EVN -21.89%: the gold stock was smashed today after trying to hide a production downgrade into a more rosy medium-term outlook presentation. WA operations have been hit by COVID absenteeism, NSW operations hit by poor weather, the ramp-up in Canada has been slower than expected and overall costs were higher as credits from copper by-product fell on softer prices. Gold production for the current year is now expected around 640koz, down from 650-670koz previously guided, and all-in sustaining costs are expected around $1,250/oz, well above the top end of previous guidance at $1,195/oz. The outlook for FY23 & FY24 was decent though despite the setbacks. Some CAPEX spend will slip into FY23 but production is expected to be up around 12% in each of the next two years with costs staying flat. The market doesn’t appear to trust those numbers just yet though with shares not getting the benefit of the doubt into today’s session.
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