Evolution (ASX:EVN) delivers strong financials in September 2021 quarter

Highlights

  • Evolution’s operational performance in the last quarter has exceeded the FY22 quarterly guidance profile.
  • ENV has portrayed a sustainable, strong cash generation that supports investment in the company’s growth projects.
  • The company has consistently continued to upgrade the quality of its asset portfolio. 

The ASX-listed gold mining company Evolution Mining Limited (ASX:EVN) has shared its quarterly report for the period ending on 30 September 2021. The significant updates shared by the company are as follows: 

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Operational updates: 

  • EVN’s gold production in the last quarter was 170,681 ounces which are higher than guided.
  • The company’s all-in sustaining cost (AISC) for the previous quarter was AU$1,413 per ounce, lower than suggested. 
  • All-in cost (AIC) of AU$2,038 per ounce at an AIC margin of AU$326 per ounce.

Cash flow updates: 

  • EVN has reported a mine operating cash flow worth AU$193.7 million.  
  • The company has also stated a net mine cash flow of AU$67.5 million after an AU$89.6 million investment in major projects.  
  • EVN’s group cash flow was AU$30.2 million at the end of the quarter. 
  • Evolution has reported a net bank debt of AU$467.8 million post payment of FY21 Final Dividend of AU$91.6 million.

Asset portfolio updates: 

  • EVN has completed Kundana assets acquisition which has offered a new life of mine milling agreement signed with Rand Mining and Tribune Resources to treat 100% of the EKJV ore at Mungari.
  • EVN has also agreed to divest Mt Carlton gold mine for up to AU$90 million. The transaction structure would enable Evolution shareholders to benefit from future success at the operation.

Meanwhile, on the ASX, the EVN stock was spotted trading a tad bit higher at AU$3.77 per share at 3.01 PM AEDT. 

Bottom line:

Evolution has additionally informed that it has continued to be proactively managed with no material impact on operations throughout the COVID-19 crisis. This proves the strategic excellence of the company fetching substantial revenue. 

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