Haven't posted on EVN before, but have been following for a...

Haven't posted on EVN before, but have been following for a while.

note: I'm highlighting some bad aspects but I have no intention of shorting or buying the stock later.

Below shows just how bad the gold mining costs are.
I have taken out Ernest Henry mine because it distorts the All in Cost because of the copper production.

Calculation for Weighted All-in Cost ($/sold oz) minus Ernest Henry
	Cowal	Red Lake	Mungari	Mt Rawdon	Total
Gold Sold (oz)	60,679	33,142	33,963	14,994	142778
Fraction of Gold Sold	0.425	0.232	0.238	0.105	1
All-in Cost	2,747	3,545	2,555	2,781
Weighted All-in Cost ($/sold oz) minus Ernest Henry	1,167.47	822.44	608.09	292.00	2,890.01

$2,890 compared to the "Gold Price Achieved" of $2,414 shows the large deficit of $476/oz which is a huge problem for shareholders.

Nett debt probably approaching 1.5B. How is EVN going to repay this with so many loss making mines and interest rates rising?

EVN has sunk 800M into Red Lake including the purchase price.
Will EVN ever get a return on this investment, which is to say that EVN will claw back 800M in earnings to get to break even?
It's extremely unlikely but you be the judge.
Directors should be held accountable for such a dismal purchase.

Hedging is consistently bad for shareholder as the "Gold Price Achieved" in Sept was about $100/oz below the average spot price.
Directors should be held accountable for eroding shareholder value.

Directors should not be well paid with such terrible results.
I wish there was better alignment of investor interest and director interests, but the fact is, directors almost always keep paying themselves really well even when shares dive.
Directors self interest is way above shareholder return. Their first priority is to secure their pay, then to look good, then somewhere down the list is shareholder returns.