EVN +3.85%: the second most talked about gold stock today, Evolution Mining, downgraded production expectations in a move that surprised no one. About a month after flagging weather issues impacting their Ernest Henry mine, Evolution quantified the lost production by downgrading production by around 8% to 660koz as a result of the downtime. Costs have also been revised higher by ~12% to $1,390/oz, largely as a result of reduced copper credits which offset much of the group’s cost calculations. The site is on track to resume mining activities next week and ramp up to full production by the end of the Financial Year while Evolution made the most of the downtime by bringing forward a number of maintenance works.
MM is long and bullish EVN
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