EVN -0.53%: the gold miner was out with their 4th quarter production numbers today, bringing a tough year to an end. Their key asset, Ernst Henry, saw production dip as a result of poor weather which weighed on the last quarter of the year, though this has been well understood by the market. The company produced 160koz of gold in the quarter, at a higher cost of $1,915/oz. Total production for FY23 was 651koz, just shy of recently updated guidance. FY24 guidance was left unchanged at 770koz at an average cost of $1,370/oz, far lower than what they faced in the June quarter, highlighting the leverage of a fully operation asset base. Evolution also expects to produce ~50kt of copper, a commodity we like over the medium term.
MM is long and bullish EVN
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