The project received approval from the New South Wales Department of Planning, Housing and Infrastructure last year, followed by federal government endorsement earlier this year. It involves continued mining at the existing E42 pit and the development of three new satellite pits—E46, GR, and E41—located north and south of E42. “Today, the Board has approved the project, which has compelling returns of 71% at current spot gold price and a short payback period,” said Lawrie Conway, Evolution Mining’s managing director and CEO. “It will contribute to the goal of sustaining Cowal’s current production rate, while at the same time delivering significant economic benefits for all stakeholders.”
The OPC project is designed to maintain Cowal’s production levels while fostering economic growth for local communities and stakeholders. “The project represents a major milestone for Cowal, unlocking the potential for further sustained growth, enhanced shareholder returns, and the opportunity to leave a lasting positive impact for our stakeholders and the communities in which we operate,” Conway added. Ongoing exploration efforts are also targeting additional mineralization to support future underground mining opportunities.
The expansion will facilitate access to high-grade underground ore, with plans to increase underground output to 2.4 million tonnes by fiscal year 2026. At that stage, underground production is expected to contribute approximately 30% of the mine’s total feed and 50% of its gold output. Since Evolution Mining acquired Cowal in 2015, the operation has generated over A$1.62 billion in net mine cash flow, including A$479 million in the first nine months of fiscal year 2025.
Evolution Mining, which operates six mines across Australia and Canada, considers Cowal a key wholly owned asset. The Cowal expansion underscores the company’s commitment to sustainable mining practices and long-term value creation. By enhancing production capacity and extending the mine’s life, the project aims to deliver economic benefits while supporting regional development in New South Wales.
