Evolution’s share price smashed

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Evolution’s share price smashed

 Evolution’s share price smashed

Evolution’s share price tumbled 4.577% to $2.710 on 6 September 2018 (6:54 PM AEST). This seem to be due to recently announced 3 year outlook showing decreasing production year-on-year. But are investors missing on Cowal’s progress?

Evolution’s Cowal mine may not rank among the top five in the list of Australia’s 10 biggest gold mines but it is hard to shrug off its excellent results.

Cowal sets aside the large chunk of Evolution’s portfolio representing significant organic growth opportunities. Located 350km west of Sydney, Australia and 40km north-east of West Wyalong, Cowal has reported total production of 778,000 ounces of gold from FY15 to FY17. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

While Cowal operations have yielded the actual gold production of 258,000 ounces for the year ended 30 June 2018, the miner expects its FY19 gold production to range between of 240,000 ounces to 250,000 ounces. With a series of exploration success achieved mine’s life has now been extended to 2032.

Evolution (ASX: EVN) has almost doubled the ore reserves since the acquisition of Cowal in 2015. In the same year Evolution acquired Mungari and bought Glencore's Ernest Henry mine in 2016 while it sold off Edna May and Pajingo mines.

On its investors day hosted in Sydney on 4 September 2018, gold miner had reported it has identified a new high-grade lode-Dalwhinnie in the recent drilling at Cowal’s GRE46.

Eventually, Evolution’s target is to achieve the production rate of more than 300,000 ounces per annum for 20+ years at Cowal mine. Moreover, underground development on GRE46 is reportedly expected to commence in June 2019 half year.

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