Cowal (100% Ownership)

The Cowal operation is a world-class open pit gold operation 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. The operation also works closely with the Lachlan and Forbes Shires.

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Cowal was the highest gold producer in the Group, achieving 210,847 ounces of gold produced at an AISC of A$1,042 per ounce. Cowal mined to plan resulting in meeting its planned gold production. The decrease in production when compared to the prior year was mainly due to the planned transition from Stage G ore to Stage H ore in the E42 open pit, and some lower grade stockpiled material being processed while this transition occurred. In FY22 Stage H ore becomes the predominate ore feed leading to a planned increase in production.

A major milestone was achieved at Cowal with Board and regulatory approvals received for the development of the Cowal Underground Mine, which provides a higher grade ore source that will be blended with the current E42 open pit and stockpile ore. The development of the Cowal Underground Mine is part of the Group’s goal of Cowal producing 350,000 ounces of low-cost gold a year and extend its mine life out beyond 17 years, while at the same time injecting significant economic benefit for all stakeholders. The planned capital investment is A$380 million.

Capital investment in FY21 consisted of investment in major projects including the continuation of Stage H stripping, construction of the Integrated Waste Landform (IWL) tailings facility and the Underground Feasibility Study.

The development of the Galway decline commenced in late February 2021 and is targeted to complete in December 2021 quarter. This decline will establish the next stage of diamond drilling platforms to convert additional resources to reserves and to provide valuable grade control information for future mining.

The Underground Ore Reserve increased approximately 30% above the maiden estimate of 804,000 ounces to more than one million ounces.

Blasting is undertaken on-site daily, generally between the hours of 11.00am and 3.00pm.

Video: Cowal overview

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Building towards a sustainable 350,000 ounce per annum of safe, reliable, low-cost production

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