Evolution shares slide after update

Evolution Mining shares slid sharply on Wednesday, following news that its December 2023 quarter was hampered by production disruptions in both Australia and Canada. 

As of 12.49pm AEST, Evolution shares were down 18.80 per cent, trading at $3.04 per share.

The Osborne Park-based goldminer told the market heavy levels of rainfall last month at its Cowal and Mt Rawdon goldmines, located in NSW and Queensland, respectively, had restricted open-pit access, which had reduced production by approximately 10,000 ounces of gold at both sites. 

Additionally, Evolution's Canada-based operation Red Lake had its quarterly production reduced by 13,000oz, due to a seismic-based restriction, along with materials handling issues, which have since been rectified. 

The company said it was confident all of it sites - aside from Red Lake - remained on course to either execeed or meet the middle of their original respective production guidances for the 2024 financial year. 

Red Lake's production for FY24 has been reduced to 125,000-135,000oz from 165,000-175,000oz. 

Evolution chief operating officer Bob Fulker will also leave in March to pursue new opportunities.

"Bob has been instrumental in leading our operations and guiding Evolution safely through the COVID pandemic, weather, seismic events as well as multiple accquistion investigations," Evolution managing director and chief executive officer Lawrie Conway said. 

"We wish him and his family all the best for the future." 

Early in December last year, Evolution penned a $720 million binding agreement to secure an 80 per cent stake in its Northparkes copper-gold mine.