EVOLUTION MINING LIMITED — Regulatory Filings 2021

Aug 18, 2021

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ABN 74 084 669 036

ASX Announcement

19 August 2021

Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 24 175 Liverpool Street Sydney NSW 2000

www.evolutionmining.com.au

FY21 FINANCIAL RESULTS AND FINAL DIVIDEND

Evolution Mining Limited (ASX: EVN) has today reported a record statutory net profit after tax of A$345.3 million for the year ending 30 June 2021 (FY21) and that it will pay a final dividend for FY21 of 5 cents per share fully franked delivering a total FY21 dividend of 12 cents per share.

FY21 Group Highlights

• Public commitment to transition to “Net Zero” greenhouse gas emissions by 2050 (scope 1 and 2) and a 30% reduction in greenhouse gas emissions by 2030

• Statutory net profit after tax increased 14% to a record A$345.3 million (FY20: A$301.6 million)

• Underlying net profit after tax of A$354.3 million (FY20: A$405.4 million)

• EBITDA of A$914.2 million (FY20 A$1,029.4 million)

• Gold production of 680,788 ounces (FY20: 746,463 ounces)

• AISC[1] of A$1,215 per ounce (US$907/oz)[2] – sector leading amongst global gold producers

• Net bank debt of A$459.9 million at 30 June 2020 (cash A$160.1 million; bank debt A$620.0 million) with modest gearing of 15%.

• Acquisition of Battle North to accelerate the growth opportunity at Red Lake

• Board approval of the Cowal Underground development in July 2021 with planned investment of A$380 million

Final fully franked dividend of 5 cents per share declared, resulting in a distribution to shareholders of A$91.3 million[3]

• Ex-dividend date – 30 August 2021

• Record date – 31 August 2021

• Payment date – 28 September 2021

• Nil Conduit Foreign Income (CFI) component

Commenting on the FY21 Financial Results, Evolution’s Executive Chairman Jake Klein said:

“I am proud of Evolution’s achievements during FY21 amid the challenging backdrop of the COVID-19 pandemic. Our teams have risen to the challenge to deliver a record net profit and maintain our sector leading margins. The fully franked final dividend of 5 cents per share is our 17[th] consecutive dividend, with A$943 million in dividends paid to shareholders since our maiden dividend in 2013.

We continued to upgrade the quality of the portfolio with our commitment to develop the Cowal Underground mine, and district consolidations completed at both Red Lake and Mungari to further enhance those cornerstone operations. Evolution is well placed to deliver an exceptional, high margin growth pipeline.”

1. All-in Sustaining Cost includes C1 cash cost, plus royalty expense; sustaining capital; and general corporate and administration expenses on a per ounce sold basis

2. Calculated using an average AUD:USD exchange rate for FY21 of US$0.7466

3. Final dollar value of dividend subject to outcome of current Share Purchase Plan

Evolution Mining Limited

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Evolution has always put environmental and social concerns at the forefront of our operations. We have now publicly committed to bolder, more tangible action as we align our business with the commitment to transition to “Net Zero” greenhouse gas emissions by 2050 (scope 1 and 2) and a 30% reduction in greenhouse gas emissions by 2030.

Evolution continues to be recognised for its Sustainability performance, receiving a sector leading rating of ‘AA’ in the MSCI ESG Ratings assessment.

The COVID-19 pandemic has not had a material impact to operations with operating protocols developed to minimise risks to our people and communities and to ensure we can safely produce gold during this challenging period. These plans include activation of our crisis management protocols, restricting international and domestic travel, enacting strict social distancing protocols including reducing face-to-face interactions, increasing flexible working arrangements, ensuring best practice health management is maintained at all times and regular COVID19 communication with the entire workforce.

Total recordable injury frequency (TRIF) was 9.6 as at 30 June 2021 (30 June 2020: 6.8). Despite the increase in TRIF, Evolution remains committed to continuing efforts to improve safety performance with a heavy focus on increased field leadership and high-quality safety interactions.

Evolution achieved a record statutory net profit after tax of A$345.3 million for the year, a 14.5% increase on the prior year (30 June 2020: A$301.6 million). Underlying profit after tax was A$354.3 million (FY20: A$405.4 million).

Basic earnings per share was also a record, which increased by 14.1% to 20.21 cents per share (30 June 2020: 17.71 cents).

A record A$273.4 million (30 June 2020: A$221.4 million) in fully franked dividends was paid during the year, a 23.5% increase on the prior year.

The Directors declared a final fully franked dividend of 5.0 cents per share, which is the 17th consecutive dividend (30 June 2020: 9.0 cents). The aggregate amount of the final dividend to be paid on 28 September 2021 is estimated at A$91.3 million following the completion of the Share Purchase Plan (SPP).

Revenue for the year ended 30 June 2021 decreased by 4% to A$1,864.1 million (30 June 2020: A$1,941.9 million). The higher achieved gold price of A$2,369/oz was partially offset by a decrease in produced ounces for the year to 680,788oz (30 June 2020: 746,463oz). Revenue comprised of A$1,605.0 million of gold, A$236.9 million of copper and A$22.1 million of silver (30 June 2020: A$1,738.1 million of gold, A$187.9 million of copper and A$15.8 million of silver revenue).

Total gold sold equalled 677,150oz which included deliveries into the Australian gold delivery commitments of 100,000oz at an average price of A$1,829/oz (30 June 2020: 100,000 oz, A$1,734/oz) and Canadian hedge book of 40,000oz at an average price of C$2,272/oz. The remaining 537,150oz were sold in the spot market comprising 456,001oz delivered at an average price of A$2,474/oz and 81,169oz delivered at an average price of C$2,361/oz (30 June 2020: 664,655oz, A$2,320/oz). At 30 June 2021 gold delivery commitments totalled 200,000oz at a price of A$1,892/oz for the Australian operations and 80,000oz at C$2,272/oz for Red Lake with quarterly deliveries through to June 2023.

Copper revenue achieved was a record with a 26% increase from the prior year to A$236.9 million (30 June 2020: A$187.9 million), driven by a 33% increase in copper price of A$11,172/t partially offset by a 5% decrease in production to 21,361 tonnes.

Mine operating costs, excluding Red Lake (first full year of ownership) and Cracow (divested 1 July 2020), showed good cost control in the year with increases in costs largely driven by increased activity across the sites. Price increases over the year were only approximately 1% the total operating cost or A$5.8 million. The price increases were mainly due to a 3.5% increase in labour and contractor rates combined with increased maintenance consumables costs and water unit rates. Pleasingly, these cost increases were mostly offset by lower power costs linked to new contract rates, lower diesel costs due to lower oil prices and lower grinding media costs due to the benefits of new contract rates. Higher activities across the operations impacted operating costs by 3.5% or A$26.6 million driven by the full year of underground operations at Mt Carlton, additional headcount at Cowal and Mungari, and increased maintenance activities.

Red Lake operating costs were A$197.2 million for the first full-year in comparison to A$48.3 million incurred for the part-year of ownership in FY20. On a pro-rata basis costs at Red Lake in FY21 remained in line with FY20.

Inventory costs expensed were A$44.9 million lower driven by increased value of stockpile inventories predominantly at Cowal, partially offset by planned drawdown of stockpiles until access to Stage H ore is obtained in FY22.

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Evolution Mining Limited

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Royalties were in line with FY20 driven by higher achieved metal prices offset by lower metal quantities sold. Byproduct revenue was up 28% due to higher metal prices, particularly copper.

Tax expense for the current year is A$43.9 million higher reflecting the higher profit achieved in the year.

Operating mine cash flow decreased by 16% totalling A$937.3 million (30 June 2020: A$1,121.4 million). Total capital investment was A$379.8 million (30 June 2020: A$371.0 million) which included A$105.7 million (30 June 2020: A$83.4 million) of sustaining capital investment and A$274.1 million (30 June 2020: A$287.6 million) of major capital investment.

On 13 August 2020, a maiden Mineral Resource estimate at Red Lake in accordance with the JORC Code of 48.1 million tonnes grading 7.1 grams per tonne for 11.0 million ounces of gold was announced. This included 4.3 million ounces at an average grade of 10.5 grams per tonne gold in the Upper Campbell area.

On 20 May 2021 Evolution completed the acquisition all of the outstanding shares of Battle North Gold at a price of C$2.65 per common share in cash for a total consideration of approximately C$343.0 million. Battle North Gold's key asset was the Bateman mill which is located 10km from Evolution’s existing Red Lake operations in Ontario, Canada. The additional processing capacity from the new Bateman mill will accelerate the ability to achieve in excess of 350,000 ounces of gold per annum from Red Lake. In addition, the expansion of Evolution's footprint in the region provides an opportunity to build on our track record as a safe and sustainable operator for the long term benefit of a broad range of stakeholders including the local workforce, regional communities and our Wabauskang and Lac Seul First Nation Partners. The full Australian dollar currency exposure of the C$343.0 million purchase price for Battle North Gold was hedged shortly after entering into the transaction, resulting in a saving of A$9.7 million versus the spot exchange rate at closing.

Evolution acquired a 100% interest in the Crush Creek project located 30km south east of Mt Carlton. An initial 70% ownership was achieved following sole funding A$7.0 million of exploration expenditure and the remaining 30% of the project was subsequently acquired for A$4.5 million. Successful drilling programs at the BV7 and Delta areas have resulted in a maiden Mineral Resource estimate of 1.13 million tonnes grading 3.48 grams per tonne gold for 126,000 ounces, reinforcing our belief that mineralisation being delineated has the potential to extend mine life at Mt Carlton.

Subsequent to the end of the period a number of significant events occurred.

The Board approved of the development of the Cowal Underground Mine, which provides a higher-grade ore source that will be blended with the current E42 open pit and stockpile ore. The commitment to the Cowal Underground Mine is part of Evolution’s goal of Cowal producing 350,000 ounces of low-cost gold a year and mine life extension beyond 17 years, while at the same time injecting significant economic benefit for all stakeholders. The planned capital investment is A$380 million. The project is pending regulatory approval which is expected to be received in the September 2021 quarter.

At Red Lake, the Board approved a clear and defined program that accelerates the restoration of Red Lake to a premier Canadian gold mine with the goal of producing 350,000 ounces of low-cost gold per year by FY26. This will also deliver significant benefit for all stakeholders of the Red Lake asset.

On 22 July 2021, Evolution announced that it had entered into an agreement with Northern Star Resources Limited to acquire:

• 100% interest in the Kundana Operations

• 51% interest in the East Kundana Joint Venture (EKJV)

• 100% interest in certain tenements comprising the Carbine Project

• 75% interest in the West Kundana Joint Venture (WKJV)

The transaction completed on 18 August 2021 with the acquired operating assets all situated within 8km of Evolution's Mungari Operations, which represents an important strategic opportunity to consolidate the region, optimise the value of its existing infrastructure and capture significant operational synergies. Evolution has paid Northern Star A$400.0 million in cash to acquire the assets, which was funded by a A$400.0 million fully underwritten institutional placement and is accompanied by a non-underwritten share purchase plan.

On 13 August Evolution announced that it had successfully priced a US$550 million placement in the United States private placement market. This was following receipt of an investment grade private credit rating from a major reputable rating agency. Funds from the placement will enable repayment of the existing term loan facility that funded the Red Lake acquisition (A$450 million) and extend the debt maturity profile from an average of 2.7 years to 7.1 years. The placement consisted of US$200 million maturing November 2028 with a fixed rate coupon of 2.83% and US$350 million maturing November 2031 with a fixed rate coupon of 3.17%. Evolution has entered

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Evolution Mining Limited

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into cross currency swaps to hedge the US dollar exposure. The completion of the placement is subject to standard closing conditions and is expected to be drawn in November 2021.

This announcement is a summary of the FY21 Financial Results. Full details of the FY21 Financial Results are available in the Appendix 4E and Annual Financial Report released to the ASX today and are also available at the Company’s website.

Dividend Payment

The Board has declared a final FY21 fully franked dividend of 5.0 cents per share, totalling A$91.3 million. Evolution shares will trade excluding entitlement to the dividend on 30 August 2021, with the record date being 31 August 2021 and payment date of 28 September 2021.

This results in an FY21 full year dividend of 12 cents per share fully franked. This dividend is based on the policy of whenever possible paying a dividend based on free cash flow generated during a year. The policy targets a payout ratio of 50% of cash flow. Free cash flow is defined as cash flow before debt and any acquisitions or divestments. The full year dividend equates to a payout rate of 64% of FY21 group cash flow.

FY22 Guidance

Evolution previously announced Group production and AISC guidance for FY22 on 22 July 2021 with gold production guidance of 700,000 – 760,000 ounces at an AISC guidance of A$1,220 – A$1,280 per ounce. Assuming an AUD:USD exchange rate of 0.73, Evolution’s forecast FY22 AISC equates to approximately US$890 – US$935 per ounce.

Investment in sustaining capital in FY22 is guided to be between A$125.0 – A$155.0 million. The majority of the sustaining capital is directed to Cowal and Red Lake to invest in equipment and infrastructure required due to their longer life of mine plans.

Investment in major capital and exploration is additional to the costs included in AISC and are reported in All in Cost (AIC). Major capital in FY22 is guided to be in the range of A$440.0 – A$510.0 million with more than half of the major capital associated with expansion projects at Cowal to develop the Underground (A$145.0 - A$160.0 million), continue the construction of the Integrated Waste Landform (A$75 – A$80 million) and undertake feasibility studies on Open Pit expansion opportunities (A$15.0 – A$20.0 million).

Major capital investment at Red Lake covers the mine development to recapitalise the existing mining areas of Lower Red Lake and Cochenour (A$50.0 – A$55.0 million), and to commence development of two new mining areas in Upper Campbell (A$35.0 – A$40.0 million) and McFinley (A$25.0 – A$30.0 million). Major capital for the Campbell mill (A$10.0 – A$15.0 million) and Bateman mill (A$10.0 – A$15.0 million) will increase processing capacity in excess of 2 million tonnes per annum and set the operation on the path to in excess of 350,000 ounces production in FY26. The major capital at the other operations is predominantly mine development expenditure.

A breakdown of previously released Group production, costs and capital guidance is provided in the table below:

FY22 Guidance	Gold production (oz)	AISC **(A$/oz) ***	Sustaining Capital (A$M) **	Major Capital (A$M) **
Cowal	230,000 – 250,000	1,180 – 1,220	35.0 – 40.0	260.0 – 280.0
Red Lake	155,000 – 165,000	1,600 – 1,660	55.0 – 60.0	130.0 – 155.0
Mungari	115,000 – 125,000	1,750 – 1,800	15.0 – 22.5	25.0 – 40.0
Mt Rawdon	75,000 – 80,000	1,470 – 1,520	5.0 – 10.0	12.5 – 17.5
Mt Carlton	45,000 – 50,000	1,650 – 1,700	5.0 – 10.0	12.5 – 17.5
Ernest Henry	80,000 – 90,000	(780) – (720)	10.0 – 12.5	0
Corporate		70 – 75
Group	700,000 – 760,000	1,220 – 1,280	125.0 – 155.0	440.0 – 510.0

• AISC assumes A$2,200/oz Au and A$11,000/t Cu for royalties and by-products **Corporate capital of A$3M (Sustaining) and A$2M (Major) not included above

Evolution Mining Limited

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Conference Call

Jake Klein (Executive Chairman) and Lawrie Conway (Finance Director and Chief Financial Officer) will host a conference call to discuss the FY21 Financial Results at 11.00am (AEST) today . Access details are provided below.

Shareholders – Live Audio Stream

A live audio stream of the conference call will be available on Evolution’s website www.evolutionmining.com.au. under Latest News. 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.

Analyst and Media – Conference Call Details

Conference call details for analysts and media includes Q & A participation. Please dial in five minutes before the conference call starts and provide your name and the participant ID number. To ask a question, participants will need to dial *1 (star, 1) on their telephone keypad.

To access the conference call, participants will pre-register for the call at the link below.

https://s1.c-conf.com/DiamondPass/10014526-sk85f6.html

You will receive a calendar invite and a unique code which is to be quoted when dialling into the call.

This announcement has been authorised for release by the Board of Directors.

For further information please contact:

Investor Enquiries

Martin Cummings General Manager Investor Relations Evolution Mining Limited Tel: +61 2 9696 2900

Media Contact Michael Vaughan Media Relations Fivemark Partners Tel: +61 422 602 720

About Evolution Mining

Evolution Mining is a leading, growth-focused gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mungari in Western Australia, Mt Carlton and Mt Rawdon in Queensland, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper-gold mine in Queensland.

Evolution has guided FY22 gold production of 700,000 – 760,000 ounces at an All-in Sustaining Cost of A$1,220 – A$1,280 per ounce.

Evolution Mining Limited

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APPENDIX: EVOLUTION DECEMBER 2020 MINERAL RESOURCES AND ORE RESERVES

December 2020 Group Gold Mineral Resource Statement – excludes Battle North Gold (Bateman Project) and Kundana Assets

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

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

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

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

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

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

AuEq=26/2,0000.8203silver grade (Silver price/Gold pricesilver recoverysilver grade). It is the Competent Persons opinion that the assigned cut-off criteria satisfy the JORC Code requirement that the reported Mineral Resource meets reasonable prospects of eventual economic extraction and that the silver present within the A39 deposit can be economically recovered.

Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2020” released 3 February 2021 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed except for Cowal Underground. This revised information is provided in ASX release entitled ‘Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook” released on 16 July 2021 and available to view at www.evolutionmining.com. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 77% of the total Ernest Henry gold resource.

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APPENDIX: EVOLUTION DECEMBER 2020 MINERAL RESOURCES AND ORE RESERVES

December 2020 Group Gold Ore Reserve Statement – excludes Battle North Gold (Bateman Project) and Kundana Assets

Gold	Gold	Gold							Total Reserve	Total Reserve	Total Reserve	CP4	Dec 19 Reserves
				Proved			Probable
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)		Gold Metal (koz)
Cowal1	Open pit	0.45	20.60	0.46	306	104.72	0.96	3,241	125.32	0.88	3,547	1	3,6341
Cowal	Underground	1.8	-	-	-	12.55	2.59	1,045	12.55	2.59	1,045	2
Cowal	Total		20.60	0.46	306	117.27	1.14	4,287	137.87	1.04	4,593		4,438
Red Lake3	Total	4.3	-	-	-	13.16	6.90	2,929	13.16	6.90	2,929	3
Mungari	Underground	2.9	-	-	-	0.30	3.57	35	0.30	3.57	35	4	68
Mungari1	Open pit	0.75	-	-	-	9.68	1.35	419	9.68	1.35	419	4	500
Mungari1	Total		-	-	-	9.98	1.41	454	9.98	1.41	454	4	568
Mt Rawdon1	Open pit	0.3	4.26	0.41	56	15.82	0.67	342	20.08	0.62	398	5	538
Mt Carlton1	Open pit	0.8	-	-	-	6.13	0.63	124	6.13	0.63	124	6	2701
Mt Carlton5	Underground	3.2	-	-	-	0.30	4.52	44	0.30	4.52	44	6	40
Mt Carlton1	Total		-	-	-	6.43	0.81	168	6.43	0.81	168	6	311
Ernest Henry2	Underground	0.9	2.67	0.81	70	29.94	0.47	455	32.62	0.50	525	7	660
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	6	817
Total			27.54	0.49	432	257.77	1.14	9,452	285.31	1.08	9,884		6,642

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

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

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

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

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

AuEq = 20/1,4500.8203silver grade (Silver price/Gold pricesilver recoverysilver grade). It is the Competent Persons opinion that the assigned cut-off criteria meet the minimum acceptable criteria to support economic extraction and that the silver present within the A39 deposit can be economically recovered.

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

Evolution Mining Limited

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APPENDIX: EVOLUTION DECEMBER 2020 MINERAL RESOURCES AND ORE RESERVES

December 2020 Group Copper Mineral Resource Statement

Copper	Copper	Copper	Copper															Total Resource	Total Resource	Total Resource	Total Resource	Total Resource	Total Resource	CP3	Dec 19 Resources
						Measured						Indicated			Inferred
Project	Type		Cut- Off	Tonnes (Mt)		Copper Grade (%)		Copper Metal (kt)		Tonnes (Mt)		Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)		Tonnes (Mt)		Copper Grade (%)		Copper Metal (kt)			Copper Metal (kt)
Marsden	Total		0.2	-		-		-		119.83		0.46	553	3.14	0.24	7			122.97	0.46			560	1	560
Ernest Henry2	Total		0.9	1.54		0.93		14		20.20		1.16	234	7.11	1.16	83			28.85	1.15			331	2	356
Mt Carlton1	Openpit		0.35	-		-		-		1.25		0.29	4	1.04	0.43	5			2.29	0.29			7	3	14
Mt Carlton	UG		2.55	-		-		-		0.33		1.30	4	0.08	1.07	1			0.40	1.25				3	4
Mt Carlton1	Total			-		-		-		1.58		0.50	8	1.12	0.48	5			2.69	0.49			13	3	18
Total				1.54		0.93		14		141.61		0.56	794	11.36	0.84	95			154.51	0.58			904		934
								December 2020 Group Copper Ore Reserve Statement
Copper																								CP3	Dec 19 Reserves
									Proved					Probable					Total Reserve
Project		Type			Cut-Off		Tonnes (Mt)		Copper Grade (%)		Copper Metal (kt)		Tonnes (Mt)	Copper Grade (%)											Copper Metal (kt)
															Copper Metal (kt)		Tonnes (Mt)		Copper Grade (%)		Copper Metal (kt)
Marsden					0.3		-		-		-		65.17	0.57	371		65.17		0.57		371			1	371
Ernest Henry2		Total			0.9		0.80		1.49		12		12.94	0.91	117		13.74		0.94		129			2	150
Mt Carlton1		Openpit			1.8		-		-		-		0.32	0.12	0		0.32		0.12		0			1	10
Mt Carlton		Underground			3.2		-		-		-		0.30	1.40	4		0.30		1.40		4			1	1
Mt Carlton1		Total					-		-		-		0.62	0.74	5		0.62		0.74		5			1	11
Total							0.80		1.49		12		78.73	0.63	493		79.53		0.63		505				532

Group Mineral Resources Competent Person[3] (CP) Notes refer to: 1. James Biggam; 2. Jessica Shiels (Glencore); 3 Ben Coutts. Group Ore Reserve Competent Person[3] (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett (Glencore) The following notes relate to Tables 3 and 4.

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. Mineral Resources are reported inclusive of Ore Reserves. Evolution cut-off grades are reported in g/t gold. 1 Includes stockpiles. 2 Ernest Henry Operation cut-off 0.9% CuEq

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled “Annual Mineral Resources an Ore Reserves Statement” released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2020” released 3 February 2021 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. Ernest Henry Reserve is reported here on the basis of economic interest and not the entire mine reserve. The above reported figures constitute 38% of the total Ernest Henry copper resource and 35% of the total Ernest Henry copper reserve.

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Evolution Mining Limited

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APPENDIX: EVOLUTION DECEMBER 2020 MINERAL RESOURCES AND ORE RESERVES

Kundana Assets Mineral Resource Statement

Gold
		Measured							Indicated			Inferred				Total Resource
Project					Gold									Gold Grade (g/t)
		Tonnes	Gold Grade				Tonnes		Gold	Gold Metal					Gold Metal			Gold		Gold Metal
					Metal							Tonnes (Mt)				Tonnes (Mt)
		(Mt)	(g/t)				(Mt)		Grade (g/t)	(koz)					(koz)			Grade (g/t)		(koz)
					(koz)
Kundana (100%)
		0.59		4.2	80		4.07		4.4	571		3.27		3.8	403		7.93		4.1	1,053
EKJV(51%) 2
		1.12		6.2	223		2.88		5.2	485		2.06		4.5	295		6.06		5.2	1,003
Carbine (100%)
		-		-	-		2.89		2.3	213		1.87		2.9	174		4.76		2.5	387
Total
		1.71		5.5	302		9.84		4.0	1,269		7.20		3.8	872		18.83		4.1	2,443
							Kundana		Assets Ore Reserve Statement 1
Gold				Proved							Probable						Total Reserve
Project		Tonnes (Mt)		Gold Grade (g/t)			Gold Metal (koz)		Tonnes (Mt)		Gold Grade (g/t)		Gold Metal (koz)		Tonnes (Mt)		Gold Grade (g/t)			Gold Metal (koz)
Kundana(100%)		0.20		4.8			30		1.34		4.3		184		1.53		4.4			214
EKJV(51%) 2		0.66		4.8			101		1.07		5.4		185		1.73		5.1			286
Carbine(100%)		-		-			-		1.24		2.0		78		1.24		2.0			78
Total		0.85		4.8			131		3.65		3.8		447		4.50		4.0			579

1. Mineral Resources and Ore Reserve estimation criteria have been prepared using a gold price assumption of A$2,250/oz to estimate Mineral Resources and A$1,750/oz to estimate Ore Reserves. Rounding may result in apparent summation differences between tonnes, grade and contained metal content. Ounces are estimates of metal contained in the Ore Reserve and do not include allowances for processing losses. The Kundana Assets Mineral Resources and Ore Reserves are expected to be re-estimated as at 31 December 2021 as part of Evolution’s Annual Mineral Resources and Ore Reserves Statement which will be released in February 2022.

2. EKJV deposits are 51% interest, except Raleigh and Falcon North which are 50%

Kundana Assets Mineral Resources and Ore Reserves are extracted from Evolution’s ASX announcement entitled ‘Acquisition to elevate Mungari to a cornerstone asset and A$400 million equity raising’ released on 22 July 2021 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company’s 22 July 2021 announcement and that all material assumptions and parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Company’s 22 July 2021 announcement. The Competent Persons for the Kundana Assets Mineral Resources and Ore Reserves are Michael Mulroney and Jeff Brown respectively.

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Evolution Mining Limited