Evolution Mining has delivered a strong September quarter, generating record cash flows and significantly strengthening its financial position.
The company achieved a record net mine cash flow of $366 million and its second-highest operating mine cash flow of $676 million. Operationally, Evolution is on track to meet its full-year guidance, reporting a sector-leading All-in Sustaining Cost (AISC) of $1724 per ounce for the quarter.
The cash balance increased to $780 million, despite making $170 million in debt repayments during the quarter.
“Our operations continue to safely and reliably deliver to plan, and we are on track to deliver our full year guidance,” Evolution Mining managing director and chief executive officer Lawrie Conway said. “We are generating significant cash flow, enabling further financial deleveraging, and our gearing improved to 11 per cent.”
“Our projects are also advancing well and remain on schedule. The Mungari mill is on track for commercial production this month following a successful ramp-up, while the Cowal OPC project is being executed to plan, positioning us well to deliver on our FY26 strategic and financial objectives.”
The Mungari mill is located 600km east of Perth and 20km west of Kalgoorlie, and is situated within the Coolgardie Shire. It has been operated by Evolution since 2014, with a current mine life extending to 2038.
The Cowal Open Pit Continuation project’s primary goal is to extend the life of the gold mine until 2042. The open-pit gold mine site, located 350km west of Sydney, has been operated by Evolution since 2015
Evolution Mining operates five wholly-owned mines: Cowal and Mungari, as well as Mt Rawdon and Ernest Henry in Queensland, and Red Lake in Ontario, Canada.
