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Evolution achieves record production, all-in sustaining costs in fiscal Q1'18

Evolution Mining Ltd. said Oct. 16 that it produced a record 220,971 ounces of gold in the first quarter of fiscal 2018, up from 218,079 ounces in the June quarter, at record-low all-in sustaining costs of A$786 per ounce.

The company lowered its full-year guidance to between 750,000 and 805,000 ounces of gold, from between 820,000 and 880,000 ounces previously, at an all-in sustaining cost of between A$820 to A$870 per ounce following the completion of the Edna May gold mine sale to Ramelius Resources Ltd.

The Cowal gold mine in New South Wales produced 70,140 ounces of gold at A$712 per ounce. The Mount Carlton mine produced 29,994 ounces of gold at A$429 per ounce, while the Ernest Henry copper-gold mine produced 23,682 ounces at a negative all-in sustaining cost of A$614 per ounce.

Operating mine cash flow reached a record high of A$210.4 million. Net debt was further reduced to A$342.0 million through A$40.0 million in debt repayments.

Evolution sold 221,158 ounces of gold in the period, from 219,253 ounces in the June quarter.