Evolution Mining shares gain after improved December quarter
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More news: Shares in Evolution Mining are up nearly 1% to $5.70 in early trading after the gold and copper producer posted improved output in the December quarter.
Citi analysts have flagged a positive market reaction to the result with the market looking for reliability of production delivery, which Evolution delivered during the September and December quarters.
Citi has a 'buy' rating on the stock with a price target of $5.50.
However, RBC Capital Markets analysts Alex Barkley said production was overall in line and was a fairly neutral result for the miner. RBC has an 'underperform' rating on the stock with a price target of $4.30.
What they said: "Production/costs in line to better than consensus, flow though of commodity price tailwinds for record net mine cash flow," Citi analysts said in a note.
Evolution Mining flags lower output, keeps FY guidance
The news: Gold and copper producer Evolution Mining has maintained its full-year guidance despite flagging lower output for the March 2025 quarter.
The numbers: Gold production for the December quarter improved 0.6% on the previous quarter to 194,793 ounces, but copper production was down 2.6% to 18,554 tonnes. All-in sustaining cost was $1,543 per ounce, within the full-year target.
The context: The group said it expects production to fall 25,000 ounces in the March quarter due to a planned 28-day shutdown at its flagship Cowal mine in NSW, as well as scheduled maintenance underway at its Ernest Henry copper mine in Queensland.
Despite this, the company said it remains on track to deliver 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper, in line with full-year guidance.
The source: ASX announcement
