ASX 200 gold stock Evolution Mining Ltd (ASX: EVN) has been charging ahead in the last six months.

The company’s share price has soared 89% from $1.85 at market close on 20 October to $3.49 at market close on 20 April. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has risen 20% in the same time.

Let’s take a look at what is going on with the Evolution Mining share price.

Has the gold price helped?

Evolution Mining is a gold explorer with mines in New South Wales, Western Australia Queensland and Canada.

ASX 200 gold stocks Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have also risen in the last six months.

Northern Star shares have soared 72.5% since market close on 20 October, while Newcrest Mining shares have surged 73%.

Amid wider market turmoil, the gold price has also had a stellar run in the past six months.

The spot gold price has risen 23% from US$1636.8 an ounce on 20 October to US$2,009 an ounce at the time of writing, according to CNBC.

Copper has also jumped nearly 24% in the same time frame, trading economics data shows.

This lift in the gold price could be giving ASX 200 mining shares including Evolution a boost.

Evolution achieved a 3% lift in the average achieved gold price from US$2,551 an ounce to US$2,639 an ounce in the third quarter of FY23. The company sold 165,758 ounces of gold, up 2.4% on the previous quarter.

The company’s realised copper price rose 15%, however, copper sales fell 30.9% during the quarter.

In other news, Evolution on Thursday reported drilling continues to extend mineralisation at the company’s Ernest Henry project in Queensland. The results are expected to “drive further growth” of the mineral resource at the project.

Mining activities at the Ernest Henry operation resumed in April following weather impact during the March quarter.

Commenting on these results, Evolution CEO Lawrie Conway said:

We continue to see encouraging drill results from the exploration drill program at Ernest Henry, highlighting the exciting potential for growth at this world class operation.

On 12 January, Evolution advised it had satisfied an earn-in milestone to earn a 75% interest in the Cue Project joint venture with Musgrave Minerals Ltd (ASX: MGV).

Evolution Mining share price snapshot

The Evolution Mining share price has slid 23% in the last year.

This ASX 200 gold share has a market capitalisation of about $6.4 billion based on the current share price.

The post How has ASX 200 gold share Evolution Mining managed to surge 89% in 6 months? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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