2024-03-22 17:44:26 ET
Summary
- Evolution Mining Limited's Q2 production figures came in below expectations because of weather-related setbacks and another disappointing performance at Red Lake.
- Unfortunately, this has left the company tracking well behind its FY2024 guidance and resulted in limited margin expansion in fiscal Q2 despite the benefit of a higher gold price.
- In this update, we'll dig into the fiscal Q2 and H1 2024 results, recent developments, and where the stock's updated buy zone lies.
The Q4 Earnings Season for the Gold Miners Index ( GDX ) is nearly over, and one of the first companies to report its results (fiscal Q2) was Evolution Mining Limited ( CAHPF ). Unfortunately, the company's production figures came in below my expectations due to weather-related setbacks at Cowal and Mt. Rawdon and another disappointing quarter at Red Lake. This has resulted in production being trimmed yet again at its Red Lake Mine in Ontario, Canada, and has left Evolution Mining tracking well behind its FY2024 guidance....
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Evolution Mining: Tracking Behind FY2024 Guidance