Evolution Mining Ltd (ASX: EVN) may pour its cash into overseas assets according to an article in The AFR.
According to the report, Evolution has North American assets on its radar for acquisition opportunities after its quarterly report revealed it had increased its cash balance by $115.2 million to $323.2 million and slashed net debt from $187 million to $71.8 million.
Evolution forecast a drop in gold production for FY19, but extended the mine life of assets in its portfolio and expects strong growth out of Cowal, Mungari and Cracow.
Evolution will also take full ownership of the Castle Hill Gold Deposit, after buying out Norton Gold Fields.
Evolution shares are down 1.6% to $2.96 at the time of writing, alongside other tumbling gold peers such as Northern Star Resources Ltd (ASX: NST) down 0.5% to $6.90, Regis Resources Limited (ASX: RRL) down 0.9% to $5.00 and Resolute Mining Limited (ASX: RSG) down 0.7% to $1.28.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.