COWAL SITE VISIT JOHN PENHALL – GENERAL MANAGER

31 March 2021

ACKNOWLEDGEMENT OF COUNTRY

We would like to acknowledge the Wiradjuri people who are the Traditional Custodians of the Land.

We would also like to pay respect to the Elders both past and present of the Wiradjuri Nation and extend that respect to other Indigenous Australians who are present.

"We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home."

Aboriginal Proverb

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.

AUD:USD exchange rate assumption of 0.75 used throughout this presentation unless stated otherwise.

PREMIER GLOBAL MID-TIER GOLD COMPANY

B E S T I N C L A S S F I N A N C I A L R E T U R N S EBITDA margin¹of 56% Sector leading cash flow per ounce Dividends per ounce² of A\$341

H I G H Q U A L I T Y P O R T F O L I O

Long-life, low-cost cornerstone operations Tier 1 jurisdictions Focused portfolio of 6 – 8 assets

A T T R A C T I V E G R O W T H P R O F I L E

Cowal production objective 350kozpa Red Lake production objective 300 – 500kozpa Ernest Henry extensions below 1,200mRL

1. H1FY21 excluding Red Lake 2. H1FY21

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

Demonstrate robust risk 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 & 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

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

Advance the outcomes for indigenous peoples and protect their Cultural Heritage

Respect the human rights of all our stakeholders

EVOLUTION SNAPSHOT

ASX CODE	EVN
MARKET CAPITALISATION (1)	A\$7.4B
AVERAGE DAILY TURNOVER(2)	A\$50M
NET DEBT(3)	A\$87M
DIVIDEND POLICY	Payout of 50% of free cash flow
GOLD MINERAL RESOURCES(4)	26.4Moz
GOLD ORE RESERVES(4)	9.9Moz
RESERVE PRICE ASSUMPTION	A\$1,450/oz
FY21 PRODUCTION GUIDANCE	670 – 730koz
FY21 AISC GUIDANCE	A\$1,240 – A\$1,300/oz

(1) Based on share price of A\$4.30 per share on 23 March 2021 (2) Average daily share turnover for one month through to 23 March 2021 (3) As at 31 December 2020. Bank debt of A\$525 million less cash of A\$438 million (4) See the Appendix of this presentation for further details on Mineral Resources and Ore Reserves stated in this presentation

Production increasing by 17% over next two years (koz)

Declining AISC profile (A\$/oz)

AISC guidance low AISC guidance high

COWAL – A CORNERSTONE ASSET

Building towards sustainable, reliable, low-cost production of 350,000 ounces per annum

Continued growth opportunities from high-grade underground ore body which remains open

Open pit Ore Reserves provide long-term production base

Low-cost processing plant (permitted to 9.8Mtpa)

Potential for new discoveries

Supportive stakeholders, community and government

COWAL CONTRIBUTION TO EVOLUTION GROUP OPERATING CASH PRODUCTION

COWAL – A WORLD CLASS DEPOSIT

Ore Reserves	137.9Mt at 1.04g/t Au for 4.6Moz Au
Mineral Resources	290.2Mt at 1.04g/t Au for 9.7Moz Au
Access	Sealed road connecting to West Wyalong and major regional highways
Power	Grid power supplied to the mine by 132kV transmission line
Workforce	Residential
Employees and contractors	~500
Time roster	7:7, 8:6, 5:2:4:3

Location	Approximately 38km north-east of West Wyalong in New South Wales, Australia
Property	Mining Lease (ML 1535 & ML1791) encompasses an area of 2,886 hectares and lies within Evolution's total property holding of ~14,200 hectares
Commencement	Mining commenced 2005 and processing 2006
Approval	Operation currently approved until 2032
Mining method	Conventional open pit
	Owner-Miner
Minerals	Gold
Mineralisation type	Structurally hosted epithermal to mesothermal sheeted veins and shear hosted lodes
Tenement package	1,358km2
Process method	Grinding, gravity, flotation and cyanide leaching circuits
Plant capacity	~9Mtpa – permitted to 9.8Mtpa

VALUE ACCRETION

Evolution acquired Cowal in July 2015

	2015	2020
Ore Reserves	1.6Moz	4.6Moz
Mineral Resources	3.4Moz	9.7Moz
Mine life	2024	2032+
Plant capacity	7.2Mtpa	~9.0Mtpa
Gold production		1.3Moz
Net mine cash flow		A\$824M

Sustainable, reliable, low-cost production

SUSTAINABILITY

INTEGRATED INTO EVERYTHING WE DO

Water Management
Increased return water for reuse from Integrated Waste Landform (+20%/day)
Saline water to reduce reliance on freshwater resources
Extreme weather support for the community
Developing energy and emissions reduction pathways toward net zero
~500+ local jobs (>70% reside in region)
Partnership with Wiradjuri Condobolin Corporation
Supportive stakeholders, community and government
A\$18M of NSW Royalties paid in FY20
Local procurement spend ~A\$37Mpa
~5% Indigenous workers, advancing cultural competency
~18% female workers
Diversity and Inclusion focus

Risk based decision approach supported by policies & standards
Risk Management framework aligned with Australian and International standards and guidelines
COVID-19 enhanced business continuity planning
Strong reporting, investigation and learning culture
Signatories to the International Cyanide Management Code
ISO14001 certified
Integrated Waste Landform (IWL)
Zero incidents of material harm
Digitisation of data monitoring
Increased biodiversity in lake due to good land management
Developing long-term strategic partnerships assuring cultural heritage with traditional custodians

SUSTAINABILITY – SAFETY & HEALTH

Key initiatives to improve our safety performance

Lead Indicators
265% increase in hazard reports, ~1,600 safety interactions completed monthly over the past 12 months
People, Training and Communication
Increased workforce training to upskill workforce
Health programs – skin checks, flu vaccines, targeted campaigns with monthly newsletters
Systems
Risk framework simplified; new sustainability management database implemented
Contractor safety management ramped up to match increased site activity
Response
COVID management successfully embedded into operation
Expanded Emergency Response Team (ERT) resources and capability
Improved incident investigation quality for improved learnings

Total Recordable Injury Frequency (TRIF) of 5.2

TRIF –The frequency of total recordable injuries per million hours worked. Results shown are based on a 12-month moving average (12MMA)

COWAL GROWTH STRATEGY

Building towards consistent, reliable, low-cost production for 20+ years

Underground development pathway to 350kozpa
Underground Feasibility Study underway
3.0Moz Mineral Resource, 1.0Moz Ore Reserve
High-grade orebodies open at depth
Process permitting to 9.8Mtpa for long-term optionality
Open pits provides long-term base load ore feed
Stage H cutback
Pre-feasibility study: potential E42 extensions beyond Stage H, E41 and E46 satellite pits
Continued transformational organic growth driven by discovery
World-class gold-copper geologic setting

UNDERGROUND FEASIBILITY STUDY

Feasibility Study Life of Mine design of underground development and stopes

PATHWAY TO >350KOZPA OF LOW-COST PRODUCTION

	Achievements		Key milestones to 350kozpa+
FY2016	FY2017 – 2018	FY2019 – 2020	FY2021 – FY2023	FY2024 +
Acquired in July 2015 Mine permit to 2024 Plant capacity 7.5Mtpa	Mine permit extended to 2032 Dalwhinnie underground discovery Regulatory approval to expand plant to 9.8Mtpa Integrated Waste Landform commenced Stage H Cutback commenced	Warraga underground exploration decline Plant capacity increased to 9.0 Mtpa - low-cost processing Float Tails Leach Underground Feasibility Study underway and Regulatory approvals submitted	UNDERGROUND DEVELOPMENT ✓ Expanded Underground gold Mineral Resources (3.0Moz) and Ore Reserves (1.0Moz) ▪ Underground Feasibility Study – on schedule ▪ Regulatory approval for underground mine ▪ Development of primary decline and primary vent ▪ Paste Fill plant construction ▪ Accommodation village construction ▪ Development of non-processing infrastructure	▪ Accelerate underground production through mining higher grade in early years Platform for future growth ▪ Continued growth in underground resources and reserves – higher grade orebodies remain open ▪ Production from open pits beyond E42 Stage H ▪ Regional exploration
			▪ First underground production

AVERAGE ANNUAL PRODUCTION ~250KOZ AT AISC A\$880/OZ (US\$660/OZ)

REGIONAL OPPORTUNITY

World class geologic setting for gold and coppergold deposits

1,358 km² landholding in the Junee-Narromine Belt of the Macquarie Arc

Multiple target styles:

Epithermal gold deposits (eg E42, GRE46, E41)
Porphyry copper-gold deposits (Cadia, North Parkes, Marsden)

KEY TAKEAWAYS

Cowal – a cornerstone Evolution operation

Building towards 350kozpa of sustainable, reliable, lowcost gold production

Underground Feasibility Study and permitting progressing well with exploration decline extension underway

Supportive stakeholders and government, strong local community engagement

E42 OPEN PIT

LARGE OPEN PIT PROVIDING LONG -TERM ORE BASE LOAD

Stage H cutback
Increasing ore volumes and grade mined in the second half of FY21
Strip ratio to fall below 1:1 in FY23
Equipment strategy review underway – opportunity to rationalise fleet with reducing re -handle
Open pit future growth
Pre-feasibility Study underway for E42 beyond Stage H, E41 and E46 satellite pits
- Scheduled completion end FY21 / early FY22
Provides long -term base load ore feed for the operation

MINING FLEET

Haulage/mine trucks

20 x Cat 789C Dump Trucks
3 x Cat 785C Dump Trucks

Drilling equipment

6 x Atlas Copco D65 (Hired)
1 x Drill rigs Australia GC600

Dozers

5 x CAT D10T Tracked Dozers
1 x CAT834H Wheel Dozer

Shovels/excavators/loaders

1 x Liebherr 9400 Excavator
1 x Liebherr 994B Excavator
1 x Liebherr 9200 Excavator
1 x Hitachi EX1200 Excavator
3 x Cat 992G Loaders

Haul road maintenance equipment

2 x Cat 16H Graders
1 x Cat 345 Excavator
2 x Cat 777D Water Carts

IWL Equipment

3 x Hitachi Excavators
4 x 777F Caterpillar Haul trucks
5 x 745 Caterpillar Articulated Haul trucks
2 x Watercarts
1 x 992 G Caterpillar Loader
4 x Caterpillar Track dozers
4 X Rollers
1 x 14M Caterpillar Grader

RESOURCE AND RESERVE EXPANSION

▪ Investment in drilling expected to continue to grow Mineral Resources and Ore Reserves

Section of Cowal GRE46 underground area. Orange shows the outline of the December 2018 mineable shape optimiser (MSO) outlines and yellow shows the December 2020 MSO outlines. Planned drilling from the exploration decline is shown in blue

Long projection of the GRE46 structure looking west showing the location of drilling and associated results highlights completed during the December 2020 quarter

GRE46 results are extracted from the report entitled "December 2020 Quarterly Report" released to the ASX 28 January 2021 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.

Cowal Mineral Resources of 9.7Moz gold (Dec 2019: 8.6Moz) Cowal Ore Reserves of 4.6Moz gold (Dec 2019: 3.6Moz)

GALWAY EXPLORATION DECLINE

Organic growth enabler
Establishes next stage of diamond drill platforms to continue strategic drilling program
Contract awarded to Barminco for development and diamond drilling
Development commenced February 2021
Diamond drilling to commence April 2021
Scope of works
2,300m underground development
12,000m diamond drilling
Drilling program focus:
Confirmation of optimal grade control parameters
Conversion of Mineral Resources to Ore Reserves

PROCESS FLOWSHEET

PROCESS EQUIPMENT

Power supplied from NSW Grid – AGL

• Primary crushing: Metso 54-75 Superior MK-II gyratory crusher

Grinding

FFE 36' x 20.5' SAG mill, FFE 22' x 36.5' ball mill
Forged steel 125mm balls (SAG), high chrome 80mm balls (ball mill)

Screening

• Schenck Vibrating screens (SAG discharge), Delkor Linear (COF)

Recycle crusher

• 2 x Sandvik H6800 hydrocone cone crushers

Mineral liberation/recovery

Method: flotation, regrind, CIL of concentrate and Float tails
Equipment: 2 x SK1200 and 10 x OK200TC (flotation), Metso Vertimill (VTM1000WB), 2 x Metso 355kW SMDs, 4,000m³ Pre-Ox, 2 x 4,000m³ and 6 x 1,000m³ CIL tanks; FTL 7 * tank leach circuit with Kemix inter-stage screens and SMBS Cyanide destruct tanks
Cyanide supply Orica
Lime supply Graymont

Refining

• 10t AARL elution circuit, Regeneration kiln, 4 x Electrowinning cells

Gravity Circuit

• Falcon Concentrator / Acacia Reactor

PLANT PERFORMANCE

Increased plant availability and throughput

Twinning of critical pumps completed
Change from three to six monthly planned major shutdowns

Float Tails Leach benefits being realised

Blending of high-grade oxide ore feed (+20% of plant feed in FY21)
Recovery improvement of 2.3% in FY21

Permit to 9.8Mtpa provides long-term optionality

▪ Near term incremental improvement targeting ~9.0 Mtpa

WATER STRATEGY

Objective: Reduce reliance on fresh water sources

Increase water recycling and reduce water usage

Increased Integrated Waste Landform decant return capacity
Tails flocculation trial engineering study completed
Tails thickening Feasibility Study commenced
Pit dewatering Concept Study completed

Increase saline water sources

Completed hydrogeology study within 20km of operation
Completed duplication of the water pipeline
Commissioned three new saline bores
Exploring saline water targets June 2021 quarter

Increase onsite water storage

Increased capacity by ~15%
Maintain site storage 900 1,050 ML

INNOVATION

Data Analytics

▪ Remote monitoring and analysis of grinding mill operating data with improvement in grind from p80 – 212 µm to a p80 of 160 µm

Technology Trials – Augmented and Virtual Reality

HoloLens for maintenance collaboration
3D training fire fighting simulation training

Industry Step Change Technology – GlyCat™

Technology that uses glycine and cyanide during the cyanidation process of gold ore for potential significant cost savings and environmental benefits
Lab trials completed successfully
Next phase: pilot plant trial for variability tests and long-term environmental impacts

HoloLens mobile maintenance trials in the open pit

Glycat Pilot Plant at the MPS laboratory, Perth

E39 PROSPECT

5km south of existing E42 mine
Large copper anomalous footprint (~5km x 1.5km)
Historic drilling by Geopeko (1980s) mostly shallow (to top of fresh rock)
Anomalous copper over long intervals in limited deeper drilling
Drilling planned for June 2021 quarter testing for potential higher-grade core

SOUTH COWAL

Copper and gold anomalism
Historic DD hole 7750DD032 intersected strongly magnetite-chlorite-epidote altered andesite lava (Photo 1 & 2)
Feldspar-quartz porphyry dykes towards end of 7750DD032 (Photo 3)
7750AC057 chips showing strong magnetiteepidote alteration with pyrite veining at end of hole (Photo 4)

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 (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)	CP4	Resource Gold Metal (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	UG	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	UG	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	UG	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. 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			Competent	Dec 19 Reserves
			Tonnes	Gold	Gold Metal	Tonnes	Gold Grade	Gold Metal	Tonnes	Gold	Gold Metal	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.

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	UG	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 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.

COWAL DEC 2020 MINERAL RESOURCES AND ORE RESERVES

Cowal Mineral Resources - December 2020
	Measured			Indicated			Inferred			Total Resource
Mineral Resource	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)
E42 Oxide	-	-	-	0.20	0.47	3	0.95	0.53	16	1.15	0.52	19
E42 Primary	-	-	-	111.01	0.87	3,114	11.95	0.82	314	122.96	0.87	3,428
E42 Stockpile	20.63	0.55	306	17	0.67	362	-	-	-	37.46	0.55	668
E41 Oxide	-	-	-	17.05	0.87	480	1.48	1.20	57	18.53	0.90	537
E41 Primary	-	-	-	39.61	0.72	919	5.98	0.70	135	45.59	0.72	1,054
E46 Oxide	-	-	-	6.44	1.20	247	1.00	1.14	37	7.43	1.19	284
E46 Primary	-	-	-	2.42	0.92	71	0.21	1.44	10	2.63	0.96	81
GRE46 UG	-	-	-	22.78	2.55	1,868	14.75	2.43	1,151	37.53	2.50	3,019
GRE46 Oxide	-	-	-	6.36	1.40	287	0.80	1.20	31	7.16	1.38	317
GRE46 Primary	-	-	-	9.26	0.81	241	0.54	0.91	16	9.80	0.82	257
TOTAL	20.63	0.46	306	231.97	1.02	7,593	37.65	1.46	1,765	290.24	1.04	9,664

Cowal Gold Mine Ore Reserves - December 2020
Ore Reserves by	Cut-off(g/t)		Proved			Probable		Total
Mining Areas		Tonnes (Mt)	Grade (g/t)	Cont Metal (koz)	Tonnes (Mt)	Grade (g/t)	Cont Metal (koz)	Tonnes (Mt)	Grade (g/t)	Cont Metal (koz)
E42 Oxide	0.45	-	-	-	0.00	1.15	0	0.00	1.15	0
E42 Primary	0.45	-	-	-	63.30	1.01	2,052	63.30	1.01	2,052
Stockpile	0.45	20.60	0.46	306	13.93	0.71	318	34.53	0.56	624
E41 Oxide	0.45	-	-	-	12.62	0.98	399	12.62	0.98	399
E41 Primary	0.45	-	-	-	9.43	0.84	254	9.43	0.84	254
E46 Oxide	0.45	-	-	-	4.97	1.28	205	4.97	1.28	205
E46 Primary	0.45	-	-	-	0.47	0.84	13	0.47	0.84	13
GRE46 UG	1.80	-	-	-	12.55	2.59	1,045	12.55	2.59	1,045
GRE Oxide	0.45	-	-	-	-	-	-	-	-	-
GRE Primary	0.45	-	-	-	-	-	-	-	-	-
TOTAL		20.60	0.46	306	117.27	1.14	4,287	137.87	1.04	4,593

Data is reported to significant figures and differences may occur due to rounding. Mineral Resources are reported inclusive of Ore Reserves. The Cowal Mineral Resource Competent Person is James Biggam, Ore Reserve open pit Competent Person is Ryan Kare and the Ore Reserve underground Competent Person is Joshua Northfield

The underground Mineral Resource has a 1.5g/t cut-off grade and all open pit Mineral Resources have a 0.35g/t cut-off

The resource and reserve totals are extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 February 2021. Evolution confirms that that it is not aware of any new information or data that materially affects the information included in that release and that all material assumptions and technical parameters underpinning the estimates 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 original market announcement.

HISTORY OF COWAL

1988 North Limited undertakes extensive exploration at Lake Cowal	2000 North Limited is acquired by Rio Tinto	2002 Homestake Mining merges with Barrick Gold	2006 First gold is poured in April 2006	2015 Evolution Mining acquires Cowal Gold Operation with 1.6Moz Ore Reserve Evolution increases Ore Reserves by 40% to 2.2Moz	2017 Mine life is extended to 2032 Dalwhinnie UG discovery Ore Reserves increased by 12% to 3.2Moz	2019 Underground exploration decline commenced	2021 UG resources increased to 3.0Moz and total UG resources increased to 9.7Moz UG reserve increased to 1.0Moz and total reserves increased to 4.6Moz Satellite pits PFS commenced
1893 1999 Gold first discovered in West Wyalong project	2001 NSW government issues development is sold to consent conditions Homestake for the Cowal gold	2004 Construction Cowal gold project commences on Mining Cowal gold project	2014 Cowal gold extension of 2024	2016 operation is granted Ore Reserves by 30% to 2.9Moz mine life through to	2018 Evolution increases of plant expansion Mtpa	2020 Regulatory approval 804koz from 7.5Mtpa to 9.8 Galway decline commenced Study underway Regulatory submitted	Maiden UG reserve Underground Feasibility approvals