EVN, NCM, NST: Lens on 3 ASX200 gold stocks

Highlights:

• Evolution Mining Limited (ASX: EVN) anticipates gold production to reach 660K ounces and copper production to be at 48K tonnes in FY23.
• Newcrest Mining Limited (ASX: NCM) is on schedule to provide its full-year Group production guidance for FY23.
• Northern Star Resources Ltd (ASX: NST) is on track to deliver FY23 production guidance of AU$1,560koz to AU$1,680koz gold.

Gold prices slipped on Monday ahead of Fed’s meeting for an interest rate hike decision on 3 May 2023.  Gold prices are impacted by the interest rate movement. Low interest rate could imply more value in holding the bullion. However, a hawkish approach by the Fed might not prove positive for the gold.

At the time of writing, on Tuesday, 2 May 2023, Spot gold increased 0.03% to US$1,982.70 an ounce at 1:53 am EDT. US gold futures settled Monday by falling 0.5% to US$1,991.35.

Amid the market volatility, let’s have a look at 3 ASX200 gold stocks- EVN, NCM and NST.

Evolution Mining Limited (ASX: EVN)

The leading, internationally relevant gold miner decreased by 0.712% and was trading at AU$3.485 on Tuesday, at 3:55 pm AEST.

In the quarter ended 31 March 2023, gold production was 163,910 ounces, and copper production of 9,688 tonnes was reached (as announced on 11 April). Sector-leading low AISC of AU$1,291 an ounce (US$866/oz) was attained despite the effects of the Earnest Henry weather event.

In the March quarter, Cowal underground production began, which was ahead of schedule and within the budget.

As per EVN’s FY23 production and AISC guidance (provided on 11 April), gold production is anticipated to reach 660K ounces and copper production to be at 48K tonnes, with AISC of nearly AU$1,390 an ounce (nearly US$930/oz).  Red Lyke continues to get better with production rising from 124K plus ounces in FY23 to 160K to 180K ounces in FY24.

Newcrest Mining Limited (ASX: NCM)

The explorer, developer, miner, and seller of gold was trading flat at AU$28.500 on Tuesday at 3:55 pm AEST.

In the 3Q FY23, gold production at 510koz and copper production at 31kt was noted. An AISC of AU$1,012/oz for the 3Q (which was 7% lower due to a higher copper realised price) delivered an AISC margin of AU$837/oz.  

NCM is on time to provide its full- year Group production guidance for FY23. Gold and Copper production is anticipated to rise in the June quarter this year. It is propelled by increased mill throughput in all operations with a lesser intended maintenance schedule.

Also, NCM gave Newmont exclusive due diligence after a modified non-binding indicative proposal in April this year to acquire all of the issued securities of NCM.  

Earlier, in April, NCM and its WGJV partner Harmony Gold inked a Framework MOU with the Independent State of Papua New Guinea. Red Chris Block Cave feasibility study is anticipated to be concluded in 2H CY23.

Northern Star Resources Ltd (ASX: NST)

The worldwide gold mining company were trading down by 1.004% at AU$13.305 on Tuesday, at 3:55 pm AEST.

In its March quarter this year, NST sold gold of 363,081oz at an AISC of AU$1,813/oz and AIC of AU$2,426/oz. On production centre front, during the quarter, Kalgoorlie sold 191,031oz of gold at an AISC of AU$1,781/oz. Yandal sold 125,072oz gold at an AISC of AU$1,627/oz. Pogo sold 46,978oz gold at an all-in-sustaining cost of US$1,668/oz.

During the reported quarter, the group’s production was a bit lesser than expected, mostly due to longer than scheduled mill downtime at KCGM and Pogo, together with Thunderbox commissioning stability. Pogo safely resumed gold production in early April. Production delayed in the March quarter is anticipated to recover in the June quarter.

NST is on schedule to deliver FY23 production guidance of AU$1,560koz to AU$1,680koz gold due to anticipated greater grades, along with elevated milled tonnes throughout all three production centres in the June quarter.