The Evolution Mining Ltd (ASX: EVN) share price is marching higher today.
Again.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $9.07. In morning trade on Friday, shares are changing hands for $9.16 apiece, up 1.0% (at the time of writing).
This sees the Evolution Mining share price up an eye-popping 131.8% since this time last year. And that doesn't include the 12 cents a share in fully franked dividends the gold miner paid out over the year.
For some context, the ASX 200 is up 0.2% today and up 9.3% over 12 months.
Here's what's happening on Friday.
Evolution Mining share price lifts on gold stock update
Investors are bidding up the Evolution Mining share price today following the release of the company's annual mineral resources and ore reserves report.
As at 31 December, Evolution reported that its total mineral resources are estimated to contain 30 million ounces of gold and 4.4 million tonnes of copper.
Projects adding to the mineral resources estimate include growth in contained gold of 1.3 million ounces at Mungari, 400,000 ounces at Ernest Henry, and 400,000 ounces at Northparkes.
That growth was offset by a 4.5 million ounce reduction in estimated contained gold at Red Lake, along with a what the company said was a "minor decrease" at Cowal and depletion at Mt Rawdon.
The Evolution Mining share price also could be catching tailwinds today with the miner's copper mineral resources increasing by 300,000 tonnes. Ernest Henry and Northparkes both contributed equally to the boost.
The ASX 200 gold stock also reported a total ore reserve estimate of 11 million ounces of gold and 1.4 million tonnes of copper.
Mungari added 500,000 ounces to the gold ore reserves estimate, Ernest Henry added 100,000 ounces and Northparkes also added 100,000 ounces. Red Lake suffered the biggest depletion, with gold ore reserves down by 800,0000 ounces.
Copper ore reserves were up by 100,000 tonnes spurred by Ernest Henry and Northparkes.
What did management say?
Commenting on the copper and gold inventory update that looks to be helping lift the Evolution Mining share price today, CEO Lawrie Conway, said: "Our Mineral Resources and Ore Reserves update demonstrates the quality of our portfolio with an average mine life of ~15 years, having more than doubled since Evolution's inception in 2011."
Conway added:
With Mineral Resources estimated at 30Moz of contained gold, we are well-positioned to continue growing our business, increasing mine life, and delivering value to all stakeholders.
In addition, we have a significant and growing copper endowment, with Mineral Resource and Ore Reserve growth across both Ernest Henry and Northparkes.
The changes at Red Lake reflect our continued focus on consistent operations and generating sustainable positive cash flows from its 15 year mine life Recent drilling results continue to reinforce the significant growth opportunities across our portfolio.
