Evolution Mining significantly expands Mungari gold mineral resource

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

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

Evolution said the rise in MRE was mainly because of optimisation of the gold price and cost assumptions, with increases predominantly in the open pits.

The company said new drilling data across many deposits in both open pits and underground — predominantly on the Genesis and Solomon lodes — from exploration, resource development, and grade control activities had also contributed to the increase.

It said mining activities depleted 160,000oz of gold during 2024.

The company said the ore reserve increase came about as cost assumptions and mining modifying factors were updated in line with the latest life-of-mine plan, which confirmed the economic viability of each mining area based on the ore reserve commodity price assumption.

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

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

Evolution managing director and chief executive Lawrie Conway said the company was well positioned to continue growing its business, increasing mine life and delivering value to all stakeholders.