With three days left of the June quarter and 2016 financial year, Evolution has released its preliminary results.

June quarter production is expected to be roughly 213,000 ounces at all-in sustaining costs of $A1075 an ounce, yet another record.

That compares to March quarter output of 208,963oz at AISC of $1015/oz.

It keeps up the company’s impressive record of meeting guidance in all 18 quarters of its five-year existence.

Overall FY16 production is expected to hit 800,000oz gold at AISC of $1000/oz, or $US728/oz.

“This year we’ve undoubtedly shot the lights out,” Evolution executive chairman Jake Klein told the company’s investor day in Sydney this morning.

“Our costs are now globally competitive and in US dollars would be in the lowest cost quartile.”

The earnings before interest, tax, depreciation and amortisation margin was 48% and the all-in cost margin of $A455/oz.

“This is at a price that is $220/oz below current spot,” Evolution chief financial officer Lawrie Conway pointed out.

Sustaining capital expenditure for the year was $100 million, major capital expenditure was $95 million and operating mine cashflow was $600 million.

“In the last 12 months our mines generated approximately $405 million of net mine cashflow – a huge increase from the dark days of FY13 when we generated just $11 million in net mine cashflow,” Klein said.

“This has allowed us to pay down $322 million dollars of debt, of which $115 million has been repaid in the June quarter alone. It has reduced our gearing ratio from 32% in July last year to its current 15% today.”

Debt is down from $605 million to $285 million, and cash at the end of this month is expected to be $15 million.

The FY16 results include only 11 months of the company’s two newest assets, Cowal and Mungari, and as a result, future production is expected to improve.

The company today release a three-year guidance, outlining FY17 production of 800,000-860,000oz at AISC of $985-1045/oz.

Using an exchange rate of US75c, AISC would equate to $740-785/oz.

“As you will see from the guidance we released this morning for the upcoming year, we expect FY17 is going to be even better with a full 12 months of owning Cowal and Mungari – hard to believe but true,” Klein said. 

FY18 output is expected to be 800,000-860,000 at AISC of $A930-990/oz, while FY19 production should improve again to 810,000-870,000oz at AISC of $910-980/oz.

In a sign of the company’s improved confidence, it has committed to doubling its dividend to 4% of revenue, effective immediately, and franked dividends from the end of FY17.

This morning, Evolution shares hit an all-time high of $2.71 and were last trading 4% higher at $2.64.