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Evolution's fiscal Q1'19 gold output drops YOY

Evolution Mining Ltd. said Oct. 15 that gold production dropped to 200,218 ounces at all-in sustaining costs of A$885 per ounce in the first quarter of its fiscal 2019 from record output of 220,971 ounces of gold and record-low AISC of A$786 per ounce in the same period a year ago.

Gold output at the Cowal mine in New South Wales fell to 61,260 ounces at AISC of A$958 per ounce from 70,140 ounces at AISC of A$712 per ounce. The Mount Carlton mine produced 26,197 ounces of gold at AISC of A$831 per ounce, while the Ernest Henry copper-gold mine produced 25,638 ounces at a negative AISC of A$617 per ounce.

Silver production in the period ended Sept. 30 totaled 189,553 ounces, with copper output at 5,866 tonnes.

Operating mine cash flow stood at A$196.9 million. Net debt totaled A$78.2 million as of Sept. 30, impacted by a dividend payment and a A$12.0 million payment related to the ownership restructuring of the Castle Hill gold deposit.

Evolution sold 196,021 ounces of gold in the period at an achieved price of A$1,662 per ounce, lower than 208,239 ounces sold at an achieved price of A$1,675 per ounce in the June quarter.

Earlier this month, the Australian gold miner received regulatory approval from the New South Wales Department of Planning and Environment to increase the plant processing rate at Cowal by 31% to 9.8 million tonnes per annum. In addition, Evolution gave the go-ahead to progress underground development, stage-four pit cutback and relevant plant modifications at Mount Carlton.