Evolution Mining significantly expands Mungari | Australian Markets

Evolution Mining has expanded each the mineral useful resource estimate and ore reserve on the Mungari gold operation west of Kalgoorlie-Boulder.

Australia’s second-largest ASX-listed gold miner this week mentioned Mungari’s MRE had elevated by 1.3 million ounces to 7.2Moz during 2024, whereas the ore reserve was up 510,000oz to 2.1Moz.

Evolution mentioned the rise in MRE was primarily as a result of of optimisation of the gold price and price assumptions, with will increase predominantly within the open pits.

The company mentioned new drilling information throughout many deposits in each open pits and underground — predominantly on the Genesis and Solomon lodes — from exploration, useful resource development, and grade control actions had additionally contributed to the increase.

It mentioned mining actions depleted 160,000oz of gold during 2024.

The company mentioned the ore reserve increase took place as value assumptions and mining modifying components had been up to date according to the latest life-of-mine plan, which confirmed the financial viability of every mining space based mostly on the ore reserve commodity price assumption.

Overall, throughout its operations in WA, Queensland, New South Wales, and Canada, Evolution’s whole mineral useful resource estimate stands at 30Moz of gold and 4.4Mt of copper.

Group ore reserves are estimated to include 11Moz of gold and 1.4Mt of copper, representing an average mine life of 15 years.

Evolution managing director and chief government Lawrie Conway mentioned the company was nicely positioned to proceed growing its business, growing mine life and delivering worth to all stakeholders.