CAHPF - Evolution Mining: Digging Into The FY2020 Reserve Update
- Evolution Mining released its FY2020 Reserve & Resource update in mid-February and reported a 50% increase in mineral reserves across its projects.
- This sharp increase in reserves was driven by a maiden mineral reserve at Red Lake and an increase in reserves at Cowal, the two pillars of Evolution's growth.
- While not included in the reserve statement due to timing, the Battle North acquisition should add another ~0.7 million ounces of reserves, pushing total reserves to ~10.6 million ounces.
- While Evolution might look expensive at a premium to its peers per reserve ounce, I continue to see the stock as reasonably valued with a good shot at continued reserve growth in FY2021.
For further details see:
Evolution Mining: Digging Into The FY2020 Reserve Update