Gold output fell and costs rose in the 2023-24 financial year at Evolution Mining’s Mungari mine west of Kalgoorlie-Boulder.
Evolution told the ASX on Thursday that Mungari churned out 123,673 ounces of gold at an all-in-sustaining cost of $2536/oz in the last financial year.
This compared to the 135,592oz produced at an AISC of $2083/oz in the 2022-23 financial year.
Production in the most recent quarter was 34,378oz, the highest since the March 2023 quarter, when 35,378oz was produced.
The September and December quarters of 2023 were particularly poor for Mungari, with only 28,692oz and 28,130oz, respectively, produced.
The company on Thursday said Mungari’s full-year operating cash flow, and cash flow before major capital, were $122.9 million and $66.5m, respectively.
In 2022-23, these figures were $107.8m and $73.7m, respectively.
Across all of Evolution’s operations, 716,700oz of gold was produced at an AISC of $1477/oz, an improvement on the 651,155oz at $1450/oz for 2022-23.
Evolution’s other operations are Cowal and Northparkes — which also produces copper — in NSW; Mt Rawdon and Ernest Henry — also a copper producer — in Queensland; and Red Lake in Canada.
Cowal produced the most gold for Evolution during the year at 312,644oz, up from 276,314oz a year earlier, with Mungari the second most productive gold mine.
Managing director and chief executive Lawrie Conway said the company had an “outstanding” June quarter, with sector leading cash generation and low costs.
“We achieved multiple records at an operational level and I am particularly pleased that June was the strongest month of the quarter which builds momentum moving into FY25,” he said.