Higher Gold Price Drives Evolution Records

Evolution Mining reported a record half-year statutory net profit after tax of AU$147.2 million for the six months ended December 31, 2019.

Evolution Mining (ASX:EVN,OTC Pink:CAHPF) has reported a record half-year statutory net profit after tax of AU$147.2 million and record underlying net profit after tax of AU$149.1 million for the six months ended December 31, 2019

Group cash generation was also at a record high of AU$242.4 million. As a result of this strong financial performance, the fully franked interim dividend has been doubled to 7.0 cents per share

Highlights are as follows:

  • Records set in each of the following interim metrics
  • Statutory net profit after income tax increased 62 percent to AU$147.2 million (H1 FY19: AU$91.1M)
  • Underlying net profit after income tax increased 62 percent to AU$149.1 million (H1 FY19: AU$92.2M)
  • EBITDA increased 23 percent to AU$441.2 million (H1 FY19: A$359.7M)
  • Mine operating cash flow increased 32 percent to AU$511.8 million (H1 FY19: AU$387.9M)
  • Net mine cash flow increased 48 percent to AU$351.8 million (H1 FY19: AU$237.8M)
  • Group free cash flow increased 119 percent to AU$242.4 million (H1 FY19: AU$110.8M)
  • EBITDA margin increased to 49 percent (H1 FY19: 48 percent)
  • Evolution is debt free and increased its net cash position to AU$170.3 million (30 June 2019: AU$35.2M) after debt repayments totalling AU$300.0 million during the half-year.

Jack Klein, executive chairman, commented:

These record half year financial results demonstrate the quality of Evolution’s asset portfolio. The EBITDA margins and free cash flow generation of our business are sector leading. Our fully franked interim dividend of 7.0 cents per share ensures our shareholders continue to share in the benefits of the high cash generation from our diversified portfolio. Importantly, the attractive growth opportunities we are delivering at our key long life, high margin assets reflect the sustainability of this strong cash generation.

Click here to read the whole Evolution Mining (ASX:EVN,OTC Pink:CAHPF) press release.

Sentinel Commences Field Investigation of Gold and Silver Projects in New South Wales, Australia

Sentinel Resources Corp. (CSE: SNL) (US OTC PINK: SNLRF) (“Sentinel” or the “Company “) announces that all of its exploration licenses in New South Wales, Australia have now been granted. The Company has commenced contacting landholders in high priority areas in order to negotiate the access agreements required prior to conducting field visits on private property. As previously announced, the Company has identified four priority areas for initial inspection: Carrington, Hill End South, Golden Bar, and Toolom South.

Carrington – Silver Project

Keep reading... Show less

OceanaGold Strengthens Board of Directors with New Additions

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) appoints Mr. Michael (Mick) James McMullen and Mr. Paul Benson as Non-Executive Directors to the Company Board of Directors (the “Board”).

Keep reading... Show less

Best Gold Stocks on the ASX

Click here to read the previous best ASX gold stocks article.

2020 was a record-breaking year for gold, which surged above US$2,060 per ounce in August.

However, the yellow metal faced some downward pressure in the first quarter of 2021, falling below US$1,750 in March. The major forces acting against gold in Q1 of this year included rising US 10 year Treasury yields and the growing value of the US dollar.

However, there is still plenty of investor interest in the metal due to continued global economic uncertainty related to the COVID-19 pandemic. Supply is also a growing concern due to decreased gold exploration efforts over the last few years, especially among larger companies.

Keep reading... Show less

NCM – Senior Management Announcement – Finance Director & CFO to Retire

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) announces that Gerard Bond, the Company’s Finance Director and Chief Financial Officer, has decided to retire effective 3 January 2022 when he will mark 10 years in the role.

Mr Bond said, “It has been an honour and privilege to serve as the Finance Director and CFO over the past decade and be part of the transformation of the Company”.

Keep reading... Show less

OceanaGold Reports First Quarter 2021 Financial Results

(All financial figures in US Dollars unless otherwise stated)

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

Keep reading... Show less

Top News

Related News