Evolution Mining Ltd (ASX: EVN) shares enjoyed another day of stellar gains on Wednesday.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed the day trading for $8.67 apiece, up 6.91%.
That sees the share price up an eye-watering 116% since this time last year, when those same shares were going for $4.02 a pop.
To put that into perspective, a $6,000 investment in Evolution Mining shares 12 months ago would be worth $12,940 today.
And that's not including the 12 cents per share in fully franked dividends the miner paid out over the year. At yesterday's closing price, this sees the gold stock trading on a 1.4% trailing dividend yield.
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How did the ASX 200 gold stock more than double in a year?
Evolution Mining shares have benefited from both a surging gold price and the miner's own enviably low production costs.
On the gold price front, bullion has surged from US$2,425 per ounce 12 months ago to US$3,300 per ounce on Wednesday, up more than 36%.
On the cost front, for the March quarter, the ASX 200 gold miner reported an all-in sustaining cost (AISC) of AU$1,616 per ounce (US$1,014 per ounce), while selling this gold for an average of AU$4,512 per ounce.
That's a tidy margin!
So, should I buy Evolution Mining shares today?
Are Evolution Mining shares still a good buy?
Sequoia Wealth Management's Peter Day recently ran his slide rule over Evolution Mining shares (courtesy of The Bull).
"The company produced 179,778 ounces of gold in the 2025 March quarter," he said. "It produced 19,450 tonnes of copper. The all-in-sustaining cost of US$1,014 an ounce is among the lowest in the sector."
Day added:
Record group mine operating cash flows of $600 million was up 7% quarter on quarter. The cash balance increased by $141 million to $661 million. EVN has exposure to further possible upside from gold and copper price tailwinds.
But Day doesn't believe now is the time to jump into the ASX 200 gold stock.
"However, at this point, we believe the stock is fully valued," said Day, who has a hold recommendation on Evolution Mining shares.
What's ahead for the ASX 200 gold stock?
Looking to what could impact Evolution Mining shares in the months ahead, the miner maintained its full-year FY 2025 guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper at an AISC of AU$1,475 to AU$1,575 per ounce.
Following the quarterly results release on 15 April, Evolution Mining CEO Lawrie Conway said:
We maintain our commitment on capital discipline and banking the significant cash being generated in the high metal price environment. We are on track to meet FY 2025 guidance with even stronger cash generation expected to continue in the June quarter.
