Bullion’s romp beyond the record $2000 an ounce level in Aussie dollar terms has prompted investors to take a closer look at the pantheon of ASX-listed local gold producers – despite some problems in the mid-tier that have tarnished the sector.
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I know this is the fifth time I am writing about gold but with the precious metal surging to fresh new multi-year highs I need to stress to readers the enormous opportunity that is being presented to investors.
Read MoreGold continues to perform well in US dollar terms and even better in Australian Dollar terms and the backdrop to a higher gold price is only strengthening. It, along with the “yield crunch” thematic I have discussed here all year long are my two favourite broad market trends that present an enormous opportunity for investors.
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Two contrasting results from two of the country’s major medium level gold miners – Northern Star Resources and Evolution Mining.
Read MoreRising costs and falling production hit Evolution Mining yesterday with the shares down after the December quarter report revealed the extent of the problems.
Read MoreThe Cowal mine in NSW has been granted regulatory approval to increase the processing rate to 9.8mtpa from 7.5mtpa.
Read MoreThe operating earnings margin increased to 53% from 49% in FY18 while net mine cash flow was a record $540m. Costs are expected to lift slightly, with the exception of Mungari. Results were slightly below expectations.
Read MoreJake Klein, the gold entrepreneur has lead an incredible transition at Evolution Mining (ASX: EVN), and over the past four years the Company’s valuation from an Enterprise Value to EBITDA ratio has tripled from sub 3X to nearly 9X to reflect this.
Read MoreShares in Evolution Mining rose 0.9% to $3.36 yesterday after it reported a solid March quarter production effort and narrowed its full year guidance range.
Read MoreGold miner Evolution Mining has boosted shareholder returns sharply despite a 10% slide in interim to $122.5 million for the December half. Directors declared a fully franked interim dividend of 3.5 cents, up from two cents unfranked a year ago.
Read MoreWhile Evolution’s share price has been steadily rising, the broker believes momentum can continue on improving balance sheet strength and limited operational risk. A rich valuation is still below that of other gold mining peers and the broker sees Evolution outperforming.
Read MoreEvolution’s Dec Q production and costs were in line with the broker. The sale of Edna May reduced production but also costs, which have fallen to a new low and thus increased confidence in reaching FY18 guidance.
Read MoreGold miner Evolution has lifted production and cut costs in the September quarter, helped by a strong performance at its Cowal mine in NSW and Ernest Henry and Mt Carlton mines in Queensland.
Read MoreEvolution Mining trimmed its 2017-18 gold production guidance and cut its costs estimate after selling the high cost Edna May mine to Ramelius Resources for up to $90 million.
Read MoreCredit Suisse analysts kept their Outperform rating and $2.30 target intact post a site visit to the Ernest Henry mine operation.
Read MoreEvolution Mining (EVN) had a series of good news announcement for the market yesterday – a return to profit, and record profit, a doubling of interim dividend and the decision to push ahead with the more than $260 million worth of spending on the expansion of its Cowal gold mine in western NSW.
Read MoreGold miners generally don’t meet our quality requirements at Montgomery. But there is one miner that has gone through a massive transformation over the past eighteen months – Evolution Mining (ASX: EVN). With a strong track record of profitable acquisitions, and a declining risk profile, we think it’s a business that’s worth a closer look.
Read MoreCredit Suisse observes Mt Carlton continues to excel, with FY16 production materially exceeding guidance at 113,000 ozs.
Read MoreEvolution Mining (EVN) has been elevated to Australia’s second largest gold producer with the consolidation of recently acquired assets and several brokers are upbeat about the potential.
Read MoreEvolution Mining shares outperformed in yesterday’s miserable market, thanks to a trading update which revealed a doubling of its dividend rate after a strong performance on production and costs in the 2015-16 financial year.
Read MoreEmerging gold miner, Evolution Mining (EVN), looks set for another upgrade to its performance after the market caught up with its September quarter production and exploration update yesterday.
Read MoreWhile gold companies generally don’t meet our quality requirements at Montgomery, I thought I would nevertheless focus on a company going through a significant transformation. Evolution Mining (ASX: EVN), led by gold entrepreneur Jake Klein, has completed two significant acquisitions in recent months.
Read MoreEvolution Mining (EVN) has evolved quickly, becoming the second largest gold producer on ASX in just five years and recently choosing to make some strategic acquisitions to expand its production profile. Seven gold mines form a portfolio which stretches across Australasia. In FY16, the company plans to focus on its two newest acquisitions, Cowal And Mungari, as well as its Tennant Creek JV with Emmerson Resources ((ERM)) and Puhipuhi in New Zealand.
Read MoreEvolution Mining has completed the acquisition of the Cowal gold mine. Credit Suisse views the purchase as overwhelmingly positive with production and mine life increasing.
Read MoreThe June quarter production numbers were in line with the broker’s forecasts. Cost guidance and FY16 production forecasts will be provided at the full year result when transactions are concluded.
Read MoreThe company has announced its third acquisition in two months, with plans to purchase the Cowal gold mine from Barrick for $694m.
Read MoreThe company has announced its third acquisition in two months, with plans to purchase the Cowal gold mine from Barrick for $694m.
Read MoreEvolution Mining (EVN) has surprised by winning the bidding for Barrick Gold’s rich Cowal gold mine in central NSW for $US550 million (or $A704 million).
Read MoreGold producer Evolution Mining (EVN) has struck a deal with La Mancha, issuing new shares and taking on some debt in return for La Mancha’s Western Australian assets. These assets include Frog’s Leg, which produces around 100,000 ounces per annum, White Foil, which produces around 40,000, and the Mungari plant. The additions will lift Evolution Mining’s production to around 600,000 ounces per annum.
Read MoreThe company’s March quarter production was 4.0% below Macquarie’s forecasts. Free cash flow was significantly higher than expected, which enabled Evolution Mining to make an early debt repayment.
Read MoreFY14 profit was below the broker’s forecast. The company has forecast modest improvement in FY15 with a focus on improving the disappointing Pajingo and Edna May assets.
Read MoreCredit Suisse has reviewed FX and commodity forecasts. Gold price assumptions are largely unchanged while copper price forecasts have been marginally revised higher.
Read MoreEvolution’s production beat expectation although guidance has been maintained. The real surprise was a solid drop in cash costs which has improved cash generation, the broker notes. Forecast earnings rise 2% in FY14. If EVN can repeat such a performance over the next six months a material debt reduction could follow, the broker suggests.
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