S&P/ASX 200 Index (ASX: XJO) gold stock Evolution Mining Ltd (ASX: EVN) has enjoyed a stellar run over the past 12 months.

How stellar?

Well, despite slipping 2.5% today to $6.20 a share, the Evolution Mining share price is up a whopping 108% since this time last year. And that doesn't include the 12 cents per share in fully franked dividends the miner has paid out (or shortly will pay out) over the full year.

Evolution Mining shares have enjoyed strong tailwinds on several fronts.

First, is the fast-rising gold price, which has set multiple new record highs over the year.

Twelve months ago, the gold price stood at US$2,035 per ounce. Today, that same ounce is trading for US$2,927, up 44%.

The ASX 200 gold stock has also grabbed investor interest with strong gold and copper production growth, as evidenced by its recent record-breaking half-year results.

And according to Daylight Financial Group's Elio D'Amato, who has a buy recommendation on Evolution Mining shares, the Aussie gold miner is well-placed to keep outshining the market (courtesy of The Bull).

Bright outlook for this fast-rising ASX 200 gold stock

The first reason D'Amato is bullish on the ASX 200 gold stock is the strong half-year results it reported on 12 February.

"The gold miner smashed expectations in its first half fiscal year 2025 result," he said.

According to D'Amato:

Revenue of more than $2 billion was up 52% on the prior corresponding period. Record underlying profit after tax of $385 million rose 144% and earnings per share of 18.4 cents increased by 251%.

Group cash flow surged by 420% and the fully franked dividend jumped 250% to 7 cents a share. Gold production increased by 22%, copper by 36% and gearing fell to 23%.

The second reason he's optimistic on Evolution Mining shares is that the miner appears on track to meet its full-year FY 2025 guidance.

"The company reaffirmed full year guidance and expects operating cash flow to exceed $2 billion," he said.

And the third reason this ASX 200 gold stock is a buy is its growing passive income potential.

The latest, fully franked interim dividend of 7 cents per share was up 250% from last year's interim dividend of 2 cents per share. And D'Amato expects investors could see further passive income growth from here.

"If gold prices stay high and costs remain under control, the dividend should also keep climbing," D'Amato said.