EVOLUTION MINING LIMITED — Regulatory Filings 2017

Jun 21, 2017

ASX Announcement 22 June 2017

New Joint Venture Targets IOCG in Southern Gawler Ranges

• Earn-in and joint venture agreement signed with Evolution Mining Limited targeting IOCG deposits

• Well capitalised partner to fund an accelerated work program and to bring specialised exploration capabilities to the joint venture

• Exploration work to commence immediately

Terramin Australia Limited (ASX:TZN) ( Terramin ) is pleased to announce that Menninnie Metals Pty Ltd ( MMPL ), a wholly owned subsidiary of Terramin, has entered into an earn-in joint venture agreement with Evolution Mining Limited (ASX:EVN) ( Evolution ) for exploration in the South Gawler Project which covers 11 tenements held by MMPL in the northern Eyre Peninsula of South Australia, approximately 320km northwest of Adelaide (Figure1) ( Agreement ).

Exploration will primarily target Iron Oxide Copper Gold ( IOCG ) breccia deposits in areas that have seen limited exploration thus far. The joint venture has been formed to accelerate exploration of breccia style targets with similar characteristics to Olympic Dam, Carrapateena, Prominent Hill and IOCG deposits elsewhere.

Commenting on the Agreement, Terramin’s CEO Martin Janes, said:

“We are very pleased with this new joint venture, Evolution is a well-funded company which shares similar views to ours on the exploration potential of the area. There is growing evidence that hydrothermal systems occur in the southern Gawler Ranges area which is consistent with the new JV’s exploration model.”

The key terms of the Agreement are:

• Evolution can earn a 70% interest in the project after spending A$4 million on exploration over four years, MMPL will continue to hold the tenements until then;

• Terramin to be the manager during the first earn-in phase;

• At its election, Terramin may contribute pro-rata and retain 30% of the project, otherwise Evolution may elect to earn an additional 10% interest in the project (total 80%) by spending a further A$2 million over two years, after which a pro-rata period will operate;

• Evolution can withdraw from the project after a minimum spend of A$500,000 within the first year.

Terramin Australia Ltd ACN 062 576 238 F +61 8 8213 1416 Unit 7, 202-208 Glen Osmond Road, Fullarton SA, 5064 T +61 8 8213 1415

F +61 8 8213 1416 info@terramin.com.au www.terramin.com.au

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Figure 1 – South Gawler Project Location and Tenements

For further information, please contact:

Martin Janes Chief Executive Officer Terramin Australia Limited +61 8 8213 1415 info@terramin.com.au

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