Cowal (100% Ownership)

For information on our
Open Pit Continuation Project

Cowal – Moving to 320,000 ounces per annum of safe, reliable, low-cost production

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.

Cowal was the highest gold producer in the Group, achieving a record 276,314 ounces of gold under Evolution ownership, produced at a low AISC of $1,138 per ounce. This represents an increase of 22% in production and a decrease of 9% in AISC compared to FY22 (227,105oz; $1,245/oz). Production was in line with production guidance of 275,000 ounces and below cost guidance of 1,250 per ounce (+/- 5%). Operating cash flow was $368.8 million, sustaining capital was $29.8 million, and major capital was $294.8 million.

Capital expenditure in FY23 consisted of investment in major projects, including Underground Mine Development and construction of the Integrated Waste Landform tailings facility. Cowal achieved two milestones in FY23, ramping up ore production from Stage H in the open pit and commencing production from the new underground mine.

Gold production in FY24 is guided to increase to 320,000 ounces (+/- 5%) at an AISC of $1,250 per ounce (+/- 5%). Production from Stage H will continue while the production from underground continues to ramp-up and provide an increased contribution of ore processed. The underground mine provides a higher-grade ore source that is blended with the current E42 open pit and stockpile ore. Cowal is transitioning to a major cash contributor for the business as capital investment reduces.

Evolution is progressing the proposed extension of the current open pit operation, referred to as the Open Pit Continuation (OPC) Project. The OPC Project seeks to extend open pit mining by 10 years and the total mine life by two years (from 2040 until 2042). Regular updates on the OPC Project are available by clicking on the button at the top of this page. 

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

Video: Cowal overview

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Moving to 320,000 ounces per annum of safe, reliable, low-cost production

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