(Kitco News) - Australian gold miner Evolution Mining (ASX: EVN) reported Wednesday that for the year ended 30 June 2022 (FY22), its gold production was 640,275 ounces (FY21: 680,788 ounces) at an all-in sustaining cost of A$1,259/ounce (US$914/ounce).
In FY23, the company plans to increase gold production by 12.5% to around 720,000 ounces, increasing a further 11% to around 800,000 ounces in FY24. All-in sustaining cost is expected to be maintained at around A$1,240 per ounce in FY23 and FY24.
Evolution also reported FY22 EBITDA of A$898.8 million (FY21: A$914.2 million) with EBITDA margin of 44% (FY21: 49%), as well as operating mine cash flow of A$893.3 million (FY21: A$937.3 million).
The company’s FY22 statutory net profit after income tax was A$323.3 million (FY21: A$345.3 million), while underlying net profit after income tax was A$274.7 million (FY21: A$354.3 million).
The company also announced that its Board approved a fully franked final dividend of 3.0 cents per fully paid ordinary share, adding that the aggregate amount of the proposed dividend to be paid on 30 September 2022 is estimated at $55.0 million.
According to a press-release, the elevated payout rate for this dividend considers the proceeds received from the divestments of Mt Carlton and Cracow, the outlook for the business in FY23, and balances capital investment and balance sheet management with investor returns.
Commenting on the full year result, Executive Chairman Jake Klein stated, "FY22 was a pivotal year for Evolution, with the portfolio transformed through the consolidation of the Mungari district, the acquisition of full ownership in Ernest Henry and the divestment of Mt Carlton.
"In addition to this, the progress achieved in the transformation of Red Lake and the execution of the Cowal Underground project have laid the foundations for a successful FY23 and beyond. We are pleased to be able to maintain a dividend of 3 cents per share, fully franked, which now takes the cumulative dividends paid to shareholders past $1 billion."
Evolution Mining operates five wholly-owned gold mines – Cowal in New South Wales, Mungari in Western Australia, Mt Carlton and Mt Rawdon in Queensland, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper-gold mine in Queensland.
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