On behalf of the board, it is my pleasure to welcome our shareholders, proxy holders, and guests to the second virtual annual general meeting of Evolution Mining Limited, especially to those who may be attending our AGM for the first time. Our AGM is being held virtually in the interest of the health and safety of our shareholders and our people and in line with current regulatory guidance. Evolution respects and supports the Indigenous communities in which we operate, both in Australia and in Canada. I'd like to acknowledge the Gadigal people of the Eora Nation on whose land we are hosting this meeting today. I pay my respects to their elders, past and present, and to all Aboriginal and Torres Strait Islander people. I'd also like to acknowledge our First Nation partners in Canada. Firstly, I would like to introduce our board members.
With me in Sydney are Lawrie Conway, our Finance Director and Chief Financial Officer. Jim Askew, our longest-serving NED, Chair of the Risk and Sustainability Committee, and a member of the Nomination and Remuneration Committee, is here in person as well. Laurie is standing for re-election today. Joining us virtually are our Non-Executive Directors from Perth in Western Australia, Tommy McKeith and Andrea Hall. Tommy is the Chair of the Nomination and Remuneration Committee and has been the Lead Independent Director for the last three years, which is an important role for our board and which he has fulfilled very effectively. In accordance with our policy of rotating this role every three years, Tommy will be passing the baton to Jason Attew on the first of December 2021. Andrea is the Chair of the Audit Committee and Member of the Risk and Sustainability Committee.
Dialing in from his hometown in Vancouver, Canada, is Jason Attew, a member of the Audit and Nom committees, and Rem committee. As mentioned, Jason will take on the lead independent role, on the first of December. I've known Jason for a number of years, and we are fortunate to have him on our board. Jason, over to you to introduce yourself.
Jake, I would first like to acknowledge and commend the fine work that Tommy has done in his three years as lead independent director. I take on this role with a combination of pragmatism and enthusiasm, and I look forward to being more involved as the interface between the board and the executive leadership team on all material matters that advance our stated strategy at Evolution. As you will be able to place from my accent, I am a Canadian, and I have over 25 years of experience in the mining business, both at the C-suite of a growth-oriented senior gold producer, and prior to that, having spent many years advising boards on formative and transformational transactions that have shaped our industry.
Having served on the Evolution board for the past two years, what continues to impress is the balance of an entrepreneurial acumen, as evidenced by the number of accretive transactions completed in the short 10 years that Evolution has been in existence, coupled with the operational excellence once these assets are integrated into the Evolution portfolio. As your new Lead Independent Director, I will pull on my experience in doing my part of ensuring that this balance is maintained in an effort to provide you, as shareholders, superior returns. Back over to you, Jake.
Thanks, Jason. Look forward to working with you as the lead independent, and echo your comments as to Tommy's contribution to date and look forward to his contribution going forward as a NED. In Sydney, but joining us virtually is Vicki Binns, member of the Audit Committee, and from the Sunshine State, Queensland, Peter Smith, who is a member of the Risk and Sustainability Committee. With us in Sydney is our Company Secretary, Evan Elstein. Evan is also the VP for Information Technology, and Evan will outline the procedural and technology aspects of the meeting shortly. Martin Cummings, our General Manager, Investor Relations, will moderate shareholder questions throughout the AGM. Also joining us virtually today are many of our employees who proudly wear an Evolution shirt each day.
From our operations in Canada at Red Lake, Ontario, and right across our great continent in Australia, Cowal in New South Wales, Mount Rawdon in Queensland, Mungari in Western Australia, and in our group office here in Sydney. Also attending today's meeting are Ben Meacock, Brett Entwistle, and Mark Upcroft from PwC, our external auditor. Mark will be available to answer any questions you may have about the audit of the financial statements later in the year in the meeting. Mark's been the audit partner, and he's rotating out of it due to independence rules or time rules at PwC, and I want to formally thank Mark for his contribution to our development and his counsel over the years. Thanks, Mark. The order of proceedings for today will be as follows.
We'll work through the formal business of the meeting pursuant to the agenda set out in the notice of the meeting that was issued on 18 October 2021. After all of the agenda items have been dealt with, the formal AGM will be closed, and any shareholder questions received will be addressed. Before my address and the formal business of the meeting, I'll hand over to our Company Secretary, Evan Elstein, to note some procedural and technology matters for today's meeting.
Good morning, everyone. An online virtual meeting guide which explains how shareholders may participate in the meeting was released to the market on 18 October 2021 and has been made available on the Evolution Mining website. If you are participating via the AGM online platform, you will see a screen showing a video stream on the left and the presentation slides on the right. You are able to increase the size of either of these by clicking on the icon in the top right. If you can hear but not see the video, please click on the video play or pause button on the bottom left-hand side of the video screen. This should bring up the visual footage. At the bottom of the screen, there are three boxes.
These allow you to get a voting card, ask a question, and download the notice of meeting and the Evolution Mining Annual Report for 2021. The buttons to get a voting card and ask a question are replicated at the top of the page in red. Thank you to those shareholders who submitted questions prior to the meeting. We will address all questions received at the end of the meeting after the formal business of the meeting has been completed. If you have a question that you would like to ask today, you may type your question into the online platform. To do this, click on the Ask a question button, select the relevant item of business from the dropdown menu, type your question, and then click Submit question. There is a character limit of 512 for written questions.
To ensure you have enough time to type and submit your question, you are encouraged to type this now instead of waiting until later in the meeting for that item of business. We will, however, save asking each question until the relevant item of business. Questions that are relevant to the business of the meeting will be read aloud to the chairman and the meeting by the General Manager, Investor Relations. We may aggregate questions if we receive multiple questions on the same topic. I'll now summarize the voting procedures. All items of business will be voted on by a poll, which is now open. If you did not cast your vote prior to the meeting, you may cast a live vote using the online platform at any time during the meeting. Please click on the Get a voting card button.
Live voting on the online platform will close five minutes after the close of the meeting. The chairman will give you a warning when this five-minute period starts. At the conclusion of the AGM, you will see a red bar appear along the top of the online platform with a countdown timer of how long you have remaining to cast your vote. You must be logged in to the online platform to cast a live vote. Please complete your vote by selecting the required voting instruction. That is the for, against, or abstain voting buttons. The total number of votes that you're entitled to will be listed under each resolution. When you enter the number of votes, it'll automatically tally how many votes you have left. Proxy holder votes will only be applied to undirected votes. Directed votes will be applied as per the voting instructions provided by the shareholder.
Once you have finished voting on each resolution put to the meeting, scroll down to the bottom of the box and click on Submit vote. Once voting has closed, all voting cards will be automatically submitted and cannot be changed. I confirm that where undirected proxies have been given to the chairman, he intends to vote in favor of the resolution to the extent permitted. During the meeting, we will display on the presentation slides the number of direct and proxy votes received prior to the meeting on each resolution. These numbers will be as at the closing time for receipt of proxies, which was 11:00 A.M. Sydney time on Tuesday, the 23rd November, 2021. The final results will be released to the market as soon as they are available.
If you are experiencing any difficulties using the online platform, a helpline number is displayed at the top of the page. Please ring 1-800-990-363. Link Market Services is the returning officer for this meeting. I'll now hand the meeting back to Jake to deliver the chairman's address.
Thanks, Evan. Earlier this month, we celebrated the tenth anniversary since the formation of Evolution. These first 10 years have been a remarkable journey for us all. We could never have achieved the successes we have without the great group of people who proudly put on the Evolution shirt each shift, who live our values, act like owners, and represents us with integrity, humility, transparency to all of our stakeholders. We aspire to make every person's time at Evolution, no matter what their job, a highlight of their career. That requires us to have a diverse and inclusive organization, one in which every person lives our values of safety, excellence, accountability, and respect. We have a simple but very powerful belief of our responsibility to our shareholders, our employees, and the communities in which we operate. It is, we say, we do, and we deliver.
This commitment, as well as our strategy, have remained the constant since day one and has generated some outstanding outcomes. Over that time, we have produced over 6 million ounces of low-cost gold and tripled our gold reserves from 3.3 million ounces to 9.7 million ounces, with shareholders benefiting through the payment of 17 consecutive dividends, which total AUD 943 million since our maiden dividend in 2013. Our graduate program aims to develop our industry's future leaders, and we are proud to have provided graduate roles to 69 exciting young mining professionals.
We have had a positive and lasting impact on the communities where we operate, with 30 shared value projects implemented and AUD 600 million of local regional business opportunities created. Importantly, we have established the foundations that will allow us to achieve even more in our next 10 years. We have a very clear vision, a unique culture, and a deep, deep desire to succeed. When I addressed you at Evolution's first AGM in November 2011, only weeks after our formation, I outlined our vision to create, and I'm quoting here, "A vibrant, growth-oriented, creative gold company that will attract and retain the best people to deliver on a growing portfolio of assets and attract the attention of major gold investors in the gold industry." Our strategy since then has been clear and consistent.
We have had the courage to act counter-cyclically to acquire assets that upgrade the quality of our portfolio, but only where it has been accretive to you, our shareholders. There are very limited ways in which you can genuinely add value in our sector, but making value-accretive acquisitions is a core capability at Evolution. Our first significant transaction was to buy the Cowal operation from Barrick in 2015. Cowal was a high-quality asset in the Barrick portfolio, but they had made a strategic decision to exit Australia, and it was a very courageous decision for Evolution to buy this asset, as the price paid at that time was greater than our market capitalization. We correctly identified and acted on the opportunity for Cowal to become the long-life cornerstone asset that it is today.
To date, in the five years we've owned it has already delivered more than AUD 760 million in net mine cash flow, and we recently announced approval of the underground mine that will extend the operations to 2040. When we purchased Cowal, it's worth noting that the mine was scheduled to close in 2024. Around the same time in 2015, while we were completing the Cowal transaction, we also acquired the Mungari operations from La Mancha Resources. Again, this was an opportunity to acquire a quality asset and get a foothold in the world-class mining district of Kalgoorlie. Shortly after that, we expanded our presence around Kalgoorlie with the acquisition of ASX-listed Phoenix Gold, which allowed us to build our tenement package and resource base at Mungari.
Only a couple of months ago, in July, we embedded Mungari as a cornerstone asset at Evolution with the acquisition of the Kundana assets from Northern Star Resources. To me and to the board, this is a great example of unlocking value from regional synergies, which could only be achieved through the combination of the two sets of assets. In 2019, we took our first major step outside of Australia through the acquisition of Red Lake in Ontario, Canada. Consistent with many of our acquisitions in Australia, Red Lake is in a Tier One jurisdiction and is in one of the great gold provinces on the planet. The asset has had a glorious past, but in recent years, it has suffered from under-capitalization and underperformance.
Evolution has commenced the turnaround of Red Lake that will restore this asset to a premier mine and be another cornerstone asset of our portfolio. In financial year 2021, we continued to consolidate our land position and also the future of Red Lake through the acquisition of Battle North Gold. This transaction addressed the key constraints at Red Lake with the need for additional milling capacity as part of our long-term production goal at Red Lake of 350,000 ounces of low-cost gold per annum. In 2016, we closed one of our most innovative and value-creating transactions through the acquisition of an economic interest in Ernest Henry. We acquired this economic interest from Glencore for AUD 880 million. To date, this investment alone has returned around AUD 1.2 billion in net mine cash flow.
In the last 12 months, in FY 2021 alone, we received AUD 309 million, and it has a long mine life in front of it. Last week, you'll be aware that we announced we had reached agreement to acquire full ownership of Ernest Henry. Ernest Henry is a world-class asset located in our backyard here in Australia and one which we know very well. In fact, our board was fortunate to visit the operation in May this year before the lockdown. Every time we've had the opportunity to visit the asset, we've been impressed with the great team and the very high standard to which it operates. Something that, as you know, as a shareholder, we have already been the beneficiary of for the last five years since, as we've owned the economic interest. It's been consistent high cash generation at exceptionally low costs.
Securing full ownership of the operation now gives us access to even more of that cash flow. We have confidence in both the potential to extend the mine life and the exploration upside beyond that. There are two ways that you can look at this operation going forward, and either way is good. If you view it as we have in the past, and we'll continue in the future, that is where copper is treated as a by-product credit, it is an 85,000-ounce-a-year gold operation at extraordinarily low cost. Or the other way, which gives you a better sense of the scale of the operation, is on a gold equivalent basis.
Looking at it through this lens, it produces around 380,000 gold equivalent ounces per annum at very low cost. This is an operation that has a clear mine life visibility for the next nine to 10 years. As I said earlier, we like the exploration upside to extend it way beyond that. While we have been great buyers of assets, I believe we have also been astute sellers. In 2016, we sold Pajingo to Minjar Gold. In 2017, we sold Edna May to Ramelius Resources. In 2020, we sold Cracow to Aeris Resources. Most recently, we agreed to sell Mt Carlton to Navarre Minerals, which will close next month. All of these divestments have been consistent with our strategy of upgrading the quality of our portfolio, given their relatively short mine lives or higher costs.
Each time we have sold an asset, we've made sure that the workforce, assets, and relationship with communities and stakeholders were transitioned to the buyers as smoothly and seamlessly as possible. Evolution shareholders have retained ongoing exposure to any ongoing success at those assets through royalty style payments which continue to this day. As I look at the portfolio today, only one asset remains from where we started in 2011, and that's Mount Rawdon. This makes us a very different company in terms of asset base, but our vision and strategy has not changed. Our relentless focus on quality over quantity has resulted in Evolution generating sector-leading returns and rewarding our shareholders by paying 17 consecutive dividends. With four long-life cornerstone assets, we are investing in growing production and extending mine life at these high-margin assets.
Importantly, we have always prudently managed our balance sheet to ensure that we are well-capitalized to fund our growth ambitions and deliver strong returns to our shareholders. As I stated 10 years ago, we have always endeavored to attract and retain the best people in the industry. Our people have always been our most important asset, and we want every person's time at Evolution to be the highlight of their career. Time and time again this year, we have been challenged to go above and beyond. Each time, our employees and contractors have stood tall, accepted the challenge, and delivered. I'm immensely proud of their efforts. The anxiety and disruption that COVID-19 has created should not be underestimated. Together, we have overcome these obstacles to continue to deliver on our strategy while minimizing the risks to our people and communities.
We are committed to providing a workplace where our people are safe and healthy, and which relies on the commitment, leadership, teamwork, engagement, and involvement of our entire workforce. This year, our total recordable injury frequency rate rose to 9.6, and we are addressing this with a strong focus on improving leading safety metrics, including proactive reporting, training, field interactions, and action closeouts. Since inception, we have been focused on operating in environmentally and socially responsible manner. In July 2021, we announced our commitment to reducing greenhouse gas emissions in alignment with the climate change goals of the Paris Agreement. Evolution has pledged to reduce our Scope 1 and Scope 2 greenhouse gas emissions by 30% by 2030 and achieving net zero greenhouse gas emissions by 2050.
In October this year, we released our FY 2021 sustainability report, which outlines the very positive impacts we have in the communities in which we operate. Evolution continues to be recognized for its sustainability performance, including receiving a sector-leading AA rating in the annual MSCI ESG rating assessment, and recently achieving an upgraded rating from ISS ESG, another major ratings agency. In that score, we achieved the highest possible score for environment and second-highest possible score for social performance. We also maintain our ranking in the Dow Jones Sustainability Index Australia, one of only three gold companies in this index. Our operational metrics during the year were strong with 680,000 ounces of gold produced at a sector-leading all-in sustaining cost of AUD 1,215 an ounce or $907 per ounce.
This translated into a record statutory net profit of, after tax, of AUD 345 million, which is a 14.5% increase on the prior year. Operating mine cash flow totaled AUD 937 million prior to total capital commitments of AUD 380 million. A record AUD 273 million in fully franked dividend was paid during the year, which is a 23.5% increase on FY 2020. Turning to the future. While our recent achievements give us much to celebrate, we are excited about our future. Looking ahead to the 2022 financial year, our guidance is 670-725,000 ounces. Group all-in sustaining costs are expected to be in the range of AUD 1,135-AUD 1,195 per ounce. That's Australian dollars.
Which positions us and cements our position as one of the lowest cost gold producers in the world. Our three-year outlook sees production grow to 855,000-915,000 ounces in FY 2024, and our all-in sustaining costs drop to between AUD 990 and AUD 1,050 per ounce. That's, again, Australian dollars. After a very busy year, our portfolio has been truly transformed, all through bilateral negotiated deals that met our strategic criteria. The Cowal Underground is progressing well and on budget and schedule. Now our target of 350,000 ounces of low-cost gold from FY 2024 from this operation is in sight. At Red Lake, we've had some near-term setbacks, but we always knew this transformation would take time.
We are transitioning the operation that was previously a 600,000 ton per annum, high grade, selectively mined operation to a 2 million ton per annum medium grade operation. It is a true turnaround and it's gonna take some time and patience, but that is how value is created in our sector. I'm really looking forward to visiting the site with our COO, Bob Fulker, next week. It'll be the first time that I've been able to visit the operation since our acquisition around 18 months ago. At Mungari, we have consolidated the district and see plenty of opportunity as we integrate the operations and extract the synergies. A pre-feasibility study on how best to optimize the potential will be completed in FY 2022, and will inform the operation's future.
Our investment in securing full ownership of Ernest Henry will result in an immediate and material increase in cash flow, and with the extension opportunity below the current 1,200 level, increase the mine life at this world-class asset. At Mount Rawdon, a feasibility study will be completed by the end of FY 2023 on the potential to establish a 1 GW pumped hydro station, which could add significant value and benefit at the end of this mine life. This is a unique project which, while some way off, has the potential to supply a material amount of green power to the Southeast Queensland grid. Our portfolio now has significant 100% owned district scale ground positions in the West Australian goldfields, the Mount Isa province in Queensland, the Lachlan Fold Belt in New South Wales, and the Red Lake district in Ontario.
Arguably, these are four of the premier geological addresses for gold and gold copper deposits on our planet. We have so much to be proud of at Evolution, but we also have so much to look forward to. I'd like to thank the board of directors for their strong support they have given me and the leadership team this year. Finally, I wanna thank everyone who has been part of our journey. That includes you, our shareholders, and anyone else on this call. I really feel both honored and inspired to lead this company into its second decade. Thank you. I'll now proceed to the ordinary business of the meeting, as set out in the agenda that appears in the notice of the meeting.
Notice of the meeting was dispatched to shareholders on Monday, the 18th of October, 2021, and accordingly, this meeting is deemed to have been properly convened. I can advise that a quorum of members is present and call the meeting to order. First item on the agenda is to receive and consider the financial statements of the company for the year ended 30 June, 2021. The annual financial report of the company for the year ended 30 June 2021, together with associated reports of the directors and auditors, has been made available to all shareholders electronically or in hard copy. I'll ask the company secretary to record that the report was tabled at the meeting.
The company's auditor, PwC, is represented here today by its audit partner, Mark Upcroft. If there are specific questions to, in relation to the conduct of the audit, the preparation and contents of the auditor's report, the accounting policies adopted by the company in relation to the preparation of its financial statements, and the independence of the auditor in relation to the conduct of the audit. There is a separate agenda item dealing with the remuneration report. I will address any questions about remuneration matters when we consider that item of business. I will now take questions received through the online platform on the financial statements, the performance of the company over the last year, and the director's report or the auditor's report. Martin, are there any questions?
Mr. Chairman, there's no questions related to these agenda items.
Thanks, Martin. Operator, are there any questions on the phone line?
There are no questions at this time.
As there are no questions on the financial statements, I will now proceed to the resolutions as set out in the notice of the meeting. I now go to resolution one of the agenda. The resolution to adopt the remuneration report is set out in full on the screen and in the notice of the meeting. I will take the resolution as read. Martin, are there any questions?
Mr. Chairman, no questions on this resolution.
Operator, are there any questions on the line?
There are no questions at this time.
Thanks. I will now go to resolution two of the agenda. The resolution is to elect Mr. Lawrie Conway as a director of the company as set out in full on the screen. Lawrie was first appointed to the board as a non-executive director as one of the Newcrest nominees in November 2011. That was the start of the company, and he became an executive director on the first of August 2014 when he was appointed as CFO and finance director. Lawrie has more than 30 years' experience in the resources sector across a diverse range of commercial, financial, and operational activities. He's held a mix of corporate operational roles and commercial roles within Australia, PNG, Chile with Newcrest, and prior to that with BHP. Lawrie is a non-executive director of Aurelia Metals, and was appointed there in June 2017.
Lawrie's biography is provided in the notice of meeting, and I will now invite Lawrie to say a few words in support of his re-election. Just before doing that, I just wanna reiterate and emphasize what an outstanding job Lawrie has done for this company and couldn't commend his re-election higher.
Thank you, Jake, and good morning to our shareholders. I've been very fortunate to have been involved with Evolution over our first 10 years, initially as a non-executive director until mid-2014, when I became the chief financial officer. To be a representative of our shareholders during this period, when we have continually strived to deliver value over the long term for our shareholders by executing our strategy, is a real privilege. Ensuring that this is done in a sustainable way for all of our stakeholders with the right amount of governance and oversight has been fundamental.
While I bring a high level of commercial and financial skills to the board, along with many years of experience in the resources industry, both in Australia and internationally, I believe I also add value to the board by taking a whole of business approach with a degree of discipline as to how we go about our strategy execution. I welcome the opportunity to serve our shareholders if they show faith in my re-election. Thank you for your time today.
Thanks, Laurie. By looking at the proxies, it looks like shareholders have faith in your re-election. I'll now address any questions on this item of business. Martin, are there any questions?
Mr. Chairman, there's no questions for this.
Operator, are there any questions on the line?
There are no questions at this time.
As I have an interest in the outcome of the next resolution, I'll hand the chair of the meeting to Mr. Tommy McKeith, Chair of the Nom and Rem Committee and Lead Independent Director. Tommy, over to you.
Thanks, Jake. I'll now go to resolution three of the agenda. The resolution to issue performance rights to Mr. Jake Klein is set out in full on the screen and in the notice of meeting. I'll take the resolution as read and address any questions on this item of business. Martin, are there any questions?
There are no questions received.
Thank you. Operator, are there any questions on the phone line?
There are no questions at this.
Thank you. I'll now hand the chair back to you, Jake.
Thanks, Tommy. I'll now go to the last item of business, resolution four of the agenda. This is the resolution to issue performance rights to Mr. Lawrie Conway. It is set out in full on the screen and in the notice of the meeting. I'll take the resolution as read and address any questions on this item of business. Martin, are there any questions?
Mr. Chairman, there are no questions.
Operator, are there any questions on the phone line?
There are no questions at this.
Well, thanks all, and we do appreciate the shareholder support for those resolutions. Thank you. That concludes the formal part of the meeting. Shareholder and proxy holders will now have five minutes from now to submit their live votes via the online platform. A countdown timer, exciting, will appear at the top of the screen in the online platform. The results of the AGM will be released to the market and made available on the Evolution Mining website as soon as possible, which should be later this afternoon. I will now open up the meeting for general questions which have been submitted via the online platform. Martin, can you please read out the first question?
Thank you. The first, I have two questions that are related to renewables and emissions, so I'll just read both questions verbatim and then hand back for a response. The first question is: What is Evolution's commitment to fighting climate change via lowering emissions and embracing green practices? The second question is: Is the company favoring a move to renewables, and if so, by when and why, considering the majority of mums and dads investors are not satisfied that such a move would be beneficial to Australia generally and specifically to their investments?
Thanks, Martin, and thanks to the shareholder who submitted that question. Yes, we are committed to a reduction in our emissions. As I mentioned in my chairman's address, we are committed by 2030 to reduce our emissions by 30%, and to go to net zero by 2050. We are planning that pathway to the emissions reduction. We're doing project assessment modeling, which is underway, and renewable energy is a key component of that. We do think that, you know, we, in order to achieve our goals of the reduction in emissions, renewable energy is a very important part of that, because 70% of our current emissions are Scope 2 emissions, which is essentially the electricity which we acquire to use in our grinding mills.
We're currently in discussions with electricity retailers to look at sourcing options of power, and renewable power will be a key part of that. We also partner in the Mount Rawdon pumped hydro project, which as I mentioned in my address, is looking to develop a major potential significantly renewable power source to supply the grid in Southeast Queensland. We're doing this because we believe it is the right thing by our shareholders and all of our stakeholders. Martin, are there any further questions?
Thank you. The next question is quite a long one. Mr. Chairman, I'll present it to you in three parts, just to allow you to respond to each section. The first part of the question is: Mr. Chairman, I'd like you to ask the Chief Financial Officer what the cost is to the company and its shareholders to be a signatory to the United Nations Global Compact and also the United Nations sustainability goals. Is there a financial cost to be a signatory to these? Then I ask that the Chief Financial Officer make it transparent to shareholders and amend the 2021 annual report to specify this exact amount and to ensure that all future annual reports and financial reports make this cost clear to all shareholders. That's the end of the first part.
Thank you. Given that you're calling me Mr. Chairman, I'm thinking I should be calling you Mr. Cummings. Thank you for the question. I have inquired from our Chief Financial Officer the cost of being a participant in the United Nations sustainability goals global compact is AUD 11,000 per annum. There are no other costs associated with aligning with the UNSDG commitments.
Thank you. The second part of the question is, Mr. Chairman, I'd also like you to ask all board members if they can guarantee that no company money has been sent to any organization, company or entity that has worked against Australia's national interest or may be at risk of working against Australia's national interest. Has the board conducted extensive research and due diligence to ensure that this important interest has been met?
That's a very broad question. We were fortunate to have a board meeting yesterday. I suggest that the shareholder who asked that question, I refer to them to page 21 of our FY 2021 sustainability report, where we have outlined all our memberships and involvement with industry associations and other organizations, including the UN SDG. In our view, this allows us to keep up with current developments, public policy, emerging sector and sustainability trends, regulatory updates, stakeholder interests, and sharing of best industry practice. We are not aware of any of those member organizations acting against Australia's national interests.
Thank you. The third part of the question is, in the company annual report, it states that the company does not undertake any political activity or sponsor any political parties. Yet it is signatory to the most powerful political entity on the planet, the United Nations. What does the board and all company directors and officers have to say about this? Can they please provide a statement? Does the board think that they cannot achieve these same goals without being signatory to the United Nations? Please also explain in detail and in a written statement if the response is complex, what is required of the company to be compliant to these UN goals and what the information is shared with this foreign entity.
Thank you for the question. The answer is not complex, so I'll provide it now. Our membership of the UNGC is to support its ten principles on human rights, labor, environment, and anti-corruption. Our membership has the absolute unanimous support of our board, again, because we believe it is the right thing to do. Martin, are there any other questions?
Thank you. This one is a lot shorter, thankfully. Your shares are undervalued by 62%. When are you going to get the value up?
That's a very good question. I'm hoping shortly. 62% undervaluation seems to represent a very good buying opportunity. As you know, share price is dependent on the gold price, and that has had some headwinds recently. We remain of the view that, you know, our job as custodians of your money is to make sure we invest it appropriately, we get appropriate risk-weighted returns on that capital, and I think from what we've done over the last 10 years, you can be confident that we'll do that in the next 10.
Thank you. I have one final question. Given the increasing demand for platinum and palladium as the economy transitions to green energy and especially electric cars, et cetera, will Evolution consider the exploration and mining or takeover of existing companies so doing of those precious metals as part of its portfolio?
Thanks, Martin. I think after four acquisitions we've done this year and one divestment, our business development team is taking a much-needed rest. We are always on the lookout for opportunities. The Ernest Henry deal, which is our most significant deal, will only close in January. We are always looking at things that can be accretive to shareholders and will improve the quality of our portfolio. That said, we will remain a gold company. I'm quoted as having said it will be a gold company with a green tinge, and our green tinge became greener when we acquired the balance of Ernest Henry.
Thank you. That's all the questions I've received.
Thanks. Operator, are there any questions on the line?
There are no questions at this time.
Well, that seems to be it then. As there's no other business for the meeting and no further questions, I declare the 2021 AGM of Evolution Mining Limited closed. Once again, thank you for participating and for your support of our company. It is really appreciated. We look forward to seeing you in person at the 2022 AGM. Thank you.