EVOLUTION MINING LIMITED — Investor Presentation 2021

Jul 15, 2021

Executing a growth strategy focused on sustainable high margin ounces 16 July 2021

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.

This presentation has been approved for release by Evolution's Board of Directors.

PRODUCTION TARGET

Group Three Year Outlook	FY22	FY23	FY24
Production (oz)	670,000 –	750,000 –	880,000 –
	730,000	810,000	950,000

Cautionary statement concerning the proportion of Exploration Targets

Of Evolution's Group Production Outlook, 4% is comprised of Exploration Targets. The potential quantity and grade of this exploration target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that production target itself will be realised.

The Company confirms that all material assumptions underpinning the Production Target and Forecast Financial information derived in the initial report continue to apply and have not materially changed.

For information on Production Targets, refer to the initial ASX release entitled "Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook" released to the ASX on 16 July 2021 and available to view at www.evolutionmining.com.au.

EXECUTING A GROWTH STRATEGY FOCUSED ON SUSTAINABLE HIGH MARGIN OUNCES

• Sustainable, long life, low cost, high margin assets to cornerstone Evolution's future
• Clear plan to grow Group annual gold production to over 900koz from FY24
• Board approval of projects at Cowal and Red Lake extends mine lives to 15+ years with upside potential
• Cowal Underground Project will support the goal of sustainable annual production of 350koz from FY24
• Red Lake value realisation projects targeting sustainable annual production of 350koz from FY26

SUSTAINABILITY - INTEGRATED INTO EVERYTHING WE DO

▪ Keeping our people healthy and safe

^◼ Through strong collective leadership Evolution continues to operate safely through COVID-19 with no material impact on operations

▪ Environment, climate risk and emissions

• ^◼ Committed to "Net Zero" emissions1 by 2050 and 30% emissions reduction by 2030
• ^◼ Water security mitigating risk through reduction of fresh-water demand, reuse of water and reduction of total demand

▪ Cultural Heritage & Community

^◼ Engaging with our First Nation partners and our communities to move beyond our obligations to 'doing the right thing'

▪ MSCI ESG rating upgraded to AA

▪ The highest rating among global gold mining peers

DISCLAIMER STATEMENT

THE USE BY EVOLUTION MINING OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF EVOLUTION MINING BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

FY21 & June Quarter Review

FY21 OPERATING RESULTS

• Strong cash flow underpins future growth
• Operating mine cash flow of A\$937 million and net mine cash flow of A\$555 million
• Production of 681koz ounces delivered to original guidance of 670 730koz and was ~2% below the bottom end of revised guidance of 695 – 710koz issued in April 2021
• All-in Sustaining Costs (AISC) of A\$1,215 per ounce beat original guidance of A\$1,240 A\$1,300 per ounce and in line with revised guidance of A\$1,190 – A\$1,220 per ounce
• Sustaining capital of A\$105 million was below original guidance of A\$113 A\$138 million and in line with revised guidance of A\$100 – A\$110 million
• Major capital of A\$274 million was within original guidance of A\$260 A\$290 million

FY21	Production	AISC	AIC	Mine Operating	Net Mine Cash	Group Cash
	(oz)	(A\$/oz)	(A\$/oz)	Cash Flow (A\$M)	Flow (A\$M)	Flow (A\$M)
Group	680,788	1,215	1,696	937.3	554.8	327.3

JUNE 2021 QUARTER HIGHLIGHTS

• Commitment to "Net Zero" emissions by 2050
• MSCI ESG rating upgraded to sector leading 'AA'
• Record low costs achieved at Ernest Henry; strong quarter at Mt Carlton
• Cowal performed well despite 12-day unplanned shut down
• Production adversely impacted by seismicity at Red Lake temporarily restricting access to lower areas of the mine and lower than planned ore mined from Mt Rawdon open pit
• Drilling identified new high-grade gold zone at Cue Joint Venture
• Completion of Battle North Gold acquisition to accelerate Red Lake growth

June Qtr FY21	Production (koz)	AISC (A\$/oz)	AIC (A\$/oz)	Mine Operating Cash Flow (A\$M)	Net Mine Cash Flow (A\$M)
Cowal	52.3	1,106	1,969	63.9	12.2
Ernest Henry	20.9	(1,304)	(1,304)	80.2	77.2
Red Lake	30.2	2,233	2,928	8.3	(21.9)
Mungari	22.8	1,927	2,794	16.0	(5.3)
Mt Rawdon	20.7	1,338	1,347	20.5	18.0
Mt Carlton	22.2	1,301	1,541	22.9	19.6
Group	169.1	1,239	1,794	211.8	99.7

COWAL – A WORLD CLASS ASSET

• Evolution acquired Cowal in July 2015
• Acquisition price plus all subsequent investment fully repaid with 17+ year mine life remaining
• Significant investment in Cowal underground development expected to further improve quality of asset by FY24
• Production to increase by ~70%
• All-in Cost to decrease by ~28%

1. Mineral Resources and Ore Reserves estimate at 31 December 2020. See the Appendix of this release for details on Mineral Resources and Ore Reserves

2. Seeking regulatory approval to extend mine life to 2040

3. Post all capital and exploration

COWAL UNDERGROUND APPROVAL

A\$380 million capital investment to achieve 350kozpa goal

• Board approval received for the accelerated development of the Cowal underground operation
• Strong community support for the project
• Regulatory approval expected in the current quarter which will extend permitted mine life to 2040

For information on the Cowal Underground production target, refer to the initial ASX release entitled "Board Approves Development of Cowal Underground, Red Lake Growth Update and Group Three-year Outlook" released to the ASX on 16 July 2021 and available to view at www.evolutionmining.com.au. The Company confirms that all material assumptions underpinning the Production Target and Forecast Financial information derived in the initial report continue to apply and have not materially changed.

• 1. Pre-tax using a gold price assumption of A\$2,200 per ounce
• 1. Pre-tax IRR of 21% at current spot gold price of A\$2,400 per ounce
• 1. Includes three-year ramp up period
• 1. Operating cost (excl major project capital). Includes mine development costs. Average cost per tonne is higher than the upper range in early years due to mine development profile
• 1. Additional processing costs to treat underground ore
• 1. See the Appendix of this presentation for details on the Ore Reserve

Feasibility Study Key Metrics	Units	Value
Approved pre-production capital	A\$M	380
IRR1,2	%	~15
Payback period	Years	~8
Mine life3	Years	~17
Life of Mine ounces mined	Moz	1.7
Mining method		Sub level open stoping with backfill
Mining costs4	A\$/t	65 – 85
Incremental processing costs5	A\$/t	3 – 6
Ore Reserves6	Moz	1.05
Reserve grade6	g/t	2.5 10

COWAL UNDERGROUND KEY MILESTONES

• Production is targeted to ramp up to ~350kozpa over the next three years at Cowal
• Major capital items:
• ~A\$240M for surface infrastructure, paste plant, process plant modifications and accommodation village
• ~A\$140M for initial mine development
• Production schedule to be optimised based on continued underground resource definition drilling from Galway decline

		FY22				FY23		FY24
Sep	Dec	Mar	Jun	Sep	Dec	Mar	Jun	Sep	Dec	Mar	Jun
Board and Regulatory Approval
Underground resource definition drilling
	Ongoing development of Galway decline	Commencement of underground development					First production ore				Ore mining rates ramped up to +1.0Mtpa
Paste plant procurement		plant construction	Commencement of paste				Paste plant commissioning
	Procurement and construction of village

RED LAKE – RECAPITALISE, EXPAND, OPTIMISE

Board has approved a clear and defined pathway to annual production of 350koz

• Large Mineral Resource of 11Moz¹
• 15+ year life of mine plan
• Stage 1 transformation plan ahead of schedule to produce over 200,000 ounces per year at an AISC of <US\$1,000 per ounce by the end of FY23
• Battle North acquisition enables accelerated growth
• Investment is expected to deliver significant improvement by FY24
• Production to increase by ~110%
• All-in Sustaining Cost to decrease by ~30%
• All-in Cost to decrease by ~26%
• Targeting production of 350kozpa by FY26

1. Mineral Resources and Ore Reserves estimate at 31 December 2020. See the Appendix of this release for details on Mineral Resources and Ore Reserves

Campbell Young Dickenson box cut construction commenced in the March 2021 quarter

12

RED LAKE OPERATIONS

Airport

Bateman mill

Red Lake

Cochenour shaft

A

CYD box cut

Balmer Lake

Campbell shaft

Reid shaft

Campbell mill

3 Shaft

Red Lake mill

Red Lake

N

1,000m

B

13

A LARGE MINERAL SYSTEM

McFinley deposit is projected onto this schematic section and is not to scale. Slide 13 shows the section plane (A-B) to which the orebodies are projected

1. NI43-101 Bateman Gold Project Feasibility Study Technical Report and available to view under Battle North Gold's profile at www.sedar.com

2. Mineral Reserve estimate of 3.56Mt grading 5.54g/t for 635koz Au

3. Measured & Indicated Mineral Resource estimate (excluding Mineral Reserves) of 1.71Mt grading 7.09g/t for 390koz Au
4. Inferred Mineral Resource of 1.56Mt grading 6.83g/t for 343koz Au

Mineral Resources are exclusive of Mineral Reserves

STAGE 1 TRANSFORMATION ON TRACK

Achievements: First 12 months	FY22	FY23
▪ Consolidated land position through Battle North acquisition ▪ Commenced development of decline into Upper Campbell ▪ Delivered FY21 production and cost guidance ▪ 11Moz Maiden Mineral Resource (JORC) ▪ 2.9Moz Maiden Ore Reserves (JORC) ▪ Workforce restructure ▪ Reduced number of mining fronts ▪ Rationalisation and automation of infrastructure ▪ Underground development rates of over 1,000m per month achieved	▪ Consistent monthly development rate of 1,200m ▪ Increase mining rates to above 1Mtpa ▪ Campbell and Red Lake mills operating at full capacity ▪ Implement remote mining technology ▪ Commence fleet replacement and transition to remote electric vehicles (through to FY26)	▪ Increase combined processing capacity to above 1.5Mtpa ▪ Increase Campbell mill capacity to ~800ktpa ▪ Commission Bateman mill and commence works to expand to ~900ktpa ▪ First ore from decline into Upper Campbell expected in September 2022 quarter to commence production ramp up ▪ Install underground Control Room
	Pathway to achieve 200kozpa at an AISC <us\$1,000 by="" fy23<="" oz="" td="">

15

KEY MILESTONES

• Delivery of three-year transformation plan on track with FY21 production and cost guidance achieved
• Campbell mill expansion studies have commenced to increase total milling capacity of the Red Lake Operations to over 1.5Mtpa within the next three years
• Bateman mill expansion to ~900ktpa is expected to increase the combined long term milling capacity to over 2.0Mtpa

		FY22		FY23		FY24
		December 2021 Half Year	June 2022 Half Year	December 2022 Half Year	June 2023 Half Year	December 2023 Half Year	June 2024 Half Year
Geology	Mineral Resource and Ore Reserves	McFinley bulk sample	Updated McFinley Mineral Resources and Ore Reserves (JORC)
		Development rates at 1,200m per month		Ongoing mine development		Ongoing mine development
	Existing Operations	FY22 ore mined: ~850kt		FY23 ore mined: ~850kt		FY24 ore mined: ~750kt
Mining	Upper Campbell	Commence CYD decline development	Ongoing development	First ore from Upper Campbell		Production ramp up
		FY22 ore mined: ~50kt		FY23 ore mined: ~325kt		FY24 ore mined: ~750kt
	McFinley	Development to support bulk sample		Investment in underground infrastructure
	Campbell mill	Debottlenecking constraints	Expansion Front End Engineering Design		Mill expansion	Ramp up of throughput rates
		FY22 throughput: ~625kt		FY23 throughput: ~650kt		FY24 throughput: ~800kt
	Red Lake	Throughput ramp up in line with ore mined		Consistent operational throughput (excluding major shut of ~30 days)		Consistent operational throughput
	mill	FY22 throughput: ~250kt		FY23 throughput: ~350kt		FY24 throughput: ~375kt
Processing	Bateman mill	Dry commissioning	Mill expansion	Commission expanded mill		Ramp up of throughput rates
		FY22 throughput: ~25kt		FY23 throughput: ~175kt		FY24 throughput: ~325kt
	TOTAL	TOTAL FY22 THROUGHPUT: ~900kt		TOTAL FY23 THROUGHPUT: ~1,175kt		TOTAL FY24 THROUGHPUT: ~1,500kt

Three-year Outlook

PRODUCTION TARGET & FORECAST FINANCIALS

Group Three Year Outlook	FY22	FY23	FY24
Production (oz)	670,000 –	750,000 –	880,000 –
	730,000	810,000	950,000
AISC	1,220 –	1,125 –	1,170 –
(A\$/oz)1	1,280	1,185	1,230
Sustaining	120 –	115 –	120 –
Capex (A\$/M)	150	155	160
Major Capital	440 –	490 –	290 –
(A\$M)	510	560	360

Cautionary statement concerning the proportion of Exploration Targets

Of Evolution's Group Production Outlook, 4% is comprised of Exploration Targets. The potential quantity and grade of this exploration target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that production target itself will be realised.

The Company confirms that all material assumptions underpinning the Production Target and Forecast Financial information derived in the initial report continue to apply and have not materially changed.

For information on Production Targets, refer to the initial ASX release entitled "Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook" released to the ASX on 16 July 2021 and available to view at www.evolutionmining.com.au.

PRODUCTION AND COST OUTLOOK

• ^◼ Cornerstone assets driving production to >900koz by FY24
• ^◼ Cowal trends up to 350koz by FY24 from Stage H & Underground
• ^◼ Red Lake achieves >200koz in FY23 and >250koz in FY24
• ^◼ Discipline applied at Mungari by removing high-cost Boomer ounces
• ^◼ Mt Rawdon production lower due to change to wall angles
• ^◼ Mt Carlton benefits from Crush Creek in FY24
• ^◼ Copper production of 18 20ktpa
• ^◼ Maintaining low cost (AISC) position
• ^◼ Labour costs remain at ~53% of cost base
  • ^◼ Expected to move at 3 4% each year
• ^◼ Production mix drives AISC for FY22 mainly Mungari
• ^◼ Cowal and Red Lake main drivers to lower costs in FY23
• ^◼ Increase in FY24 is driven predominantly by higher mine development (operating and capital) at Red Lake to match with increased processing capacity

Three-year production outlook and forecast financials to be read in conjunction with information provided on slide 18 of this presentation "Growth Strategy Focused on High Margin Ounces" including the cautionary statement on exploration targets

1. AISC is based on Gold price of A\$2,200/oz (royalties) and Copper price of A\$11,000/t (By-product credits) 19

CAPITAL OUTLOOK

Three-year production outlook and forecast financials to be read in conjunction with information provided on slide 18 of this presentation "Growth Strategy Focused on High Margin Ounces" including the cautionary statement on exploration targets

• 1. Includes A\$15-20M for completion of Galway Decline 2. Mine capital development post-commissioning
• 1. Includes water treatment project of A\$15-20M

SUSTAINING CAPITAL

• ^◼ Equipment and infrastructure replacement due to longer mine life plans
• ^◼ Cowal A\$35 45M per year
• ^◼ Red Lake A\$40 45M (FY22); A\$45M 55M (FY23 & FY24)
• ^◼ Red Lake mine development: A\$15 20M per year

MAJOR CAPITAL

Cowal	FY22	FY23	FY24
Underground	160M1 A\$145 –	A\$235 – 245M	40M2 A\$35 –
Integrated Waste Landform	A\$75 – 80M	A\$45 – 50M	A\$25 – 30M
Open Pits Feasibility Study	A\$15 – 20M
Red Lake
Existing Mining Operations	A\$50 – 55M	A\$50 – 55M	A\$55 – 60M
Upper Campbell	A\$35 – 40M	A\$70 – 75M	A\$55 – 60M
McFinley	A\$25 – 30M	A\$35 – 40M	A\$10 – 15M
Campbell Mill Expansion	A\$10 – 15M	A\$20 – 25M
Bateman Mill Expansion3	A\$10 – 15M	A\$40 – 45M
Mungari
Mine development	A\$20 – 30M	A\$20 -30M
Plant expansion			A\$80 – 90M

CAPITAL MANAGEMENT

Robust Balance Sheet

• ^◼ Modest gearing¹ of 15% as at 30 June 2021
• ^◼ Cash and liquidity of A\$815M²
• ^◼ Strong cash generation to fund growth projects
• ^◼ Work is advanced on restructuring debt profile
• ^◼ Aligning to the longer group average mine life
• ^◼ Aim to move average tenor from 3 year to 6 years
• ^◼ Targeted completion by end of September quarter
• ^◼ Restructure will further enhance balance sheet flexibility

Returning Cash to Shareholders

• ^◼ Current policy based on percentage of group cash flow
• ^◼ FY21 Final Dividend expected to be in range of 4 6cps³
• 1. Unaudited 2. Assuming Facility E drawn in July net of repaying Revolver
• 1. Subject to finalisation of FY21 Financials and Board approval
• 1. Facility E was drawn in July 2021 with part of proceeds used to repay Revolver

SUMMARY

▪ Delivered original FY21 production and cost guidance

▪ Cowal and Red Lake growth projects driving significant value

▪ Robust Three-Year Outlook building towards annual low-cost production of 900koz

SUSTAINABILITY PRINCIPLES

The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner

Be an employer of choice attracting the most talented people and foster a safe, diverse and inclusive workplace

management and safety leadership

Contribute positively to local, regional and national sustainability efforts by achieving an outstanding level of environmental stewardship

Actively manage climate related risks and opportunities including improving energy efficiency and the responsible management of water

Be transparent at all levels of Corporate Governance, comply with applicable laws and regulations and operate at the highest standards of financial and ethical behaviour

Protect and enhance our reputation as a trusted partner and provide community benefits that endure beyond the life of our mines

Advance the outcomes for indigenous peoples and protect their Cultural Heritage

Respect the human rights of all our stakeholders

Relentlessly drive for operational excellence through an innovative culture and inspired people delivering to plan

EVOLUTION 2020 GOLD MINERAL RESOURCES

Gold			Measured			Indicated			Inferred			Total Resource				Dec 19
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (	Tonnes (Mt)	Gold Grade	Gold Metal	Tonnes (Mt)	Gold Grade	Gold Metal	Tonnes (Mt)	Gold Grade	Gold Metal	CP4	Resource Gold Metal
					koz)		(g/t)	(koz)		(g/t)	(koz)		(g/t)	(koz)		(koz)
Cowal1	Open pit	0.35	20.63	0.46	306	209.19	0.85	5,724	22.90	0.84	615	252.71	0.82	6,645	1	6,0891
Cowal	Underground	1.5	-	-	-	22.78	2.55	1,868	14.75	2.43	1,151	37.53	2.50	3,019	1	2,502
Cowal1	Total		20.63	0.46	306	231.97	1.02	7,593	37.65	1.46	1,765	290.24	1.04	9,664	1	8,591
Red Lake3	Total	3.3	-	-	-	28.09	7.45	6,371	19.72	6.82	4,322	47.81	7.19	11,053	2	-
Mungari1	Open pit	0.5	-	-	-	37.55	1.19	1,443	6.80	1.35	296	44.36	1.22	1,739	3	1,849
Mungari	Underground	1.8	0.34	5.09	56	1.78	3.25	187	2.58	2.46	204	4.71	2.95	448	3	560
Mungari1	Total		0.34	5.09	56	39.34	1.29	1,629	9.39	1.66	500	49.07	1.39	2,186	3	2,409
Mt Rawdon1	Total	0.21	7.29	0.34	81	32.91	0.60	630	10.47	0.52	175	50.66	0.54	885	4	1,062
Mt Carlton1	Open pit	0.35	-	-	-	6.96	0.70	157	2.17	2.56	178	9.12	1.14	335	5	3431
Mt Carlton3	Underground	2.55	-	-	-	0.33	4.26	45	0.08	3.19	7.88	0.40	4.05	52	5	75
Mt Carlton1	Total		-	-	-	7.28	0.86	201	2.24	2.58	186	9.53	1.26	387	5	418
Ernest Henry2	Total	0.9	4.29	0.51	70	45.43	0.61	896	8.98	0.61	177	58.70	0.61	1,143	6	1,288
Marsden	Total	0.2	-	-	-	119.83	0.27	1,031	3.14	0.22	22	122.97	0.27	1,053	1	1,053
Total			32.55	0.49	513	504.85	1.15	18,711	91.59	2.43	7,147	628.99	1.30	26,371		15,167

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. 'UG' denotes underground.

1 Includes stockpiles ² Ernest Henry Operation cut-off 0.9% CuEq ³ Red Lake cut-off is 3.3g/t Au except for Cochenour (3.0g/t Au) and HG Young (3.2g/t Au) deposits

⁴Group Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Dean Fredericksen; 3. Brad Daddow; 4. Tim Murphy; 5. Ben Coutts; 6. Jessica Shiels (Glencore)

⁵The Mineral Resource for the Mt Carlton A39 underground deposit has been estimated using a AuEq (g/t) cut-off of 4.4g/t to enable quotation of this silver rich deposit as equivalent gold ounces.

The gold equivalent (AuEq) calculation accounts for silver recoveries determined from metallurgical test work and uses an assumed silver price of A\$26/oz and gold price of A\$2,000/oz as per the below equation.

AuEq=26/2,000*0.8203*silver grade (Silver price/Gold price*silver recovery*silver grade). It is the Competent Persons opinion that the assigned cut-off criteria satisfies the JORC Code requirement that the reported Mineral Resource meets reasonable prospects of eventual economic extraction and that the silver present within the A39 deposit can be economically recovered.

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2020" released 3 February 2021 and available to view at www.glencore.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed except for the Cowal Underground. This revised information is provided in ASX release entitled 'Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook' released on 16 July 2021 and available to view at www.evolutionmining.com. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 77% of the total Ernest Henry gold resource.

EVOLUTION 2020 GOLD ORE RESERVES

	Gold			Proved			Probable			Total Reserve			Dec 19 Reserves
			Tonnes	Gold	Gold Metal	Tonnes	Gold Grade	Gold Metal	Tonnes	Gold	Gold Metal	Competent Person4	Gold Metal
Project	Type	Cut-Off	(Mt)	Grade (g/t)	(koz)	(Mt)	(g/t)	(koz)	(Mt)	Grade (g/t)	(koz)		(koz)
Cowal1	Open pit	0.45	20.60	0.46	306	104.72	0.96	3,241	125.32	0.88	3,547	1	3,6341
Cowal	Underground	1.8	-	-	-	12.55	2.59	1,045	12.55	2.59	1,045	2
Cowal	Total		20.60	0.46	306	117.27	1.14	4,287	137.87	1.04	4,593		4,438
Red Lake3	Total	4.4	-	-	-	13.16	6.90	2,929	13.16	6.90	2,929	3
Mungari	Underground	2.9	-	-	-	0.30	3.57	35	0.30	3.57	35	4	68
Mungari1	Open pit	0.75	-	-	-	9.68	1.35	419	9.68	1.35	419	4	500
Mungari1	Total		-	-	-	9.98	1.41	454	9.98	1.41	454	4	568
Mt Rawdon1	Open pit	0.3	4.26	0.41	56	15.82	0.67	342	20.08	0.62	398	5	538
Mt Carlton1	Open pit	0.8	-	-	-	6.13	0.63	124	6.13	0.63	124	6	2701
Mt Carlton5	Underground	3.2	-	-	-	0.30	4.52	44	0.30	4.52	44	6	40
Mt Carlton1	Total		-	-	-	6.43	0.81	168	6.43	0.81	168	6	311
Ernest Henry2	Underground	0.9	2.67	0.81	70	29.94	0.47	455	32.62	0.50	525	7	660
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	6	817
		Total	27.54	0.49	432	257.77	1.14	9,452	285.31	1.08	9,884		6,642

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1 Includes stockpiles ² Ernest Henry Operation cut-off 0.9% CuEq ³Red Lake cut-off is 4.3g/t Au except for Lower Campbell (4.4g/t Au) and Upper Campbell (2.5g/t Au) deposits

⁴Group Ore Reserve Competent Person (CP) Notes refer to 1. Ryan Kare; 2: Joshua Northfield; 3.Brad Armstrong; 4: Ken Larwood; 5. Thomas Lethbridge; 6. Anton Kruger; 7. Michael Corbett (Glencore)

⁵The Ore Reserve for the Mt Carlton A39 underground deposit has been estimated using a AuEq (g/t) cutoff of 6.1g/t to enable quotation of this silver rich deposit as equivalent gold ounces.

The gold equivalent (AuEq) calculation accounts for silver recoveries determined from metallurgical test work and uses an assumed silver price of A\$20/oz and gold price of A\$1,450/oz as per the below equation.

AuEq = 20/1,450*0.8203*silver grade (Silver price/Gold price*silver recovery*silver grade). It is the Competent Persons opinion that the assigned cut-off criteria meets the minimum acceptable criteria to support economic extraction and that the silver present within the A39 deposit can be economically recovered.

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2020" released 3 February 2021 and available to view at www.glencore.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed except for the Cowal Underground. This revised information is provided in ASX release entitled 'Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook' released on 16 July 2021 and available to view at www.evolutionmining.com. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 86% of the total Ernest Henry gold reserve.

EVOLUTION 2020 COPPER RESERVES & RESOURCES

Group Copper Mineral Resource Statement

	Copper			Measured			Indicated			Inferred			Total Resource			Dec 19 Resources
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	CP3	Copper Metal (kt)
Marsden	Total	0.2	-	-	-	119.83	0.46	553	3.14	0.24	7	122.97	0.46	560	1	560
Ernest Henry2	Total	0.9	1.54	0.93	14	20.20	1.16	234	7.11	1.16	83	28.85	1.15	331	2	356
Mt Carlton1	Open pit	0.35	-	-	-	1.25	0.29	4	1.04	0.43	5	2.29	0.29	7	3	14
Mt Carlton	Underground	2.55	-	-	-	0.33	1.30	4	0.08	1.07	1	0.40	1.25	5	3	4
Mt Carlton1	Total		-	-	-	1.58	0.50	8	1.12	0.48	5	2.69	0.49	13	3	18
		Total	1.54	0.93	14	141.61	0.56	794	11.36	0.84	95	154.51	0.58	904		934

Group Copper Ore Reserve Statement

	Copper			Proved		Probable				Total Reserve	Competent	Dec 19 Reserves
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Person3	Copper Metal (kt)
Marsden		0.3	-	-	-	65.17	0.57	371	65.17	0.57	371	1	371
Ernest Henry2	Total	0.9	0.80	1.49	12	12.94	0.91	117	13.74	0.94	129	2	150
Mt Carlton1	Open pit	1.8	-	-	-	0.32	0.12	0	0.32	0.12	0	1	10
Mt Carlton	Underground	3.2	-	-	-	0.30	1.40	4	0.30	1.40	4	1	1
Mt Carlton1	Total		-	-	-	0.62	0.74	5	0.62	0.74	5	1	11
		Total	0.80	1.49	12	78.73	0.63	493	79.53	0.63	505		532

Group Mineral Resources Competent Person³ (CP) Notes refer to: 1. James Biggam; 2. Jessica Shiels (Glencore); 3 Ben Coutts

Group Ore Reserve Competent Person³ (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett (Glencore)

The following notes relate to Tables 3 and 4.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. Evolution cut-off grades are reported in g/t gold 1 Includes stockpiles. ² Ernest Henry Operation cut-off 0.9% CuEq

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2020" released 3 February 2021 and available to view at www.glencore.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports 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 Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 38% of the total Ernest Henry copper resource and 35% of the total Ernest Henry copper reserve.