S&P/ASX 200 Index (ASX: XJO) gold stock Evolution Mining Ltd (ASX: EVN) is racing ahead of the benchmark today.
Evolution Mining shares closed yesterday trading for $3.98. In late morning trade on Thursday, shares are changing hands for $4.14 apiece, up 4.0%.
For some context, the ASX 200 is down 0.1% at this same time.
As you can see on the chart below, this now sees the Evolution Mining share price up a stellar 33.0% over the past six months.
Here's what's boosting the ASX 200 gold stock again today.
Image source: Getty Images
ASX 200 gold stock lifts on record cash flow
Investors are snapping up Evolution Mining shares following the release of the miner's quarterly update covering the three months ending 30 June.
Highlights included a 14% increase in quarterly gold production to 212,070 ounces. Copper production was broadly in line with the prior corresponding quarter at 20,318 tonnes.
And the ASX 200 gold stock is likely catching some tailwinds after reporting a 13% decline in All-in Sustaining Cost (AISC), which dropped to $1,275 per ounce (US$842/oz).
This helped Evolution achieve record quarterly cash flow of $230 million, up 171% from the $85 million reported in the March quarter. Net mine cash flow also notched a new quarterly record, leaping 74% to $242 million, equivalent to $1,170 per ounce.
As for the balance sheet, the company had cash holdings of $403 million as at 30 June, after paying out $40 million to cover the interim dividend. That's up 87% from the $215 million cash reported on 31 March.
And gearing improved to 25%, down from 33% on 30 June 2023.
Evolution also reported that full-year cash flow came in at $367 million. Gold production was 716,700 ounces, with copper production of 67,862 tonnes, at an AISC of $1,477 per ounce (US$975/oz).
Evolution will release its FY 2024 full-year financial results and guidance for FY 2025 on 14 August.
What did management say?
Commenting on the results sending the ASX 200 gold stock charging higher today, Evolution Mining CEO Lawrie Conway said, "We had an outstanding June quarter with sector leading cash generation and low costs which showcase the quality of our portfolio."
Conway added:
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. This result is a credit to our team.
Evolution vice president discovery, Glen Masterman separately addressed the exploration drilling results at Ernest Henry, noting these returned exceptional results for the ASX 200 gold stock from extensional drilling to the Bert orebody.
According to Masterman:
Drilling results from Bert 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.
We are excited about the opportunity to extend the mineralisation footprint at Bert with further drilling to be completed during FY25.
