Evolution Mining (ASX:EVN) has achieved a major milestone with the early commencement of production from its new underground gold mine at Cowal, three months ahead of schedule and on budget.

The company says the project is expected to increase Cowal’s production from 275,000 ounces to 320,000 low cost ounces in FY24.

Evolution Mining also says the recovery plan for Ernest Henry is continuing and the impact on Group FY23 Guidance will be communicated soon, with strong liquidity with a cash position ahead of plan and an undrawn $525M revolver facility.

The company operates five mines across the globe with a FY23 gold production guidance of 720,000 ounces at a sector leading All-in Sustaining Cost of $1,240 per ounce.