CAHPF - Evolution Mining starts Cowal underground operations ahead of schedule

2023-03-20 09:29:07 ET

Evolution Mining ( OTCPK:CAHPF ) surged as much as 11% Monday in Australia after saying it started underground production at its Cowal gold mining project in New South Wales, Australia.

Evolution said it had achieved a major milestone in raising output at the Cowal operation to ~320K oz in FY 2024, with underground production starting three months ahead of the originally scheduled June quarter.

The miner said the project remains within the original A$380M (US$254M) budget, with completion of the accommodation village and commissioning of the paste plant remaining on track for the June 2023 quarter.

Cowal produced 227.1K oz of gold in FY 2022, accounting for more than 35% of Evolution's total output of 640,275 oz, making it the biggest contributor, and it generated more than 25% of the A$2.06B revenues generated in FY 2023.

Evolution Mining ( OTCPK:CAHPF ) had "a solid fiscal Q2 report, H2 2023 is shaping up to be better, and it looks set to maintain its industry-leading margins with ongoing work at RL/Mungari," Taylor Dart writes in an analysis posted on Seeking Alpha .

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