WHY IS EVN MINING GOING SOUTH?, page-23

Mungari, Carlton, and Rawdon are all reaching end of life, with rising costs and falling production. Cowal is going great but needs pretty significant capital inputs to develop the underground. EHM has been a cash cow but will reach the end of the agreed JV area before too long, requiring more capital to extend the JV. Red Lake simply hasn't delivered the exploration upsides and increases to resource or reserve ounces that were expected yet. The Red Lake exploration results published to date have been really underwhelming for such a great deposit cluster in a world class province. Hopefully the team there can jag something significant soon. The recent results at from the Cue JV are interesting, but hardly world beating. A 3m zone running 10g/t is a good start, but you need a lot more width before you are looking at an economic deposit.

I reckon that EVN will look to sell Carlton (assuming there is anything left to sell) Rawdon and possibly Mungari to meet its capital requirements at EHM, Cowal and Red Lake while continuing to pursue M&A and Greenfields opportunities in WA, NSW and Canada. If they can offload the end of life assets at the tip of the market and wait for the right project to come up (another Cowal or EHM deal) they will be sitting pretty.
Personally I reckon they are good value at the moment though, and some material, positive announcements are just around the corner.