounce was down 10%, quarter-over-quarter at $1,464.
Gearing decreased from 30% to 28% in this quarter.
Plans for higher production in the June quarter, combined with high metal prices, could increase cash flow and reduce gearing further.
Approximately 95% of production in the next two years is unhedged, providing leverage to the current high spot gold and copper prices.
Approximately $215 million are anticipated for the June quarter, falling short of the low-end guidance of $245 million. The primary contributor to this is the Cowal mine performance.
Business Progress:
Significant mineral resource growth was noted at Ernest Henry and Mungari, with a notable increase in proven or probable reserves.
The mining operation volume is expected to increase in FY '25 and further in FY '26 due to ramp-up in underground mining, offsetting the winding down of stage H in E42 pit.
Cowal mine showed major progress with more material from underground mining and it is predicted to yield at least 100,000 ounces of gold.
Mungari saw a boost in output from 32,000 ounces to over 40,000 ounces.
The expansion for Cowal underground mine is ongoing, with project completion expected in FY '26.
Evolution Mining reported satisfactory progress for its Cowal OPC project, awaiting regulator's response post the successful public consultation.
The feasibility study for E22 at Northparkes is ongoing, with a decision expected in H2.
A potential pump hydro study is in progress, with feasibility to be completed by mid-next year.
More details: EVOLUTION MINING LTD IR
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