Evolution Mining, an Australian gold miner, announced that its gold and copper production had risen in the last quarter while costs remained stable.
Gold and Copper Production
During the three months ending in December, Evolution reported a gold output of 161,073 troy ounces, representing a 2% increase compared to the previous quarter. Copper production also saw growth, totaling 14,041 metric tons, a 3% increase over the same period.
Cost Analysis
Evolution’s all-in sustaining cost for the period was approximately 1,618 Australian dollars per ounce, equivalent to around US$1,052. This figure is slightly lower than the previous quarter’s cost of A$1,612 per ounce.
Revision of Annual Production Forecast
Evolution has revised its production forecast for the Red Lake underground gold mine in north-western Ontario for fiscal year 2024. The revised target is now set between 125,000 and 135,000 ounces of gold, a decrease from the earlier projection of approximately 170,000 ounces. However, the company remains confident in meeting its overall group output and cost targets.
Future Outlook
Evolution stated that it expects performance at its Red Lake operation to improve in the second half of fiscal year 2024. The company also reaffirmed its gold output guidance of 789,000 ounces for the year, with a potential margin of error of 5%. Additionally, Evolution expressed confidence that all other mining sites are on track to meet or surpass their original production expectations.