Australia's second-largest gold miner Evolution Mining has announced record profits for its 2024 financial year. The New South Wales (NSW)-based gold and copper miner posted a 2.5x jump in statutory profit to $422.3 million for the year ended June, on revenue up 44% to $3.215 billion.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 67% to $1.513 billion, while underlying net profit after tax rose 135% to a record $482 million.
Higher gold prices plus the weak Australian dollar helped Evolution, but so did the extra gold and copper from partial ownership of the North Parkes mine in central western NSW (near the company’s huge Cowal mine).
The company is “perfectly positioned” for the 2025 financial year, according to managing director and CEO Lawrie Conway. “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,” Conway said.
For 2025, the group forecasts gold production of 710,000-780,000 ounces and copper production of 70,000-80,000 tonnes, at all-in sustaining costs of A$1,475-1,575 per ounce. This compares to A$1,477 per ounce in the 2023-24 financial year.
In 2024, Evolution produced 716,700 ounces of gold and 67,862 tonnes of copper.
In its results update, Evolution said its Cowal underground mine in New South Wales had achieved commercial production and started generating revenue.
Ernest Henry project in Queensland also achieved full payback status in 2024, generating mine net cash flow of A$334.1 million ($221.6 million).
North Parkes mine in New South Wales was a “great addition” to the portfolio, according to Evolution, contributing A$74.2 million ($49.2 million) to mine net cash flow.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
