Evolution Mining (EVN) posted a record quarterly production result of 218,000 ounces at a sustained cost of AUD$825.00 per ounce.
The strong Q4 number places the FY 2017 production at the upper end of forward guidance near 844,000 ounces, and below the lower end of the cost guidance of AUD$906.00.
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We see near-term technical resistance in the $2.48 area with a longer-term price target near $2.60.
However, a stronger AUD/USD above .8000 will have a dampening effect to EVN’s bottom line going forward.
Evolution Mining
