EVOLUTION MINING LIMITED — AGM Information 2015

Nov 24, 2015

Evolution Mining AGM Presentation

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25 November 2015

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Forward looking statement

• These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

• Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

• Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

• Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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Evolution Mining overview

ASX Code EVN Shares outstanding 1,454M Market capitalisation1 A$1.8B Average daily share turnover A$15M Cash2 A$58M Debt2 A$530M Forward sales(Oct-15 to Dec-19) 807,100oz at A$1,590/oz Dividend policy 2% of revenue Major shareholders La Mancha 31% Van Eck 12% Australia’s second largest ASX listed gold producer 1. Based on a share price of A$1.26 per share on 23 November 2015 2. As at 30 September 2015. Debt represents long term debt excluding leases

3

Diversified Australian portfolio

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• All assets 100% owned

• FY16 attributable production guidance of 730,000 – 810,000oz

• Low cost with FY16 guidance of A$715 – 795/oz (C1) and A$990 – 1,060/oz (AISC)

Cowal
Gold Reserves (Moz)	2.18
Gold Resources (Moz)	5.09
CY2014A Au Production (Koz)	268
FY2015A Au Production (Koz)	277
Reserve Grade (Au g/t)	0.9

Mungari

Gold Reserves (Moz)	0.78
Gold Resources (Moz)	2.64
CY2014A Au Production (Koz)	147
FY2015A Au Production (Koz)	131
Reserve Grade (Au g/t)	2.6

Pajingo

	Gold Reserves (Moz)	0.10
	Gold Resources (Moz)	0.82
	FY2014A Au Production (Koz)	61
	FY2015A Au Production (Koz)	66
	Reserve Grade (Au g/t)	7.0

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Pajingo Mt Carlton
FY2014A Au Production (Koz) 61
Reserves: 5.2Moz FY2015A Au Production (Koz) 66
Reserve Grade (Au g/t) 7.0
Resources: 12.7Moz Cracow Mt Rawdon
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Mt Carlton
Gold Reserves (Moz)	0.63
Gold Resources (Moz)	0.87
FY2014A Au Production (Koz)	88
FY2015A Au Production (Koz)	78
Reserve Grade (Au g/t)	4.4

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Mungari
Edna May Cowal
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Edna May
Gold Reserves (Moz)	0.39
Gold Resources (Moz)	1.06
FY2014A Au Production (Koz)	80
FY2015A Au Production (Koz)	99
Reserve Grade (Au g/t)	1.0

Cracow
Gold Reserves (Moz)	0.25
Gold Resources (Moz)	0.71
FY2014A Au Production (Koz)	95
FY2015A Au Production (Koz)	93
Reserve Grade (Au g/t)	6.7

Mt Rawdon
Gold Reserves (Moz)	0.88
Gold Resources (Moz)	1.16
FY2014A Au Production (Koz)	104
FY2015A Au Production (Koz)	102
Reserve Grade (Au g/t)	0.8

1. See Evolution Mineral Resources and Mineral Reserves appended to this presentation for details on Gold Reserve and Resource estimates

4

FY15 highlights

A 50% reduction in our losttime injury frequency rate[1] and 20% reduction in our total recordable injury frequency rate[2 ]

Record production of 437,570 gold equivalent[3] ounces

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Record low C1 cash costs of A$711/oz and AISC[4] of A$1,036/oz – globally competitive at US$554/oz[5] and AISC of US$807/oz

Outstanding results delivered by Edna May (98,766oz) and Mt Carlton (77,658oz Aueq) substantially exceeding production and cost guidance

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Dividend payments based on 2% of gold equivalent sales – a total of A$14.28 million paid to shareholders in FY15

Record net profit after tax doubled to A$100 million

Binding agreement with La Mancha Group International BV to acquire 100% of its Australian operations

Agreement with Barrick (Australia Pacific) Pty Limited to acquire the Cowal gold mine

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Record mine cash flow of A$137.8 million – 47% improvement from FY14

1. Lost-time injury frequency rate (LTIFR) is the frequency of injures involving one or more lost work days per million hours worked. Results are based on a 12-month moving average

2. Total recordable injury frequency rate (TRIFR) is the frequency of total recordable injuries per million hours worked

3. Gold equivalent is defined as gold plus payable silver from the A39 deposit at Mt Carlton

4. AISC (All-in sustaining cost) includes C1 cash cost, plus royalty expense, sustaining capital expense, general corporate and administration. Calculated on per ounce produced basis 5. Using the average AUD:USD exchange rate for the June quarter 2015 of US$0.779

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FY15 key profit metrics

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Gold sales[1]

C1 cash cost[2] (Down 9%)

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A$/oz
koz (Up 11%) 800 (Down 9%)
430 427 781
780
420
760
410
740
400
720 711
390 383
380 700
370 680
360 660
30/06/2014 30/06/2015
30/06/2014 30/06/2015
3
EBITDA margin [2]
Earnings per share
45% (Up 21%) 40% cps (Up 110%)
40% 16.00 14.84
33%
35% 14.00
30% 12.00 13.71
25% 10.00 7.06
20% 8.00
15% 6.00
10% 4.00
5% 2.00
0% -
30/06/2014 30/06/2015 30/06/2014 30/06/2015
1. Gold sales are gold only – not gold equivalent
2. EBITDA and C1 are non-IFRS financial information and are not subject to audit
3. Earnings per share is underlying and pre-equity raising. Statutory EPS is 13.71 for FY15. All values in Australian cents per share.
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Three pillars

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Creating shareholder value

Operations

Discovery

M&A

• Consistent delivery to guidance since creation

• Mt Carlton developed and commissioned

• Implemented significant productivity and cost improvements

• Generating strong free cash flow

• Using science and technology to improve probability of transformational discoveries

• Seismic studies at Cracow, Pajingo, Tennant Creek

• Expanding exploration footprint

• Created in 2011 via combination of Conquest and Catalpa

• Emmerson JV

• Wirralie and Puhipuhi exploration projects

• Acquisition of Mungari

• Acquisition of Cowal

• Current bid for Phoenix Gold

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Business Development

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Changing landscape

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• Since April 2013

• Approximately ~23% of Australia’s annual gold production (2Moz p.a.) has changed ownership

• Offshore majors:

• High levels of gearing

• Commitments to reduce debt

• Difficult to repay debt from

• operating cash flow

• Divesting non-core Australian assets

Australian gold assets under new ownership Source: Evolution Mining

The transactions

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 Mungari:

• Acquire 100% of La Mancha Resources Australia for 31% of combined entity

• Acquire adjoining resources and exploration package – Phoenix Gold takeover

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 Cowal:

• Acquire 100% of Cowal mine and tenements for US$550 million cash

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The result

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Old Evolution

New Evolution

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66
93
102
99
78
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FY15 production (koz)
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66
102 250 Cowal
Mungari
Cracow
78 Edna May
Mt Carlton
Mt Rawdon
99 Pajingo
150
93
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FY15 Pro-forma production (koz)

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730,000 -
810,000
302,842 346,979 392,920 427,703 437,570
FY11 FY12 FY13 FY14 FY15 FY16 Guidance
Gold equivalent production (oz) Column4
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Operations

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Cowal

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• One of Australia’s most attractive gold assets

• FY16 attributable production guidance of 215 – 240koz Au at AISC of A$860 – A$950/oz

• Substantially lowers Evolution’s cost profile and materially extends mine life

• Significant historical capital investment positions asset well for strong free cash flow generation

• Excellent exploration potential with limited expenditure in recent years

• Mineral Resources: 5.1Moz Au[1 ]

• Ore Reserves: 2.2Moz Au[1 ]

• September 2015 quarter results from 69 days of Evolution ownership:

• Gold production of 46,419oz at C1 cash cost A$415/oz and AISC A$524/oz

• Net mine cash flow of A$38.9 million

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1. See Cowal Mineral Resources and Mineral Reserves appended to this presentation for details on Reserve and Resource estimates
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Mungari

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• Located 20km west of Kalgoorlie

• Frog’s Leg underground gold mine

• White Foil open pit gold mine

• Mungari CIL processing plant

• Under-explored 340km[2] tenement package

• Mineral Resources: 2.6Moz[1] Au

• Ore Reserves: 0.8Moz[1] Au

• FY16 attributable production guidance of 120,000 – 135,000 ounces of gold at an AISC of A$920 – A$1,020 per ounce

• September 2015 quarter results from 37 days of Evolution ownership:

• Production 19,090oz Au

• C1 cash cost A$690/oz

• AISC of A$968/oz

• Net mine cash flow of A$19.0 million

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Location of Evolution Mining and Phoenix Gold tenements

Lower cost, higher margin, increased scale, longer mine life

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1. See Mungari Mineral Resources and Mineral Reserves appended to this presentation for details on Reserve and Resource estimates

Original assets continue to deliver

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	FY 15 actual	FY16 guidance
	Production C1 AISC	Production C1 AISC
	(oz) (A$/oz) (A$/oz)	(oz) (A$/oz) (A$/oz)
Cracow 93,064 726 1,050		85,000 – 95,000 730 – 800 1,080 – 1,150
Pajingo 65,919 787 1,163		60,000 – 65,000 810 – 890 1,180 – 1,260
Mt Rawdon 102,162 631 873		87,500 – 97,500 620 – 680 880 – 940
Edna May 98,766 747 898		82,500 – 90,000 1,060 – 1,160 1,225 – 1,325
Mt Carlton 77,658 687 912		80,000 – 87,500 525 – 575 760 – 810
Cowal1 - - -		215,000 – 240,000 650 – 750 860 – 950
Mungari2 - - -		120,000 – 135,000 730 – 830 920 – 1,020
Corporate - - 69		- - 30
Group 437,570 711 1,036		730,000 – 810,000 715 – 795 990 – 1,060

1. Cowal transaction completed 24 July 2015. Guidance includes 11.2 months of production 2. La Mancha transaction completed on 24 August. Guidance assumes 10.2 months of production from Mungari

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FY16 off to a good start

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September 2015 quarter

• Gold production of 174,169 ounces at AISC A$882/oz

• Actual full quarter of production from all seven assets totalled ~216,700 ounces

• Mine cash flow of A$105.0 million post all sustaining and major capital

• A$77 million of debt repaid ahead of schedule to reduce gearing to 23%

September 2015 quarter Group production and costs

	Attributable production (koz Au)	C1 cash cost (A$/ozproduced)	All-in sustaining cost (A$/oz sold)	All-in cost (A$/oz sold)
Cowal1	46.4	415	524	529
Cracow	23.9	669	940	1,024
Edna May	17.8	1,315	1,328	1,462
Mt Carlton	24.2	495	807	974
Mt Rawdon	28.5	441	700	1,115
Mungari2	19.1	690	968	1,031
Pajingo	14.3	941	1,284	1,445
Evolution	174.2	631	882	1,015

1. Cowal attributable ounces includes 69 days of Evolution ownership from 24 July. Actual production for the full quarter was 59.5koz

2. Mungari attributable ounces includes 37 days of Evolution ownership from 25 August. Actual production for the full quarter was 48.5koz

Improved scale and cash flow

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September 2015 quarter production ounces Group C1 costs, AISC [[1]] & net mine cash flow
500.0
480.0
1,200
460.0
440.0
420.0
1,048 400.0
19,090 1,024 380.0
23,890 990
360.0
1,000
340.0
320.0
882 300.0
280.0
14,290 260.0
800 240.0
736 220.0
46,419 692 691 200.0
180.0
28,498 631 160.0
140.0
600 120.0
100.0
80.0
105.0 60.0
40.0
24,213 17,769 39.9 39.4 41.4 20.0
400 0.0
FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1
Net cash flow from operations (A$M)
Cracow Pajingo Mt Rawdon Edna May
C1 cash cost (A$/oz)
Mt Carlton Cowal Mungari
AISC (A$/oz)
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Group C1 costs, AISC[[1]] & net mine cash flow

1. Includes C1 cash cost, plus royalty expense, plus sustaining capital, plus general corporate and administration expense. Calculated on per ounce sold basis following transition to “All-in” cost metric calculation to World Gold Council standards in FY16. Previously reported on a per ounce produced basis. Prior periods have not been restated

Discovery

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Discovery highlights

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• Acquisition of Puhipuhi epithermal project in New Zealand

• Successful resource definition drilling of deeper resources at Edna May and outside of current Ore Reserves at Cowal (Regal and Galway)

• Drilling guided by 3D seismic has extended mineralisation >1,000m at Pajingo (Camembert)

• Gold and copper discovery at Mauretania, Tennant Creek – JV with Emmerson Resources

• Takeover bid for Phoenix Gold – strong strategic rationale following the acquisition of the Mungari operations in close proximity to Phoenix

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Innovative 3D 4D modelling Exploration Assessing and
Alteration and integrating Framework & progressing
Asset priority seismic viewing drilling in FY16
and ranking structures at geochemical geological time proof of testing 4D greenfield and
mapping for better concept drilling brownfield
depth targets
understanding opportunities
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1. See Cowal Mineral Resources and Mineral Reserves appended to this presentation for details on Reserve and Resource estimates

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FY16 priorities

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• Exploration expenditure commitment of A$25 – 30 million

• Focus on new projects at Cowal, Mungari and Puhipuhi

 Continued drilling to better define Camembert discovery at Pajingo

• Follow up drilling at Mauretania, Tennant Creek JV

• Build balanced project pipeline through both organic growth and M&A

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People

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Our people

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• Talented and engaged workforce

• Changing mindset from “same dirt, different shirt” to “same dirt, important shirt”

• Investing in developing our people  Graduate program

  • Guiding Our Leader’s Development program

• Creating career development opportunities

• Reward and recognition programs focussed on high performance and Acting Like Owners

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Total turnover reduced from 30% in Dec 2013 to 15% in Jun 2015

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Act like an owner

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Protecting the environment (Mt Carlton)

Darryl, Justin and Chris worked with the processing and mining departments until 1am to implement a strategy to transfer the raw effluent from the old sewage treatment plant to the new sewage treatment plant to ensure there was no chance of a spill

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Support each other (Edna May) Vaughan, our Gold Room Operator, regularly demonstrates his willingness to help out for the greater good, including shovelling eight tonnes of carbon by himself to rectify a process interruption he was not responsible for and willingly leaving his new role to help out in his old position when an urgent need arose

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Showing pride and commitment to engage community (Mt Rawdon)

Paul, Jessica and Georga (Fixed Maintenance Plant), worked in their lunch breaks and out of hours to develop an interactive display as part of the Gin Gin show. Their efforts helped promote the great work of Mt Rawdon and build greater engagement with local community members

Reducing stoppage time by re-engineering broken bolts (Mt Rawdon) Eugene, our Maintenance Supervisor, reduced stoppage time in the processing plant by up to 20 hours (equivalent to ~A$300,000) by using an innovative way to fix broken bolts on a critical piece of equipment

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Accessing additional ounces (Pajingo)

Shane, Tony and Max identified an opportunity to explore new ways to safely and economically access the potential ounces in an area previously thought to be uneconomic, generating revenue of ~A$1 million by mining an additional +950 ounces that were not in the original mine plan

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Evolution Mineral Resources Dec 2014

	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014	Evolution Mineral Resources – December 2014
	Gold			Measured			Indicated			Inferred			Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
	Cowal1	Total	0.40	35.94	0.72	836	104.28	1.11	3,712	22.65	0.74	539	162.87	0.97	5,087
	Cracow1	Total	2.8	0.38	9.58	118	1.27	7.69	313	1.57	5.45	276	3.22	6.82	707
	Pajingo	Open pit	0.75	–	–	–	0.00	8.04	1	0.25	1.33	11	0.25	1.45	12
	Pajingo1	Underground	2.5	0.1	11.10	37	1.88	6.08	368	2.49	5.07	406	4.48	5.64	811
	Pajingo	Total		0.1	11.10	37	1.90	6.08	369	2.76	4.74	417	4.73	5.41	823
	Edna May1	Open pit	0.4	–	–	–	26.00	0.94	783	5.22	0.99	167	31.22	0.95	949
	Edna May	Underground	3.0	–	–	–	–	–	–	0.51	6.45	106	0.51	6.45	106
	Edna May	Total		–	–	–	26.00	0.94	783	5.73	1.48	273	31.73	1.03	1,056
	Mt Carlton1	Open pit	0.35	0.09	6.00	17	8.4	3.02	815	–	–	–	8.49	3.07	832
	Mt Carlton	Underground	2.5	–	–	–	–	–	–	0.33	3.65	39	0.33	3.65	39
	Mt Carlton	Total		0.09	6.00	17	8.40	3.02	815	0.33	3.65	39	8.82	3.07	871
	Mt Rawdon1	Total	0.23	1.04	0.51	17	46.00	0.72	1,069	3.65	0.59	69	50.69	0.71	1,156
	Mungari1	Open pit	0.5	0.01	4.38	1	19.13	1.35	829	3.74	1.07	129	22.88	1.30	959
	Mungari1	Underground	2.5/1.2	1.47	7.09	335	8.54	2.95	809	6.85	2.42	534	16.83	3.10	1,678
	Mungari1	Total		1.48	7.06	336	27.67	1.84	1,638	10.59	1.95	663	39.75	2.06	2,637
	Twin Hills+	Open pit	0.5	–	–	–	–	–	–	3.06	2.1	204	3.06	2.1	204
	Twin Hills+	Underground	2.3	–	–	–	–	–	–	1.56	3.9	194	1.56	3.9	194
	Twin Hills+	Total		–	–	–	–	–	–	4.62	2.7	399	4.62	2.7	399
	Total			39.03	1.08	1,361	215.52	1.26	8,699	51.90	1.60	2,675	306.43	1.29	12,736

The Cracow, Pajingo, Edna May, Mt Carlton, Mt Rawdon and Twin Hills figures are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2014” released to ASX on 14 May 2015. The Mungari (White Foil open pit, White Foil underground 1.2 g/t Au cut-off and Frog’s Leg underground 2.5 g/t Au cut-off) figures are extracted from the report entitled “Evolution to Combine with La Mancha Resources Australia to Form a Leading Growthfocused Australian Gold Producer” released to ASX on 20 April 2015. Cowal figures are extracted from the report entitled “Resources and Reserves increased at Cowal” released on 26 August 2015. All documents are available to view at www.evolutionmining.com.au

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Mineral Resources are reported inclusive of Ore Reserves

1Includes stockpiles + Twin Hills has not changed as it is being reported as 2004 JORC Code

Due to depletion of A39 at Mt Carlton and lower grade Ag, Cu for remaining resource at Mt Carlton, the 2014 Mineral Resources and Ore Reserves statement has been reported in gold ounces The Cowal mine was acquired on 24 July 2015 and the Mungari assets on 24 August 2015

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

25

Evolution Ore Reserves Dec 2014

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Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014	Evolution Ore Reserves – December 2014
Gold			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Cowal1	Open pit	0.40	35.94	0.72	836	36.64	1.14	1,346	72.58	0.93	2,181
Cracow1	Underground	3.5	0.38	7.41	91	0.78	6.31	158	1.16	6.67	248
Pajingo1	Underground	3.3	0.15	7.85	38	0.29	6.50	60	0.44	6.96	98
Edna May1	Open pit	0.5	-	-	-	11.73	1.02	387	11.73	1.02	387
Mt Carlton1	Open pit	0.9	0.09	6.00	17	4.36	4.30	607	4.45	4.40	625
Mt Rawdon1	Open pit	0.3	1.04	0.50	17	34.19	0.78	862	35.22	0.80	879
Mungari1	Underground	3.0	1.81	5.52	320	0.72	5.30	123	2.53	5.46	443
Mungari1	Open pit	0.75	-	-	-	6.79	1.55	338	6.79	1.55	338
Mungari1	Total		1.81	5.51	320	7.51	1.91	461	9.32	2.61	781
Total			39.40	1.04	1,319	95.49	1.26	3,880	134.89	1.20	5,198

The Cracow, Pajingo, Edna May, Mt Carlton, and Mt Rawdon are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2014” released to ASX on 14 May 2015. The Mungari (White Foil open pit and Frog’s Leg underground) figures are extracted from the report entitled “Evolution to Combine with La Mancha Resources Australia to Form a Leading Growth-focused Australian Gold Producer” released to ASX on 20 April 2015. Cowal figures are extracted from the report entitled “Resources and Reserves increased at Cowal” released on 26 August 2015. All documents are available to view at www.evolutionmining.com.au Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding 1Includes stockpiles

Due to depletion of A39 at Mt Carlton and lower grade Ag, Cu for remaining resource at Mt Carlton, the 2014 Mineral Resources and Ore Reserves statement has been reported in gold ounces The Cowal mine was acquired on 24 July 2015 and the Mungari assets on 24 August 2015

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

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