Evolution Mining has record FY24

Evolution Mining (ASX: EVN) has tabled record net statutory profit, underlying profit and earnings before interest, tax, depreciation and amortisation (EBITDA) in FY24.

Statutory profit was up 158% from FY23 to $422m, underlying profit increased 135% to $482m and EBITDA was 67% higher to $1.51b.

Evolution managing director and chief executive Lawrie Conway commented on the results.

“The record financial performance and excellent progress we have made on deleveraging the balance sheet and the more than doubling of the final dividend, while continuing to invest in our various project opportunities, are testament to our strategy and capital allocation discipline,” he said.

“We are ideally positioned for FY25, which will see us continue our high cash generation through planned higher production, at a sector leading cost position.”

Taking a look at Evolution’s operations, 716,700oz of gold was produced in FY24, up 10% from FY23, while 67,862oz of copper was produced, a 43% increase.

The Cowal underground mine in NSW reached commercial production in FY24 and generated $294.2m in net mine cash flow, while the Ernest Henry mine in Queensland recovered from adverse weather effects and achieved fully paid back status, generating net mine cash flow of $334.1m.

Northparkes in NSW contributed $74.2m to net mine cash flow after delivering on stream obligations and Mt Rawdon in Queensland is expected to deliver a valuable cash contribution in FY25 as the operation reaches the end of its mine life in FY25.

Furthermore, the Mungari 4.2 expansion project is progressing well and is on schedule and budget.

Looking forward to FY25, Evolution expects overall gold production of between 710koz to 780koz, and overall copper production between 70koz to 80koz.

A few days prior on August 12, Evolution announced it became aware of a ransomware attack on its IT systems.

The security breach was contained with a focus now on protecting the health, safety and privacy of staff, systems and data.