It's been a historic week for the Evolution Mining Ltd (ASX: EVN) share price. But unfortunately, not in a good way. This week has been the worst week for Evolution Mining shares in more than a decade. Perhaps ever.
Yesterday saw the ASX 200 gold miner record a 21.89% fall across that single trading session. Today, those falls have been amplified by another 2.65% drop to $2.57 a share. Yes, this time last week, Evolution was trading at $3.55 a share. Today, we're more than 27% below that mark.
This precipitous drop was sparked by an update the company provided to the markets. This update covered Evolution's guidance for FY2022 and its outlook. It reported that Evolution is now expecting gold production to fall 6% year on year. That would be a drop from 680,788 ounces in FY2021 to 640,000 ounces for FY2022.
Further, Evolution is estimating that its all-in-sustaining-costs (AISC) metric for mining one ounce of gold will increase from $1,215 per ounce to $1,250.
Needless to say, investors were not impressed with this update, given the vicious share price reaction we have seen from the markets.
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Evolution shares top ASX 200 volume charts
With yesterday's massive share price drop, coupled with today's continuing selloff, it might come as no surprise to find that Evolution is today topping the ASX 200's share volume charts.
According to investing.com, more than 22.6 million Evolution shares have been traded on the share market so far today. That's roughly seven million more than the next ASX 200 share, which is presently lithium producer Pilbara Minerals Ltd (ASX: PLS).
So there is little doubt that this elevated trading volume has been caused by the massive share price changes this company has experienced over this week so far. No doubt investors will be hoping for a turnaround soon.
At the current Evolution Mining share price, this ASX 200 gold miner has a market capitalisation of $4.75 billion, with a dividend yield of 3.1%
