Gold Stocks with Quarterly Updates: SAR, EVN

Gold Stocks with Quarterly Updates: SAR, EVN

The below mentioned gold stocks have published their quarterly reports for the March quarter. Let’s look at these stocks briefly.

Saracen Mineral Holdings Limited (ASX: SAR)

Gold explorer, Saracen Mineral Holdings Limited (ASX: SAR) recently published its quarterly report for March 2019 quarter, in which it reported a record production of 89,208 oz and outstanding exploration results. The company’s production ounces were in line with the FY19 guidance with costs below FY19 guidance, mapping the company on track to meet its wider objective of growing production to 400k ounces a year, while establishing long mine lives. Carosue Dam produced 49,038 ounces for the quarter at an AISC of A$1,097/oz and Thunderbox produced a record 40,170oz at an AISC of A$972/oz.

Group Production and AISC (Source: Company Reports)

With the positive operating results, the company has also reaffirmed its outlook for FY19 at 345- 365,000oz at an AISC of A$1,050 – 1,100 per ounce. The company, as at 31 March 2019, reported total cash, bullion and investments of A$153.3 million, up from A$142.6 million at 31 December 2018.  Further, the company reported gold sales of 89,002 ounces at an average sale price of A$1,766 per ounce.

Two new discoveries in the Carosue Dam Corridor (within 4 kilometer of the mill) were followed up on:

  • Qena – Results include 21m @ 2.2 grams per tonne (g/t) and 8m @ 2.0g/t.
  • Atbara – Results include 17m @ 2.7g/t, 70m @ 1 g/t and 32m @ 1.2g/t.

The stock price of the company increased by 15.32% in the past six months as on 17 April 2019. SAR’s stock last traded at $2.550, with a market capitalisation of circa $2.1 billion as on 18 April 2019.

Evolution Mining Limited (ASX: EVN)

The gold mining company, Evolution Mining Limited (ASX: EVN) recently published its quarterly report for the period ended 31st March 2019. During the March quarter, the company’s Gold Mineral Resources increased by 480,000 ounces to 14.73 million ounces and its Gold Ore Reserves increased by 410,000 ounces to 7.46 million ounces. Further, the company delivered operating mine cash flow of A$168.3 million as compared to A$191.1 million in the 2018 December quarter, majorly driven by the timing of gold and copper sales and was partially offset by the higher realised metal prices.

The company has reaffirmed its FY19 production guidance of 720,000 to 770,000 ounces at an AISC of A$850 to A$900 per ounce. The company believes that it is on track to deliver above the mid-point of production guidance and at the top end of AISC guidance and in June quarter, the group is expecting the production to be in the range of 190,000 to 195,000 ounces. For 2019 March quarter, the company reported a net mine cash flow of A$107.8 million, which was in line with the December 2018 quarter at A$108.5 million.

The stock price of the company increased by 9.87% in the past six months; however, the stock price decreased by 7.73% in the past one month. EVN’s stock last traded at $3.240, with a market capitalisation of $5.67 billion as on 18th April 2019.


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