No surprise that the stock has not run higher at this stage. The...

No surprise that the stock has not run higher at this stage. The company issued 1,333,333 shares at 3 cents recently, of which 93.5m were left with the underwriters. The 93.5m shares have probably already been sold into the market as brokers do not like to have them on their books due to market risk and the fact they could turf them at a nice profit. The investors that took up the balance of the issue are sitting on around a 40% gain which must be very appealing for some to cash in and realise the profit.
Hard to know how long this will last.

However, from an earnings point of view things could not be better. There will probably be around $10m cash generated in July and we should almost be debt free by the time the next quarterly is released in October.
Evolution generated $85.3m Net Mine Cash Flow from Cracow last FY at lower gold prices. Would expect higher than forecast gold production from Cracow this year as Aeris will fast track conversion of Resources to Reserves.