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Gold miner Evolution produces 651 koz in fiscal 2023, expects significant output growth in 2024

Kitco Media
By Vladimir Basov
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(Kitco News) - Australian gold producer Evolution Mining (ASX: EVN) reported Thursday that for the year ended 30 June 2023 (FY23), its gold production was 651,155 ounces, up 1.7% compared to FY22 (640,275 ounces) and ~1% from updated FY23 guidance (660,000 ounces).

In a press release, the company noted record annual production at Cowal of 276,314 ounces with a further ~15% increase guided in FY24, adding that Ernest Henry production returned to full capacity by the end of June post the weather event on 8 March.

Moreover, Evolution said that Mungari continued to deliver stable and consistent quarter-on-quarter production, exceeding plan for six consecutive quarters, while Red Lake production increased by 12% to 31,562 ounces with record quarter of mine development at 4,173 metres.

Importantly, the company pointed out that in FY24, its gold production is expected to increase by 17% to 770,000 ounces (+/- 5%).

Evolution Mining operates five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. Financial year 2023 gold production guidance is approximately 660,000 ounces.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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