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EVOLUTION MINING LIMITED Regulatory Filings 2016

Jul 20, 2016

64885_rns_2016-07-20_8018fa9a-8a58-406f-a396-a22a10e06d8c.pdf

Regulatory Filings

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QUARTERLY REPORT – For the period ending 30 June 2016

HIGHLIGHTS

June quarter highlights

  • Record quarterly Group gold production of 216,644 ounces

  • C1 cash costs of A$732 per ounce (US$546/oz)[1]

  • Group All-in Sustaining Cost (AISC)[2] of A$1,117 per ounce (US$833/oz)[1]

  • Record operating mine cash flow of A$184.2 million

  • Record net mine cash flow of A$119.5 million

  • A total of A$115.0 million in debt repayments

  • Revised dividend policy doubles payout rate to 4% of revenue

  • Positive results from Cowal Stage H resource definition drilling

  • Significant drill intersections at Mt Carlton supporting V2 pit extension and future underground potential

  • New mineralised structures identified by resource definition drilling at Pajingo and Cracow

  • Exploration success at Tennant Creek joint venture (Edna Beryl West)

FY16 summary

  • Record Group gold production of 803,476 ounces

  • C1 cash cost of A$722 per ounce (US$526/oz)[3 ]

  • Record low AISC of A$1,014 per ounce (US$739/oz)[3]

  • Record operating mine cash flow of A$628.4 million

  • Sustaining capital expenditure of A$107.0 million

  • Major capital expenditure of A$93.2 million

  • Record net mine cash flow of A$428.2 million

  • Debt repayments of A$322.0 million (in addition to A$107.6 million of acquisition and integration costs)

  • Five consecutive years of achieving guidance since the Company’s inception

Consolidated production and sales summary

Sep 15
quarter		 Dec 15
quarter		 Mar 16
quarter		 Jun 16
quarter
Units FY16
Gold produced oz 174,169 203,700 208,963 216,644 803,476
By-product silver
produced
oz 170,202 169,767 242,328 263,256 845,552
C1 Cash Cost A$/oz 631 759 752 732 722
All-In Sustaining Cost A$/oz 882 1,016 1,015 1,117 1,014
All-in Cost4 A$/oz 1,015 1,164 1,125 1,211 1,134
Gold sold oz 179,256 205,863 203,910 226,558 815,588
Achieved gold price A$/oz 1,559 1,536 1,614 1,666 1,597
Silver sold oz 178,432 169,767 217,042 287,813 853,053
Achieved silver price A$/oz 20 20 20 24 21

  1. Using the average AUD:USD exchange rate for the June 2016 quarter of 0.7455

  2. Includes C1 cash cost, plus royalty expense, sustaining capital, general corporate and administration expense. Calculated on per ounce sold basis 3. Using the average AUD:USD exchange rate for FY16 of 0.7284

  3. Includes AISC plus growth (major project) capital and discovery expenditure. Calculated on per ounce sold basis

Evolution Mining Limited Quarterly Report June 2016

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OVERVIEW

Group gold production for the June 2016 quarter was a record 216,644 ounces (Mar qtr: 208,963oz). Average C1 cash cost was A$732/oz (Mar qtr: A$752/oz) and AISC[1] was A$1,117/oz (Mar qtr: A$1,015/oz). Using the average AUD:USD exchange rate for the quarter of 0.7455, Evolution’s Group C1 cash cost equated to US$546/oz and Group AISC to US$833/oz.

The higher AISC compared to the March quarter relates to the timing of sustaining capital expenditure on tailings facilities at Cowal, Mungari, Mt Rawdon and Mt Carlton and an increase in resource definition drilling. The AISC was higher than the value estimated in the preliminary results released on 28 June 2016 due to the unplanned purchase of land at Cowal; better than expected resource definition drilling metres and opportunistic purchases of low cost second hand replacement equipment available for Mt Rawdon and Mungari. These items combined were approximately A$8.8 million or A$39 per ounce.

In the June 2016 quarter Evolution delivered a record operating mine cash flow of A$184.2 million and net mine cash flow, post all sustaining and major capital, of A$119.5 million (Mar qtr: operating cash flow A$154.9 million; net mine cash flow A$105.8 million).

The continued excellent operational cash flow allowed Evolution to make debt repayments totalling A$115.0 million during the June quarter in addition to paying one-off acquisition costs (mainly stamp duty) of A$20.8 million. Since the beginning of September 2015 total debt outstanding has been reduced by A$322.0 million to A$285.0 million. Outstanding debt comprises of A$95.0 million in the Senior Secured Syndicated Revolver Facility and A$190.0 million in the Senior Secured Syndicated Term Facility. The Group cash balance at 30 June 2016 was A$17.3 million.

Positive drill results were returned from Cowal Stage H resource definition drilling. Significant intersections at Mt Carlton could potentially support V2 pit extensions and future underground development. New mineralised structures were identified by resource definition drilling at Pajingo and Cracow. Exploration success was also achieved at the Tennant Creek joint venture (Edna Beryl West).

Group gold production for FY16 totalled 803,476 ounces – in the mid-range of the upgraded guidance of 770,000 – 820,000 ounces. This represents a new annual production record for Evolution, and an increase of 84% compared to FY15, following the acquisition of the Cowal and Mungari operations in FY16.

Group FY16 average C1 cash cost of A$722 per ounce (US$526/oz), was within upgraded guidance of A$700 – A$740 per ounce and AISC of A$1,014 per ounce (US$739/oz) was also within the improved guidance issued in January 2016 of A$970 – A$1,020 per ounce.

  • Cowal produced 237,940oz of gold at an average C1 cost of A$591/oz and AISC of A$776/oz. Production was at the top end of upgraded guidance of 225,000 – 240,000oz. C1 cash cost and AISC were well below upgraded guidance of A$650 – A$750/oz and A$800 – A$850/oz respectively.

  • Mt Carlton delivered an outstanding result with gold production of 113,056oz substantially exceeding the top end of original FY16 production guidance of 80,000 – 87,500 ounces. This represents a 45% increase on FY15. C1 cash costs achieved of A$463/oz and AISC of A$742/oz were both well below the bottom end of guidance ranges of A$525 – A$575/oz and A$760 – A$810/oz respectively.

  • Pajingo produced 68,630oz of gold which exceeded the top end of original FY16 guidance of 60,000 – 65,000oz. C1 cash costs achieved of A$785/oz and AISC of A$1,161/oz were both below the bottom end of respective guidance ranges of A$810 – A$890/oz and A$1,180 – A$1,260/oz.

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Cracow 21,281 90,626
43,448 137,193
Pajingo 16,577
68,630
Mt Rawdon
June qtr 22,035 FY16
Edna May FY16 ounces 85,002
ounces
Mt Carlton
17,895
Cowal 65,926 237,940 71,028
29,481
Mungari 113,056
----- End of picture text -----

  1. AISC includes C1 cash cost, plus royalty expense, sustaining capital, 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

Evolution Mining Limited Quarterly Report June 2016

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OVERVIEW

FY17 Guidance

Evolution is forecasting Group gold production in FY17 of 800,000 – 860,000 ounces of at a C1 cash cost of A$685 – A$745 per ounce and AISC of A$985 – A$1,045 per ounce. At an assumed AUD:USD exchange rate of 0.75, Evolution’s forecast FY17 costs equate to C1 cash costs of US$515 – US$560/oz and AISC of US$740 – US$785/oz. Full details of FY17 guidance are provided within ASX release dated 28 June 2016 entitled “FY16 Preliminary results, FY17 Guidance and FY19 Outlook”.

FY19 Outlook

Evolution currently expects to produce[1] :

  • 800,000 – 860,000 ounces of gold in FY17

  • 800,000 – 860,000 ounces of gold in FY18

  • 810,000 – 870,000 ounces of gold in FY19

All-in sustaining costs are expected to trend lower over this period from A$985 – A$1,045 per ounce in FY17 to A$910 – A$980 per ounce in FY19[1] . Further details are provided within ASX release 28 June 2016 entitled “Investor Day 2016 Presentation.”

Of Evolution’s FY19 production outlook, 2% is comprised of an exploration target. 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.

Group safety performance

Group total recordable injury frequency rate as at 30 June 2016 was 9.7 (31 March 2016: 10.2). The lost time injury frequency rate was 1.8 (31 March 2016: 1.6). Beyond Zero Safety Leadership training continued during the quarter with 258 leaders trained. This training will further equip leaders with the tools and skills to effectively and confidently manage their teams. During the June quarter operating sites were audited and met the Group Safety Standards audit score compliance targets. Focus on a reduction of vehicle incidents continued during the quarter.

As at 30 June 2016 LTI LTIFR TRIFR
Cowal 1 1.2 2.5
Mungari 0 4.0 7.9
Mt Carlton 0 2.2 6.6
Mt Rawdon 0 0.0 16.0
Edna May 0 1.8 1.8
Cracow 0 0.0 19.0
Pajingo 1 4.2 23.0
Group 2 1.8 9.7

LTI: Lost time injury. A lost time injury is defined as an occurrence that resulted in a fatality, permanent disability or time lost from work of one day/shift or more

LTIFR: Lost time injury frequency rate. The frequency of injuries involving one or more lost workdays per million hours worked. Results above are based on a 12 month moving average

TRIFR: Total recordable injury frequency rate. The frequency of total recordable injuries per million hours worked. Results above are based on a 12 month moving average

  1. Refer to ASX release on 28 June 2016 entitled “Investor Day 2016 Presentation” and ASX release on 21 April 2016 entitled “Mineral Resources and Ore Reserves Statement” for additional information on the production target including the material assumptions upon which the production target is based. Both documents are available to view on www.evolutionmining.com.au. Evolution confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target continue to apply and have not materially changed

Evolution Mining Limited Quarterly Report June 2016

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OVERVIEW

June 2016 quarter production summary
Mt
Carlton		 Mt
Rawdon		 Edna
May
June quarter FY16 Units Cowal Mungari Cracow Pajingo Group
UG lat dev - capital m - 342 - - - 204 521 1,066
UG lat dev - operating m - 496 - - - 867 466 1,829
Total UG lateral development m - 838 - - - 1,071 987 2,895
UG ore mined kt - 145 - - - 139 112 396
UG grade mined g/t - 8.15 - - - 5.05 5.55 6.32
OP capital waste kt - 284 2 1,432 - - - 1,718
OP operating waste kt 912 1,960 777 1,600 934 - - 6,183
OP ore mined kt 2,587 336 202 1,342 638 - - 5,104
OP grade mined g/t 1.23 1.46 4.87 0.76 0.90 - - 1.23
Total ore mined kt 2,587 480 202 1,342 638 139 112 5,500
Total tonnes processed kt 1,729 420 199 854 685 133 101 4,120
Grade processed g/t 1.42 3.44 6.09 0.90 0.88 5.32 5.42 1.88
Recovery % 83.7 93.4 91.2 89.0 92.1 93.7 94.3 88.1
Gold produced oz 65,926 43,448 29,481 22,035 17,895 21,281 16,577 216,644
Silver produced oz 60,674 6,596 105,909 54,236 8,136 12,557 15,147 263,256
Copper produced t - - 276 - - - - 276
Gold sold oz 67,599 42,200 36,685 22,551 18,325 22,098 17,101 226,558
Achieved gold price A$/oz 1,642 1,640 1,763 1,649 1,652 1,648 1,672 1,666
Silver sold oz 60,674 6,596 130,466 54,236 8,136 12,557 15,147 287,813
Achieved silver price A$/oz 26 25 23 23 23 23 23 24
Copper sold t - - 349 - - - - 349
Achieved copper price A$/t - - 6,551 - - - - 6,551
Cost Summary
Mining A$/prod
oz		 251 473 226 495 697 601 506 408
Processing A$/prod
oz		 388 200 217 465 650 243 250 332
Administration and selling costs A$/prod
oz		 72 70 216 125 136 111 147 111
Stockpile adjustments A$/prod
oz		 (75) (97) 53 (350) 43 (65) (50) (77)
By-product credits A$/prod
oz		 (24) (4) (181) (56) (10) (14) (21) (42)
C1 Cash Cost (produced oz) A$/prod
oz		 612 643 531 679 1,516 877 832 732
C1 Cash Cost (sold oz) A$/sold
oz		 597 662 427 664 1,481 845 806 700
Royalties A$/sold
oz		 59 44 130 85 77 89 80 76
Gold in Circuit & other adjustments A$/sold
oz		 12 (4) 177 77 (34) 142 32 53
Sustaining capital1,2 A$/sold
oz		 289 237 173 247 26 290 335 240
Reclamation & other adjustments A$/sold
oz		 (43) 3 10 9 4 0 5 (9)
Administration costs3 A$/sold
oz		 2 57
All-in Sustaining Cost A$/sold
oz		 915 944 917 1,082 1,554 1,366 1,258 1,117
Major project capital A$/sold
oz		 0 63 0 219 64 25 77 47
Discovery A$/sold
oz		 16 96 7 1 0 84 15 47
All-in Cost A$/sold
oz		 930 1,103 924 1,302 1,618 1,474 1,350 1,211
Depreciation & Amortisation4 A$/prod
oz		 187 537 500 507 415 507 282 390

  1. Sustaining Capital for WGC purposes includes 60% UG mine development capital

  2. Group Sustaining Capital includes a reduction of A$0.97/oz for Corporate capital expenditure from project capitalisations

  3. Includes Share Based Payments

  4. Group Depreciation and Amortisation includes Corporate Depreciation and Amortisation of A$1.25/oz

Evolution Mining Limited Quarterly Report June 2016

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OVERVIEW

FY16 production summary

Mungar
i		 Mt
Carlton		 Mt
Rawdon		 Edna
May
July 2015 – June 2016 Units Cowal Cracow Pajingo Group
UG lat dev - capital m - 1,157 - - - 1,988 2,272 5,416
UG lat dev - operating m - 1,629 - - - 3,000 1,867 6,496
Total UG lateral development m - 2,785 - - - 4,988 4,138 11,912
UG ore mined kt - 563 - - - 499 418 1,479
UG grade mined g/t - 5.89 - - - 5.92 5.50 5.79
OP capital waste kt - 825 1,411 12,044 1,295 - - 15,575
OP operating waste kt 3,937 6,644 1,460 1,959 5,550 - - 19,550
OP ore mined kt 8,714 1,121 838 3,307 2,351 - - 16,331
OP grade mined g/t 1.16 1.47 5.55 0.88 0.91 - - 1.31
Total ore mined kt 8,714 1,684 838 3,307 2,351 499 418 17,810
Total tonnes processed kt 6,666 1,441 837 3,421 2,945 511 422 16,242
Grade processed g/t 1.33 3.16 5.71 0.86 0.82 5.92 5.36 1.77
Recovery % 83.5 93.7 88.4 90.4 91.7 93.1 94.4 88.2
Gold produced oz 237,94
~~0~~		 137,193 113,056 85,002 71,028 90,626 68,630 803,476
Silver produced oz 229,43
~~9~~		 22,457 307,252 136,911 32,972 50,531 65,989 845,552
Copper produced t - - 1,164 - - - - 1,164
Gold sold oz 232,96
~~8~~		 145,577 118,906 83,883 74,040 90,531 69,684 815,588
Achieved gold price A$/oz 1,590 1,594 1,615 1,590 1,609 1,584 1,604 1,597
Silver sold oz 229,43
~~9~~		 22,457 314,753 136,911 32,972 50,531 65,989 853,053
Achieved silver price A$/oz 21 21 22 21 21 21 21 21
Copper sold t - - 1,243 - - - - 1,243
Achieved copper price A$/t - - 6,563 - - - - 6,563
Cost Summary
Mining A$/prod oz 254 503 137 235 645 451 451 352
Processing A$/prod oz 371 237 237 434 634 212 234 329
Administration and selling costs A$/prod oz 97 64 223 122 146 109 131 120
Stockpile adjustments A$/prod oz (110) (44) (1) (31) (9) (13) (11) (47)
By-product credits A$/prod oz (20) (3) (132) (34) (10) (12) (20) (33)
C1 Cash Cost (produced oz) A$/prod oz 591 756 463 726 1,407 746 785 722
C1 Cash Cost (sold oz) A$/sold oz 604 713 441 736 1,350 746 773 711
Royalties A$/sold oz 45 37 120 81 69 87 83 68
Gold in Circuit & other
~~adjustmnts~~		 A$/sold oz (14) 77 40 (11) 14 (6) 14 16
Sustaining capital1,2 A$/sold oz 126 176 116 196 58 229 279 160
Reclamation & other adjustments A$/sold oz 15 13 26 21 14 8 12 16
Administration costs3 A$/sold oz 8 42
All-in Sustaining Cost A$/sold oz 776 1,024 742 1,024 1,504 1,065 1,161 1,014
Major project capital A$/sold oz 0 50 69 446 99 54 77 86
Discovery A$/sold oz 14 54 9 1 2 45 37 33
All-in Cost A$/sold oz 789 1,128 820 1,471 1,605 1,164 1,275 1,134
Depreciation & Amortisation4 A$/prod oz 251 515 503 479 419 485 279 401

  1. Sustaining Capital for WGC purposes includes 60% of the underground mine development capital

  2. Group Sustaining Capital includes a reduction of A$1.04/oz for Corporate capital expenditure from project capitalisations

  3. Includes Share Based Payments

  4. Group Depreciation and Amortisation includes Corporate Depreciation and Amortisation of A$1.25/oz

Evolution Mining Limited Quarterly Report June 2016

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OPERATIONS

Cowal, New South Wales (100%)

Cowal produced 65,926oz of gold in the June quarter at a C1 cash cost of A$612/oz and AISC of A$915/oz (Mar 2016 qtr: 70,803oz, C1 A$584/oz and AISC A$757/oz).

Mine operating cash flow for the quarter was A$61.7 million. Cowal delivered a net mine cash flow of A$42.2 million, post sustaining capital of A$19.5 million.

During the quarter a local land owner exercised their right to sell their land to Cowal. This resulted in an unplanned capital expense of A$3.7 million. An increase in resource definition activity during the quarter was the other main driver to the higher sustaining capital for the quarter.

Cash costs per ounce were higher due to a planned shutdown in the processing plant during April. Processed grade improved slightly to 1.42g/t Au from 1.41g/t Au last quarter. Recoveries also improved to 83.7% (Mar 2016 qtr: 83.2%).

Mining activities focussed on the Stage G cutback to a current operating level of 930mRL. The June 2016 quarter will see mining continue in the Stage G cutback.

E42 Resource Development drilling is currently in progress in support of the Stage H cutback feasibility study. Seven drill rigs are now in position with initial assays supporting prior interpretations and identifying new zones of mineralisation.

Total gold production for FY16 was 237,940oz at an average cash cost of A$591/oz and AISC of A$776/oz. Production was at the top-end of upgraded guidance of 225,000 – 240,000oz. Cash costs and AISC were well below the improved guidance of A$650 – A$750/oz and A$800 – A$850/oz respectively.

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757 900
915
839
524 600
300
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
70,803oz
65,926oz
54,792oz
46,419oz
----- End of picture text -----

Mungari, Western Australia (100%)

Mungari produced 43,448oz of gold in the June quarter at a C1 cash cost of A$643/oz and AISC of A$944/oz (Mar 2015 qtr: 33,963oz, C1 A$934/oz and AISC A$1,227/oz).

Mine operating cash flow for the quarter was A$35.2million. Mungari delivered a net mine cash flow of A$22.6million, post sustaining capital and major capital of A$12.7 million.

Frog’s Leg production ramped up again after the completion of rehabilitation activities in the March quarter. The underground mine produced 145kt at an average grade of 8.1g/t in the June quarter.

Mining of the White Foil open pit focussed on three main areas – the completion of Stage 2a, progression of stage 2b and commencement of the northern Stage 3 cutback. Total open pit material movement was 2.6mt. A live online data monitoring system was introduced to the mine during the quarter and resulted in trucks improving the average payload by 4% in the commissioning phase.

The plant had a reliable quarter with a focus on maximising the processing of high grade ore from Frogs Leg. Ore milled was 420kt and achieved an average recovery of 93.4%.

FY17 will see continued focus on improving operational metrics at White Foil, Frogs Leg and the mill.

Total gold production for FY16 of 137,193oz exceeded upgraded production guidance of 120,000 – 135,000oz. Average cash cost was A$756/oz and AISC was A$1,024/oz. This compares with cash cost guidance of A$730 – A$830/oz and AISC guidance of A$920 – A$1,020/oz.

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1,227
968 961 944
50,000
25,000
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
43,448oz
40,692oz
33,963oz
19,090oz
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Evolution Mining Limited Quarterly Report June 2016

6

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OPERATIONS

Mt Carlton, Queensland (100%)

Mt Carlton delivered record mine operating cash flow of A$45.8M and net cash flow of A$39.5M after sustaining and major capital of A$9.1M for the June quarter. Full year net mine cash flow was A$103.3M after sustaining and major capital of A$21.9M.

A total of 29,481oz of payable gold contained in 14,191 dry metric tonnes (dmt) of gold concentrate was produced. Concentrate shipments for the June quarter were 18,253dmt across seven shipments.

Costs continue to remain low with C1 cash costs of A$531/oz and AISC of A$917/oz (Mar 2016 qtr: C1 A$499/oz, AISC A$679/oz).

The increase in AISC relates to a higher sustaining capital; including additional resource definition drilling; transition of lab to owner operator; access road improvements; camp facility upgrades.

A total of 199,035t of V2 ore grading 6.09g/t Au was processed during the quarter reflecting the continued positive reconciliation of ore grades.

In January 2016 a new weightometer was installed to correct a persistent tonnage measurement error on the mill feed. The adjusted full year total processed was 837kt of V2 ore grading 5.71g/t Au. A table detailing the adjustments made on a quarter by quarter basis in FY16 is provided in Appendix 1 to this announcement.

Plant optimisation projects to maximise efficiencies for V2 ore, including a gravity gold recovery circuit, continue on schedule.

Mt Rawdon, Queensland (100%)

Mt Rawdon produced 22,035oz of gold at a C1 cash cost of A$679/oz and AISC of A$1,082/oz (Mar 2016 qtr: 14,691oz, cash cost A$1,029/oz, AISC A$1,215/oz). De-watering of the pit floor was completed during the fourth quarter, with mining activities recommencing in Stage 3 in June.

Capital waste movement focussed on moving to the north-western section of the Stage 4 cutback to expose additional ore. Ore from Stage 4 continues to reconcile positively against the resource model.

Stage 4 ore (1.33Mt at 0.76g/t Au) provided the majority of mill feed. The Stage 4 ore included 0.89Mt at 0.90g/t and 0.43Mt of low grade at 0.45g/t. This access to ore volumes allowed the preferential processing of higher grade material and the stockpiling of low grade during the second half of the quarter.

In the September quarter, work will continue to expose additional ore in Stage 4 and progressing Stage 3 at depth. This will increase the operation’s ore blending capacity and improve management options during the next wet season.

Total gold production for FY16 was 85,002oz at an average cash cost of A$726/oz and an AISC of A$1,024/oz. This compares with guidance of 87,500 – 97,500oz at a cash cost of A$620 – A$680/oz and an AISC of A$880 – A$940/oz. The variance to guidance was due to storm events in the December 2015 and March 2016 quarters that restricted access to Stage 3 ore in the pit floor.

In FY16 Mt Carlton produced 113,056oz which significantly exceeded the top end of original production guidance of 80,000 – 87,500 ounces and was a 45% increase on FY15. C1 costs of A$463/oz and AISC of A$742/oz were both below the bottom end of FY16 cost guidance of: A$525 – A$575/oz for C1 and AISC of A$760 – A$810/oz.

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807 900
679 917
507 600
300
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
24,213oz 30,026oz 29,337oz 29,481oz
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50,000
1,227 1,215
700 1,082
25,000
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
28,498oz
19,777oz 14,691oz 22,035oz
----- End of picture text -----

Evolution Mining Limited Quarterly Report June 2016

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OPERATIONS

Edna May, Western Australia (100%)

Gold production of 17,895oz was achieved in the June quarter at a C1 cash cost of A$1,516/oz and AISC of A$1,554/oz (Mar 2016 qtr: 17,098oz, C1 cash cost A$1,521/oz, AISC A$1,658/oz). Unit costs decreased due to increased production and lower sustaining capital expenditure. A four-day planned mill shutdown and a seven-day planned crusher shutdown were completed during the quarter.

Mining focussed on the southern north-east sections of the Stage 2 cutback. Grade was higher than the previous quarter as access was gained to the base of the Stage 1 pit.

The Underground Development commenced in June with contractors starting ground preparation for the portal and surface water reticulation pipework.

Higher grades are anticipated in the September quarter as mining progresses in the Stage 1 pit floor. Portal development and installation of gen-set and power reticulation is also planned in the quarter.

Total gold production for FY16 was 71,028oz at an average cash cost of A$1,407/oz and AISC of A$1,504/oz. Production was lower than guidance of 82,500 – 90,000oz due to lower than expected grades caused by mining delays impacted by weather and ground conditions. This resulted in higher costs per unit than FY16 guidance of A$1,060 – A$1,160/oz and AISC of A$1,225 – A$1,325/oz.

Cracow, Queensland (100%)

Cracow produced 21,281oz of gold in the June quarter at a C1 cash cost of A$877/oz, and AISC of A$1,366/oz (Mar 2016 qtr: 23,335oz, C1 A$697/oz, AISC A$858/oz).

Cracow has now operated for 34 consecutive months without a lost time injury – a significant safety achievement.

Mine operating cash flow for the quarter was A$13.8 million. Cracow delivered a net mine cash flow of A$6.9 million.

The increased AISC related to mobile equipment rebuilds, a TSF lift, resource definition drilling and a final lease payment.

A total of 139,358t of ore was mined at an average grade of 5.05g/t Au. Primary ore sources were Kilkenny, Empire and Klondyke ore bodies.

Development of 1,071m was lower due to the pending Coronation design. 867m of operating development and 204m of capital development were achieved during the quarter. Stoping and production drilling were a priority to improve stoping flexibility and establish the Kilkenny transverse stopes.

A total of 132,748t of ore was processed at an average grade of 5.32g/t Au. Gold recovery was 93.68% with plant utilisation of 94.2%. A 68-hour mill shutdown was completed in May.

Total gold production for FY16 was 90,626oz at an average cash cost of A$746/oz and AISC of A$1,065/oz. This result was in-line with guidance of 85,000 – 95,000oz and cash cost of A$730 – A$800/oz and the achieved AISC was lower than guidance of A$1,080 – A$1,150/oz.

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2,100
1,494 1,658 1,554 1,800
1,328 1,500
1,200
900
600
300
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
17,769oz 18,266oz 17,098oz 17,895oz
----- End of picture text -----

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----- Start of picture text -----

50,000 1,366
1,109
940
858
25,000
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
23,890oz 22,120oz 23,335oz 21,281oz
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Evolution Mining Limited Quarterly Report June 2016

8

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OPERATIONS

Pajingo, Queensland (100%)

Pajingo produced 16,577oz of gold in the June quarter at a C1 cash cost of A$832/oz and an AISC of A$1,258/oz (Mar 2015 qtr: 19,736oz, C1 A$608/oz and AISC A$980/oz).

Mine operating cash flow for the quarter was A$12.6 million. Pajingo delivered a net mine cash flow of A$5.6 million, post sustaining and major capital of A$7.1 million.

Grades continued to improve with high-grade remnant work performing above expectation. This helped offset the lower tonnes that were available during the quarter.

The June quarter saw an increase in capital development metres from the Camembert exploration drive. Drilling resulted in an opportunity to mine a high-grade footwall lode, close to the exploration drill drive. The ore development confirmed the structure’s continuity and grade distribution.

The primary ore sources continued to be the Sonia East, Sonia Splays, Zed East and Zed West orebodies. Additional targets continued to be identified in the upper remnant areas of these lodes following an engineering and geological review.

Capital expenditure was elevated during the June quarter due to a decision to bring a major mill shutdown forward which was originally scheduled for FY17.

Pajingo achieved a very strong result in FY16 producing 68,630oz of gold which exceeded the top end of original guidance of 60,000 – 65,000oz. C1 cash costs achieved of A$785/oz and AISC of A$1,161/oz were both below the bottom end of respective guidance ranges of A$810 – A$890/oz and A$1,180 – A$1,260/oz.

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----- Start of picture text -----

1,284 1,258 1,500
1,166
980 1,200
900
600
300
0
FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4
Production gold (oz) AISC (A$/oz)
19,736oz
18,026oz
16,577oz
14,290oz
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Evolution Mining Limited Quarterly Report June 2016

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CORPORATE

Financials

The June quarter rounded out an exceptional year for Evolution with another record operating mine cash flow of A$184.2 million (Mar 2016 qtr: A$154.9 million) and a record net mine cash flow of A$119.5 million (Mar 2016 qtr: A$105.8 million).

The record group net mine cash flow included a quarterly record at Mt Carlton (A$39.5 million) and continued strong contributions from Cowal (A$42.2 million) and Mungari (A$22.6 million). Mt Carlton delivered a record A$103.3 million for the year while Cowal generated A$163.6 million and Mungari delivered A$84.0 million in the first year of ownership.

Operating
Mine Cash
flow
Sustaining
Capital		 Major Projects
Capital1		 Net Mine Cash
flow
Cash flow (A$M)
Cowal 61.7 (19.5) 0.0 42.2
Mungari 35.2 (7.8) (4.9) 22.6
Mt Carlton 45.8 (6.3) (0.0) 39.5
Mt Rawdon 12.6 (5.6) (4.9) 2.1
Edna May 2.5 (0.5) (1.2) 0.8
Cracow 13.8 (5.6) (1.4) 6.9
Pajingo 12.6 (3.8) (3.3) 5.6
June 16 Quarter 184.2 (49.0) (15.7) 119.5
March 16 Quarter 154.9 (25.9) (23.2) 105.8
December 15 Quarter 142.0 (16.3) (27.8) 97.8
September 15 Quarter 147.3 (15.8) (26.4) 105.0
FY16 628.4 (107.0) (93.2) 428.2
  1. Major Projects Capital includes 100% of the UG mine development capital

Total capital expenditure for the quarter was A$64.7 million (Mar 2016 qtr: A$49.1 million). The higher sustaining capital related to timing of tailings facilities at Cowal, Mungari, Mt Rawdon and Mt Carlton; an increase in resource definition drilling, particularly at Cowal; an unplanned land purchase at Cowal; and opportunistic purchases of low cost second hand replacement equipment for Mt Rawdon and Mungari. This was offset by lower major projects capital, predominantly at Mt Rawdon related to waste stripping at Stage 4.

Discovery expenditure in the quarter totalled A$10.6 million (Mar 2016 qtr: A$5.4 million). The increased expenditure reflects the maiden drill program at Puhipuhi which commenced during the quarter and the continued drilling program on the recently acquired Phoenix tenements.

Corporate administration costs for the quarter were A$8.9 million (Mar 2016 qtr: A$5.6 million). The higher corporate costs comprised of year end charges for planning, audit and taxation services; IT licencing fees; and additional employee training programs. The March quarter included an accounting adjustment for share based payments which reduced costs in that quarter by $2.4 million.

In line with previous quarters, and on the back of another record quarter of cash generation, Evolution continued the focus on reducing the debt position of the Company. The Company made debt repayments totalling A$115.0 million during the quarter resulting in A$322.0 million being repaid during the year. In addition to debt repayments this year, one-off payments totalling A$107.6 million have been made relating to asset acquisitions and integration activities, including A$20.8 million during the June quarter.

Evolution Mining Limited Quarterly Report June 2016

10

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CORPORATE

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----- Start of picture text -----

FY16 debt repayments Term loan facility amortisation profile
(A$M) (A$M)
35
70
120
77
50 80 80 60 57.5 50
30
12.5
Sep-15 Dec-15 Mar-16 Jun-16 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21
Term Loan facility Revolver loan facility Early Repayment Repayment Commitments
----- End of picture text -----

As at the end of June 2016 the total debt outstanding under the Senior Secured Syndicated Revolving and Term Facility was A$285.0 million. This is comprised of A$95.0 million in the Senior Secured Syndicated Revolver Facility and A$190.0 million in the Senior Secured Syndicated Term Facility. The undrawn amount of the Senior Secured Syndicated Revolver Facility increased to A$205.0 million. Evolution has now met all of its repayment obligations through until October 2017 which is now 15 months ahead of schedule.

The balance sheet and debt repayment commitments are supported by Evolution’s hedge book. As at 30 June 2016 the hedge book stood at 706,989oz at an average price of A$1,624/oz.

The Group cash balance at 30 June 2016 was A$17.3 million (31 March 2016: A$35.3 million). The table below shows the movement of cash for the June quarter and the full year. The higher working capital movement in the June quarter is driven by timing of capital projects in June which will be paid during the September 2016 quarter. The acquisition and integration costs in the June quarter relates mainly to stamp duty expenses paid on the Mungari acquisition.

Cash flow (A$M) FY 2016 June 2016 qtr
Opening Cash Balance 1 July 2015 205.8
Opening Cash Balance 1 April 2016 35.3
Net mine cash flow 428.2 119.5
Corporate and discovery (55.2) (19.6)
Interest expense (26.0) (2.3)
Dividendpayment(Net of DRP) (23.7) 0.0
Debt repayment (322.0) (115.0)
Workingcapital movement 18.0 20.0
Acquisition and integration costs (76.3) (20.8)
Phoenix Gold investment (31.3) 0.0
Debt drawdown for Cowal 607.0 0.0
Payment for Cowal (707.2) 0.0
Closing Cash Balance 30 June 2016 17.3 17.3

During the June quarter the Company approved a change to its dividend policy which doubles the payout ratio to 4% of revenue with immediate effect. The Company expects to apply this policy to any final dividend declared for the 2016 financial year.

Evolution Mining Limited Quarterly Report June 2016

11

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EXPLORATION

Exploration highlights

  • Positive drill results from Cowal Stage H resource definition returning broad, consistent grades showing: a good correlation with the current interpretation; new zones of mineralisation; and extensions to mineralisation outside of the current cutback design – seven diamond rigs currently drilling onsite

  • At Mt Carlton, high-grade extension opportunities testing for a pit extension and underground options to the V2 orebody. Encouraging results received below the pit and along north-eastern corridors

  • At Mungari, drilling continued to delineate the Johnson’s Rest discovery and resource definition drilling

  • Resource definition drilling at Pajingo identified a new high-grade footwall lode at Camembert, close to the exploration drive

  • New structure identified at Cracow (Coronation, Zone 14) from resource definition drilling. Best intersection returned was 12.9m (10.9m etw) grading 10.35g/t Au in hole CNU112[1]

  • At the Tennant Creek joint venture, exploration drilling at Edna Beryl West testing depth and strike extensions of high-grade ironstone hosted gold mineralisation returned significant intersections[1] including 5m at 27.12g/t gold from 103m (EBWRC003) and 13m at 8.7g/t gold from 133m (EBWRC001)

  • FY17 exploration budget of A$25 – A$30M

Cowal, New South Wales (100%)

Near mine exploration

A new Exploration Licence Application (ELA) was submitted to the Department of Industries for the East Girral area 15 – 20km west of Cowal gold mine. In addition, an EL Renewal Application for 100% of the EL7750 was submitted to the Department of Industries.

E42 Stage H resource definition diamond and RC drilling program

Twelve diamond drill holes and 19 reverse circulation (RC) holes were completed as part of the E42 Stage H resource definition program targeting an upgrade in resource classification and an increase in Ore Reserves (Figure 1). The diamond holes included five parent holes and seven daughter (wedge) holes.

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Figure 1: Cowal drill hole location plan showing reported drill holes

  1. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided

Evolution Mining Limited Quarterly Report June 2016

12

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EXPLORATION

Initial results returned to date from diamond holes E42D1710, 1710A, 1710B 1710C show: a good correlation with the current interpretation; a new zone of mineralisation; and an extension and upgrade to mineralisation outside of the Mineral Resource (ASX release 28 June 2016 “Investor Day Presentation[1] ”).

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Figure 2: Schematic section of E42D1710 showing model contours and key areas of mineralisation intersected

Results from hole E42D1711 show new zones of mineralisation outside of the Mineral Resource and high-grade mineralisation in areas previously estimated as waste or low grade (Figure 3). Significant gold intersections returned from E42D1711 included[2] :

  • 2m grading 10.54g/t Au from 82m

  • 3m grading 6.42g/t Au from 349m

  • 29m grading 1.19g/t from 519m

  • 30m grading 1.96g/t from 573m

  • 10m grading 1.51g/t from 611m

  • 4m grading 8.22g/t Au from 653m

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Figure 3: Schematic section of E42D1711 showing model contours and areas of mineralisation intersected outside of the model

  1. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.

2 Reported intervals are down hole widths as true widths are not currently known An estimated true width (etw) is provided

Evolution Mining Limited Quarterly Report June 2016

13

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EXPLORATION

The in-pit RC resource definition drilling has confirmed modelled grade trends in the Stage H cutback and results to date are anticipated to upgrade the resource classification. Significant gold intersections returned included[1] (Figure 2 and 3):

  • 91m grading 1.50g/t Au from 149m (E42RC1734)

  • 48m grading 2.28g/t Au from 94m (E42RC1738)

Stage H diamond drilling and in-pit RC resource definition drilling is planned to continue in the September quarter 2016.

Galway-Regal resource definition diamond drilling program

Six holes (E46D3244 – E46D3246 and 1535DD310 – 1535DD312) were drilled within the Galway-Regal area. The holes investigated certain targets within the area for Galway-Regal rim-style of mineralisation, testing for depth extension. Drilling has intersected higher grades than previously estimated; increased the confidence of the resource in the areas targeted; and intersected mineralisation outside of the Mineral Resource. Best intersections returned to date included[1] :

  • 19.0m grading 3.53g/t Au from 115m including 2.0m grading 11.70g/t Au (E46D3244)

  • 11.0m grading 3.43g/t Au from 144m including 1.0m grading 39.50g/t Au (E46D3244)

  • 8.0m grading 4.21g/t Au from 185m including 2.0m grading 12.20g/t Au (E46D3244)

Figure 4: Schematic long section of E46D3244 drill hole at Galway / Regal

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Mungari, Western Australia (100%)

Near mine exploration

Exploration drilling has focussed on the Johnson’s Rest/Broads Dam area located 30km north-west of the Mungari processing plant. Drilling continued to delineate the Johnson’s Rest discovery (Figure 5). Significant intersections from the quarter include[1] :

  • 17m (14.7m etw) grading 1.89g/t Au from 123m (BDRC103)

  • 8m (6.9m etw) grading 3.8g/t Au from 32m including 1m (0.9 etw) grading 15.04g/t Au (BDRC111)

In addition to Johnson’s Rest drilling, a Framework Reverse Circulation (RC) campaign (104 holes for 20,947m) was undertaken to better understand the Broads Dam/Zuleika geology. Initial 4m composite samples have been taken and assays for 1m samples are pending.

Next quarter drilling will continue to test the extent of mineralisation and follow up additional targets identified in the Framework drilling.

  1. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided

Evolution Mining Limited Quarterly Report June 2016

14

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EXPLORATION

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Figure 5: Schematic long section of Johnson’s Rest mineralised zone

Resource definition drilling

Drilling at Frog’s Leg continued with 44 holes drilled for 10,349m. The intent of the program was to test the strike and down-plunge extensions of the Frog’s Leg high-grade mineralisation at Mist, Central and Rocket. Drilling in these zones identified some extension to mineralisation to the south. Results and evaluation from Central and Rocket zones are pending.

Significant intersections included[1] :

  • 2.14m (1.61m etw) grading 8.1g/t Au from 193m (FLRD120) (Mist)

  • 0.83m (0.62m etw) grading 32.8g/t Au from 146m (FLRD136) (Central)

In the September 2016 quarter, drilling to test the continuation of mineralisation below and along strike of the December 2015 Ore Reserve in the Rocket and Rocket South Zones will be conducted.

Mt Carlton, Queensland (100%)

Resource definition drilling

At Mt Carlton, a total of 26 diamond core holes for 6,489m (HCDD1172-HCDD1197) were drilled during the quarter. Nine of these holes tested for the repetition and extension of the V2 mineralisation along the north east trending structural corridor. Results were encouraging with significant intersections being returned some 125m below surface and 200m east of the 2015 Ore Reserve pit.

The remaining holes (17) continued to test for high-grade mineralisation in the V2 West, East and Link zones in the immediate vicinity of the V2 reserve pit, targeting both pit extensions and potential underground Mineral Resources. Best intersections from this drilling included[1] :

  • 15m (12.99m etw) grading 3.45g/t Au from 118m including 5m (4.33m etw) grading 6.84g/t Au

  • (HC16DD1183) – East zone

  • 15m (12.29m etw) grading 4.81g/t Au from 176m including 2m (1.88m etw) grading 17.20g/t Au (HC16DD1189) – East / Link Zone

  • 13m (11.26m etw) grading 2.72g/t Au from 224m (HC16DD1193) – West zone

Figure 6: Schematic cross section of reported drill hole HC16DD1183

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  1. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided

Evolution Mining Limited Quarterly Report June 2016

15

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EXPLORATION

Figure 7: Schematic section of V2 reserve pit and East, West and Link zone targets

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Pajingo, Queensland (100%)

Resource definition drilling

A total of 75 underground holes for 8,183 metres were drilled targeting remnant mineralisation at Jandam, Vera South, Vera South East, Nancy North and Zed. At Camembert, resource definition drilling identified a new highgrade footwall lode, close to the exploration drive, south of the main lodes. Significant intersections returned included[1] :

  • 1.70m (1.50m etw) grading 42.80g/t Au (0935_03_CA)

  • 2.40m (2.20m etw) grading 43.20g/t Au (0935_03_CA)  1.90m (1.60m etw) grading 33.6g/t Au (0935_15_CA)

Figure 8: Location plan of Camembert

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Near mine exploration

A total of 21 (surface and underground) holes were drilled for 4,272m of combined RC and diamond core was conducted into Steph, Semno, Nelly and Janet G. Assay results are pending.

Cracow, Queensland (100%)

Near mine exploration

A total of 7,113m of exploration drilling was completed at Cracow. Seismic targets within the Griffin and Phoenix South Corridor were tested. Narrow quartz vein structures in the Phoenix South Corridor returned some highgrade, narrow gold intersections.

Regional exploration

Exploration focus at Cracow during the quarter was on regional prospects, with the drill testing of the southern 2D2R seismic lines completed. In addition, field mapping and sampling of several regional targets within the EPM was completed.

  1. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided

Evolution Mining Limited Quarterly Report June 2016

16

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EXPLORATION

Resource Definition Drilling

A total of 8,192m of resource definition drilling was completed at Cracow, with infill drilling completed on the Coronation Lode. Preliminary results indicate the lode is more structurally complex than originally interpreted, with a fourth significant mineralised structure identified during the quarter (named Zone 14 – a mineralised linking structure between Zone 10 and 12). Continued drilling of Coronation will see an upgrade of Coronation Inferred Mineral Resources to the Indicated category in FY17. Significant intersections returned included[1] :

  • 12.9m (10.9m etw) grading 10.35g/t Au (CNU112)

  • 10.6m (8.1m etw) grading 12.11g/t Au (CNU111)

  • 7.3m (5.9m etw) grading 15.10g/t Au (CNU105)

  • 9.4m (7.1m etw) grading 11.18g/t Au (CNU105)

  • 8.6m (5.9m etw) grading 7.78g/t Au (CNU102)

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Figure 9: Schematic section of Coronation

Tennant Creek, Northern Territory (earning 65% in Stage 1)

Exploration drilling during the quarter was conducted at Edna Beryl West, where a 3,900m RC program was completed. Here both depth and strike extensions of high-grade ironstone hosted gold mineralisation is being tested. Results returned included[1,2] .

  • 5m grading 27.12g/t gold (incl. 2m at 51g/t) from 103m (EBWRC003)

  • 13m at 8.7g/t gold (incl. 7m at 15g/t) from 133m (EBWRC001).

  • 6m grading 13.2g/t Au from 120m, (incl. 3m at 15.7g/t Au) (EBWRC0015)

  • 3m at 11.2g/t Au from 126m; and 9m at 5.33g/t Au from 135m (incl. 3m at 10.4g/t Au) (EBWRC018).

Further assay results are awaited, and a follow-up drill program of 6,500m RC and diamond will commence in August 2016. This will be allocated to drilling extensions at Edna Beryl (Panel 3 and below) and some new projects including some within a recently acquired tenement along the Warrego-Orlando Corridor.

Puhipuhi, New Zealand (100%)

Drilling at the Puhipuhi project commenced in mid-June. The first 530m hole has been completed and the second hole has commenced from the same drill site. Both holes are testing CSAMT targets from the regional CSAMT completed by Evolution in November 2015. Approximately 4,000m of diamond drilling is planned for the Phase One program.

Further information on all reported exploration results included in this release is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 presented in Appendix 2 and 3 of this report.

  1. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided

  2. Full details of these exploration results are provided Emmerson Resource’s ASX releases entitled “High-grade gold intersected at Edna Beryl West – Major drill program to commence immediately” lodged 19 May 2016 and “High-grade gold intersected at Edna Beryl – further results to follow” lodged 5 July 2016

Evolution Mining Limited Quarterly Report June 2016

17

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EXPLORATION

Forward looking statements

This report 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.

Competent person statement

The information in this report that relates to Exploration Results listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by Evolution Mining Limited and is a member of the institute named in that row. Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Each person named in the table consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including sampling, analytical and test data underlying the results.

The Company confirms that it is not aware of any new information or data that materially affects the information included in this report. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report.

Activity Competent person Institute
Mungari exploration results James Potter Australasian Institute of Mining and Metallurgy
Cowal exploration results Joseph Booth Australasian Institute of Mining and Metallurgy
Mt Carlton exploration results Matthew Obiri-Yeboah Australasian Institute of Mining and Metallurgy
Pajingo exploration results Andrew Engelbrecht Australasian Institute of Mining and Metallurgy
Cracow exploration results Shane Pike Australasian Institute of Mining and Metallurgy

Evolution Mining Limited Quarterly Report June 2016

18

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CORPORATE INFORMATION

ABN 74 084 669 036

Board of Directors

Jake Klein Executive Chairman Lawrie Conway Finance Director and CFO Jim Askew Non-executive Director Sebastien de Montessus Non-executive Director Graham Freestone Non-executive Director Colin (Cobb) Johnstone Non-executive Director Tommy McKeith Non-executive Director Naguib Sawiris Non-executive Director

Company Secretary

Evan Elstein

Investor enquiries

Bryan O’Hara Group Manager Investor Relations Evolution Mining Limited Tel: (612) 9696 2900

Media enquiries

Michael Vaughan Fivemark Partners Tel: (61) (0)422 602 720

Internet address

Stock exchange listing

Evolution Mining Limited shares are listed on the Australian Securities Exchange under code EVN.

Issued share capital

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At 30 June 2016 issued share capital was 1,468,262,821 ordinary shares.

Conference call

Jake Klein (Executive Chairman), Lawrie Conway (Finance Director and Chief Financial Officer), and Mark Le Messurier (Chief Operating Officer) will host a conference call to discuss the quarterly results at 11.00am Sydney time on Thursday 21 July 2016.

Shareholder – live audio stream

www.evolutionmining.com.au

Registered and principal office

Level 30, 175 Liverpool Street Sydney NSW 2000 Tel: (612) 9696 2900 Fax: (612) 9696 2901

Share register

Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Tel: 1300 554 474 (within Australia) Tel: (612) 8280 7111 Fax: (612) 9287 0303 Email: [email protected]

A live audio stream of the conference call will be available on Evolution’s website www.evolutionmining.com.au. The audio stream is ‘listen only’. The audio stream will also be uploaded to Evolution’s website shortly after the conclusion of the call and can be accessed at any time.

Analysts and media – conference call details

Conference call details for analysts and media includes Q & A participation. Please dial in five minutes before the conference starts and provide your name and the participant PIN code.

Participant PIN code: 966166#

Dial-in numbers:

  • Australia: 1800 268 560

  • International Toll: (612) 8047 9300

Evolution Mining Limited Quarterly Report June 2016

19

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APPENDIX 1 – MT CARLTON WEIGHTOMETER RECONCILIATION

In January 2016 a new weightometer was installed to correct a persistent tonnage measurement error on the mill feed. The following tables provide detail on the adjustments made on a quarter by quarter basis for the first three quarters of FY16. The June 2016 quarter was not affected by this weightometer issue.

Restated physicals with correct values

Sep 2015
qtr		 Dec 2015
qtr		 Mar 2016
qtr
Mt Carlton Units
OP ore mined kt 170 251 216
OPgrade mined g/t 6.62 6.58 4.14
Total ore mined kt 170 251 216
Total tonnesprocessed kt 219 225 194
Gradeprocessed g/t 4.76 5.71 6.41
Recovery % 87.1 87.7 88.1
Goldproduced oz 24,213 30,026 29,337

Previously reported physicals

Sep 2015
qtr		 Dec 2015
qtr		 Mar 2016
qtr
Mt Carlton Units
OP ore mined kt 140 220 209
OPgrade mined g/t 7.90 7.40 4.24
Total ore mined kt 140 220 209
Total tonnesprocessed kt 188 194 188
Gradeprocessed g/t 5.41 6.51 6.61
Recovery % 88.7 89.3 88.6
Goldproduced oz 24,213 30,026 29,337

Variance

Sep 2015
qtr		 Dec 2015
qtr		 Mar 2016
qtr
Mt Carlton Units
OP ore mined kt 30 31 7
OPgrade mined g/t -1.29 -0.82 -0.10
Total ore mined kt 30 31 7
Total tonnesprocessed kt 30 31 7
Gradeprocessed g/t -0.66 -0.79 -0.20
Recovery % -1.7 -1.6 -0.5
Goldproduced oz 0 0 0

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APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Cowal

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
E46D3244 DDH 538367.9 6278457. 206.3 220 -62 269 78 1 3.97
95 4 1.96
115 19 3.53
including 128 2 11.70
144 11 3.43
including 159 1 39.50
163 11 1.83
including 163 1 7.74
185 8 4.21
including 191 2 12.2
E42D1710C* DDH 537404.3 6277521. 212 771.2 -40 27 261 2 1.11
325 2 1.78
* Results from hole
June 2016 (drill hole i
June quarterly		 E421710C published in the Investor Day presentation 28
nformation summary table) have been republished in the
as gram metre results were reported in the g/t Au column		 339 1 1.12
348 1 2.07
as gram metre
358 1 2.45
366 2 2.35
398 1 1.15
416 1 1.82
455 1 4.8
474 1 1.22
488 5 1.14
497 1 1.12
501 1 1.83
506 1 2.38
514 5 1.7
540 3 1.56
548 1 2.5
555 3 2.07
568 8 2.34
583 4 4.69
including 583 1 10.90
617 6 7.81
including 622 1 37.40
690 5 6.21

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
including 692 1 21.30
697 9 3.59
727 7 4.61
including 727 1 9.59
and 733 1 11.40
740 7 2.86
including 740 1 13.3
E42D1711 DDH 537447.3 6277497.
 212 807 -54 024 82 2 10.54
~~9~~ 86 1 11.5
175 1 7.9
207 1 0.55
230 1 3.87
340 1 0.51
344 2 0.93
349 3 6.42
357 1 5.75
361 1 1.69
364 1 0.68
369 1 1.07
373 1 2.46
381 5 3.51
388 5 0.73
395 2 0.73
404 3 0.73
411 1 0.54
415 3 0.84
420 1 0.67
423 1 0.52
435 2 0.59
440 7 1.52
449 2 1.17
457 1 0.75
460 1 0.51
463 1 1.02
466 1 0.5
473 1 0.56

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
478 2 1.08
483 4 0.97
493 1 2.05
502 1 3.77
507 1 0.57
519 29 1.19
550 3 1.44
559 2 1.06
565 1 0.63
573 30 1.96
including 576 4 4.39
and 582 6 5.09
608 1 0.54
611 10 1.51
including 620 1 5.28
634 3 2.12
648 1 0.64
653 4 8.22
669 2 8.72
675 4 0.99
681 1 0.87
687 3 0.99
705 2 1.21
726 2 1.39
779 4 1.06
E42RC1720 RC 6277950.4 537522.2 -61 250 -65 030 7 30 1.12
39 31 1.95
82 7 3.28
91 10 0.95
106 1 1.1
109 6 0.94
118 14 3
135 1 0.51
142 1 0.61
152 1 1
159 4 2.72

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
196 2 2.95
205 1 0.72
E42RC1722 RC 6277933.7 537512.2 -61 220 -85 030 2 1 1.77
6 36 2.35
48 1 0.52
59 2 3.62
69 1 0.51
75 4 0.72
86 14 2.87
110 1 0.87
113 1 0.63
126 5 3.01
138 2 4.91
180 1 1.26
191 5 1.85
206 3 1.89
213 2 0.98
E42RC1723 RC 6277935.4 537513.2 -61 250 -80 030 4 7 1.19
13 7 2.26
22 6 1.21
30 5 1.28
38 3 1.1
43 14 1.98
71 13 2.98
91 5 0.52
98 3 0.47
106 2 0.63
116 7 1.47
149 8 3.58
167 1 1.37
172 2 0.59
177 2 2.63
183 2 1.44
230 2 1.2
E42RC1730 RC 6277902.7 537555.2 -61 220 -85 030 4 1 1.18
9 4 1.13

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
28 6 1.24
37 12 2.95
51 2 0.71
66 4 1.23
88 2 2.7
97 1 1.14
106 1 1.72
121 1 0.7
128 2 1.74
146 2 1.09
155 1 4.14
164 3 1.08
175 1 1.11
189 1 0.51
192 11 1.32
206 1 0.6
215 5 0.8
E42RC1731 RC 6277904.4 537556.2 -61 250 -80 030 7 2 0.79
18 1 0.81
23 23 1.82
59 4 0.87
77 1 1.03
86 3 1.22
103 4 1.63
110 1 0.97
124 6 3.21
133 1 1.89
139 3 1.97
163 3 0.66
173 5 2.39
196 12 1.62
210 4 0.71
219 1 7.83
224 2 2.03
228 1 0.61
232 4 0.58

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
238 1 0.69
244 2 2.32
E42RC1733 RC 6277895.7 537579.2 -61 270 -70 030 6 1 0.61
9 7 3.57
18 1 0.61
26 5 0.79
36 1 1.14
49 3 0.75
54 2 0.75
68 2 2.31
82 4 0.91
89 2 2.53
97 5 0.53
105 3 0.81
117 4 1.12
129 8 0.99
142 1 1.52
149 3 2.86
154 3 1.13
162 1 1.98
169 25 0.79
196 3 2.07
202 1 1.33
205 1 1.84
212 8 0.72
223 1 0.61
227 1 2.9
237 8 1.61
247 3 1.34
254 6 1.67
262 2 3.11
266 4 4.86
E42RC1734 RC 6277878.7 537572.2 -61 270 -80 030 1 17 1.76
23 1 1.2
28 1 1.41
33 1 0.54

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
52 1 0.59
55 1 0.64
71 5 1.18
91 5 5.6
103 3 0.47
123 3 0.97
128 6 0.87
137 4 0.73
143 4 1.44
149 91 1.5
245 2 0.84
249 3 2.1
254 1 0.67
E42RC1735 RC 6277880.5 537573.2 -61 250 -80 030 3 1 0.77
6 3 0.8
11 2 0.88
15 1 0.71
20 2 0.84
25 3 0.85
40 8 1.11
60 13 1.38
75 1 0.58
84 3 3.54
89 1 0.68
92 8 0.87
113 12 1.03
130 1 1.02
134 13 1.34
149 14 1.24
168 6 0.84
176 21 1.33
201 1 0.52
204 32 1.06
E42RC1736 RC 6277889.4 537638.2 -61 300 -65 030 12 5 4.34
19 2 0.57
25 2 0.98

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
32 1 0.84
40 1 0.69
46 16 2.82
74 4 0.89
80 2 2.15
90 3 0.59
103 2 0.67
112 13 1.55
128 4 1.21
143 1 2.78
149 2 0.79
162 5 5.17
182 3 1.03
187 14 2.78
204 1 0.76
223 12 2.27
238 33 1.34
274 9 0.95
285 1 0.66
E42RC1737 RC 6277887.7 537637.2 -61 300 -70 030 8 1 0.84
16 3 1.96
21 4 1.12
35 1 0.73
41 1 1.71
49 20 2.44
71 1 1.01
81 5 0.77
89 41 1.56
132 2 0.67
138 10 2.48
151 7 1.97
160 3 0.89
183 3 2.32
189 3 0.61
194 5 2.03
201 1 0.57

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)		 Dip
MG
A
Hole Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW (m) Au(g/t)
206 8 1.67
216 4 0.65
223 2 1.68
228 4 1.06
234 1 0.5
237 1 1.08
240 2 1.4
245 1 0.73
249 4 0.78
264 1 0.58
273 3 1.61
278 1 0.87
285 1 0.99
E42RC1738 RC 6277868.7 537625.2 -61 250 -80 030 7 2 0.84
41 6 0.72
57 12 1.04
71 2 0.93
75 11 1.72
90 1 2.59
94 48 2.28
144 2 2.59
149 2 0.69
157 2 2.78
166 1 0.91
169 6 1.43
185 8 2.83
201 1 1.08
207 1 0.58
214 1 0.69
220 7 0.97
239 2 1.4

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

==> picture [84 x 59] intentionally omitted <==

Mungari

Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevatio
n AHD
(m)		 Hole
Length
(m)		 Dip
MG
A		 Azi
MG
A		 Interval1
(m)
Hole From (m) ETW (m) Au (g/t)
FLRD105 Core 6,596,01 333,852 -210.1 265.1 -22 20 178 6.86 5.15 8.37
FLRD106 Core 6,596,01 333,852 -210.1 205 -25 31 174 8.47 6.96 4.03
FLRD109 Core 6,596,01 333,852 -210.1 265.3 -36 20 193 6.03 3.95 4.91
FLRD110 Core 6,596,01 333,852 -210.1 230.2 -41 31 185 17.26 11.81 4.54
FLRD120 Core 6,596,00 333,857 -212.3 226 -41 57 193 2.14 1.61 8.05
FLRD121 Core 6,596,00 333,857 -212.3 213.3 -41 71 188 6.65 4.92 3.11
FLRD122 Core 6,596,00 333,857 -212.4 223 -38 85 198 4.00 2.77 3.38
FLRD123 Core 6,596,00 333,857 -212.5 260.1 -51 57 No Significant Intercept
FLRD124 Core 6,596,00 333,857 -212.5 265.2 -50 71 No Significant Intercept
FLRD125 Core 6,596,00 333,857 -212.5 275.0 -47 84 220.5 2.00 1.22 13.37
FLRD126 Core 6,596,01 333,850 -212.3 270.1 -16 33 No Significant Intercept
FLRD127 Core 6,596,01 333,850 -212.3 280.3 -26 33 No Significant Intercept
FLRD128 Core 6,596,01 333,850 -212.4 275 -35 33 No Significant Intercept-
FLRD129 Core 6,596,01 333,850 -212.5 342 -41 33 No Significant Intercept
FLRD130 Core 6,596,01 333,851 -212.6 330 -45 4 227 8.83 4.08 4.1
FLRD132 Core 6,595,91 333,959 -218.0 190.1 -41 53 No Significant Intercept
FLRD133 Core 6,595,91 333,959 -218.0 210.1 -51 53 No Significant Intercept
FLRD134 Core 6,595,91 333,959 -218.0 250 -61 53 No Significant Intercept
FLRD135 Core 6,595,91 333,959 -218.0 290.4 -67 53 No Significant Intercept
FLRD136 Core 6,595,91 333,959 -218.0 200 -39 75 146 0.83 0.62 32.78
FLRD137 Core 6,595,91 333,959 -218.0 219.9 -49 75 No Significant Intercept
FLRD138 Core 6,595,91 333,959 -218.0 250.0 -60 75 No Significant Intercept
FLRD139 Core 6,595,91 333,959 -218.0 290.1 -66 75 No Significant Intercept
FLRD140 Core 6,595,91 333,959 -218.0 230 -45 93 No Significant Intercept
FLRD141 Core 6,595,91 333,959 -218.0 230.0 -55 93 No Significant Intercept
FLRD142 Core 6,595,91 333,959 -218.0 296.6 -62 93 No Significant Intercept
FLRD143 Core 6,595,91 333,959 -218.0 250.1 -40 103 No Significant Intercept
FLRD144 Core 6,595,91 333,959 -218.0 270.8 -50 103 No Significant Intercept
FLRD145 Core 6,595,91 333,959 -218.0 290.7 -57 103 No Significant Intercept
FLRD150 Core 6,595,56 334,196 -186.2 280.1 -25 1 No Significant Intercept
FLRD151 Core 6,595,56 334,196 -186.2 287.2 -31 1 No Significant Intercept
FLRD152 Core 6,595,56 334,196 -186.2 320.2 -39 359 No Significant Intercept
FLRD153 Core 6,595,56 334,196 -186.2 250 -28 7 No Significant Intercept
FLRD154 Core 6,595,56 334,196 -186.2 270 -36 7 No Significant Intercept
FLRD155 Core 6,595,56 334,196 -186.2 300 -42 7 No Significant Intercept

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevatio
n AHD
(m)		 Hole
 Dip
MG
A		 Azi
MG
A		 Interval1
(m)
Hole From (m) ETW (m) Au (g/t)
Length
(m)
FLRD156 Core 6,595,55 334,201 -186.4 219.0 -33 21 No Significant Intercept
6,617,71
6
BDRC087 RC 316,898 372 146 -60 60 80 6 5.2 1.95
including 84 1 0.9 5.19
6,617,71
6
BDRC087 RC 316,898 372 146 -60 60 103 4 3.5 1.68
6,617,69
1
BDRC088 RC 316,937 372 128 -60 60 60 4 3.5 4.24
6,617,69
1
BDRC088 RC 316,937 372 128 -60 60 94 4 3.5 2.91
6,617,63
9
BDRC090 RC 317,007 371 116 -60 60 50 3 2.6 3.86
including 50 1 0.9 6.52
6,617,59
7
BDRC091 RC 317,019 378 140 -60 60 107 2 1.7 8.21
including 107 1 0.9 12.91
6,617,57
4
BDRC092 RC 316,961 373 182 -60 60 No significant Intercept
6,617,61
5
BDRC093 RC 316,961 372 152 -60 60 No significant Intercept
6,616,95
2
BDRC094 RC 317,491 370 200 -60 60 No significant Intercept
6,617,01
5
BDRC095 RC 317,601 370 241 -60 60 No significant Intercept
6,617,49
8
BDRC100 RC 317,003 371 127 -60 60 No significant Intercept
6,617,65
7
BDRC101 RC 316,957 371 127 -60 60 48 1 0.9 12.67
6,617,65
7
BDRC101 RC 316,957 371 127 -60 60 56 4 3.5 3
including 59 1 0.9 7.2
6,617,65
7
BDRC101 RC 316,957 371 127 -60 60 77 5 4.3 3.91
including 79 1 0.9 7.54
6,617,65
7
BDRC101 RC 316,957 371 127 -60 60 119 6 5.2 1.95
6,617,67
0
BDRC102 RC 316,897 372 157 -60 60 110 3 2.6 2.13
6,617,67
0
BDRC102 RC 316,897 372 157 -60 60 125 4 3.5 2.04
6,617,77
3
BDRC103 RC 316,839 372 163 -60 60 123 17 14.7 1.89
6,617,75
0
BDRC104 RC 316,803 372 211 -60 60 177 7 6.1 2.98
including 178 1 0.9 8.23
6,617,85
9
BDRC105 RC 316,745 372 187 -60 60 146 2 1.7 3.55
6,617,85
9
BDRC105 RC 316,745 372 187 -60 60 153 3 2.6 3.03
6,617,50
3
BDRC106D RCD 316,835 372 600 -60 60 No significant intercept
6,617,83
4
BDRC107 RC 316,710 372 259 -60 60 No significant intercept
6,618,14
0
BDRC108 RC 316,677 373 163 -60 60 114 1 0.9 5.03
6,618,06
9
BDRC109 RC 316,625 372 181 -60 60 No significant Intercept
6,617,78
7
BDRC110 RC 316,778 372 217 -60 60 177 8 6.1 2.76
6,617,78
7
BDRC110 RC 316,778 372 217 -60 60 189 8 6.1 1.33
6,617,78
7
BDRC110 RC 316,778 372 217 -60 60 177 6 5.2 3.39
6,617,71
0
BDRC111 RC 316,961 372 133 -60 60 32 8 6.9 3.8

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevatio
n AHD
(m)		 Hole
Length
(m)		 Dip
MG
A		 Azi
MG
A		 Interval1
(m)
Hole From (m) ETW (m) Au (g/t)
including 34 1 0.9 15.04
6,617,29
8
BDRC113 RC 317,134 371 223 -60 60 No significant intercept
6,617,72
2
BDRC114 RC 316,830 372 211 -60 60 166 6 6.1 2.83
6,617,72
2
BDRC114 RC 316,830 372 211 -60 60 177 3 2.6 2.73
6,617,72
2
BDRC114 RC 316,830 372 211 -60 60 202 2 1.7 3.08
6,617,70
2
BDRC115 RC 316,795 372 313 -60 60 217 9 7.8 2.02
6,617,39
2
BDRC116D RCD 316,969 371 632.6 -60 60 No significant intercept
6,617,65
4
BDRC117D RCD 316,867 372 366 -60 60 No significant intercept
6,617,55
1
BDRC119 RC 316,925 371 181 -60 60 No significant Intercept
6,617,51
3
BDRC120 RC 316,943 371 193 -60 60 No significant intercept
6,617,69
5
BDRC121 RC 316,857 372 205 -60 60 164 5 4.3 1.6
6,617,84
3
BDRC122 RC 316,881 372 151 -60 60 31 3 2.6 1.84
6,617,16
4
BDRC124 RC 317,209 371 205 -60 60 No significant intercept

Mt Carlton

Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Hole
Length
(m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)
Hole Hole Type Au (g/t)
HC16DD1178 Core 7,758,310 559,433 150 238 -70 135 155 19 18.71 0.88
HC16DD1179 Core 7,758427 559,473 149 280 -52 135 235 4 3.06 0.62
HC16DD1180 Core 7,758,307 559,435 150 231 -60 135 152 10 2.59 1.02
HC16DD1181 Core 7,758,463 559,091 181 250 -59 135 172 5 1.71 1.18
188 2 0.68 0.8
HC16DD1182 Core 7,758,307 559,435 150 243 -55 147 161 8 6.93 2.00
Including 162 1 0.87 9.68
172 8 3.38 1.34
192 8 6.93 0.9
HC16DD1183 Core 7,758,325 559,379 140 213 -63 135 118 15 12.99 3.45
Including 126 5 4.33 6.84
137 5 3.21 0.83
143 13 8.36 1.00
HC16DD1184 Core 7,758,325 559,379 140 183 -73 135 110 9 6.89 0.69
121 6 5.20 1.73
130 6 5.44 1.69
137 4 2.57 0.69
145 2 1.73 1.65

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Hole
Length
(m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)
Hole Hole Type Au (g/t)
156 9 6.36 1.41
HC16DD1185 Core 7,758,324 559,340 135 178 -65 135 113 7 3.5 1.38
122 2 1.00 0.90
128 5 3.83 1.82
Including 131 1 0.26 7.13
135 3 2.30 0.83
141 1 0.26 4.29
145 2 1.53 0.77
150 6 3.00 0.73
162 6 4.60 2.25
HC16DD1186 Core 7,758,435 559,020 178 303 -52 135 26 1 0.87 0.73
67 6 5.20 0.92
173 1 0.77 1.38
241 4 3.46 1.55
HC16DD1187 Core 7,758,324 559,340 135 210 -55 135 119 7 3.50 1.68
129 6 3.86 3.18
133 2 1.53 7.96
138 11 2.85 1.02
152 8 4.00 1.81
HC16DD1188 Core 7,758,308 559,387 142 220 -53 147 154 2 1.93 1.24
165 8 6.13 1.95
HC16DD1189 Core 7,758,305 559,440 151 156 -59 110 176 15 12.29 4.81
Including 177 2 1.88 17.20
and 180 1 0.77 22.60
HC16DD1191 Core 7,758,310 559,433 151 253 -62 120 171 7 3.5 1.34
HC16DD1193 Core 7,758,456 559,068 180 279 -53 137 167 6 5.20 2.32
224 13 11.26 2.72

Pajingo
Hole
Type		 Northing
MGA (m)		 Easting
MGA
(m)		 Elevation
AHD (m)		 Hole
Length
(m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)
Hole Au (g/t)
0935_01_CA Core 7,726,224 445,585 938 125 25 328 52.5 0.52 0.45 17.90
0935_02_CA Core 7,726,224 445,585 938 101 12 328 74.2 1.30 1.25 2.67
0935_03_CA Core 7,726,224 445,586 936 101 -7 328 68.0 1.00 0.95 11.90
0935_03_CA Core 7,726,224 445,586 936 101 -7 328 77.9 1.70 1.50 42.80

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

0935_03_CA Core 7,726,224 445,586 936 101 -7 328 83.5 2.40 2.20 43.20
0935_04_CA Core 7,726,224 445,586 936 120 -18 328 91.0 1.00 0.90 1.63
0935_05_CA Core 7,726,224 445,586 937 102 13 342 76.4 0.80 0.75 19.10
0935_06_CA Core 7,726,224 445,587 937 105 -8 342 83.3 0.61 0.60 9.69
0935_07_CA Core 7,726,224 445,587 937 120 13 358 90.6 4.84 3.9 8.80
0935_08_CA Core 7,726,224 445,587 936 153 -8 358 138.6 0.90 0.90 16.50
0939_11_CA Core 7,726,267 445,524 937 64 -30 357 45.9 1.99 1.30 5.90
0939_12_CA Core 7,726,267 445,524 938 62 40 357 40.1 0.75 0.52 0.61
0939_13_CA Core 7,726,267 445,524 938 65 48 15 45.6 0.46 0.31 1.99
0939_14_CA Core 7,726,267 445,524 938 56 24 15 32.5 0.53 0.46 6.91
0939_15_CA Core 7,726,266 445,525 938 62 -22 15 40.6 1.90 1.60 33.60
0939_16_CA Core 7,726,266 445,525 938 83 -39 15 57.8 2.78 2.10 1.45

Cracow

Hole
Length
(m)
Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)
Hole Au (g/t)
CNU060 Core 7201138 224284 -211 225 -21 299 208.20 0.70 0.65 13.25
CNU061 Core 7201138 224284 -211 249 -28 298 232.10 6.00 3.70 5.14
CNU062 Core 7201137 224284 -211 219 -29 290 184.70 0.50 0.35 5.95
CNU062 Core 7201137 224284 -211 219 -29 290 198.60 0.50 0.35 4.01
CNU063 Core 7201137 224284 -211 189 -19 272 108.10 3.05 1.90 13.95
CNU063 Core 7201137 224284 -211 189 -19 272 147.75 0.95 0.75 9.41
CNU064A Core 7201091 224235 -451 201 49 266 156.45 1.55 1.33 0.24
CNU064A Core 7201091 224235 -451 201 49 266 175.40 2.60 1.44 14.16
CNU064A Core 7201091 224235 -451 201 49 266 140.15 3.30 2.83 0.49
CNU065 Core 7201091 224235 -452 195 45 263 136.40 2.40 2.16 1.10
CNU065 Core 7201091 224235 -452 195 45 263 156.80 1.35 1.22 9.48
CNU065 Core 7201091 224235 -452 195 45 263 161.20 4.40 2.78 6.76
CNU066 Core 7201091 224235 -454 178 21 264 120.80 2.00 2.00 1.19
CNU068 Core 7201091 224235 -453 173 32 264 125.35 4.25 4.12 0.43
CNU068 Core 7201091 224235 -453 173 32 264 133.50 0.45 0.35 8.59
CNU069 Core 7201091 224235 -453 175 28 265 123.65 2.05 2.03 1.03
CNU070 Core 7201047 224219 -452 197 55 263 178.80 0.85 0.40 26.70
CNU070 Core 7201047 224219 -452 197 55 263 128.55 2.30 1.85 1.29
CNU070 Core 7201047 224219 -452 197 55 263 142.60 3.90 3.48 4.26
CNU071 Core 7201047 224218 -453 195 50 263 139.70 2.40 2.23 12.70
CNU071 Core 7201047 224218 -453 195 50 263 159.15 2.45 1.33 25.34
CNU071 Core 7201047 224218 -453 195 50 263 121.40 2.10 1.79 1.10
CNU072 Core 7201047 224218 -454 153 34 262 109.60 2.00 1.93 0.77
CNU072 Core 7201047 224218 -454 153 34 262 127.20 2.50 1.89 1.36
CNU073A Core 7201026 224211 -453 187 59 261 176.70 2.40 1.18 11.42
CNU073A Core 7201026 224211 -453 187 59 261 125.00 2.85 2.10 1.33
CNU074 Core 7201026 224211 -453 171 51 263 134.70 4.80 4.20 1.26
CNU074 Core 7201026 224211 -453 171 51 263 147.80 3.60 2.26 7.16

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

==> picture [84 x 59] intentionally omitted <==

APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Hole
Length
(m)
Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)
Hole Au (g/t)
CNU075 Core 7201026 224210 -453 166 46 260 136.00 1.90 1.46 3.20
CNU076 Core 7201026 224210 -454 160 38 260 126.05 0.85 0.67 11.70
CNU077 Core 7201097 224238 -452 207 50 278 182.15 0.90 0.48 3.99
CNU078 Core 7201097 224238 -452 194 46 278 149.00 3.50 3.09 1.63
CNU078 Core 7201097 224238 -452 194 46 278 160.50 2.25 1.51 4.37
CNU078 Core 7201097 224238 -452 194 46 278 140.90 2.10 1.86 1.73
CNU079 Core 7201097 224238 -453 183 38 278 143.00 3.85 3.62 1.01
CNU079 Core 7201097 224238 -453 183 38 278 132.00 3.00 2.83 0.45
CNU080A Core 7201097 224238 -453 182 33 276 133.40 1.55 1.31 1.99
CNU081 Core 7201097 224238 -454 178 23 274 126.60 1.05 1.05 2.88
CNU101 Core 7201096 224298 -213 206 -36 263 171.30 2.90 1.73 0.94
CNU101 Core 7201096 224298 -213 206 -36 263 196.00 4.15 2.51 4.48
CNU102 Core 7201096 224298 -212 194 -33 264 178.40 8.60 5.91 7.78
CNU102 Core 7201096 224298 -212 194 -33 264 162.00 1.40 0.89 2.11
CNU103 Core 7201096 224298 -212 195 -29 264 144.10 4.70 3.27 2.85
CNU103 Core 7201096 224298 -212 195 -29 264 162.35 3.75 2.63 4.31
CNU104 Core 7201096 224298 -212 224 -24 263 133.50 10.50 7.43 2.22
CNU104 Core 7201096 224298 -212 224 -24 263 146.00 9.85 7.44 3.61
CNU104 Core 7201096 224298 -212 224 -24 263 190.00 3.60 3.46 3.78
CNU105 Core 7201096 224298 -212 211 -20 264 125.50 9.35 7.09 11.18
CNU105 Core 7201096 224298 -212 211 -20 264 194.55 0.60 0.57 12.20
CNU105 Core 7201096 224298 -212 211 -20 264 140.85 7.30 5.87 15.10
CNU105 Core 7201096 224298 -212 211 -20 264 188.55 1.00 0.98 4.62
CNU107 Core 7201054 224288 -214 243 -39 264 167.55 7.75 4.19 2.04
CNU107 Core 7201054 224288 -214 243 -39 264 214.60 2.60 2.22 10.76
CNU107 Core 7201054 224288 -214 243 -39 264 189.00 5.00 2.74 2.65
CNU107 Core 7201054 224288 -214 243 -39 264 240.25 2.45 1.72 7.58
CNU108 Core 7201054 224288 -214 194 -35 265 152.00 6.60 3.95 1.40
CNU108 Core 7201054 224288 -214 194 -35 265 166.00 3.00 1.81 3.17
CNU109 Core 7201054 224288 -214 177 -31 264 144.70 2.20 1.52 1.28
CNU109 Core 7201054 224288 -214 177 -31 264 149.10 3.30 2.11 20.22
CNU110 Core 7201054 224288 -213 212 -26 264 186.30 2.70 2.55 9.53
CNU110 Core 7201054 224288 -213 212 -26 264 192.30 1.65 1.38 7.16
CNU110 Core 7201054 224288 -213 212 -26 264 132.55 11.90 8.41 5.16
CNU111 Core 7201054 224288 -213 152 -19 264 121.20 10.60 8.15 12.11
CNU112 Core 7201054 224288 -213 171 -14 264 107.75 12.85 10.94 10.35
CNU113 Core 7201014 224277 -214 206 -33 264 121.95 2.95 2.29 3.77
CNU113 Core 7201014 224277 -214 206 -33 264 175.60 3.40 2.88 5.72
CNU113 Core 7201014 224277 -214 206 -33 264 147.30 2.10 1.40 5.59
CNU114 Core 7201014 224277 -214 197 -28 265 167.25 4.30 3.76 1.81
CNU114 Core 7201014 224277 -214 197 -28 265 114.60 2.15 1.74 6.77
CNU115 Core 7201014 224277 -214 182 -23 264 163.70 1.90 1.70 3.00
CNU115 Core 7201014 224277 -214 182 -23 264 108.90 2.20 1.85 3.80

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

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APPENDIX 2 – DRILL HOLE INFORMATION SUMMARY

Notes:[1] Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

==> picture [84 x 59] intentionally omitted <==

Cowal

Cowal Section 1 Sampling Techniques and Data

Criteria Explanation Commentary
Sampling techniques Nature and quality of sampling (e.g.
cut channels,
random chips,
or
specific specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
downhole gamma sondes, handheld
XRF
instruments,
etc).
These
examples should not be taken as
limiting
the
broad
meaning
of
sampling.
Include reference to measures taken
to ensure sample representation and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are material to the
Public Report.
In cases where ‘industry standard’
work has been completed this would
be relatively simple (e.g. ‘reverse
circulation drilling was used to obtain 1
m samples from which 3 kg was
pulverised to produce a 30 g charge
for fire assay’). In other cases more
explanation may be required, such as
where there is coarse gold that has
inherent
sampling
problems,
or
unusual
commodities/mineralisation
types (e.g. submarine nodules).
Holes in this report consist of Reverse Circulation (RC) and
both navigational and conventional diamond core drilling.

A fence of parent holes with up to 5 daughter holes wedged off
using navigational (navi) steering were being drilled at time of
reporting. Parent holes were designed on a nominal 50m
spaced line with daughter holes designed to be at 50m
spacings a target zones. Intent of drilling is to upgrade inferred
and unclassified material in the existing model as well as add
additional ounces. RC drill holes were drilled from the floor of
the existing E42 pit and drilled into areas beyond the current
Stage G design. They were positioned strategically to infill gaps
in the existing drill data set and test continuity of known
lodes/mineralised structures. Collar and down hole surveys
were utilised to accurately record final locations. Industry
standard sampling, assaying and QA/QC practices were
applied to all holes. Conventional diamond drill holes were
designed to tagert down dip extensions of the Galway Regal
zone

Drill core was halved with a diamond saw in 1 m intervals,
irrespective of geological contacts. Oxide material that was too
soft and friable to be cut with a diamond saw was split with a
chisel. Core was cut to preserve the bottom of hole orientation
mark and the top half of core sent for analysis to ensure no bias
is introduced. RC samples were collected directly from a splitter
at the drill rig.

Sample preparation was conducted by SGS West Wyalong and
consisted of:

Drying in the oven at 105ºC; crushing in a jaw crusher; fine
crushing in a Boyd crusher to 2-3mm; rotary splitting a 3kg
assay sub-sample if the sample is too large for the LM5 mill;
pulverising in the LM5 mill to nominal; 90% passing 75 µm; and
a 50g fire assay charge was taken with an atomic absorption
(AA)finish. The detection limit was 0.01g/t Au.
Drilling techniques Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core
is oriented and if so, by what method,
etc.).
Parent holes were drilled to full depth HQ diameter.

Daughter holes were drilled NQ diameter.

Conventional diamond drill holes were drilled HQ diameter
through the clay/oxide and NQ diameter through the primary
rock to end of hole.

Core has been oriented using Act RD2 Reflex orientation tool.

RC Drilling was conducted with 140mm (5.5 inch) bits to end of
hole design
Drill sample recovery Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.

Whether
a
relationship
exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential loss/gain of
fine/coarse material.
Provisions are made in the drilling contract to ensure that hole
deviation is minimised and core sample recovery is maximised.
This is monitored by a geologist on a hole by hole basis. Core
recovery is recorded in the database. There are no significant
core loss or sample recovery issues. Core is reoriented and
marked up at 1 m intervals. Measurements of recovered core
are made and reconciled to the driller’s depth blocks, and if
necessary, to the driller’s rod counts.

There is no apparent relationship between core-loss and grade.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.
All core intervals and RC chips are logged.

RC chips are inspected at the rig while drilling, with detailed
logging taking place in the office via LogChief software which is
validated and uploaded directly into the Datashed database.
Chips are logged for rock-type, alteration, mineralisation and
veining as well as point data for base of transported and base
of oxide/top of primary rock.

Geologists log core for lithology, alteration, structure, and
veining. Logging was done directly onto laptop computers via
LogChief software which is validated and uploaded directly into
the Datashed database.

The Cowal logging system allows recording of both a primary
and a secondary lithology and alteration. Geologists also record
the colour, texture, grain size, sorting, rounding, fabric, and
fabric intensity characterising each lithological interval.

The logged structures include faults, shears, breccias, major
veins, lithological contacts, and intrusive contacts. Structures
are also recorded as point data to accommodate orientation
measurements.

Structural measurements are obtained using a core orientation
device. Core is rotated into its original orientation, using the
Gyro survey data as a guide. Freiberg compasses are used for
structural measurements.

Geologists log vein data including vein frequency, vein
percentage of interval, vein type, composition, sulphide
percentage per metre, visible gold, sulphide type, and
comments relative to each metre logged.

Geotechnical logging is done by field technicians and
geologists. Logging is on a per metre basis and includes
percentage core recovery, percentage RQD, fracture count,
and an estimate of hardness. The geotechnical data is entered
into the database.

All drill core, once logged, is digitally photographed on a core
tray-by-tray basis. The digital image captures all metre marks,
the orientation line (BOH) and geologist’s lithology, alteration,
mineralogy, and other pertinent demarcations. The geologists
highlight geologically significant features such that they can be
clearlyreferenced in the digital images.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.
Diamond Core is cut with a diamond saw or chisel. Core is cut
to preserve the bottom of hole orientation mark and the top half
of core is always sent for analysis to ensure no bias is
introduced.

NQ core from the daughter directional holes was whole core
sampled.

RC Samples have been split using a ProgradeX PGX1350R
sampler attached to the rig. Chip samples were collected dry.

In 2003 Analytical Solutions Ltd conducted a Review of Sample
Preparation, Assay and Quality Control Procedures for Cowal
Gold Project. This study, combined with respective operating
company policy and standards (North Ltd, Homestake, Barrick
and Evolution) formed the framework for the sampling,
assaying and QAQC protocols used at Cowal to ensure
appropriate and representative sampling.

Results per interval are reviewed for half core samples and if
unexpected or anomalous assays are returned an additional
quarter core may be submitted for assay.
Quality of assay data
and laboratory tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
SGS West Wyalong acts as the Primary Laboratory and ALS
Orange conducts independent Umpire checks. Both labs
operate to international standards and procedures and take
part in the Geostatistical Round Robin inter-laboratory test
survey. The Cowal QA/QC program comprises blanks, Certified
Reference Material (CRM), inter-laboratory duplicate checks,
and grind checks.

==> picture [84 x 59] intentionally omitted <==

APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.
1 in 30 fine crush residue samples has an assay duplicate. 1 in
20 pulp residue samples has an assay duplicate.

Wet screen grind checks are performed on 1 in 20 pulp residue
samples. A blank is submitted 1 in every 38 samples, CRM’s
are submitted 1 in every 20 samples. The frequency of repeat
assays is set at 1 in 30 samples.

All sample numbers, including standards and duplicates, are
pre-assigned by a QA/QC Administrator and given to the
sampler on a sample sheet. The QA/QC Administrator monitors
the assay results for non-compliance and requests action when
necessary. Batches with CRM’s that are outside the ±2SD
acceptance criteria are re-assayed until acceptable results are
returned.

Material used for blanks is uncertified, sourced locally,
comprising fine river gravel which has been determined to be
below detection limit. A single blank is submitted every 38
samples. Results are reviewed by the QA/QC Administrator
upon receipt for non-compliances. Any assay value greater
than 0.1 g/t Au will result in a notice to the laboratory. Blank
assays above 0.20 g/t Au result in re-assay of the entire batch.
The duplicate assays (Au2) are taken by the laboratory during
the subsampling at the crushing and pulverisation stages. The
results were analysed using scatter plots and relative
percentage difference (RPD) plots. Repeat assays represent
approx. 10% of total samples assayed. Typically there is a large
variance at the lower grades which is common for low grade
gold deposits, however, the variance decreases to less than
10% for grades above 0.40 g/t Au, which is the cut-off grade
used at Cowal.

Approximately 5% of the pulps, representing a range of
expected grades, are submitted to an umpire assay laboratory
(ALS Orange) to check for repeatability and precision. Analysis
of the data shows that the Principal Laboratory is performing to
anacceptablelevel.
Verification of
sampling and
assaying
The
verification
of
significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data
No dedicated twinning drilling has been conducted for this drill
program however some holes pass through areas of higher
confidence material in order to reach target zones. These areas
may be used to validate exiting drill information.

Cowal uses DataShed software system to maintain the
database. Digital assay results are loaded directly into the
database. The software performs verification checks including
checking for missing sample numbers, matching sample
numbers, changes in sampling codes, inconsistent “from-to”
entries, and missing fields. Results are not entered into the
database until the QA/QC Administrator approves of the
results. A QA/QC report is completed for each drill hole and filed
with the log, assay sheet, and other appropriate data. Only the
Senior Project Geologist and Database Manager have
administrator rights to the database. Others can use and sort
the database but not save or delete data.
Location of data
points		 Accuracy and quality of surveys used
to locate drillholes (collar and downhole
surveys), trenches, mine workings and
other
locations
used
in
Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
All drill hole collars were surveyed using high definition DGPS.
All drill holes were surveyed using a downhole survey camera.
The first survey reading was taken near the collar to determine
accurate set up and then at regular intervals downhole.

On completion of each angled drill hole, a down hole gyroscopic
(Gyro) survey was conducted. The Gyro tool was referenced to
the accurate surface surveyed position of each hole collar.

Gyro survey readings were also taken at roughly 100m intervals
on parent holes to ensure accurate positioning and during navi
cuts to achieve desired separation at target . The Gyro results
were entered into the drill hole database without conversion or
smoothing.

An aerial survey was flown during 2003 by AAM Hatch. This
digital data has been combined with surveyed drill hole collar
positions and other features (tracks, lake shoreline) to create a
digital terrain model (DTM). The survey was last updated in late
2014.

In 2004, Cowal implemented a new mine grid system with the
assistance of AAM Hatch. The current minegrid system covers

==> picture [84 x 59] intentionally omitted <==

APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
all areas within the ML and ELs at Cowal with six digits.
Data spacing and
distribution		 Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish the
degree
of
geological
and
grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
Whether sample compositing has
been applied.
Drill holes for the directional program were positioned on a 50m
line spacing and navi cuts were steered and gyro’d to achieve
a nominal 50m spacing at the target zone. RC and conventional
drill holes were strategically positioned to infill gaps in the
existing data set. All drilling is sampled at 1 m intervals down
hole.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Diamond holes were positioned to optimise intersection angles,
nominally SW-NE at 55 degree dip for Parent holes and 35-50
degrees for daughter holes. Conventional diamond drill holes
were drilled roughly east-west at ~60 degrees. RC holes were
drilled at 60-80 degrees towards 060. There is no apparent bias
in terms of the drill orientation that has been noted to date.
Sample security The measures taken to ensure
sample security.
Drill contractors are issued with drill instructions by an Evolution
geologist. The sheet provides drill hole names, details, sample
requirements, and depths for each drill hole. Drill hole sample
bags are pre-numbered. The drill holes are sampled by
Evolution personnel who prepare sample submission sheets.
The submission sheet is then emailed to the laboratory with a
unique submission number assigned. This then allows
individual drill holes to be tracked.

An SGS West Wyalong (SGS) representative collects the
samples from site twice daily, however, if samples are being
sent to ALS Orange, PJ & NA Freighters are used to collect the
samples from site and deliver them to the laboratory. Upon
arrival, the laboratory sorts each crate and compares the
received samples with the supplied submission sheet. The
laboratory assigns a unique batch number and dispatches a
reconciliation sheet for each submission via email. The
reconciliation sheet is checked and any issues addressed. The
new batch name and dispatch information is entered into the
tracking sheet. The laboratory processes each batch separately
and tracks all samples through the laboratory utilising the LIMS
system. Upon completion, the laboratory emails Standard
Industry Format (SIF) files with the results for each batch to
Evolution personnel.

The assay batch files are checked against the tracking
spreadsheet and processed. The drill plan is marked off
showing completed drill holes. Any sample or QA/QC issues
with the results are tracked and resolved with the laboratory.
Audits or reviews The results of any audits or reviews
of sampling techniques and data.
QA/QC Audits of the Primary SGS West Wyalong Laboratory
are carried out on an approximately quarterly basis and for the
Umpire ASL Orange Laboratory approximately on a six monthly
basis. Any issues are noted and agreed remedial actions
assigned and dated for completion.

Numerous internal audits of the database and systems have
been undertaken by site geologists and company technical
groups from North Ltd, Homestake and Barrick. External audits
were conducted in 2003 by RMI and QCS Ltd. and in 2011 and
2014 review and validation was conducted by RPA. Minor
validation errors associated with the migration of historic
databases to Datashed were identified and remediated. Recent
audits have found no significant issues with data management
systems ordata quality.

APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

==> picture [84 x 59] intentionally omitted <==

Cowal Section 2 Reporting of Exploration Results

Criteria Explanation Commentary
Mineral tenement and
land tenure status
Type,
reference
name/number,
location
and
ownership
including
agreements or material issues with
third parties such as joint ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness
or
national
park
and
environmental settings.
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.
The Cowal Mine is located on the western side of Lake Cowal
in central New South Wales, approximately 38 km north of West
Wyalong and 350 km west of Sydney. Drilling documented in
this report was undertaken on ML1535. This Leases is wholly
owned by Evolution Mining Ltd. and CGO has all required
operational, environmental and heritage permits and approvals
for the work conducted on the Lease. There are not any other
known significant factors or risks that may affect access, title,
or the right or ability to perform further work programs on the
Lease.
Exploration done by
other parties		 Acknowledgment and appraisal of
exploration by other parties.
The Cowal region has been subject to various exploration and
drilling programs by GeoPeko, North Ltd., Rio Tinto Ltd.,
Homestake and Barrick.
Geology Deposit type, geological setting and
style of mineralisation.
The Cowal gold deposits (E41, E42, E46, Galway and Regal)
occur within the 40 km long by 15 km wide Ordovician Lake
Cowal Volcanic Complex, east of the Gilmore Fault Zone within
the eastern portion of the Lachlan Fold Belt. There is sparse
outcrop across the Lake Cowal Volcanic Complex and, as a
consequence, the regional geology has largely been defined by
interpretation of regional aeromagnetic and exploration drilling
programs.

The Lake Cowal Volcanic Complex contains potassium rich
calc-alkaline to shoshonitic high level intrusive complexes, thick
trachyandesitic volcanics, and volcaniclastic sediment piles.

The gold deposits at Cowal are structurally hosted, epithermal
to mesothermal gold deposits occurring within and marginal to
a 230 m thick dioritic to gabbroic sill intruding trachy-andesitic
volcaniclastic rocks and lavas.

The overall structure of the gold deposits is complex but in
general consists of a faulted antiform that plunges shallowly to
the north-northeast. The deposits are aligned along a north-
south orientated corridor with bounding faults, the Booberoi
Fault on the western side and the Reflector Fault on the eastern
side (the Gold Corridor).
Drill hole Information A summary of all information material
to the understanding of the exploration
results including a tabulation of the
following information for all Material
drillholes:
o easting and northing of the drillhole
collar
o elevation or RL of the drillhole collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.
Refer to Appendix for the drill hole information table
Data aggregation
methods		 In reporting Exploration Results,
weighting
averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades)
and cut-off grades are usually material
and should be stated.

Where
aggregate
intercepts
incorporate short lengths of high grade
results and longer lengths of low grade
Significant intercepts have generally been calculated based on
a minimum down hole interval of 1 m @ >1.00 g/t Au above a
0.4 g/t cut-off with allowance for intervals of up to 2 m of internal
dilution, however some broader intecepts have allowance for
up to 5m of internal dilution based on minimum mining width
assumptions and planned bulk extraction method.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
results, the procedure used for such
aggregation should be stated and some
typical examples of such aggregations
should be shown in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Relationship between
mineralisation widths
and intercept lengths		 These relationships are particularly
important in the reporting of Exploration
Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (eg ‘downhole length, true width
not known’)
Mineralisation within the main E42 pit is bounded by large
north-south trending structures, however it is has strong
internal structural controls. A plunging lode has been identified
in the SW of the main pit and had been targeted by this drilling
and as such intercept angles are near perpendicular to the main
mineralised body. All significant intercepts are reported as
down hole intervals.
Diagrams Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported. These should
include, but not be limited to a plan view
of drill hole
Refer to the body of the text for drill hole schematic section and
plan for E42 resource definition drilling.

For the Galway Regal resource drilling, refer to body of text for
the schematic section of E46D3244. Refer below for further
diagrams of the Galway / Regal drilling program.
Balanced reporting Where comprehensive reporting of all
Exploration Results is not practicable,
Significant intercepts reported are only those areas where
mineralisation was identified.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results
Hole E46D3244 is part of a 6 hole program within the Galway-
Regal area. The holes investigated certain targets within the
area for Galway-Regal rim-style of mineralisation, testing for
depth extension. Drilling has intersected higher grades than
previously estimated, increased the confidence of the resource
in the areas targeted, and intersected mineralisation outside of
the Mineral Resource. Remaining holes are awaiting logging,
processing and assay pending the higher-priority navigational
drill program.

19 RC resource definition drill holes for were drilled from inside
the E42 pit. The aim of the drilling was to target projected
mineralisation sitting outside the current reserve pit to the
South-West and below current E42 pit Stage G design and
convert inferred material in this area to an indicated resource.
Significant drill assay results returned during the quarter are
presented in the table above with several holes still awaiting
assay results at time of reporting.

These
significant
results
have
confirmed
interpreted
mineralisation trends beyond the current E42 reserve shell.

A significant directional drilling program targeting an upgrade in
resource classification and an increase in Ore Reserves was
ongoing at time of reporting. This program consisits of 10
Parent holes with 5 daughter holes each for a total of 31,500
metres. At time of reporting ~25% of this drilling had been
completed. Holes in this report relating to this drilling include
E42D1710, E42D1710A, E42D1710B, E42D1710C and
E42D1711
Other substantive
exploration data		 Other exploration data, if meaningful
and material, should be reported
including (but not limited to): geological
observations;
geophysical
survey
results; geochemical survey results;
bulk samples – size and method of
treatment; metallurgical test results;
bulk
density,
groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
No other substantive data was collected during the report
period.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions, including
the main geological interpretations and
future drilling areas, provided this
information
is
not
commercially
sensitive.
This program is in progress and further work will be determined
based on any future results and interpretations

Mungari

Mungari Section 1 Sampling Techniques and Data

Criteria Explanation Commentary
Sampling techniques Nature and quality of sampling (e.g.
cut channels,
random chips,
or
specific specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
downhole gamma sondes, handheld
XRF
instruments,
etc).
These
examples should not be taken as
Sampling of gold mineralisation at Mungari was undertaken
using diamond core (surface and underground) and reverse
circulation (RC) drill chips.

All drill samples were logged prior to sampling. Diamond drill
core was sampled to lithological, alteration and mineralisation
related contacts, whilst RC samples were collected at 1m or 4m
downhole intervals. Sampling was carried out according to
Evolution protocols and QAQC procedures which comply with

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
limiting
the
broad
meaning
of
sampling.
Include reference to measures taken
to ensure sample representation and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are material to the
Public Report.
In cases where ‘industry standard’
work has been completed this would
be relatively simple (e.g. ‘reverse
circulation drilling was used to obtain 1
m samples from which 3 kg was
pulverised to produce a 30 g charge
for fire assay’). In other cases more
explanation may be required, such as
where there is coarse gold that has
inherent
sampling
problems,
or
unusual
commodities/mineralisation
types (e.g. submarine nodules).		 industry best practice. Most drill-hole collars were surveyed
using a total station theodolite or total GPS with a small
proportion utilising hand held GPS.

The sampling and assaying methods are appropriate for the
orogenic mineralised system and are representative for the
mineralisation style. The sampling and assaying suitability was
validated using Evolution’s QAQC protocol and no instruments
or tools requiring calibration were used as part of the sampling
process.

RC drilling was sampled to obtain 1m or 4m samples from
which 3 to 5 kg was crushed and pulverised to produce a 30g
to 50g subsample for fire assay. Diamond drillcore sample
intervals were based on geology to ensure a representative
sample, with lengths ranging from 0.3 to 1.3m. Diamond core
from underground was predominantly whole core sampled,
while surface diamond drilling was half core sampled. All
diamond core samples were dried, crushed and pulverised
(total preparation) to produce a 30g to 50g charge for fire assay
of Au. A suite of multi elements are determined using four-acid
digest with ICP/MS and/or an ICP/AES finish for some sample
intervals.
Drilling techniques Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core
is oriented and if so, by what method,
etc.).
RC sampling was completed using a 4.5” to 5.5” diameter face
sampling hammer. Diamond holes from both surface and
underground were predominantly wireline NQ2 (50.5mm) or
HQ (63.5mm) holes.

All diamond core from surface and underground was orientated
using the reflex (act II or ezi-ori) tool.
Drill sample recovery Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.

Whether
a
relationship
exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential loss/gain of
fine/coarse material.
RC drilling sample weights were recorded for selected sample
intervals and monitored for fluctuations against the expected
sample weight. If samples were below the expected weight,
feedback was given promptly to the RC driller to modify drilling
practices to achieve the expected weights.

All diamond core was orientated and measured during
processing and the recovery recorded into the drill-hole
database. The core was reconstructed into continuous runs on
a cradle for orientation marking. Holes depths were checked
against the driller’s core blocks.

Inconsistencies between the logging and the driller’s core depth
measurement blocks were investigated. Core recovery has
been excellent as all holes are drilled into fresh competent rock.
Surface drilling recoveries were generally excellent with the
exception of oxide zones however these rarely fell below 90%.

Measures taken to maximise sample recovery include
instructions to drillers to slow down drilling rates or reduce the
coring run length in less competent ground.

Analysis of drill sample bias and loss/gain was undertaken with
the Overall Mine Reconciliationperformance where available.
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.
RC drill chips and diamond core has been geologically logged
to the high level of detail required for the Mineral Resource
estimation, mining studies and metallurgical studies.

All logging is both qualitative and quantitative in nature
recording features such as structural data, RQD, sample
recovery, lithology, mineralogy, alteration, mineralisation types,
vein density, oxidation state, weathering, colour etc. All holes
are photographed wet.

All RC and diamond holes were logged in entirety from collar to
end of hole.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.
All diamond core drilled from surface was half cored sampled
and the remaining half was retained. Diamond core drilled from
underground was predominantly whole core sampled and
submitted for analysis. A small proportion of all underground
diamond core holes was half core sampled and the remaining
core retained for further geological or metallurgical analysis

All RC samples were split by a cone or a riffle splitter and
collected into a sequenced calico bag. Any wet samples that
could not be riffle split were dried then riffle split.

Sample preparation of RC and diamond samples was
undertaken by external laboratories according to the sample
preparation and assaying protocol established to maximise the
representation of the Mungari mineralisation. Laboratories
performance was monitored as part of Evolution’s QAQC
procedure. Regular laboratory inspections were undertaken to
monitor the laboratories compliance to the Mungari sampling
and sample preparation protocol.

The sample and size (2.5kg to 4kg) relative to the particle size
(>85% passing 75um) of the material sampled is a commonly
utilised practice for effective sample representation for gold
deposits within the Eastern Goldfields of Western Australia.

Quality control procedures adopted to maximise sample
representation for all sub-sampling stages include the collection
of field and laboratory duplicates and the insertion of certified
reference material as assay standards (1 in 20) and the
insertion of blank samples (1 in 75) or at the geologist’s
discretion. Coarse blank material is routinely submitted for
assay and is inserted into each mineralised zone where
possible. The quality control performance was monitored as
part of Evolution’s QAQC procedure.

The sample preparation has been conducted by commercial
laboratories. All samples are oven dried (between 85°C and
105°C), jaw crushed to nominal <3mm and if required split by a
rotary splitter device to a maximum sample weight of 3.5kg as
required. The primary sample is then pulverised in a one stage
process, using a LM5 pulveriser, to a particle size of >85%
passing 75um. Approximately 200g of the primary sample is
extracted by spatula to a numbered paper pulp bag that is used
for a 50g fire assay charge. The pulp is retained and the bulk
residue is disposed of after two months.

Measures taken to ensure sample representation include the
collection of field duplicates during RC drilling at a frequency
rate of 5%, and quarter core sampling of surface diamond drill
holes. Duplicate samples for both RC chips and diamond core
are collected during the sample preparation pulverisation stage.
A comparison of the duplicate sample vs. the primary sample
assay result was undertaken as part of Evolution’s QAQC
protocol. It is considered that all sub-sampling and lab
preparations are consistent with other laboratories in Australia
and are satisfactory for the intended purpose.

The sample sizes are considered appropriate and in line with
industrystandards.
Quality of assay data
and laboratory tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
The sampling preparation and assaying protocol used at
Mungari was developed to ensure the quality and suitability of
the assaying and laboratory procedures relative to the
mineralisation types.

Fire assay is designed to measure the total gold within a
sample. Fire assay has been confirmed as a suitable technique
for orogenic type mineralisation. It has been extensively used
throughout the Goldfields region. Screen fire assay and
LeachWELL / bottle roll analysis techniques have also been
used to validate the fire assay techniques.

The technique utilised a 30g, 40g or 50g sample charge with a
lead flux, which is decomposed in a furnace with the prill being
totally digested by 2 acids (HCI and HN03) before the gold
content is determined by an AAS machine.

No geophysical tools or other remote sensing instruments were
utilised for reporting or interpretation of gold mineralisation.

Qualitycontrol samples were routinelyinserted into the

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
accuracy (i.e. lack of bias) and
precision have been established.		 sampling sequence and were also inserted either inside or
around the expected zones of mineralisation. The intent of the
procedure for reviewing the performance of certified standard
reference material is to examine for any erroneous results (a
result outside of the expected statistically derived tolerance
limits) and to validate if required; the acceptable levels of
accuracy and precision for all stages of the sampling and
analytical process. Typically batches which fail quality control
checks arere-analysed.
Verification of
sampling and
assaying
The
verification
of
significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data
Independent internal or external verification of significant
intercepts is not routinely completed. The quality control /
quality assurance (QAQC) process ensures the intercepts are
representative for the orogenic gold systems. Half core and
sample pulps are retained at Mungari if further verification is
required.

The twinning of holes is not a common practice undertaken at
Mungari. The face sample and drill hole data with the mill
reconciliation data is of sufficient density to validate
neighbouring samples. Data which is inconsistent with the
known geology undergoes further verification to ensure its
quality.

All sample and assay information is stored utilising the acQuire
database software system. Data undergoes QAQC validation
prior to being accepted and loaded into the database. Assay
results are merged when received electronically from the
laboratory. The geologist reviews the database checking for the
correct merging of results and that all data has been received
and entered. Any adjustments to this data are recorded
permanently in the database. Historical paper records (where
available) are retained in the exploration and mining offices.

No adjustments or calibrations have been made to the final
assaydata reported bythe laboratory.
Location of data
points		 Accuracy and quality of surveys used
to locate drillholes (collar and downhole
surveys), trenches, mine workings and
other
locations
used
in
Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
All surface drill holes at Mungari have been surveyed for
easting, northing and reduced level. Recent data is collected
and stored in MGA 94 Zone 51 and AHD.

Resource drill hole collar positions are surveyed by the site-
based survey department or contract surveyors (utilising a
differential GPS or conventional surveying techniques, with
reference to a known base station) with a precision of less than
0.2m variability.

Underground down hole surveys consist of regular spaced
digital single-shot borehole camera shots (generally 30m apart
down hole), and digital electronic multi-shot surveys (generally
3m apart down hole). In instances where strong ground
magnetics affect the accuracy of the measured azimuth
reading, then these results are removed. The RC and surface
drill hole survey data consists of surveys taken utilising north
seeking gyro instruments. Gyro survey measurements are
obtained every 5 to 10m down hole. A proportion of these holes
are downhole surveyed using a digital single shot survey
technique similar to that of the underground holes, except the
down-hole survey measurement is at a spacing typically 25-
50m apart.

Topographic control was generated from aerial surveys and
detailed Lidar surveys to 0.2m accuracy. Underground void
measurements are computed using Cavity Monitoring System
(CMS) of the stopes and detailed survey pickup of the
development.
Data spacing and
distribution		 Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish the
degree
of
geological
and
grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
The nominal drill spacing for Exploration drilling is 80m x 80m
or wider and for Resource Definition is 40m x 40m or in some
areas 20m x 20m. This spacing includes data that has been
verified from previous exploration activities on the project.

Data spacing and distribution is considered sufficient for
establishing geological continuity and grade variability
appropriate for classifying a Mineral Resource.

Sample compositing was not applied due to the often narrow
mineralised zones.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Whether sample compositing has
been applied.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Mineralisation at Frog’s Leg is hosted within a number of
steeply dipping NNW-SSE structures that are vertical or dipping
steeply (~80 degrees) to the west. Surface and underground
drilling intersect the mineralisation at an angle to minimise bias.

Mineralisation at White Foil is hosted within a brittle quartz
gabbro unit. The gold is associated with quartz stockworks.
Structural studies confirms the presence of two main vein sets
at White Foil with a dominant moderately NNW dipping set
(51º/346º dip and dip direction) and a secondary SSE dipping
set (56º/174º dip and dip direction).. An identifiable systematic
bias associated with drilling direction has not been established.
The main strike to the gabbro unit is NNW-SSE and it plunges
steeply towards the NNE. The predominant drill direction was
to the SE.

Surface holes and underground resource holes typically
intersect at an angle to the mineralisation and there is no
observed bias associated with drilling orientation.

The relationship between the drilling orientation and the
orientation of key mineralised structures at Mungari is not
considered to have introduced a sampling bias and is not
considered to be material. In a minority of instances on extreme
edges at the Frog’s Leg deposit the drill angle is sub parallel
with the lodes and does not intersect the width of the
mineralisation.
Sample security The measures taken to ensure
sample security.
Chain of custody protocols to ensure the security of samples
were followed. Prior to submission samples were retained on
site and access to the samples were restricted. Collected
samples are dropped off at the respective commercial
laboratories in Kalgoorlie. The laboratories are contained
within a secured/fenced compound. Access into the laboratory
is restricted and movements of personnel and the samples are
tracked under supervision of the laboratory staff. During some
drill campaigns some samples are collected directly from site
by the commercial laboratory. While various laboratories have
been used, the chain of custody and sample security protocols
haveremained similar.
Audits or reviews The results of any audits or reviews
of sampling techniques and data.
The Mungari geology and drilling database was reviewed by
acQuire in December 2015 and no material issues were
identified.

Mungari Section 2 Reporting of Exploration Results

Criteria Explanation Commentary
Mineral tenement and
land tenure status		 Type, reference name/number,
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at
the time of reporting along with any
known impediments to obtaining a
licence to operate in the area.
The drilling was undertaken on M15/688, M15/830, P16/2367,
P16/2376, M15/1407 and M15/1287 which are wholly owned by
Evolution Mining Limited.

All tenements are in good standing and no known impediments
exist. Prospecting leases with imminent expiries will have mining
lease applications submitted in due course.
Exploration done by
other parties		 Acknowledgment and appraisal of
exploration by other parties.
The initial discovery of Frog’s Leg was made by Mines and
Resources Australia Ltd who was a precursor company to La
Mancha Resources Australia Pty Ltd. The deposit was
discoveredin 2000 as aresult of following up on regional

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
anomalism identified through rotary air blast (RAB) and aircore
drilling. La Mancha was acquired by Evolution in August 2015.

At White Foil the initial anomaly was identified by Afmeco who
found the Kopai trend which eventually included White Foil. The
discovery was made in 1996 by Mines and Resources Australia
who was a precursor company to La Mancha Resources Australia
Pty Ltd. Placer Dome Ltd was a 49% joint venture partner during
thefirstmining campaign in 2002-2003
Geology Deposit type, geological setting and
style of mineralisation.
The Frog’s Leg deposit is located in the southern portion of the
Kundana mining area, within the Achaean Norseman-Wiluna
greenstone belt of the Eastern Goldfields Province. The Kundana
gold deposits are structurally related to the Zuleika Shear Zone,
a regional NNW-trending shear zone that juxtaposes the Ora
Banda domain to the east and the Coolgardie domain to the west.
The Frog’s Leg deposit is located on the sheared contact between
the porphyritic “cat rock” (regionally known as the Victorious
Basalt) and volcaniclastic rocks of Black Flag Beds

The White Foil gold deposit is a quartz stockwork hosted in a
gabbro. The gabbro is differentiated broadly into a quartz-rich
phase in the west. This quartz gabbro unit is the most
hydrothermally altered unit and contains the bulk of the gold
mineralisation. The White Foil deposit is bounded to the west by
hangingwall volcaniclastic rocks. To the east mineralisation
becomes irregular and uneconomic in the more melanocratic
phase of gabbro. Mineralisation is controlled by sheeted systems
of stockwork veining, which has imparted strong alteration and
sulphidation to the quartz gabbro.

The Johnson’s Rest prospect is located in the northern portion of
the Mungari tenements and is structurally related to the Zuleika
Shear Zone and the sympathetic Johnson’s Rest shear zone.
Mineralisation is observed to occur close to a sheared contact
between a basalt, high magnesium basalt and an adjacent
hangingwallultramafic
Drill hole Information A summary of all information
material to the understanding of the
exploration
results
including
a
tabulation of the following information
for all Material drillholes:
o easting and northing of the drillhole
collar
o elevation or RL of the drillhole collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.
Refer to Appendix for the drill hole information table
Data aggregation
methods		 In reporting Exploration Results,
weighting
averaging
techniques,
maximum and/or minimum grade
truncations (e.g. cutting of high
grades) and cut-off grades are
usually material and should be
stated.

Where
aggregate
intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
Intercept length weighted average techniques, minimum grade
truncations and cut-off grades have been used in this report.

At Frog’s Leg composite grades of > 3 g/t have been reported

At White Foil, Johnson’s Rest, Innis and other regional properties
composite grades >1 g/t have been reported

Composite lengths and grade as well as internal significant values
are reported in Appendix.

No metal equivalent values are used.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Relationship between
mineralisation widths
and intercept lengths		 These relationships are particularly
important
in
the
reporting
of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (eg ‘downhole length, true
width not known’)
There is a direct relationship between the mineralisation widths
and intercept widths at Mungari.

The assay results are reported as down hole intervals however
an estimate of true width is provided in Appendix.
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for any
significant discovery being reported.
These should include, but not be
limited to a plan view of drill hole
Refer to the body of the text for drill hole schematic section for
Johnson’s Rest exploration holes and schematic plan is seen
below.

Refer below for diagrams on resource definition drilling of Frog’s
Leg.
Balanced reporting Where comprehensive reporting of
all
Exploration
Results
is
not
practicable, representative reporting
of both low and high grades and/or
widths should be practiced to avoid
misleading reporting of Exploration
Results
All Exploration and Resource Definition results have been
reported in Appendix to ensure balanced reporting

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Other substantive
exploration data
Other
exploration
data,
if
meaningful and material, should be
reported including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical
test
results;
bulk
density,
groundwater, geotechnical and rock
characteristics; potential deleterious
or contaminating substances.
Work continued on a 4D geological study incorporating the entire
Mungari Project lease holding. Other works included the
completion of a 2D seismic survey using 3 lines along the
southern end of the Mungari tenements
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).
Diagrams clearly highlighting the
areas
of
possible
extensions,
including
the
main
geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.
Further Exploration, Near Mine Exploration and Resource
Definition work on the Mungari tenements is planned for the
remainder of 2016

Mt Carlton

Mt Carlton Section 1 Sampling Techniques and Data

Criteria Explanation Commentary
Sampling techniques Nature and quality of sampling
(eg cut channels, random chips, or
specific
specialised
industry
standard
measurement
tools
appropriate to the minerals under
investigation, such as downhole
gamma sondes, or handheld XRF
instruments,
etc).
These
examples should not be taken as
limiting the broad meaning of
sampling.
Include reference to measures
taken
to
ensure
sample
representivity and the appropriate
calibration of any measurement
tools or systems used.
Aspects of the determination of
mineralisation that are Material to
the Public Report. In cases where
‘industry standard’ work has been
done this would be relatively
simple (eg ‘reverse circulation
drilling was used to obtain 1 m
samples from which 3 kg was
Reported assay data for this report is based on PQ, HQ and NQ
diameter core. PQ was drilled largely through weathered zones
and broken ground of weak mineralisation then followed with HQ
and NQ diamond core to end of hole. Oxidised core (PQ) is
usually sampled using kitchen knife whiles competent core HQ
and NQ size was cut with a diamond saw along orientation lines.
Nominal sampling intervals for all core is 1m lengths. Shorter or
longer core (<2m) sampling lengths occurs on occasions where
adjustments are required to core loss, alteration or lithology
changes.

The length of each core recovered from a drill run is recorded and
the percentage recovered calculated. Field core recovery records
are validated at the coreshed prior to cutting and sampling.
Bottom half of split core was preserved and the other half sent for
analysis. This is done consistently to avoid sampling bias. A
duplicate quarter core sample is taken for every 20thcore sample.

Half core samples averaging 2-31/2kg along with quarter core
samples are prepared and analysed at ALS Townsville facility.
Weights of samples dried at 105OC are recorded and crushed to
6mm. Samples are split and excess bagged if crushed weight is
greater than 3kg. LM5’s are used to pulverise samples to 85%
passing 75um. A 200g pulp split is taken for analysis which
comprise; a 50g charge fire assay with AA finish and ICP-AES for
multi-element suite.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
pulverised to produce a 30 g
charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling
problems.
Unusual
commodities
or
mineralisation
types (eg submarine nodules)
Drilling techniques Drill type (eg core, reverse
circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple
or standard tube, depth of diamond
tails, face-sampling bit or other type,
whether core is oriented and if so, by
what method, etc).
Diamond drilling was undertaken with PQ, HQ and NQ bits. Holes
were usually started with PQ and completed with HQ or NQ on
occasions due to poor ground conditions. Coring was by triple
tube and all cores were oriented using Reflex Act RD2 orientation
tool.
Drill sample recovery Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise
sample
recovery
and
ensure
representative nature of the samples.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential loss/gain
of fine/coarse material.
Field recovery records for core are reconciled with driller’s depth
blocks. Percentage core recovery is calculated and stored in a
database along with Geotechnical records.

Drillers are informed of the importance of core recovery, all
necessary care is taken to ensure every drill run has maximum
core recovered. Shot core runs were done in bad ground to
ensure core loss is significantly minimised. Areas of poor core
recovery were noted during logging. “CL” is marked on depth
blocks denoting core loss. Intervals of core losses are considered
during sampling and referenced when assessing assay data.

No discernible relationship between core loss and grade has
been identified. Mineralisation is hosted within fresh advance
argillic rhyodacite unit where core recoveries are in excess of
90%. Bonanza gold grade occurs within feeder zones with
fracture filled enargite and hydrothermal breccias veining
cemented in silicic alteration overprinted by sulphur salts with
random acid leached zones. Core loss sometimes occurs in the
acid leach zones and sheared contacts bordering mafic dykes
and rhyodacite. Drillers take great care drilling through such
zones to minimise sample loss. Overall recovery is in excess of
90% and core loss is volumetrically insignificant. In weathered
overlying lithology where oxidation has occurred between
sheared lithology contacts, core loss is unavoidable but recovery
is generally in excess of 85%. Mineralisation in the lithology
overlying the rhyodacite is generally weak and therefore has less
impact on modelled bonanza high grade.
Logging Whether core and chip samples
have
been
geologically
and
geotechnically logged to a level of
detail to support appropriate Mineral
Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel etc) photography.
The total length and percentage of
the relevant intersections logged.
Geology logging is undertaken for all drill cores. Structural and
geotechnical logging occurs for core only. Detailed logging is
undertaken for the entire drillhole in domains of alteration,
mineralisation and lithology. Densities of various lithological units,
ASD and magnetic susceptibility data are captured as part of the
logging process. Lithogeochemical samples are collected in
areas where lithology units are not easily discernible. The logging
process is appropriate for Mineral Resource estimates, mining
and metallurgical studies.

General logging data captured are; qualitative (descriptions of the
various geological features and units) and quantitative (numbers
representing alteration intensities, vein densities, rock mass
quality and defect planes)

Drill holes (All core) were logged as full core prior to
photographing (dry and wet) and cutting.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and
whether quarter, half or all core
taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
Core was cut using diamond core saw along orientation lines and
sampled at nominal one metre intervals from the same side in the
tray at all times. All core samples submitted to ALS, Townsville
for analysis are half core except for duplicate core which is
quarter core. The remaining half/quarter core is persevered in the
tray for further test work or re-logging if required.

Core sample preparation involves oven drying, coarse

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for
all
sub-sampling
stages
to
maximise representivity of samples.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.		 crushing to ~6mm followed by pulverisation of the entire
sample (total prep) using LM5 grinding mills to a grind size 85%
passing 75 micron. A 50g sub-sample is utilised for fire assay.
Sample preparation and analysis follows industry best practise
and appropriate for the mineralisation.

Certified reference material along with blanks and field duplicates
are inserted into sample stream along with the original samples.
Standards, blanks and field duplicates cover 5% of sample
volume to monitor sample preparation and the analytical process.

The high sulphidation epithermal mineralisation at Mt Carlton
occurs in zones of highly silicic altered hydrothermal breccias
overprinted by several phases of sulfur salts containing bonanza
gold grades and anomalous base-metal grades. Core sample
size of 2-31/2kg sample length over 1m is suitable for the
mineralisation type.

The sample sizes are considered appropriate for the material
sampled. It is believed that grain size bears no impact on sampled
material.
Quality of assay data
and laboratory tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.

For
geophysical
tools,
spectrometers,
handheld
XRF
instruments, etc, the parameters
used in determining the analysis
including
instrument
make
and
model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates,
external
laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias)
and precision have been established.
All core samples are analysed at ALS Townsville. Gold was
analysed using 50g charge fire assay followed by AAS finish.
Base metal and other elements are analysed using ICP-AES
following a four acid digest. The analytical method used by ALS
approaches total dissolution of high sulphidation epithermal
mineral assemblages of the Mt Carlton deposit. The sample
preparation and assay techniques meet industry best practise.

Spectral data is collected consistently at a spot within a meter
mark using short wave infrared spectrometer (ASD TerraSpec 4
Hi-Res). Data is processed using TerraSpec/TSG Pro software in
the context of the project geology. The accuracy and spread of
“Standard” data is acceptable within 2 standard deviations. Any
outlier between the second and third standard deviation triggers
an anomaly and is investigated. An entire batch is re-analysed
when a sample plots outside three standard deviations. Blanks
are acceptable within 10Xpractical detection limit, five samples
preceding and following the outlier are re-analysed. The internal
QAQC data of ALS is accessible online. The analytical system at
ALS captures data at all stages of the sample preparation and
analytical process. The system minimises human error and
ensures high data integrity. ALS participates in an international
“Round Robin” QAQC program to ensure best industry practice is
maintained. Based on quality assurance and quality control
acceptable performance, assay data is suitable for use in Mineral
Resource estimation.
Verification of
sampling and
assaying		 The verification of significant
intersections by either independent
or alternative company personnel.
The use of twinned holes.
Documentation of primary data,
data entry procedures, data
verification, data storage (physical
and electronic) protocols.
Discuss any adjustment to assay
data
Significant mineralisation intercepts are verified by other
geologists within the company.

There were no twinned holes drilled.

Data documentation, verification and validation are conducted in
accordance with Evolution’s Data Storage Standard Operating
Procedure. Logging is undertaken in significant detail for entire
drillhole in domains of alteration, mineralisation and lithology.
Data validation is conducted by the Project Geologist prior to
uploading into the Database. Digital copies of logs are kept in
dedicated folders on the Company server and backed up
regularly. Audit trail of all changes that occur in the Database can
be tracked.

No adjustment or calibrations were made to any assay data used
in this report.
Location of data
points		 Accuracy and quality of surveys
used to locate drillholes (collar and
downhole surveys), trenches, mine
workings and other locations used in
Mineral Resource estimation.
All drillhole collars are marked and picked up by Evolution mining
surveyors using Total stations and Differential Global Position
System (DGPS). Downhole surveys are conducted using Reflex
digital camera and uploaded into the Database.

Drillhole collars are surveyed in Map Grid of Australia 1994
(MGA94) Zone 55.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Specification of the grid system
used.

Quality
and
adequacy
of
topographic control.
Bench mark and temporary survey stations are checked annually
by a third party (Minstaff Survey Pty).
Data spacing and
distribution		 Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the Mineral
Resource
and
Ore
Reserve
estimation
procedure(s)
and
classifications applied.
Whether sample compositing has
been applied.
Drillholes are planned on 50m spaced lines at 25m drill centres.
Drillhole spacing was planned to test strike and down dip
extensions of the high grade bonanza lodes plunging north-east.
Statistical assessment of drill results to date suggest a nominal
25mx25m drill centres are sufficient to establish the degree of
geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedures and
classifications for the Mt Carlton high sulphidation deposit.

No compositing of samples was applied.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the
drilling orientation and the orientation
of key mineralised structures is
considered to have introduced a
sampling
bias,
this
should
be
assessed and reported if material.
Results to date have not identified any bias attributed to sampling
orientation.

Results to date have not identified any bias attributed to sampling
orientation.
Sample security The measures taken to ensure
sample security.
Chain of custody is managed by Evolution Mining. Core is
stacked safely and stored by hole number at a secure compound.
Samples are delivered to ALS Townsville laboratory by company
personnel or through a third party trucking company. Samples
that are delivered after hours to the laboratory facility are stored
in locked yards prior to receipt. A reconciliation report is sent via
email from the Laboratories acknowledging sample receipt.
Audits or reviews The results of any audits or
reviews of sampling techniques and
data.
Internal audits and reviews are conducted by Evolution’s
Specialist Technical Services Group. Unannounced Laboratory
visits and reviews from site personnel form part of a compliance
audit. Database and QAQC audit is conducted bi-annually by
Evolution Specialist Technical Group.

Mt Carlton Section 2 Reporting of Exploration Results

Criteria Explanation Commentary
Mineral tenement and
land tenure status		 Type, reference name/number,
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at
the time of reporting along with any
known impediments to obtaining a
licence to operate in the area.		 The Mt Carlton Project is covered by Mining Lease ML10343.
The ML area covers 1151.9 ha. Native title agreements are in
place for activities within the Mining Lease, and surrounding
EPM’s.

ML 10343 is surrounded by a number of EPM’s forming the Mt
Carlton project area, with ML10343 within EPM10164. The Mt
Carlton project currently covers 875km2, the EPM’s are in good
standing with no significant risk regarding land access which
inhibit future work. A royalty agreement is currently in place
between Conquest Mining Pty Ltd and Gold Fields Australasia
Pty Ltd.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Exploration done by
other parties		 Acknowledgment and appraisal of
exploration by other parties.
Exploration within the Mt Carlton EPM’s and ML10343
commenced in the 1970’s, with BHP, Ashton Mining, MIM
exploration and others exploring the Capsize Range area within
the current EPM10164 for porphyry copper and epithermal styles
of mineralisation. In 2006, Conquest Mining discovered the V2
high sulphidation epithermal Au-Cu deposit, and Ag rich A39
deposit, with follow up work within the ML10343.
Geology Deposit type, geological setting and
style of mineralisation.
The Mt Carlton high sulphidation deposit is located in the Early
Permian Lizzie Creek. Mineralisaton is hosted within porphyritic
rhyodacite which underlay a package of andesite lavas and
fragmental volcanics. Basaltic to andesitic dykes crosscut
mineralisation
and
mirror
pre-existing
structures.
Gold
mineralisation at V2 is associated with enargite–tennantite
copper and silver minerals.
Drill hole Information A summary of all information
material to the understanding of the
exploration
results
including
a
tabulation of the following information
for all Material drillholes:
o easting and northing of the
drillhole collar
o elevation or RL of the drillhole
collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
_explain why this is the case. _
Drill hole information is provided in the Drill hole information
summary table, provided in the appendix.
Data aggregation
methods		 In reporting Exploration Results,
weighting
averaging
techniques,
maximum and/or minimum grade
truncations
(eg cutting
of
high
grades) and cut-off grades are
usually Material and should be
stated.

Where
aggregate
intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Significant intercepts calculation is based on a downhole
intercept weighted length of 1m above a 0.35g/t cut-off of the
resource model with an allowable internal dilution for intervals up
to 2m. No top cuts have been applied in the calculation.

Composite and internal significant values are stated for clarity.

No metal equivalent values are used.
Relationship between
mineralisation widths
and intercept lengths		 These relationships are particularly
important
in
the
reporting
of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
Mt Carlton mineralisation generally trends NE and dips
moderately to the west. Brecciated silica ledges which control
bonanza lodes dips steeply to the west and plunges NE. These
zones are discrete and discontinuous. Mineralised zones are
based on interpreted geology and structural trends from drillhole
data and pit mapping.

Reported intervals are downhole widths as true widths are not
currently known. An estimated true width (etw) is provided in the
Drill Hole Information Summary appendix.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary Commentary
effect (eg ‘downhole length, true
width not known’)
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for any
significant discovery being reported.
These should include, but not be
limited to a plan view of drill hole
Drillhole collar location plan and representative sections of
significant intercepts are presented below.
Balanced reporting
Where
comprehensive
reporting of all Exploration
Results is not practicable,
representative reporting of
both low and high grades
and/or widths should be
practiced
to
avoid
misleading
reporting
of
Exploration Results
This release comprise of 26 diamond drill holes totalling 6,489m.
Significant intercepts are presented in the Appendix. Assay
results for 10 holes are pending and 6 holes did not return
significant intercepts.
Other substantive
exploration data
Other
exploration
data,
if
meaningful and material, should be
reported including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical
test
results;
bulk
density,
groundwater, geotechnical and rock
characteristics; potential deleterious
or contaminating substances.
No significant exploration activities have occurred during the
reporting period.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).

In FY17 Q1, the drilling strategy will be;
i)
continue to test for underground growth opportunities
immediate north west and east of the V2 pit below the
current reserve pit, and
ii)
Infillunclassified andinferredmaterialto 50mX25mto

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Diagrams clearly highlighting the
areas
of
possible
extensions,
including
the
main
geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.		 define resource for potential underground project.
Concurrent to this drilling program, the activities below will be
carried out to improve current geology understanding and help
generate additional targets.
i)
Update 3D geological model constructed in FY16 Q3 from
geology mapping and 3D modelling review project to
enhance target generation.
ii)
Undertake cross-hole tomography survey immediately
outside V2 pit perimeter to collect high density data to
resolve resistivity structure between hole locations. This
project will help identify potential high grade targets.

Pajingo

Pajingo Section 1 Sampling Techniques and Data

Criteria JORC Code Explanation Commentary
Sampling techniques Nature and quality of sampling
(eg cut channels, random chips, or
specific
specialised
industry
standard
measurement
tools
appropriate to the minerals under
investigation, such as downhole
gamma sondes, or handheld XRF
instruments,
etc).
These
examples should not be taken as
limiting the broad meaning of
sampling.
Include reference to measures
taken
to
ensure
sample
representivity and the appropriate
calibration of any measurement
tools or systems used.
Aspects of the determination of
mineralisation that are Material to
the Public Report. In cases where
‘industry standard’ work has been
done this would be relatively
simple (eg ‘reverse circulation
drilling was used to obtain 1 m
samples from which 3 kg was
pulverised to produce a 30 g
charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling
problems.
Unusual
commodities
or
mineralisation
types (eg submarine nodules)
The mineralised lodes of the Pajingo deposit have been
defined through a combination of surface diamond drilling and
reverse circulation drilling followed by underground diamond
drilling and face sampling.

Reverse circulation drilling was generally used to obtain 1m
samples. Each interval was logged by the geologist before
determining intervals for analysis. A 2kg – 5kg sub-sample of
the selected individual or composited sample intervals was
obtained using a spear, and more recently a rig mounted static
cone or riffle splitter. The subsamples were pulverised by the
assaying laboratory to produce a 30g or 50g charge for fire
assaying for gold. All recent samples are submitted for 50g
charge FA. Surface diamond drill core was logged by the
geologist who subsequently determined the required sample
intervals. Most surface diamond drill core was sampled as half-
core with a minimum sample interval of 0.2m and maximum
sample interval of 1.5m. Diamond core samples were crushed,
dried and pulverised (total preparation) to produce a sub-
sample for analysis by four-acid digest with ICP/MS and/or
ICP/AES finish for multi-elements, including Ag and fire assay
with AAS finish for Au.

Sampling of underground diamond drillholes followed the same
protocol as surface drilling up to October 2013 after which all
grade control and selected Resource Definition holes were
whole core sampled. Underground drillholes were assayed for
gold by fire assay, targeted programs and individual holes were
selected for multi element assays. Face sampling of
underground development drives was routinely carried out as
development advanced at 4m intervals, wall samples have also
been taken where development has intersected mineralision.
Face and wall sampling involves a map being drawn and
sample intervals determined by lithology and alteration
contacts (0.2m – 2m intervals). The geologist marks the
contacts and/or sample intervals with paint and collects chips
from within the interval directly into the sample bag. Prior to
October 2013, face and wall samples were submitted for
sample preparation and gold and silver analysis by fire assay.
Samples were subsequently assayed by aqua regia for gold
only.

The location of drillhole collars was determined by surveyors
on surface using RTK (Real Time Kinetic) GPS and
underground usingTST(TotalStation Tools).

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
Drilling techniques Drill type (eg core, reverse
circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple
or standard tube, depth of diamond
tails, face-sampling bit or other type,
whether core is oriented and if so, by
what method, etc).
Drilling at Pajingo is recorded dating to 1984. Third party
specialised drilling contractors have been engaged to complete
drill programs, the work methods, protocols and standards
were consistent industry practice.

Reverse circulation and diamond drilling methods have been
employed at Pajingo. Surface holes were typically a reverse
circulation collar to a depth of up to 400m often with a diamond
drillhole tail to a maximum depth of 1500m. Reverse circulation
holes were typically drilled with a 140mm/5.5 inch diameter bit.
HQ/96mm diameter holes were drilled from surface and
commonly reduced to NQ/60mm diameter holes at depth.

Underground diamond drillholes were typically either wireline
(NQ2) and or conventional drilling (LTK60). 95% of
underground drillholes were less than 300m in length. A small
number of longer diamond holes have been drilled
underground with a maximum length of 850m.

Underground face samples were taken as mining progressed
in ore development drives, typically at 4m intervals. The
drillhole represents a horizontal line of sampling (nominally
1.5m above the floor) across the exposed ore body and
adjacentmaterial.
Drill sample recovery Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise
sample
recovery
and
ensure
representative nature of the samples.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential loss/gain
of fine/coarse material.
Recovery of surface and underground diamond core was
recorded with the collection of geotechnical data, recovery has
been determined based on core length compared to run length
which is consistent with industry practice. Recovery has also
been indirectly recorded with the qualitative geological data as
“core loss”. Overall, diamond core recovery exceeds 95%.

Recovery of reverse circulation drillholes has not been
recorded consistently.

A recovery and grade correlation study has not been
completed with regard to recovery of reverse circulation
drillholes. Evolution protocols and QAQC procedures are
followed to preclude issues of sample bias due to loss or gain
of material during the drilling process

.
Logging Whether core and chip samples
have
been
geologically
and
geotechnically logged to a level of
detail to support appropriate Mineral
Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel etc) photography.
The total length and percentage of
the relevant intersections logged.
Diamond and reverse circulation drill holes were qualitatively
geologically logged in full for lithology, alteration, structure and
veining. The level of detail recorded in the geological logging
adequately supports the Mineral Resource estimation and
related studies.

The recording and storing of geological logs has evolved over
time reflecting technology improvements & industry norms.
The individual logs were stored electronically then uploaded to
a central geological database. Geological logging information
was available in the AcQuire database for 97% of drillholes &
98% of face samples.

Drill core and chip trays were routinely photographed and
printed to 2005 then digitally photographed and stored to
present. Remaining core is stored on-site and available for
review.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and
whether quarter, half or all core
taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for
all
sub-sampling
stages
to
maximise representivity of samples.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
Reverse circulation was generally used to obtain 1m samples,
each interval was logged by the geologist before determining
intervals for analysis. The samples selected for assaying were
dried before a 2kg – 5kg subsample was taken at the drill site
using a spear. Rig mounted static cone or riffle splitters
producing 1/8 split were used for reverse circulation holes
drilled since 2012. Preliminary composite samples were
collected using the spear method. The subsample was sent to
the assaying laboratory where it was dried, split using a riffle
splitter and pulverised to a grind size of 85% passing 75µm.
Field duplicates for RC samples were taken at a ratio of 1:20
and showed a good correlation to primary assays.

Diamond drill core was logged by the geologist who
subsequently determined the required sample intervals. Most
surface diamond drill core was sampled as half-core with a
minimum sample interval of 0.2m and maximum sample
interval of 1.5m. Core samples were submitted to the assaying
laboratory where they were dried, coarse crushed to around
10mmand thenpulverised to 85% passing75µm.Subsamples

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.		 were typically less than 3kg which allowed the total subsample
to be prepared and pulverised. Quarter core field duplicates for
diamond holes have been taken and showed a good
correlation to primary assays.

Underground Grade Control and selected Resource Definition
diamond drillholes have been sampled as whole core samples
since October 2013. The assaying laboratory dried, coarse
crushed to ~10mm, split if >3kg and pulverised to 85% passing
75µm. Field duplicates were not submitted with whole core
samples.

Underground face samples were taken as mining progressed
in ore development drives, typically at 4m intervals. The face
sample category also includes wall samples that were taken in
the same way in in areas where the development drive
intersect the ore body. The data is incorporated into the
database in the same way as a drillhole and is typically
displayed as a horizontal line of sampling (nominally 1.5m
above the floor) across the exposed ore body and adjacent
material. The sampling protocol is consistent with industry
practice whereby the face is mapped, sample intervals are
determined and marked from which the samples were
collected. The sample interval is bounded by lithology and
alteration contacts (0.2m – 2m intervals), where no boundaries
were present a 1m nominal sample width is assigned. The
geologist marks the contacts and/or sample intervals with paint
and assigns a unique sample identifier to each interval
corresponding to the sample bag. A geological hammer is used
to collect material from the face along the interval.
Underground face samples were submitted to the assaying
laboratory to be dried, coarse crushed to ~10mm, split if >3kg
and pulverised to 85% passing 75µm. Field duplicates have
been submitted at a ratio of 1 in 25 faces.

A check on the minimum standard of 85% passing 75µm
typically occurred at a1:50ratio
Quality of assay data
and laboratory tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.

For
geophysical
tools,
spectrometers,
handheld
XRF
instruments, etc, the parameters
used in determining the analysis
including
instrument
make
and
model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates,
external
laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias)
and precision have been established.
Core sample analytical techniques used a four-acid digest
(ME-MS61 or MS62) multi-element suite with ICP/MS and/or
ICP/AES finish. Gold was analysed using a 50gm fire assay
with AAS finish. The acids used include nitric, perchloric,
hydrochloric and hydrofluoric and are suitable for silica based
samples. The method approaches total dissolution for most
minerals.

The assaying laboratory typically checked 1 in 40 samples for
percentage of pulverised material passing through a 75µm
screen, the laboratory agreement specified a minimum of 85%
passing 75 µm. Grind size results are reported with certified
assay results and compliance was very good. Laboratory
QAQC procedures involve the use of internal standards using
certified reference material, blanks, and repeats.

Additional certified reference materials (standards) and coarse
blanks were submitted at a ratio of 1:30 with diamond core,
reverse circulation chips, with each face sample. The
performance of standards and blanks were reviewed for each
batch, unexpected results were investigated and typically
resolved with re-assays. All assays were reviewed by batch
and flagged in the geological database as accepted, pending
or rejected. The performance of standards over time was
reviewed and no significant bias was observed.

The supervising geologist inspected the laboratory facilities
periodically and reviewed the receipt of samples, laboratory
hygiene, sample preparation, assaying method, analysis and
data recording.

A short wave infrared spectrometer (ASD TerraSpec 4 Hi-Res)
has been used since 2014 on selected drillholes to obtain
information on alteration minerals associated with epithermal
veining and gold mineralisation. Raw spectra (measured at
metre intervals) were processed using The Spectral Geologist
Professional (TSG Pro) software to obtain an automated
mineral identification (with manual checks) and calculate
spectral indices providinginformationonalteration mineral

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
chemistry. This information was used to assist in geological
interpretation and correlation of alteration zones and
epithermal veining. No geophysical tools or spectrometers
were used to determine any element concentrations used in
this resource estimate.

The assaying techniques and QA/QC protocols used are
considered appropriate for the data to be used in the Mineral
Resource estimate.
Verification of
sampling and
assaying		 The verification of significant
intersections by either independent
or alternative company personnel.
The use of twinned holes.
Documentation of primary data,
data entry procedures, data
verification, data storage (physical
and electronic) protocols.
Discuss any adjustment to assay
data
All significant intersections are verified by company personnel.

Twinned holes are generally only done when a re-drill is
required and are not a regular occurrence.

The drill hole, sample and assay information was stored in an
acQuire database. The collection of data including initial collar
coordinates, drillhole designation, logs and assays are
controlled to maintain integrity of the database. The data
collection and validation process is multi-staged, requiring
input from geology technicians, geologists, surveyors and
assay laboratories, however the assigned geologist was
responsible for the verification of sampling and assaying data
for given drillholes or drilling programs.

Significant intersections were verified in diamond core by
company personnel and typically comprised of quartz veining
within moderate to strongly argillic & silica altered host rock.
Photographs were taken prior to sampling showing diamond
core in original labelled trays with core blocks, metre marks and
sample intervals. Remaining half core was retained on site and
stored with in the original labelled core trays. Photographs
were also taken of washed rock chips from each interval of
reverse circulation drillholes, the chips were stored in divided
plastic boxes labelled with the hole identifier, hole depth was
also labelled. Pulps returned from the assaying laboratory are
stored on site.

Unique sample identifiers were assigned to all samples at the
time of sampling and documented in hard copy and digital
format before being entered into the geological database.
Samples were tracked using a unique dispatch number for
each batch of samples sent to the assaying laboratory; any
discrepancies identified on receipt of the samples by the
assaying laboratory were investigated.

Assay reports were checked by the geologist prior to upload
into the database and variations from expected values were
investigated. Quality control and quality assurance protocols
were consistent with industry practice and review of data from
initial sampling, assay and re-assay values were used for
validation. Samples were downgraded in the database and
subsequently excluded from the estimate where validation was
not satisfactorily resolved.

There have been no adjustments to any assay data used in the
PajingoMineral Resource estimate.
Location of data
points		 Accuracy and quality of surveys
used to locate drillholes (collar and
downhole surveys), trenches, mine
workings and other locations used in
Mineral Resource estimation.
Specification of the grid system
used.

Quality
and
adequacy
of
topographic control.
Surface drilling rigs were positioned using surveyed collar pegs
when proximal to underground workings or handheld GPS in
remote locations. On completion, all surface holes are located
using Real Time Kinetic Differential Global Positioning System
(RTK DGPS). Since 2010 conventional surveying methods
have been confirmed the accuracy of RTK DGPS locations to
within 0.5m laterally and 2m vertically. The drill rig orientation
was aligned with front and back sights, pegged out using a
sighting compass, an inclinometer was used to align the rig
mast with the correct dip angle.

Underground drilling collar positions were set out by the mine
surveyor using conventional total station method. The rig is
aligned with front and back sight positions marked by the
surveyor with an inclinometer used to set the correct dip angle.
Drilled collar locations and surveyed at the end of each drill
program, the surveyed coordinates are tabulated and entered
into the geological database.

All downhole survey shots were recorded against magnetic
north, primary surveys were subsequently converted to local
mine grid bearings and both values enteredinthe geological

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
database. Individual single shot survey records were
completed by the driller at 30m intervals, the original records
were collated and stored in hard copy for each hole. Single shot
survey data was entered manually into the geological
database. In addition to single shot surveys, multi shot surveys
have been recorded since 1998, the primary record is a digital
file that is copied and stored on the Evolution Mining network.
Multi shot survey readings were typically recorded at 6m
intervals, the extracted digital records were tabulated and
entered into the geological database. A local Pajingo mine grid
(VN1 Grid) is oriented 37.1 degrees west of magnetic north.

Face sample lines were measured from known survey stations
to the end of development using a tape measure or electronic
distometer. Collar coordinates are determined using the
surveyed void position cross referenced to the distance from
the known survey station, The vertical position is nominally
1.5m from the floor of the surveyed drive. The topographic
surface was based on surveyed points including drillhole
collars up to 2012.

Underground voids were surveyed using conventional total
station surveying methods and cavity monitoring system
(CMS) tools. Where voids could not be surveyed, a void shape
was created manually based on the design shape and visual
inspection of the void. Mined pits were surveyed using total
station method.

The void model used for the Mineral Resource estimate was
compiled by the site surveyor.

The grid system is Map Grid of Australia 1994 (MGA94) Zone
55. The local mine grid (VN1) has been located relative to
MGA94 by a licenced surveyor.

Topographic control is provided by a range of digital terrain
models (DTMs) at different resolutions. The most recent DTM
waslast updatedin March 2012
Data spacing and
distribution		 Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the Mineral
Resource
and
Ore
Reserve
estimation
procedure(s)
and
classifications applied.
Whether sample compositing has
been applied.
The estimated lodes were drilled to a nominal 40m x 40m
pattern regularly in-filled to 20m x 20m spacing. Level
separation varies from ~15m to ~30m floor to floor. Sample
data is composited downhole to 1m intervals and constrained
by the defined lode boundaries for estimations, and
composited according to grade when reporting significant
intersections.

Geological
continuity
of
the
Mineral
Resource
was
demonstrated using the existing drillhole distribution and
spacing. Geological continuity is further supported by detailed
mapping of underground workings.

Grade continuity of the Mineral Resource was demonstrated
using the existing drillhole distribution and spacing. The
mineralised lodes are heterogeneous, grade continuity has
been restricted to subdomains determined using the
distributionofgrade,lode geometry and structuralcontrols.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the
drilling orientation and the orientation
of key mineralised structures is
considered to have introduced a
sampling
bias,
this
should
be
assessed and reported if material.
Drillholes are designed to ensure optimal intersection angles
with the reefs. Underground drilling orientation may be affected
by available collar locations, and surface drilling due to the
depth of the intercepts and the steepness of the structure. The
downhole (“apparent”) thickness of intercepts are at times
greater than “true” thickness. Estimated true thickness is
provided in the Drill hole Information Table in the Appendix of
this report. Face sampling is typically taken from exposures
perpendicular to the strike of the lode.

Low angle and sub parallel intercepts have been excluded from
the resource estimate.

No orientation bias has been indicated in the drilling data to
date.
Sample security The measures taken to ensure
sample security.
Diamond core samples are stored on site at the core yard,
collected by NQX Couriers and delivered to ALS Townsville
laboratories for assaying. Whilst in storage at the lab they are
kept in a locked yard. All remaining diamond core and RC
material is stored at the mine site core yard, pulp rejects from
exploration drilling are stored at the core yard as well. Tracking
sheetshave beenset up to trackthe progress ofbatches of

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
samples.

Sample tampering orthefthasnot beenan issue.
Audits or reviews The results of any audits or
reviews of sampling techniques and
data.
Pajingo drilling data and geological database were reviewed
periodically. A review was conducted prior to the acquisition of
Pajingo Gold Mine by Conquest Mining in 2010. An internal
audit was conducted be Evolution Mining personnel in 2012.

An audit of the Resource Estimation process was conducted
by Quantitative Group in 2013. A substantial revision of the
geological interpretation and estimation methods was
prompted by the audit and applied in the 2015 Mineral
Resource estimation.

Mill to mine reconciliation checks are performed monthly and
periodically reviewed for individual lodes.

ALS and SGS laboratories in Townsville were audited in
October 2015.

Pajingo Section 2 Reporting of Exploration Results

Criteria JORC Code Explanation Commentary
Mineral tenement
and land tenure
status
Type,
reference
name/number,
location
and
ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.
Mining and ore processing operations are conducted on ML
1575, ML 10215 and ML 10246. The Moonlight resource is
located within ML10370. The tenements are owned by NQM
Gold 2 Pty Ltd a company wholly owned by Evolution Mining
Ltd. The area is not subject to any Native Title claims although
cultural heritage agreements are in place with the Birriah and
Kudjala Peoples.

The tenement is in good standing and no known impediments
exist.
Exploration done by
other parties		 Acknowledgment and appraisal of
exploration by other parties.
The area has been subject to previous soil sampling, RC and
diamond drilling, mapping and geophysical exploration by
various companies including Battle Mountain, ACM Ltd,
Normandy Mining, Newmont, NQM Ltd and Conquest Mining
Ltd
Geology Deposit type, geological setting and
style of mineralisation.
The target mineralisation is low-sulphidation-epithermal gold
hosted in an extensional setting within an intermediate volcanic
terrain of mid-Palaeozoic age.
Drill hole Information A summary of all information material
to the understanding of the exploration
results including a tabulation of the
following information for all Material
drillholes:
o easting and northing of the
drillhole collar
o elevation or RL of the drillhole
collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.
Drill hole information is provided in the Drill hole information
summary table.
Data aggregation
methods		 In reporting Exploration Results,
weighting
averaging
techniques,
maximum and/or minimum grade
Intercept length weighted average techniques, and minimum
grade truncations and cut-off grades have been used in this
report. Due to the nature of the drilling, some composite grades
areless thanthe currentresource cut offof 2.5g/t, butremain

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
truncations (eg cutting of high grades)
and cut-off grades are usually Material
and should be stated.

Where
aggregate
intercepts
incorporate short lengths of high grade
results and longer lengths of low grade
results, the procedure used for such
aggregation should be stated and
some
typical
examples
of
such
aggregations should be shown in
detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.		 significant as they demonstrate mineralisation in veins not
previously modelled.

Composite, as well as internal significant values are stated for
clarity.

No metal equivalent values are used.
Relationship
between
mineralisation widths
and intercept lengths		 These relationships are particularly
important
in
the
reporting
of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (eg ‘downhole length, true width
not known’)
The sampling technique confirms the presence of epithermal
quartz veining

The assays are reported as down hole intervals and an
estimated true width is provided.
Diagrams Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery
being
reported.
These
should include, but not be limited to a
plan view of drill hole
Drillhole location plan is provided in the body of the text of the
report.
Balanced reporting Where comprehensive reporting of
all
Exploration
Results
is
not
practicable, representative reporting of
both low and high grades and/or
widths should be practiced to avoid
misleading reporting of Exploration
Results
Assay results reported are of specific regions within the drill
hole identified by epithermal quartz veining
Other substantive
exploration data		 Other exploration data, if meaningful
and material, should be reported
including
(but
not
limited
to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
Data from the 3D seismic survey and Lithogeochemical study
is proving useful in targeting and is being used to refine drill
targets for FY16.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions, including
the main geological interpretations and
future drilling areas, provided this
Results from Camembert have been modelled and estimated,
and have been included in the December 2015 Resource
Statement. Further drilling will be required to generate an
Indicated Resource due to drill density.

Field mapping and further data compilation of targets identified
as part of a site based targeting exercise will be ongoing in Q4.
These targets are being prepared for further work, including
drilling, in FY17.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria JORC Code Explanation Commentary
information
is
not
commercially
sensitive.

Cracow

Cracow Section 1 Sampling Techniques and Data

Criteria Explanation Commentary
Sampling techniques Nature and quality of sampling
(eg cut channels, random chips, or
specific
specialised
industry
standard
measurement
tools
appropriate to the minerals under
investigation, such as downhole
gamma sondes, or handheld XRF
instruments,
etc).
These
examples should not be taken as
limiting the broad meaning of
sampling.
Include reference to measures
taken
to
ensure
sample
representivity and the appropriate
calibration of any measurement
tools or systems used.
Aspects of the determination of
mineralisation that are Material to
the Public Report. In cases where
‘industry standard’ work has been
done this would be relatively
simple (eg ‘reverse circulation
drilling was used to obtain 1 m
samples from which 3 kg was
pulverised to produce a 30 g
charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling
problems.
Unusual
commodities
or
mineralisation
types (eg submarine nodules)
Sample types collected at Cracow and used in the reporting of
assays were all Diamond Drill core

Sample intervals for drill core were determined by visual logging
of
lithology
type,
veining
style/intensity
and
alteration
style/intensity to ensure a representative sample was taken. In
addition, sampling is completed across the full width of
mineralisation. Minimum and maximum sample intervals were
applied using this framework. No instruments or tools requiring
calibration were used as part of the sampling process.

Industry standard procedures were followed with no significant
coarse gold issues that affected sampling protocols. Nominal 3
kg samples from drill core are subsampled to produce a 50g
sample submitted for fire assay.
Drilling techniques Drill type (eg core, reverse
circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple
or standard tube, depth of diamond
tails, face-sampling bit or other type,
whether core is oriented and if so, by
what method, etc).
A combination of drilling techniques was used across the Cracow
Lodes. Diamond NQ3 (standard) and LTK60 were the most
commonly used. All of the holes reported were drilled from
underground and none of the holes reported were orientated.
Drill sample recovery Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise
sample
recovery
and
ensure
representative nature of the samples.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
Drill core – the measurement of length drilled Vs. length of core
recovered was completed for each drilled run by the drill crew.
This was recorded on a core loss block placed in the core tray for
any loss identified. Marking up of the core by the geological team
then checked and confirmed these core blocks, and any
additional core loss was recorded and blocks inserted to ensure
this data was captured. Any areas containing core loss were
logged using the lithology code “Core Loss” in the lithology field
of the database.

Sample loss at Cracow was calculated at less than 1% and wasn’t
considered an issue. Washing away ofsample by the drillingfluid

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
occurred due to preferential loss/gain
of fine/coarse material.		 in clay or fault gouge material is the main cause of sample loss.
In areas identified as having lithologies susceptible to sample
loss, drilling practices and down-hole fluids were modified to
reduce or eliminate sample loss.

The drilling contract used at Cracow states for any given run, a
level of recovery is required otherwise financial penalties are
applied to the drill contractor. This ensures sample recovery is
prioritised along with production performance.

Mineralisation at Cracow was within Quartz-Carbonate fissure
veins, and therefore sample loss rarely occurs in lode material.
No relationship between sample recovery and grade was
observed.
Logging Whether core and chip samples
have
been
geologically
and
geotechnically logged to a level of
detail to support appropriate Mineral
Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel etc) photography.
The total length and percentage of
the relevant intersections logged.
Geological logging was undertaken onsite by Evolution
employees and less frequently by external contractors. Logging
was completed using_LogChief_Software and uploaded directly to
the database. A standard for logging at Cracow was set by the
Core Logging Procedure_Cracow Procedures Manual 3rd Edition_.
Drill Core is logged recording lithology, alteration, veining, mineral
sulphides and geotechnical data. RC chip logging captured the
same data with the exclusion of geotechnical information.

Logging was qualitative. All drill core was photographed wet using
a camera stand and an information board to ensure a consistent
standard of photography and relevant information was captured.

All core samples collected were fully logged.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and
whether quarter, half or all core
taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for
all
sub-sampling
stages
to
maximise representivity of samples.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.
All drill holes reported were whole core sampled.

Whole core samples were crushed in a jaw crusher to > 70%
passing 2mm; half of this material was split with a riffle splitter
for pulverising. No RC samples required crushing in the jaw
crusher. Core and RC samples were pulverised for 10-14
minutes in a LM5 bowl with a target of 85% passing 75µm.
Grind checks were undertaken nominally every 20 samples.
From this material approximately 120g was scooped for further
analysis and the remaining material re-bagged. Duplicates
were performed on batches processed by ALS every 20
samples at both the crushing and pulverising stages. This
sample preparation for drill samples is considered appropriate
for the style of mineralisation at Cracow.

Duplicates were performed on batches processed by ALS
Brisbane every 20 samples at both the crushing and pulverising
stages.

Grind checks were undertaken nominally every 20 samples, to
ensure sample grind target of 85% passing 75µm was met.
Duplicates were completed every 20 samples at both the crushing
and pulverising stages, with no bias found at any sub-sampling
stage.

The sample size collected is considered to be appropriate for the
size and characteristic of the gold mineralisation being sampled.
Quality of assay data
and laboratory tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.

For
geophysical
tools,
spectrometers,
handheld
XRF
instruments, etc, the parameters
used in determining the analysis
including
instrument
make
and
model, reading times, calibrations
factors applied and their derivation,
etc.
Sample Analyses - The samples were analysed by 50g Fire
Assay for Au with Atomic Absorption (AAS) finish and was
performed at ALS Townsville. For Ag an Aqua Regia digest with
AAS finish was completed, also at ALS Townsville.

An analytical duplicate was performed every 20 samples, aligned
in sequence with the crushing and pulverising duplicates. The
Fire Assay Method is a total technique.

No other instruments that required calibration were used for
analysis to compliment the assaying at Cracow.

Thirteen externally certified standards at a suitable range of gold
grades (including blanks) were inserted at a minimum rate of 1:20
with each sample submission. All non-conforming results were
investigated and verified prior to acceptance of the assay data.
Results that did not conform to the QAQC protocols were not
usedin resource estimations.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates,
external
laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias)
and precision have been established.
Monthly QAQC reports were produced to watch for any trends or
issues with bias, precision and accuracy.

An inspection of both the prep lab in Brisbane and the assay lab
in Townsville was conducted in December 2015 by Cracow
personnel.
Verification of
sampling and
assaying		 The verification of significant
intersections by either independent
or alternative company personnel.
The use of twinned holes.
Documentation of primary data,
data entry procedures, data
verification, data storage (physical
and electronic) protocols.
Discuss any adjustment to assay
data
Verification of assay results was standard practice, undertaken at
a minimum once per year. In 2015, 547 pulp samples from
Cracow drillcore were retested at SGS Townsville to compare to
the results produced by ALS Townsville. The umpire sampling
confirmed the accuracy of the ALS Townsville assaying was
within acceptable error limits.

The drilling of twin holes wasn’t common practice at Cracow. Twin
holes that have been drilled show the tenor of mineralisation
within the reportable domains were consistent between twin
holes.

All sample information was stored using_Datashed_, an SQL
database. The software contains a number of features to ensure
data integrity. These include (but not limited to) not allowing
overlapping sample intervals, restrictions on entered into certain
fields and restrictions on what actions can be performed in the
database based on the individual user. Data entry to_Datashed_
was undertaken through a combination of site specific electronic
data-entry sheets, synchronisation from_Logchief_and upload of
.csv files.

No adjustments are made to the finalised assay data received
from the laboratory.
Location of data
points		 Accuracy and quality of surveys
used to locate drillholes (collar and
downhole surveys), trenches, mine
workings and other locations used in
Mineral Resource estimation.
Specification of the grid system
used.

Quality
and
adequacy
of
topographic control.
Underground drill-hole positions were determined by traversing,
using Leica TS15 Viva survey instrument (theodolite) in the local
Klondyke mine grid.

Down-hole surveys were captured by an Eastman camera for
older holes and a Reflex camera on recent holes.

The mine co-ordinate system at Cracow is named the Klondyke
Mine Grid, which transforms to MGA94 Grid and was created and
maintained by onsite registered surveyors.
Data spacing and
distribution		 Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the Mineral
Resource
and
Ore
Reserve
estimation
procedure(s)
and
classifications applied.
Whether sample compositing has
been applied.
Exploration results are not being reported.

Sample spacing and distribution was deemed sufficient for
resource estimation.

Spacing and distribution varied a range of drill patterns: 20x20,
40x40x and 80x80.

The sample spacing required for the resource category of each
ore body is unique and may not fit the idealised spacing indicated
above.

All datasets were composited prior to estimation. The most
frequent interval length was 1 metre, particularly inside and
around mineralised zones. Sample intervals for most domains
were composited to 1m, with a maximum sample length of no
greater than 1.5m and a minimum sample interval of 0.2m.
A small number of lodes utilised a 1.5m composite as was
appropriate for the sample set for those deposits.
Orientation of data in
relation to geological
structure		 Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the
drilling orientation and the orientation
of key mineralised structures is
considered to have introduced a
Sample bias from non-orientation of core is considered minimal
in respect to mineralisation at Cracow. All drill holes reported
were whole core sampled

Drill holes were designed to ensure angles of sample intersection
with the mineralisation was as perpendicular as possible. Where
a poor intersection angle of individual holes locally distorted the
interpreted mineralisation, these holes may not have been used
to generate the wireframe.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
sampling
bias,
this
should
be
assessed and reported if material.
Sample security The measures taken to ensure
sample security.
All staff undergo Police Clearances, are instructed on relevant
JORC 2012 requirements and assaying is completed by
registered laboratories.

The core was transported by a private contractor by truck to the
assay laboratories.
Audits or reviews The results of any audits or
reviews of sampling techniques and
data.
An inspection of sample preparation facility in Brisbane and the
Fire Assay laboratory in Townsville was conducted in by Cracow
personnel in December 2015. No major issues were found.

Cracow Section 2 Reporting of Exploration Results

Criteria Explanation Commentary
Mineral tenement and
land tenure status		 Type, reference name/number,
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
The security of the tenure held at
the time of reporting along with any
known impediments to obtaining a
licence to operate in the area.
ML3219, ML3221, ML3223, ML3224, ML3227, ML3228,
ML3229, ML3230, ML3231, ML3232, ML3243, ML80024,
ML80088, ML80089, ML80114, ML80120, ML80144 and
EPM15981 are all wholly owned by Evolution Mining’s wholly
owned subsidiary, Lion Mining Pty Ltd.

All tenure is current and in good standing.
Exploration done by
other parties		 Acknowledgment and appraisal of
exploration by other parties.
The Cracow Goldfields were discovered in 1932, with the
identification of mineralisation at Dawn then Golden Plateau in
the eastern portion of the field. From 1932 to 1992, mining of
Golden Plateau and associated trends produced 850KOz.
Exploration across the fields and nearby regions was completed
by several identities including BP Minerals Australia, Australian
Gold Resources Ltd, ACM Operations Pty Ltd, Sedimentary
Holdings NL and Zapopan NL.

In 1995, Newcrest Mining Ltd (NML) entered into a 70 % share
of the Cracow Joint Venture. Initially exploration was targeting
porphyry type mineralisation, focusing on the large areas of
alteration at Fernyside and Myles Corridor. This focus shifted to
epithermal exploration of the western portion of the field, after the
discovery of the Vera Mineralisation at Pajingo, which shared
similarities with Cracow. The Royal epithermal mineralisation
was discovered in 1998, with further discoveries of Crown,
Sovereign, Empire, Phoenix, Kilkenny and Tipperary made from
1998 up to 2008

Evolution was formed from the divestment of Newcrest assets
(including Cracow) and the merging of Conquest and Catalpa in
2012. Evolution continued exploration at Cracow from 2012.
Geology Deposit type, geological setting and
style of mineralisation.
The Cracow project area gold deposits are in the Lower Permian
Camboon Andesite on the south-eastern flank of the Bowen
Basin. The regional strike is north-northwest and the dip 20° west-
southwest. The Camboon Andesite consists of andesitic and
basaltic lava, with agglomerate, tuff and some inter-bedded
trachytic volcanics. The andesitic lavas are typically porphyritic,
with phenocrysts of plagioclase feldspar (oligocalse or andesine)
and less commonly augite. To the west, the Camboon Andesite
is overlain with an interpreted disconformity by fossiliferous
limestone of the Buffel Formation. It is unconformably underlain
to the east by theTorsdaleBeds,whichconsist of rhyolitic and

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
dacitic lavas and pyroclastics with inter-bedded trachytic and
andesitic volcanics, sandstone, siltstone, and conglomerate.

Mineralisation is hosted in steeply dipping low sulphidation
epithermal veins. These veins found as discrete and as stockwork
and are composed of quartz, carbonate and adularia, with varying
percentages of each mineral. Vein textures include banding
(colloform, crustiform, cockade, moss), breccia channels and
massive quartz, and indicate depth within the epithermal system.
Sulphide percentage in the veins are generally low (<3%)
primarily composed of pyrite, with minor occurrences of hessite,
sphalerite and galena. Rare chalcopyrite, arsenopyrite and
bornite can also be found.

Alteration of the country rock can be extensive and zone from the
central veined structure. This alteration consists of silicification,
phyllic alteration (silica, sericite and other clay minerals) and
argillic alteration in the inner zone, grading outwards to potassic
(adularia) then an outer propylitic zone. Gold is very fined grained
and found predominantly as electrum but less common within
clots of pyrite.
Drill hole Information A summary of all information
material to the understanding of the
exploration
results
including
a
tabulation of the following information
for all Material drillholes:
o easting and northing of the
drillhole collar
o elevation or RL of the drillhole
collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
_explain why this is the case. _
Drill hole information is provided in the Appendix Drill hole
information summary table.
Data aggregation
methods		 In reporting Exploration Results,
weighting
averaging
techniques,
maximum and/or minimum grade
truncations
(eg cutting
of
high
grades) and cut-off grades are
usually Material and should be
stated.

Where
aggregate
intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Intercept length weighted average techniques, and minimum
grade truncations and cut-off grades have been used in this
report. Due to the nature of the drilling, some composite grades
are less than the current resource cut off of 2.8g/t, but remain
significant as they demonstrate mineralisation in veins not
previously modelled.

Composite, as well as internal significant values are stated for
clarity.

No metal equivalent values are used.
Relationship between
mineralisation widths
and intercept lengths		 These relationships are particularly
important
in
the
reporting
of
Exploration Results.
The sampling technique confirms the presence of epithermal
quartz veining. There is a direct relationship between the
mineralisation widths and intercept widths at Cracow.

The assays are reported as down hole intervals and an estimated
true width is provided.

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APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Criteria Explanation Commentary
If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (eg ‘downhole length, true
width not known’)
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for any
significant discovery being reported.
These should include, but not be
limited to a plan view of drill hole
Representative diagrams of significant intercepts are presented
in the body of the text.
Balanced reporting
Where
comprehensive
reporting of all Exploration
Results is not practicable,
representative reporting of
both low and high grades
and/or widths should be
practiced
to
avoid
misleading
reporting
of
Exploration Results
Assay results reported are of specific regions within the drill hole
identified by epithermal quartz veining.
Other substantive
exploration data
Other
exploration
data,
if
meaningful and material, should be
reported including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples – size and
method of treatment; metallurgical
test
results;
bulk
density,
groundwater, geotechnical and rock
characteristics; potential deleterious
or contaminating substances.
No significant exploration activities have occurred during the
reporting period.
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).
Diagrams clearly highlighting the
areas
of
possible
extensions,
including
the
main
geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.
Further Near Mine Exploration and Resource Definition work on
the Cracow tenements is planned for FY17

APPENDIX 3 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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