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Evolution Mining: Digging Into The FY2020 Reserve Update

May 02, 2021 12:27 PM ETEvolution Mining Limited (CAHPF)3 Comments
Taylor Dart profile picture
Taylor Dart


  • Evolution Mining released its FY2020 Reserve & Resource update in mid-February and reported a 50% increase in mineral reserves across its projects.
  • This sharp increase in reserves was driven by a maiden mineral reserve at Red Lake and an increase in reserves at Cowal, the two pillars of Evolution's growth.
  • While not included in the reserve statement due to timing, the Battle North acquisition should add another ~0.7 million ounces of reserves, pushing total reserves to ~10.6 million ounces.
  • While Evolution might look expensive at a premium to its peers per reserve ounce, I continue to see the stock as reasonably valued with a good shot at continued reserve growth in FY2021.

Mine work underground
Photo by sezer66/iStock via Getty Images

The Q1 Earnings Season for the Gold Miners Index (GDX) has finally begun, with most companies finally finished releasing their FY2020 Mineral Reserve statements. Evolution Mining (OTCPK:CAHPF) was one of the first miners to release its results

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Taylor Dart profile picture
"A bull market is when you check your stocks every day to see how much they went up. A bear market is when you don't bother to look anymore."- John Hammerslough You can access more in-depth research, my current portfolios, my top-12 miner rankings, GDX buy/sell signals, new positions I am entering/exiting, plus proprietary sentiment indicators updated weekly for gold miners in my newsletter below. Returns Link: https://imgur.com/a/UOkgfyTSubscription LinksMonthly: https://buy.stripe.com/7sI14d4b92vFdUc15cAnnual: https://buy.stripe.com/4gw28h0YXeen7vObJP - Disclosure: I am not a financial advisor. All articles are my opinion - they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading or investing.

Analyst’s Disclosure: I am/we are long GLD, NEM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (3)

Thanks for the update.

Yes, s/t the Q3 results were disappointing but Q4 should be much better and longer term better still. Importantly, as the gold price rises I think the value of resources in Tier 1 jurisdictions will attract an increased premium, hence Evolution is a core holding.
Taylor, thanks for all the continued coverage of the gold miners. Unfortunately I continue to own more then a few and to say they've been the under performers of my portfolio is an understatement. Just about absolutely everything else has been on a tear but nothing stirring with gold. Maybe we should all be Buffett adherents put 90 precent in and S&P index fund and never ever buy gold. Perhaps. the general market corrects this Summer and they catch a tail wind. Summer, good luck.
Taylor Dart profile picture
@Jacob 2 No problem - happy it's of value.

The pains of being a value investor in a cyclical sector, unfortunately. It's why a long time ago I decided to commit only 30% of my portfolio to any one sector, and why I prefer a blend of momentum/value for the portfolio to smooth out periods like this.
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