A golden Q2 for Evolution Mining

Evolution Mining (ASX: EVN) released its Q2 results, with record group cash flow up 171% from Q2 following strong gold and copper production.

FY24 was a foundational year for Evolution’s gold production following its acquisition of the Northparkes mine. The company’s Q2 gold production was up 14% from Q1 to 212,070oz with copper production remaining consistent 20,318t.

Sustainability performance was achieved in all key areas, with a 13% improvement from the prior year in total recordable injury frequency. Evolution reports a 14% reduction in emissions from May 31, 2024, showing progress towards its 2030 emissions reduction target of 30%.

Evolution managing director and chief executive Lawrie Conway says these results are a credit to the Evolution team.

“We had an outstanding June quarter with sector leading cash generation and low costs which showcase the quality of our portfolio,” he said.

“We achieved multiple records at an operational level and I am particularly pleased that June was the strongest month of the quarter which builds momentum moving into FY25.”

The company is set up for strong gold and copper production in FY25, with exceptional results from underground exploration drilling at its Ernest Henry mine.

The results include the highest-grade gold intercept ever drilled at Ernest Henry, identifying the Bert orebody as a promising alternate mining front at the operation.

Evolution discovery vice president Glen Masterman says the drilling results continue to reinforce the significant growth options at Ernest Henry.

“Located adjacent to the north wall of the pit, Bert represents a potential production target that could be mined independently of the underground materials handling system,” he said.

“We are excited about the opportunity to extend the mineralisation footprint at Bert with further drilling to be completed during FY25.”