The NSW Department of Planning & Environment has granted Evolution regulatory approval to extend the mine life to 2032.
It comes after Evolution submitted a modification application and environmental assessment (EA) in November.
The EA was open for public comment and received 65 positive submissions from the local community and councils.
“This approval provides Evolution with the confidence to continue to invest in the long-term future of the Cowal operation and helps to provide job security for local mine employees and contractors,” Evolution executive chairman Jake Klein said.
“We have been pleased with the efficiency of the approval process for this modification and acknowledge the support of the Bland, Forbes and Lachlan Shire Councils as well as the NSW state government.”
The current life of mine plan at Cowal includes the Stage H cutback of the E42 pit, which allows access to an additional 1.4 million ounces of gold.
A feasibility study is nearing completion and will be submitted to the board for approval by the end of the quarter.
During the December quarter, Evolution completed the drilling for the Stage H cutback, with highlights including 41m at 1.17 grams per tonne gold from 643m, and 6m at 7.64gpt gold from 638m.
Evolution shares were up by 2% to $A2.40, equalling a 2017 high.