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Evolution hikes FY'20 production cost estimate; fiscal Q1 output slips YOY

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Evolution hikes FY'20 production cost estimate; fiscal Q1 output slips YOY

Evolution Mining Ltd. raised its all-in sustaining cost guidance for fiscal 2020 by A$50 per ounce to A$940/oz to A$990/oz, partly due to operational issue at a mine.

The guidance was increased by A$30/oz due to a revised mine plan at the Mount Rawdon pit in Queensland, Australia, and A$20/oz due to higher royalty payments and lower by-product credits.

The company maintained its production guidance of 725,000 to 775,000 ounces.

In the first fiscal quarter ended Sept. 30, Evolution produced 191,967 ounces of gold at all-in sustaining costs of A$1,018/oz, including 75,807 ounces produced at the Cowal mine in New South Wales, Australia, at all-in sustaining costs of A$885/oz.

Production in the year-ago quarter totaled 200,218 ounces of gold at all-in sustaining costs of A$885 per ounce.

Gold sales in the quarter totaled 205,188 ounces of gold at an average price of A$2,111/oz, an increase over the prior-year sales of 196,021 ounces at A$1,662/oz.