On 20 March 2023, Evolution Mining Limited (ASX: EVN) has reported the early commencement of production at the Cowal underground mine, ahead of schedule. The Cowal underground mine has begun production this month, and the mining and processing of the first underground stope is underway. The underground mine is expected to continue ramping up production throughout the remainder of the financial year.
Evolution Mining has confirmed that the project has been completed within the original budget of AU$380 million. The accommodation village and paste plant commissioning are still on track for completion in the June 2023 quarter. With the early commencement of the underground mine, Evolution Mining is on track to increase Cowal's production to around 320,000 low-cost ounces in FY24, up from the current FY23 guidance of approximately 275,000 ounces. The company's liquidity remains strong, with the cash position ahead of plan at the end of February, and the AU$525 million revolver facility remains unused as of the release date.
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