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...