Cowal (100% Ownership)

Cowal – Achieving record gold production

Our Cowal Gold Operations is a world-class open pit gold mine site located 350km west of Sydney and operated by Evolution since July 2015. It is situated within the Bland Shire on the traditional lands of the Wiradjuri people, and we work closely with the Lachlan and Forbes Shires.

Reflecting the quality of Cowal Operations, it has repaid all acquisition costs and subsequent capital and still has at least 16 years of mine life remaining. Cowal achieved record annual gold production under Evolution ownership in FY24, producing 312,644 ounces at an AISC of $1,338 per ounce. Operating cash flow was $604.9 million, sustaining capital was $38.6 million, and major capital was $108 million.

The underground mine reached commercial production in April 2024 and is positioned to ramp up to 2 million tonnes in FY25.

Gold production in FY25 is guided to be 315,000 to 335,000 ounces at an AISC of $1,700 to $1,770 per ounce. Production from Stage H of the E42 open pit will continue while production from underground continues to ramp up, providing an increasing contribution of higher grade ore for processing.

Cowal reached an important milestone during December 2024, receiving NSW regulatory approval to extend open pit mining operations by 10 years and overall operations to 2042. The approval confirms strong support for the project which will continue to provide long term economic benefits to the region.

Blasting is undertaken on-site Monday to Saturday, generally between the hours of 11am and 3pm.

Video: Cowal overview

Disclaimer

Please note that you are now entering a website directly or indirectly maintained by a third party (the “External Site”) and that you do so at your own risk.

Evolution Mining LTD., (“EVN”) has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only.

By clicking “Accept” you acknowledge and agree that neither EVN nor third party provider Virtua Research, Inc. (“Virtua) is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the Linked Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against EVN and Virtua and further acknowledge and agree that in no event shall EVN or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if EVN and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-IFRS Information

In addition to disclosing results determined in accordance with IFRS, EVN may also disclose certain non-IFRS and pro forma non-IFRS results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. Management believes that this non-IFRS and pro forma non-IFRS information provides investors with additional information to assess EVN operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-IFRS and pro forma non-IFRS information, along with IFRS information, in evaluating its historical operating performance. EVN and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.

The non-IFRS information is not prepared in accordance with IFRS and may not be comparable to non-IFRS information used by other companies. The non-IFRS information should not be viewed as a substitute for, or superior to, other data prepared in accordance with IFRS.