The Evolution Mining Ltd (ASX: EVN) share price backtracked more than 5% across the month of May.
This comes despite the gold miner keeping a relatively quiet profile on the news front.
In comparison, the S&P/ASX 200 Index (ASX: XJO) treaded 3% lower over the same time frame.
At the time of writing, Evolution shares are recovering some lost ground, up 2.18% to $3.75.
And in case you were wondering, the ASX 200 index is also up 0.74% to 7,229.1 points.
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What impacted Evolution shares in May?
Investors reacted negatively to the Evolution share price following a selloff across global markets last month.
Fears surrounded a global economic slowdown brought on by high inflation, interest rate hikes, and China's COVID-19 crisis.
While the price of gold is currently fetching at US$1,870 an ounce, it dipped 1.34% lower in May.
This appears to have attributed to the company's shares heading south.
A decline in the price of the yellow metal translates to a loss of potential revenue for Evolution.
In its March quarterly report released in April, the company recorded 148,787 ounces of gold produced for the 3 months ending 31 March.
All-in sustaining costs (ASIC) came to A$990 (US$717) per ounce.
This means at the current gold price; Evolution is making around US$1,153 profit for every ounce sold.
It's worth noting that this does not include the capital and discovery expenditure used on developing and bringing the assets online.
Evolution share price summary
Evolution is an Australian mining and exploration company that owns and operates five mines, mostly based in Australia. They include Cowal in New South Wales, Mungari in Western Australia, Mt Rawdon and Ernest Henry in Queensland, and Red Lake in Ontario, Canada.
Over the past 12 months, the Evolution share price has lost 29%.
Year-to-date, its shares are down roughly 8%.
On valuation metrics, Evolution commands a market capitalisation of around $6.87 billion.
