Ernest Henry owner Evolution Mining has reported a record statutory net profit of $365 million for the six months ended December 31, with bumper gold prices expected to help keep the cash tide high.

The company holds a portfolio of gold and copper assets that also includes Cowal and Northparkes in New South Wales, Mungari in Western Australia and Red Lake in Canada.

Evolution Mining is on track to generate more than $2 billion of operating cash flow this financial year, according to managing director and chief executive officer Lawrie Conway.

“We have seen the benefits of the foundations laid during FY24 resulting in consistent and reliable delivery in FY25, with record-breaking financial results and significant cash flow generation achieved in the first half,” he said.

He said spot prices were now well above the achieved prices in the first half of the year, and the business was well placed to deliver on FY25 guidance.

Gold revenue in the six months to December 31 benefited from a higher achieved gold price of $3875/oz compared to $3000/oz the previous year.

The spot price today sits around $4500/oz, providing opportunity for stronger cash flow in this half of FY25.

The company expects to deliver 710,000 – 780,000 ounces of gold and 70,000 – 80,000 tonnes of copper across its business this financial year, at a sector-leading all-in sustaining cost (AISC) of $1475-$1575 per ounce ($US996 – $US1063 per ounce).

Evolution’s bumper financial performance for the first half of FY25 includes:

• Record statutory net profit of $365 million, up 277 per cent
• Record underlying net profit of $385 million, up 144 per cent
• Record underlying EBITDA of $1014 million, up 77 per cent
• Record earnings per share of 18.4 cents, up 251 per cent
• Record group cash flow of $273 million, up 420 per cent

The company noted that its Ernest Henry operation near Cloncurry (pictured below) had maintained its track record of consistent performance, producing 34,463 ounces of gold and 23,596 tonnes of copper in the six months to December 31.

It is on track to produce 75-80,000 ounces of gold and 47-53,000 tonnes of copper this financial year.

The site’s mine extension study is due for completion in the March 2025 quarter and the Bert pre-feasibility study has commenced, targeting completion in the December 2025 quarter.

Mining activity at Evolution’s other Queensland operation, Mount Rawdon, finished in 2024, with the mine transitioning to stockpile processing for the remainder of this financial year.