Evolution delivers robust FY24 performance
Evolution Mining has released its 2024 annual and sustainability report, detailing its progress in areas such as financial and operational performance, emissions reduction, safety, and diversity.
Evolution produced 717,000 ounces (oz) of gold and 68,000 tonnes (t) of copper in the 2023–24 financial year (FY24) at an all-in sustaining cost of $1477/oz.
The company delivered approximately $1.5 billion in operational mine cash flow and $422 million in statutory net profit after tax. Evolution also declared $139 million in dividends, with the company delivering a record 23 consecutive dividends.
Evolution contributed $2.7 billion to the Australian and Canadian economies and $419 million to local and regional businesses and organisations.
The company’s strong financial performance was underpinned by several operational highlights, including the Cowal underground gold mine in New South Wales reaching commercial production.
Other operational highlights for Evolution included the long life of Ernest Henry gold-copper mine in Queensland being reinforced with ongoing drill results that demonstrated continuous mineralisation from the main orebody.
Evolution expects the Ernest Henry drill results to drive mineral resource and ore reserve growth within and adjacent to the mine extension footprint.
The company’s Mungari 4.2 plant expansion project in Western Australia continued to progress on budget and schedule, positioning the operation to deliver strong cash flow from a larger and lower cost production base.
Evolution reduced its emissions by about 12 per cent during FY24, against its adjusted FY20 baseline. The company’s safety also improved, with its total recordable injury frequency reducing by 13 per cent.
Evolution’s workforce is also now made up of 19 per cent women and 6.8 per cent Indigenous people.
Evolution executive chair Jake Klein said while FY24 was a record year for the company in many ways, performance did not allow the company to meet its production and costs targets.
“However, with the benefit of positive market fundamentals and a strong portfolio of assets, 2024 was characterised by a record financial performance, continued deleveraging of the balance sheet and further investment in project opportunities to grow our business,” Klein said.
“With our increased exposure to copper, through the successful acquisition of Northparkes and our ownership of Ernest Henry, we are extremely well positioned to continue to benefit from these commodity (gold and copper) price highs … and there is good reason to believe they will go even higher.
“Our progress this year is a credit to our capable, committed and hardworking people … We are collectively focused on delivery and looking forward to the year ahead.”