Fortescue, Tłı̨chǫ Government sign MOU at AME Roundup
The MOU creates the foundation for shared interests in possible future mining opportunities.
Shares of Australia’s Evolution Mining rose to a four-year high on Wednesday after the country’s second-biggest gold miner reported an improved, better-than-expected output in the second quarter of fiscal 2025, boosted by strong bullion prices.
Evolution’s stock rose as much as nearly 2% to A$5.77, its highest level since Nov. 18, 2020, marking 14 sessions of gains in 15. The stock was among the top 10 gainers in the ASX gold sub-index.
The rally comes on the heels of renewed strength in prices of the yellow metal, as markets flocked to the safe-haven asset amid uncertainty surrounding US President Donald Trump’s potential tariffs.
The company reported a quarterly group gold production of 194,793 ounces, compared with 161,073 ounces a year earlier.
Evolution Mining, with operations in Canada, saw its Cowal mining operations in New South Wales supporting a huge margin of the company’s production. It logged 91,417 ounces this quarter, compared with 71,848 ounces last year.
The company’s cash flow surged 54% to A$165 million ($103.42 million), with potential for further improvement in the second half, driven by high gold prices.
The Q2 2025 results “demonstrated signs of operational stability and were positive at the margin with a second quarter of positive cash flows from Red Lake and strong production from Cowal,” analysts at Jefferies said in a note.
The miner expects a 25,000-ounce production drop in the March quarter due to planned mine shutdowns, but remains on track to achieve its full-year gold and copper outlook.
($1 = 1.5954 Australian dollars)
(By Nikita Maria Jino; Editing by Sherry Jacob-Phillips)
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