Cowal (100% Ownership)

For information on our
Open Pit Continuation Project

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.

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 11am and 3pm.

Video: Cowal overview

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

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