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Evolution's fiscal Q2'20 gold output down YOY; lower FY'20 output expected

Evolution Mining Ltd.'s gold output in the second quarter of fiscal 2020, based on preliminary results, dropped to 170,890 ounces from 181,996 ounces year over year.

All-in sustaining cost during the period amounted to A$1,069 per ounce, increasing from the year-ago AISC of A$973/oz.

Meanwhile, the company's production for the 2020 fiscal year is projected to hit the bottom end of its group output guidance of about 725,000 ounces, on the back of an unanticipated loss of ore tonnes that were planned to be mined out at its Mount Carlton operation in Queensland, Australia. Its fiscal 2020 group AISC guidance, however, stood pat at between A$940/oz and A$990/oz.

The Mount Carlton mine is now forecast to produce between 70,000 ounces and 75,000 ounces of gold at AISC of between A$1,150/oz and A$1,225/oz, compared to its previous forecast of between 95,000 ounces and 105,000 ounces at AISC of between A$800/oz and A$850/oz.

The Australia-listed gold miner also noted it enacted proactive measures at its Cowal mine in New South Wales, Australia, that would reduce its reliance on surface fresh water through the use of sub-surface water which is not expected to be subject to government restrictions.