Record Point is an independent corporate advisory firm specialising in domestic and international advisory services for public and private companies.

Record Point acts as financial advisor to Evolution Mining on the acquisition of the Cowal Gold mine

On 25 May 2015, Evolution Mining Ltd (“Evolution” or the “Company”) announced the successful acquisition of the Cowal mine for A$704m from Barrick Gold Corporation (TSX listed).

The Cowal mine is located approximately 40km north-east of West Wyalong, New South Wales, Australia with annual gold production between 230-260koz and 1.6Moz of Proven and Probable Reserves.

Record Point acted as the exclusive financial advisor to Evolution, advising the company on the M&A process and assisting with the subsequent debt and equity fundraisings. The company is in the process of raising A$248m though a fully underwritten pro-rata Entitlement Offer in addition to the A$700m debt facilities which is partly used to fund the acquisition.

Paul Harris has a long history of working with Jake Klein, so he and the Record Point team engaged with Evolution’s VP Business Development and Investor Relations, Aaron Colleran and his team in the months prior to the sales process, building intelligence that proved to be important in the subsequent process.  Record Point worked with the Company and its external technical advisors to better understand the mine’s value and its upside potential whilst benchmarking it against the competitive landscape.

Record Point supported Aaron in managing a complex transaction timetable, which included the simultaneous acquisition of the La Mancha assets valued at c. A$436m.

 “We started working with Paul and his team at Record Point on the Cowal acquisition many months before Barrick commenced the sales process – throughout the engagement we found him insightful, professional and totally committed to the successful outcome Evolution was able to achieve.”

Jake Klein, Executive Chairman, Evolution

The Cowal acquisition, together with the purchase of La Mancha’s Australian assets makes Evolution the second largest ASX-listed gold producer with seven operating assets across Queensland, New South Wales and Western Australia.