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Evolution Mining mulls North American expansion amid weak gold price environment

ASX-listed Evolution Mining Ltd. is considering expanding into North America amid the relatively weak valuation of gold assets in the U.S. and Canada, The Australian reported Aug. 8, citing Executive Chairman Jake Klein.

Klein said the company has no "pressing need" for further acquisitions but can manage up to eight assets, hinting that it can purchase up to two more projects in addition to its current portfolio of six operating assets.

The company would prefer North American assets as they have a similar low geopolitical risk to Australia, but valuations in Australia are higher due to the recent success of midtier gold miners, Klein said.

Evolution is still scoping out the North American market and looking for an asset with an annual capacity of about 130,000 ounces and a nine-year mine life. It has not mandated any investment banks for a deal.

The company's gold production in the fourth fiscal quarter fell 7% year over year to 202,254 ounces of gold at an all-in sustaining cost of A$846 per ounce.