Cowal's Project 300 taking flight

Evolution Mining is aiming to boost its cornerstone asset, the Cowal gold operation in New South Wales, to a consistent 300,000 ounce per annum producer.

Cowal's Project 300 taking flight Cowal's Project 300 taking flight Cowal's Project 300 taking flight Cowal's Project 300 taking flight Cowal's Project 300 taking flight

Evolution's Cowal operation

Cowal started open pit production in 2006 and has produced over 300,000oz in a year once, in the 2013 financial year, though it was only a couple of thousand ounces short in the 2010 and 2013 calendar years.

Evolution acquired Cowal from Barrick Gold in mid-2015 for US$550 million at a time the mine's best years were widely considered to be behind it.

Cowal has generated net mine cashflow of A$431 million over three years  for Evolution and steadily produces 240,000-280,000oz per annum.

Cowal produced 258,000oz of gold at all-in sustaining costs of $877 an ounce in the 2018 financial year, with guidance for FY19 set at 240,000-250,000oz at AISC of $975-1075/oz.

"It's not unusual for stockpiles to overperform so there is upside in this guidance," C...