EVOLUTION MINING LIMITED - Regulatory Filings 2021

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QUARTERLY REPORT – For the period ending 31 March 2021

HIGHLIGHTS

Continued sector leading cash generation

Mine operating cash flow of A$194.4 million (FY21 year-to-date: A$725.5 million)
Net mine cash flow of A$101.2 million (FY21 year-to-date: A$455.2 million)
Group cash flow of A$39.9 million (FY21 year-to-date: A$258.0 million)
Net bank debt of A$166.9 million (30 Dec 20: A$93.4M) post FY21 interim dividend of A$119.6 million

Sustainability

Evolution becomes signatory to United Nations Global Compact
Mt Rawdon achieves 14 months recordable injury free

Operations tracking in-line with FY21 production guidance

 Gold production of 161,316 ounces at an All-in Sustaining Cost (AISC)1 of A$1,268 per ounce (US$980/oz)[2]  All-in Cost (AIC)[3] of A$1,760 per ounce for an AIC margin of A$468 per ounce

Improved FY21 cost guidance

AISC guidance improved to A$1,190 – A$1,220 per ounce (original guidance: A$1,240 – A$1,300 per ounce)
Production guidance narrowed to 695,000 – 710,000 ounces (original guidance: 670,000 – 730,000 ounces)  Sustaining capital guidance improved to A$100.0 – A$110.0 million (original guidance: A$112.5 – A$137.5 million)  Major capital guidance unchanged at A$260.0 – A$290.0 million

Agreement to acquire Battle North Gold Corporation

 Announced agreement to acquire Battle North (TSX: BNAU) for approximately C$343 million in cash  Consolidates Evolution's strategic position in Red Lake gold district  Battle North shareholder vote scheduled for 11 May 2021. Evolution shareholder vote not required

Delivering significant organic growth pipeline

 Group Gold Mineral Resources increased 74% year-on-year to 26.4 million ounces

Group Gold Ore Reserves increased 49% year-on year to 9.9 million ounces
Red Lake commenced box cut for decline access into Upper Campbell

 Cowal underground Feasibility Study progressing on schedule toward Cowal's objective of producing 350koz p.a

Exploration highlights

 Resource definition drilling at Red Lake’s Deep Sulphides: 17.0m (16.0m etw) at 8.7g/t Au from 116m (32L487)  Extensional drilling at Cowal's Dalwhinnie: 4.0m (2.8m etw) at 24.5g/t Au from 772m (1535DD575)

Consolidated production and sales summary

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Sep Qtr Dec Qtr Mar Qtr YTD
Units
FY21 FY21 FY21 FY21
Gold produced oz 170,021 180,305 161,316 511,642
By-product Silver produced oz 164,069 126,294 146,370 436,734
By-product Copper produced t 5,552 5,450 5,013 16,015
C1 Cash Cost A$/oz 889 814 949 882
All-In Sustaining Cost [1] A$/oz 1,198 1,166 1,268 1,209
All-In Cost [3] A$/oz 1,663 1,583 1,760 1,666
Gold sold oz 172,759 176,668 160,115 509,542
Achieved gold price A$/oz 2,533 2,416 2,227 2,397
Silver sold oz 173,909 118,451 135,612 427,972
Achieved silver price A$/oz 35 32 33 34
Copper sold t 5,598 5,373 4,941 15,912
Achieved copper price A$/t 9,668 9,973 12,137 10,538
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Includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense. Calculated per ounce sold
Using the average AUD:USD exchange rate of 0.7730 for the March 2021 quarter
Includes AISC plus growth (major project) capital and discovery expenditure. Calculated per ounce sold
See Appendix 1 of this release for details on Evolution’s Mineral Resources and Ore Reserves referenced in this document

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Evolution Mining Limited Quarterly Report March 2021 1

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OVERVIEW

In March 2021 Evolution became a participant in the world’s largest corporate sustainability initiative, the United Nations Global Compact (UNGC), pledging to support its Ten Principles on human rights, labour, environment, and anti-corruption.

Group Total Recordable Injury Frequency (TRIF)[1] at 31 March was 8.6 (31 December: 7.9). There is a continued focus on improving safety performance and critical risk management. Mt Rawdon has now achieved 14 months recordable injury free.

COVID-19 continues to be proactively managed across all operations.

Group gold production for the March 2021 quarter was 161,316 ounces (Dec qtr: 180,305oz) at an AISC of A$1,268/oz (Dec qtr: A$1,166/oz). Using the average AUD:USD exchange rate for the quarter of 0.7730, Group AISC equated to US$980/oz which continues to place Evolution as one of the lowest cost producers amongst the major and mid-tier global gold companies.

The quarter was impacted by heavy rainfall at Mt Rawdon restricting access to higher grade ore in the open pit. All other operations performed broadly in line with plan.

A strong June quarter is expected. Group AISC guidance has been improved to A$1,190 – A$1,220 per ounce while production guidance has been narrowed to 695,000 – 710,000 ounces (original guidance 670,000 – 730,000 ounces at an AISC of A$1,240 – A$1,300 per ounce).

As at 31 March 2021, Evolution had cash in the bank of A$333.1 million and bank debt of A$500.0 million equating to net bank debt of A$166.9 million. The FY21 interim dividend of A$119.6 million (7 cents per share, fully franked, 16th consecutive dividend) was paid to shareholders during the quarter.

Evolution achieved mine operating cash flow and net mine cash flow of A$194.3 million and A$101.2 million respectively (Dec qtr: A$258.9M; A$170.5M). Mine capital investment for the quarter increased to A$93.1 million (Dec qtr: A$85.6M). The average realised gold price for the March quarter was A$2,227 per ounce (Dec qtr: A$2,416/oz).

Standout operational performances for the quarter:

Red Lake continued to ramp-up production producing a record under Evolution ownership of 35,810oz at an AISC of A$1,966/oz. Net mine cash flow was A$1.2 million post total capital of A$24.8 million.
Ernest Henry produced 22,408oz at a record low AISC of negative A$1,027/oz generating net mine cash flow of A$74.8 million
Cowal produced 51,823oz at an AISC of A$1,078/oz generating net mine cash flow of A$18.7 million post total capital of A$38.2 million

At Red Lake, Ore Reserves were estimated at 2.9 million ounces at an average grade of 6.9g/t gold, in accordance with the JORC Code. Approval was received for the development of a decline into the Upper Campbell area of the mine which hosts Ore Reserves of 1.85 million ounces at 7.4g/t gold. Construction of the box cut has progressed well and the mining contract to commence development of the decline is in final commercial negotiations.

On 15 March 2021 Evolution announced an agreement to acquire Battle North Gold Corporation (TSX: BNAU) for approximately C$343 million. This expands Evolution's footprint in the Red Lake region and is expected to create value by leveraging the infrastructure of both operations. The additional processing capacity from Battle North’s new Bateman mill will also accelerate Evolution's ability to achieve the long-term objective of producing in excess of 300,000 ounces of gold per year from the Red Lake. The Battle North shareholder vote to approve the acquisition is scheduled for 11 May 2021.

Resource definition and discovery drilling at Red Lake was ongoing with six underground drill rigs. Results of definition drilling will support resource classification upgrades at Cochenour, Deep Sulphides, Lower Campbell and the Twin Otter Zone. The best resource definition infill hole intersected 17.0m (16.0m etw) grading 8.7g/t gold from 116m (32L487) in Deep Sulphides.

The size of the Cowal underground continues to expand with Mineral Resources increasing to 3.0 million ounces and Ore Reserves increasing to 1.0 million ounces in the release of Evolution's Annual Mineral Resources and Ore Reserves Statement released on 17 February 2021. Total Mineral Resources and Ore Reserves at Cowal stand at 9.7 million ounces and 4.6 million ounces respectively. The Underground Feasibility Study is progressing well with the final outcome of the study on schedule for completion in the September 2021 quarter.

Bryan O’Hara, General Manager Investor Relations, will step down from his current role effective 30 June 2021 to pursue a career in funds management. Evolution thanks Bryan for his outstanding contribution to improving the Company’s reputation in the market for providing high quality and transparent information to all stakeholders. Evolution is pleased to advise that Martin Cummings has been appointed as Bryan’s replacement. Martin has extensive industry experience including the last seven years with Evolution in roles as General Manager Commercial, Treasury, and Group Supply which involved him leading banking, procurement and insurance relationships. Bryan will stay with the Company until 30 September 2021 to ensure a smooth transition.

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Evolution Mining Limited Quarterly Report March 2021

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OVERVIEW

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Group safety performance (TRIF) [1]
8.6
7.9
7.1
6.8
FY20 Q4 FY21 Q1 FY21 Q2 FY21Q3
250 Group production (koz)
200 218.1
150 180.3
170.0 161.3
100
50
0
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
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Group operating mine cash flow
400350 (A$M)
300
250200 278.7 272.3 258.9
150 194.3
100
50
0
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
Group AISC (A$ per ounce)
1,198 1,166 1,268
1,200 1,088
1,000
800
600
400
200
0
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
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Summary of key projects

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Cowal
 Key project to drive increase in annual production to 350,000 ounces
 Statutory approval process progressing to plan
Underground  Feasibility Study progressing on schedule with the outcome expected in the
September 2021 quarter
 Second stage development of the Galway exploration decline commenced
Integrated Waste  Stage 1a complete with tails deposition commencing on time
Landform  Stage 1b and Stage 2 construction progressing on schedule
Stage H cutback  Progressing well despite extreme weather event in March quarter
Satellite open pits  Pre-Feasibility Study progressing for open pits beyond E42 Stage H
Red Lake
 Progressing ahead of schedule to achieve annual production of 200,000oz at an
Transformation plan
AISC of less than US$1,000 per ounce
Decline  Commenced box cut to develop decline into Upper Campbell
 Detailed planning underway to optimise future production at Red Lake with
Battle North shareholder vote to take place on 11 May 2021
Battle North integration  Battle North's Bateman mill nameplate capacity of 650ktpa (currently permitted
for 450ktpa) expandable up to 900kpta with minimal capital
Ernest Henry
 2021 drilling budget doubled
Drilling below 1200RL  Concept study during June 2021 half-year
Mungari
 Castle Hill processing study progressing on schedule with results expected in
Processing
the September 2021 quarter
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Total Recordable Injury Frequency (TRIF): The frequency of total recordable injuries per million hours worked.

Evolution Mining Limited Quarterly Report March 2021

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OVERVIEW

March 2021 quarter production and cost summary[1]

March 2021 quarter	Units	Cowal	Ernest Henry	Red Lake	Mungari	Mt Rawdon	Mt Carlton	Group
UG lat dev - capital	m	0	516	1,775	329	0	389	3,009
UG lat dev - operating	m	0	1,378	1,097	307	0	310	3,092
Total UG lateral development	m	0	1,894	2,872	636	0	699	6,101
UG ore mined	kt	0	1,520	183	128	0	61	1,892
UGgrade mined	g/t	0.00	0.62	6.14	3.07	0.00	4.04	1.43
OP capital waste	kt	1,564	0	0	952	512	0	3,027
OP operatingwaste	kt	2,148	0	0	703	345	724	3,919
OP ore mined	kt	1,083	0	0	223	313	315	1,935
OPgrade mined	g/t	0.77	0.00	0.00	1.22	0.60	1.87	0.97
Total ore mined	kt	1,083	1,520	183	351	313	376	3,827
Total tonnes processed	kt	2,143	1,541	191	498	855	234	5,461
Gradeprocessed	g/t	0.90	0.62	6.34	1.85	0.51	2.48	1.11
Recovery	%	83.50	73.00	91.90	91.70	85.30	81.60	83.10
Goldproduced1	oz	51,823	22,408	35,810	27,226	11,930	12,117	161,316
Silverproduced	oz	30,085	20,629	1,906	2,565	18,818	72,367	146,370
Copperproduced	t	0	4,596	0	0	0	417	5,013
Gold sold	oz	52,747	23,300	32,992	28,603	12,658	9,814	160,115
Achievedgoldprice	A$/oz	2,221	2,133	2,284	2,232	2,249	2,253	2,227
Silver sold	oz	30,085	20,629	1,906	2,565	18,818	61,609	135,612
Achieved silverprice	A$/oz	33	34	32	34	34	33	33
Copper sold	t	0	4,543	0	0	0	398	4,941
Achieved copperprice	A$/t	0	12,160	0	0	0	11,873	12,137
Cost Summary
Mining	A$/prod oz	344		900	611	726	1,343	638
Processing	A$/prod oz	638		243	409	855	644	475
Administration and selling costs	A$/prod oz	152		233	124	234	488	220
Stockpile adjustments	A$/prod oz	(79)		46	189	267	(265)	17
By-product credits	A$/prod oz	(19)	(2,496)	(2)	(3)	(53)	(559)	(400)
C1 Cash Cost	A$/prod oz	1,036	(1,423)	1,420	1,330	2,028	1,652	949
C1 Cash Cost	A$/sold oz	1,018	(1,368)	1,542	1,266	1,912	2,039	956
Royalties	A$/sold oz	48	184	0	69	95	192	74
Gold in Circuit and otheradjustments	A$/sold oz	(8)		(63)	24	156	(184)	(10)
Sustainingcapital2	A$/sold oz	25	105	408	180	180	23	157
Reclamation and other adjustments	A$/sold oz	(4)		80	21	56	19	32
Administration costs3	A$/sold oz							59
All-in Sustaining Cost	A$/sold oz	1,078	(1,027)	1,966	1,561	2,400	2,090	1,268
Majorproject capital	A$/sold oz	698	0	345	515	299	142	425
Discovery	A$/sold oz	45	0	113	55	1	112	67
All-in Cost	A$/sold oz	1,821	(1,027)	2,424	2,131	2,700	2,345	1,760
Depreciation & Amortisation4	A$/prod oz	260	1,435	236	685	906	708	571

All metal production is reported as payable including Red Lake. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution's cost and not solely the cost of Ernest Henry's operation
Sustaining Capital includes % UG mine development capital. Group Sustaining Capital includes A$1.50/oz for Corporate capital expenditure`
Includes Share Based Payments
Group Depreciation and Amortisation includes non-cash Fair Value Unwind Amortisation of A$24/oz in relation to Cowal (A$51/oz) and Mungari
(A$22/oz) and Corporate Depreciation and Amortisation of A$3.10/oz

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Evolution Mining Limited Quarterly Report March 2021

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OVERVIEW

FY21 year to date production and cost summary[1]

FY21 YTD	Units	Cowal	Ernest Henry	Red Lake	Mungari	Mt Rawdon	Mt Carlton	Group
UG lat dev - capital	m	0	1,143	4,927	1,407	0	1,351	8,828
UG lat dev - operating	m	0	4,460	3,578	638	0	790	9,467
Total UG lateral development	m	0	5,603	8,506	2,045	0	2,141	18,294
UG ore mined	kt	0	4,861	482	355	0	154	5,851
UG grade mined	g/t	0	0.61	6.54	3.34	0	4.82	1.37
OP capital waste	kt	8,637	0	0	2,729	2,245	0	13,611
OP operating waste	kt	3,939	0	0	1,517	2,188	2,978	10,622
OP ore mined	kt	2,237	0	0	1,056	1,570	480	5,343
OP grade mined	g/t	0.87	0	0	1.23	0.9	2.08	1.06
Total ore mined	kt	2,237	4,861	482	1,411	1,570	634	11,194
Total tonnes processed	kt	6,356	4,899	471	1,497	2,543	714	16,480
Grade processed	g/t	0.93	0.61	6.6	2.12	0.78	2.42	1.14
Recovery	%	83.8	78.4	92.4	91.2	88.3	82.8	84.4
Gold produced4	oz	158,523	71,450	96,157	93,059	56,261	36,191	511,642
Silver produced	oz	89,513	59,857	4,715	8,260	64,239	210,150	436,734
Copper produced	t	0	14,608	0	0	0	1406	16,015
Gold sold	oz	156,940	74,600	92,601	94,475	56,815	34,111	509,542
Achieved gold price	A$/oz	2,376	2,353	2,440	2,415	2,387	2,430	2,397
Silver sold	oz	89,513	59,857	4,715	8,260	64,239	201,389	427,972
Achieved silver price	A$/oz	34	31	34	34	34	34	34
Copper sold	t	0	14,556	0	0	0	1357	15,912
Achieved copper price	A$/t	0	10,583	0	0	0	10,045	10,538
Cost Summary
Mining	A$/prod oz	268		920	517	501	1,414	571
Processing	A$/prod oz	603		318	362	580	640	455
Administration and selling costs	A$/prod oz	136		261	112	155	524	210
Stockpile adjustments	A$/prod oz	(46)		(47)	106	89	(64)	1
By-product credits	A$/prod oz	(19)	(2,182)	(2)	(3)	(39)	(565)	(356)
C1 Cash Cost	A$/prod oz	942	(1,152)	1,451	1,094	1,285	1,949	882
C1 Cash Cost	A$/sold oz	951	(1,103)	1,506	1,077	1,273	2,068	885
Royalties	A$/sold oz	61	199	0	64	134	213	89
Gold in Circuit and otheradjustments	A$/sold oz	(15)		70	7	(15)	25	9
Sustaining capital2	A$/sold oz	17	151	366	176	122	24	143
Reclamation and other adjustments	A$/sold oz	6		44	17	65	17	24
Administration costs3	A$/sold oz							59
All-in Sustaining Cost	A$/sold oz	1,020	(737)	1,986	1,341	1,578	2,348	1,209
Major project capital	A$/sold oz	739	0	312	377	221	56	383
Discovery	A$/sold oz	58	0	92	80	3	64	74
All-in Cost	A$/sold oz	1,817	(737)	2,390	1,799	1,801	2,468	1,666
Depreciation & Amortisation4	A$/prod oz	190	1,383	200	478	632	663	493

All metal production is reported as payable including Red Lake. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution's cost and not solely the cost of Ernest Henry's operation
Sustaining Capital includes % UG mine development capital. Group Sustaining Capital includes A$1.20/oz for Corporate capital expenditure
Includes Share Based Payments
Group Depreciation and Amortisation includes non-cash Fair Value Unwind Amortisation of A$24/oz in relation to Cowal (A$50/oz) and Mungari (A$45/oz) and Corporate Depreciation and Amortisation of A$2.90/oz

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Evolution Mining Limited Quarterly Report March 2021

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OPERATIONS

Cowal, New South Wales (100%)

Cowal produced 51,823oz of gold at an AISC of A$1,078/oz (Dec qtr: 54,926oz, AISC A$958/oz). Mine operating cash flow for the quarter was A$56.9 million (Dec qtr: A$77.5 million). Net mine cash flow was A$18.7 million (Dec qtr: A$39.2 million) post sustaining capital of A$1.4 million and major capital of A$36.8 million. The site managed through the extraordinary 1-in-100-year weather event in March extremely well with only a minor impact to operations .

Major projects continued including the Stage H stripping and construction of the Integrated Waste Landform (IWL) tailings facility. The Galway decline successfully commenced during the quarter with underground diamond drilling expected to begin early in the June 2021 quarter. The Underground Feasibility Study remains on track for completion in the September 2021 quarter. Statutory approvals are progressing well. Evolution submitted a response to submissions during the quarter and a determination is expected in the coming months.

Ernest Henry, Queensland

(Economic interest; 100% gold and 30% copper production)[1]

Evolution’s interest in Ernest Henry delivered 22,408oz of gold and 4,596t of copper at a record low AISC of negative A$1,027/oz (Dec qtr: 24,473oz Au and 4,972t Cu at negative A$710/oz).

Operating mine cash flow for the quarter was A$77.3 million representing gold (A$49.7 million) and by-product sales of copper (A$55.2 million) and silver (A$0.7 million), net of Evolution’s contribution to operating costs of A$28.3 million. Ernest Henry generated a net mine cash flow for Evolution of A$74.8 million, post sustaining capital of A$2.4 million.

Ore mined was 1,520kt at an average grade of 0.62g/t gold and 1.09% copper. Underground lateral development was 2,115m, which includes 1,378m of operating development, 516m of capital development and 221m of rehabilitation development. Ore processed was 1,541kt at an average grade of 0.62g/t gold and 1.09% copper. Gold recovery of 73.0% and copper recovery of 95.7% was achieved with mill utilisation at 87.5%. Operating cash costs (C1) was negative A$1,423/oz after accounting for copper and silver by-product credits (Dec qtr: A$(1,073)/oz). Cash operating costs (C1) included by-product credits of negative A$2,469/oz.

Copper sales in the quarter were 4,543t at an average copper price of A$12,160/t.

All metal production is reported as payable. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution’s costs and not solely the cost of Ernest Henry’s operation

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1,026 1,078 (617) (515) (710)
941 958 (1,027)
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
Production gold (oz) AISC (A$/oz) Production gold (oz) AISC (A$/oz)
60,594oz 51,774oz 54,926oz 51,823oz 28,183oz 24,569oz 24,473oz 22,408oz
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Evolution Mining Limited Quarterly Report March 2021

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OPERATIONS

Red Lake, Ontario (100%)

Mungari, Western Australia (100%)

Red Lake produced 35,810oz of gold at an AISC A$1,966/oz (Dec qtr: 33,709, AISC A$1,937/oz). Mine operating cash flow for the quarter was A$26.1 million (Dec qtr: A$34.2 million). Net mine cash flow was A$1.2 million (Dec qtr: A$10.3 million) post sustaining capital of A$13.4 million and major capital of A$11.4 million. Timing of sales was a factor in lower cash flow with around 3,000 ounces produced but not sold during the quarter.

Underground development of 2,872m (Dec qtr: 2,956m) was impacted by loss of water and seismic events in February. Development of 1,152m in the month of January reflects continued improvements in productivity over the past 12 months. Evolution's long-term development objective remains 1,200m per month.

The underground mine produced ore feed of 183kt at an average grade of 6.14g/t gold. Ore processed was 191kt at 6.34g/t gold. The Campbell mill achieved recoveries of 90.9% and a utilisation of 98.7% (Dec qtr: 92.2% and 97.0% respectively). An Evolution record of 56.2kt of ore was processed at Campbell mill in March. The Red Lake mill was successfully commissioned in February achieving recoveries of 93.9% and a utilisation of 83.2%.

Mungari produced 27,226oz of gold at an AISC A$1,561/oz (Dec qtr: 30,463oz, AISC A$1,402/oz).

Mine operating cash flow for the quarter was A$30.8 million (Dec qtr: A$38.2 million). Net mine cash flow was A$10.9 million (Dec qtr: A$22.7 million) post sustaining and major capital investment of A$19.9 million (Dec qtr: A$15.5M). Lower cash flow was mainly a result of planned capital expenditure on Tailings Storage Facility construction.

Plant throughput remained consistent at 498kt (Dec qtr: 493kt) and is on track to achieve 2.0Mt for the 12 months of FY21 which is well in excess of its 1.6Mtpa nameplate capacity.

Frog’s Leg underground production was ahead of plan with 128kt of ore mined at 3.07g/t gold (Sep qtr: 127kt at 3.15g/t Au). Total underground development was 636m.

Open pit total material mined was 1,878 (Dec qtr: 1,822kt). Open pit ore mined was 223kt at 1.22g/t gold (Dec qtr: 439kt at 1.37g/t). Total material movement is increasing as mining at Cutters Ridge ramps up. Ore mined reduced during the quarter as White Foil Stage 3 nears completion.

March quarter key milestones:

Ore Reserves estimated at 2.9 million ounces in accordance with JORC Code

The Castle Hill processing studies are progressing with results expected during the September 2021 quarter.

Campbell Young Dickenson (CYD) box cut construction commenced with decline development expected to commence in the September 2021 quarter
Campbell shaft decommission complete
1 shaft decommissioning on schedule for completion in March 2022 quarter
Phase 3 (of 4) hoist automation completed
Commissioning of new, larger, fit-for-purpose loader and longhole drill

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1,943 2,074 1,937 1,966
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
Production gold (oz) AISC (A$/oz)
27,428oz 26,638oz 33,709oz 35,810oz
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1,402 1,561
1,089 1,115
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
Production gold (oz) AISC (A$/oz)
37,178oz 35,370oz 30,463oz 27,226oz
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See Appendix 1 of this release for further details of the Red Lake Mineral Resource estimate

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Evolution Mining Limited Quarterly Report March 2021

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OPERATIONS

Mt Rawdon, Queensland (100%)

Mt Carlton, Queensland (100%)

Mt Rawdon produced 11,930oz of gold at an AISC of A$2,400/oz (Dec qtr: 24,306 oz; A$1,170/oz).

Mine operating cash flow was A$6.2 million (Sep qtr: A$29.9 million). Net mine cash flow of A$0.2 million (Dec qtr: A$24.2 million) was generated post sustaining and major capital investment of A$6.0 million.

Mt Rawdon celebrated 20 years of continuous operations on 16 February 2021. A significant milestone of 365 days without a recordable injury was achieved on 25 February 2021 and the operation has now been injury free for over 14 months.

Seasonal heavy rainfall during the March quarter resulted in restricted access to the lower parts of the pit which impacted material movement which was below plan.

Mt Carlton produced 12,117oz of payable gold (Dec qtr: 12,428oz) in 15,753 dry metric tonnes (dmt) of concentrate. AISC was A$2,090/oz (Dec qtr: A$2,214/oz).

Mine operating cash flow was negative A$3.0 million (Dec qtr: A$1.3 million). Net mine cash flow of negative A$4.6 million (Sep qtr: A$0.4 million) was realised post sustaining and major capital investment of A$1.6 million. Cash flows were adversely impacted by timing of shipments which will be realised in the June 2021 quarter.

Underground mining was focused on establishing a production front in the Western Feeder zone. Decline development commenced in the A39 silver deposit which will reach mineralisation during the June 2021 quarter. A39 hosts Ore Reserves of approximately 500,000 ounces of high-grade silver.

As a result of restricted pit access, ore processed of 855kt was predominantly sourced from stockpiles at an average grade of 0.51g/t gold (Dec qtr: 839kt at 1.00g/t Au). Plant recoveries decreased to 85.3% due to lower feed grade. Plant utilisation was 95.7% (Dec qtr: 89.8% and 95.7% respectively).

Production is expected to improve in the June 2021 quarter as access to higher grade ore in the open pit is regained.

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2,400 2,674 2,214 2,090
1,536
1,305 1,170 1,324
FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3
Production gold (oz) AISC (A$/oz) Production gold (oz) AISC (A$/oz)
25,982oz 20,024oz 24,306oz 11,930oz 14,991oz 11,646oz 12,428oz 12,117oz
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Evolution Mining Limited Quarterly Report March 2021

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FINANCIALS

Evolution generated group cash flow of A$39.9 million and after paying a record interim dividend of A$119.6 million and ended the quarter with a cash balance of A$333.1 million (Dec qtr: A$438.1 million). Net bank debt at 31 March 2021 stood at A$166.9 million with bank debt reduced to A$500.0 million following the scheduled quarterly repayment of A$25.0 million.

Evolution sold 160,115oz of gold in the March 2021 quarter at an average gold price of A$2,227/oz (Dec qtr: 176,668oz at A$2,416/oz). Deliveries into the Australian hedge book totalled 25,000oz at an average price of A$1,832/oz and 10,000oz were delivered into the Canadian hedge book at an average price of C$2,272/oz. The remaining 125,115oz were sold in the spot market comprising 102,123oz delivered at an average price of A$2,306/oz and 22,992oz delivered at an average price of C$2,281/oz.

Operating and net mine cash flow for the quarter were A$194.3 million and A$101.2 million respectively. Highlights for the quarter included Red Lake generating record gold production under Evolution’s ownership of 35,810oz (Dec qtr: 33,709ozs) and Ernest Henry achieving record low quarterly C1 and AISC of negative A$1,423/oz and negative A$1,027/oz respectively, due in part to the strong contribution from the higher copper price.

Capital investment for the quarter was A$93.1 million comprising A$25.0 million of sustaining capital and A$68.1 million of major project capital.

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(A$ Million) Cash flow Mine Cash Operating flow Sustaining Capital Projects CaMajor pital [1] Mine Cash Flow Restructuring Costs Cash Flow Net Mine
Cowal 56.9 (1.4) (36.8) 18.7 0.0 18.7
Ernest Henry 77.3 (2.4) 0.0 74.9 0.0 74.8
Red Lake 26.1 (13.4) (11.4) 1.3 (0.1) 1.2
Mungari 30.8 (5.2) (14.7) 10.9 0.0 10.9
Mt Rawdon 6.2 (2.3) (3.8) 0.1 0.0 0.2
Mt Carlton (3.0) (0.2) (1.4) (4.6) 0.0 (4.6)
March 2021 Quarter 194.3 (25.0) (68.1) 101.3 (0.1) 101.2
December 2020 Quarter 258.9 (23.3) (62.3) 173.3 (2.8) 170.5
September 2020 Quarter 272.2 (23.4) (64.6) 184.2 (0.8) 183.4
Year to Date March 2021 725.5 (71.8) (195.0) 458.8 (3.6) 455.2
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Major Projects Capital includes 100% of the Underground mine development capital

Key capital investment items for the quarter included:

Cowal: Stage H Development (A$11.8 million); Integrated Waste Landform (A$11.8 million); Underground Feasibility Studies and drilling (A$9.6 million)
Red Lake: Underground development drilling (A$11.6 million); new underground haul trucks and long hole drill (A$2.3 million)
Mungari: Underground development drilling (A$3.3 million); TSF expansion (A$4.6 million); Cutters Ridge mine development (A$6.0 million)
Rawdon: Open pit mine development (A$3.4 million); fixed plant maintenance (A$2.2 million)

Discovery expenditure for the quarter was A$10.7 million (Dec qtr: A$11.5 million). This included discovery drilling at Red Lake (A$3.7 million); Cowal (A$2.4 million); Mungari Castle Hill (A$1.4 million); continued investment at Mt Carlton (A$1.1 million) and the Cue and Murchison (A$0.7 million) exploration joint venture projects. A total of 22,414m were drilled across the Group (Dec qtr: 31,390m).

Corporate administration costs for the quarter was A$7.0 million (Dec qtr: A$8.5 million).

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Evolution Mining Limited Quarterly Report March 2021

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FINANCIALS

The table below highlights the cash flow and movements during the quarter:

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Cash flow (A$ Million) December March March
2020 Qtr 2021 Qtr 2021 YTD
Operating Mine Cash flow 258.9 194.3 725.5
Total Capital (85.6) (93.1) (266.7)
Restructuring Costs (2.8) (0.1) (3.6)
Net Mine Cash Flow 170.5 101.2 455.2
Corporate and Discovery (20.0) (14.2) (60.5)
Net Interest expense (5.5) (3.7) (11.1)
Other Income 5.3 0.0 5.3
Working Capital (22.0) (16.9) (58.8)
Income Tax (28.9) (26.5) (72.0)
Group Cash Flow 99.3 39.9 258.0
Dividend payment 0.0 (119.6) (273.4)
Debt repayment (25.0) (25.0) (70.0)
Acquisitions & Integration (6.0) (0.2) (10.9)
Divestments 0.0 0.0 55.8
Net Group Cash Flow 68.3 (105.0) (40.5)
Opening Cash Balance 1 July 2020 373.6
Opening Cash Balance 1 October 2020 369.7 369.7
Opening Cash Balance 1 January 2021 438.1 438.1
Closing Group Cash Balance 438.1 333.1 333.1
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Corporate and Discovery cash costs in the March quarter column includes a $3.45 million YTD adjustment for share based payments which was incorrectly included in Q1 and Q2.

Evolution’s hedge book as at 31 March 2021 for the Australian operations was 225,000oz at an average price of A$1,887/oz for deliveries of 25,000oz per quarter to June 2023. Red Lake’s hedge book comprises 90,000oz at C$2,271/oz with deliveries of 10,000oz per quarter through until June 2023.

Depreciation & Amortisation update:

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Original Guidance March YTD
D&A Updated Guidance ($A/oz)
(A$/oz) ($A/oz)
Cowal 320 - 370 190 200 - 250
Ernest Henry 1,350 - 1,400 1,383 1,350 - 1,400
Red Lake 400 - 450 200 200 - 250
Mungari 300 - 350 478 450 - 500
Mt Rawdon 550 - 600 632 600 - 650
Mt Carlton 975 - 1,025 663 750 - 800
Group 550 - 600 493 475 - 525
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Interactive Analyst CentreTM

Evolution’s financial, operational, resources and reserves information is available to view via the Interactive Analyst CentreTM provided on our website www.evolutionmining.com.au under the Investors tab. This useful interactive platform allows users to chart and export Evolution’s historical results for further analysis.

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

Highlights

The Annual Mineral Resource and Ore Reserve Statement released on 17 February 2021 reinforced the exciting exploration upside at Red Lake and Cowal with estimated Mineral Resources of 11.1 million ounces and 9.7 million ounces respectively. Quality drilling targets continue to be prioritised at Red Lake and Cowal with the potential to further extend resources and deliver new discoveries from these large, highly prospective tenement holdings. The land position at Red Lake will almost double with the addition of the Bateman properties to the portfolio following completion of the Battle North Gold Corporation acquisition which is expected to occur in the June 2021 quarter. Extensions at Frog’s Leg have the potential to incrementally extend this high-grade production source for Mungari.

Total drilling of 14,341m (resource definition) and 22,414m (discovery) was completed during the quarter. Evolution’s exploration tenement holding interests in Australia and Canada now stand at 8,751 km[2] .

Red Lake, Ontario (100%)

Drilling continued with six underground and three surface rigs. Five rigs were deployed at lower Red Lake, Campbell and Cochenour focused on reserve conversion priorities which are anticipated to come into the production schedule over the next 12 to 24 months. Discovery utilised three surface diamond rigs to drill targets along the East Bay Trend, in the Western Stratigraphy and at the SR Zone (see locations in Figure 2). These areas were prioritised geologically for their potential to host new zones of high-grade mineralisation. The sixth underground rig continued drilling the Hangingwall Corridor where the geological architecture, permissive of hosting high grade mineralisation, has not been effectively tested.

Best results from the underground resource definition drilling are summarised below from Cochenour and Red Lake. A total of 55 diamond holes were completed for 13,055m of drilling (Figure 1).

Resource Definition

Cochenour

Infill drilling results (13 holes, 4,047m) from the Upper Main Zone (UMZ) and BIF zone are confirming continuity of grade within Inferred classification resources that are expected to upgrade to Indicated classification when the models are re-estimated in the December 2021 quarter. Best results are outlined below.

7.25m (6.57m etw) grading 10.00g/t Au from 166.7m (C44219) – BIF/UMZ (Infill)
3.99m (3.75m etw) grading 6.50g/t Au from 122m (C44223) – BIF/UMZ (Infill)  2.51m (2.40m etw) grading 30.80g/t Au from 111m (C44224) – BIF/UMZ (Infill)  4.11m (3.56m etw) grading 12.40g/t Au from 115.3m (C53892) – UMZ (Infill)

Step-out drilling at Lower Cochenour incrementally extended mineralisation below the base of the current Mineral Resource in the UMZ next to the Gold Eagle Shear. Highlights include:

5.77m (4.42m etw) grading 6.00g/t Au from 155.4m (C53883) – UMZ (Extensional)
7.63m (6.47m etw) grading 7.80g/t Au from 133.1m (C53884) – UMZ (Extensional)

Importantly, mineralisation remains open along strike and down dip. Two long step-out holes are planned in the June 2021 quarter to test depth potential for the resource extensions beyond the results reported in holes C53883 and C53884.

Red Lake

Results from infill drilling (34 holes totalling 7,586m) at Twin Otter, Deep Sulphides and the HGZ Footwall zones are outlined below. Several impressive widths and grades have been returned from a small lens approximately 100 metres in the footwall of the Deep Sulphide ore body which is a new zone with no history of previous mining.

2.48m (2.15m etw) grading 11.50g/t Au from 251.3m (46L479) – Twin Otter
4.00m (3.28m etw) grading 5.80g/t Au from 232m (46L478) – Twin Otter
17.00m (15.97m etw) grading 8.70g/t Au from 116m (32L487) – Deep Sulphides
13.00m (12.22m etw) grading 2.80g/t Au from 120m (32L488) – Deep Sulphides

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

9.00m (8.46m etw) grading 8.90g/t Au from 186m (32L490) – Deep Sulphides
4.25m (3.68m etw) grading 10.30g/t Au from 87.8m (34L2446) – Deep Sulphides

Discovery

One underground rig and three surface diamond rigs completed drilling on Discovery targets during the March quarter (Figures 1 and 2). The surface drill programs were designed to target important stratigraphic and structural positions between Campbell-Red Lake and Cochenour. The underground drill program continued to test prospective stratigraphy and structures in the Hangingwall Corridor outboard of the Kovala fault which is an important structure in the geological architecture influencing the geometry of the historically mined High Grade Zone. Hole D271538 returned a significant intercept (reported below) with follow-up drilling ongoing to test the extent and continuity of this zone.

3.37m (2.66m etw) grading 10.4g/t Au from 607m (D271538) – HW Corridor drilling

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Figure 1: Long Section view looking NE showing map of the drilling in March quarter at Red Lake Operations – Red Lake and Cochenour

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

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Figure 2: Plan View of Red Lake Belt showing discovery targets

Cowal, New South Wales (100%)

Cowal

Development of the Galway decline commenced in late February and advanced 333 metres during the quarter. Early drilling positions were established for the underground rig which will commence drilling early in the June 2021 quarter. This next phase of underground drilling is designed to extend resources across the gap between Dalwhinnie and Regal along with upgrading Mineral Resource classification that will convert additional resources to reserves.

Infill and extensional drilling continued at GRE46 with eight surface diamond holes (3,238m). At Dalwhinnie, drilling extended and infilled the Mineral Resource within and beyond the main ore body. Results continue to expand the mineralisation footprint at Dalwhinnie which remains open down plunge and along strike. Significant intercepts included:

4.0m (2.8m etw) grading 24.53g/t from 772m (1535DD575)
25.0m (18.8m etw) grading 2.07g/t from 194m (1535DD578)
15.0m (11.3m etw) grading 4.14g/t from 61m (1535DD578)

Surface drilling commenced on the Nikka target which is a continuation of the E42 mineralisation around the central fault beneath the pit. Results are pending.

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

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Figure 3: Long projection of the GRE46 structure looking west showing the location of drilling and associated results highlights completed during the March 2021 quarter

Note: Reported intervals provided in this report are downhole widths where true widths are not currently known. An estimated true width (etw) is provided where available

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

Mungari, Western Australia (100%)

A total of 4,546m of drilling was completed during the quarter at the Frog’s Leg, Castle Hill and Harpers Lagoon project areas. Near mine resource definition drilling at Frog’s Leg targeted extensions below the extent of current development at the base of the Rocket ore body. Resource definition drilling was conducted to increase geological confidence in the Castle Hill resource. Regional exploration was also undertaken at the Harpers Lagoon prospect. Assay results for these programs are pending.

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Figure 4: Location map of Mungari resource definition and regional projects in the March 2021 quarter

Resource definition drilling was conducted at Frog's Leg with 18 diamond holes (1,550m) completed below the Rocket ore body. The purpose of the drilling was to close out the gap between deepest development in the mine and the next deepest drill hole which indicates the ore body is closed off. There is an opportunity to incrementally extend underground production at Frog’s Leg if this drilling confirms the ore body extends into this previously untested gap. Drilling intercepted the mineralised vein structure characteristic of the Rocket ore body. Visible gold has been identified in most intercepts which is an encouraging early outcome although mineralised true widths reflect the ore body narrowing. Assays are pending with results expected to be reported in the June 2021 quarter.

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

Mt Carlton - Crush Creek, Queensland (100%)

At Crush Creek a maiden Mineral Resource of 126,000oz gold was released in Evolution’s Annual Mineral Resources and Ore Reserves Statement. Drilling will recommence following the end of the Queensland wet season during the June 2021 quarter. The program is designed to continue building on the positive results reported in the December 2020 quarter from the Gamma and Delta prospects. A number of new targets have been developed during the wet season based on results received from soil geochemical sampling and mapping which were completed prior to completion of the last field season in December 2020.

Australian Greenfields Exploration

Diamond drilling commenced at the Cue Project (EVN earning 75% from Musgrave Minerals Ltd, ASX:MGV) in Western Australia with three holes completed for 1,142m. The holes are targeting bedrock origins of mineralisation underneath the five-kilometre-long gold-in-air core anomaly delineated in previously reported results from Lake Austin. Full results from the seven-hole diamond program are expected to be reported in the June 2021 quarter.

At the nearby Murchison Joint Venture (EVN earning 80% from Enterprise Metals Limited, ASX:ENT), preparations are underway to undertake a first phase of RC-diamond drilling in the June quarter.

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

Note: Reported intervals provided in this report are downhole widths where true widths are not currently known. An estimated true width (etw) is provided where available

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Evolution Mining Limited Quarterly Report March 2021

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EXPLORATION

Competent persons statement

Exploration results

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 either the Australasian Institute of Mining and Metallurgy (AusIMM) or the Australian Institute of Geoscientists (AIG). 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.

Activity	Competent person	Membership	Membership status
Red Lake resource definition and exploration results	Dean Fredericksen	AusIMM	Member
Cowal resource definition and exploration results	James Biggam	AusIMM	Member

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.

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Evolution Mining Limited Quarterly Report March 2021

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CORPORATE INFORMATION

ABN 74 084 669 036

Board of Directors

Executive Chairman

Jake Klein Lawrie Conway Tommy McKeith Jim Askew Jason Attew Andrea Hall Vicky Binns Peter Smith

Finance Director and CFO Lead Independent Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director

Company Secretary

Evan Elstein

Board authorisation for release

This announcement is authorised for release by Evolution’s Board of Directors.

Investor enquiries

Bryan O’Hara General Manager Investor Relations Evolution Mining Limited Tel: +61 (0) 2 9696 2900

Media enquiries

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

Internet address

www.evolutionmining.com.au

Registered and principal office

Level 24, 175 Liverpool Street Sydney NSW 2000 Tel: +61 (0)2 9696 2900 Fax: +61 (0)2 9696 2901

Share register

Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Tel: 1300 554 474 (within Australia) Tel: +61 (0)2 8280 7111 Fax: +61 (0)2 9287 0303 Email: [email protected]

Issued share capital

At 31 March 2021 issued share capital was 1,708,667,085 ordinary shares.

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March 2021 quarter gold price
A$/oz
2,600
2,500
2,400
A$2,322/oz average
2,300
2,200
2,100
1-Jan-2021 1-Feb-2021 1-Mar-2021 1-Apr-2021
Gold price (A$/oz) Qtrly average gold price (A$/oz)
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Conference call

Jake Klein (Executive Chairman), Lawrie Conway (Finance Director and Chief Financial Officer), Bob Fulker (Chief Operating Officer), Glen Masterman (VP Discovery and Business Development) and Bryan O’Hara (General Manager Investor Relations) will host a conference call to discuss the quarterly results at 11.00am Sydney time on Thursday 22 April 2021.

Shareholder – live audio stream

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. Participants will pre-register for the call at the link:

- https://s1.c conf.com/diamondpass/10012875 2ofr1p.html

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

Interactive Analyst Centre[TM]

Evolution’s financial, operational, resources and reserves information is available to view via the Interactive Analyst Centre[TM] provided on our website

https://evolutionmining.com.au/ under the Investors tab. This useful interactive platform allows users to chart and export Evolution’s historical results for further analysis.

Stock exchange listing

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

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Evolution Mining Limited Quarterly Report March 2021

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APPENDIX 1 –MINERAL RESOURCES AND ORE RESERVES STATEMENT AS AT 31 DEC 2020

December 2020 Group Gold Mineral Resource Statement

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Dec 19
Gold Measured Indicated Inferred Total Resource
CP [4] Resource
Gold Gold Gold Gold Gold Gold Gold Gold
Tonnes Tonnes Tonnes Tonnes Gold Metal
Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal
(Mt) (Mt) (Mt) (Mt) (koz)
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
Cowal [1] 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 6,089 [1]
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
Cowal [1] 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 Lake [3] Total 3.3 - - - 28.09 7.45 6,371 19.72 6.82 4,322 47.81 7.19 11,053 2 -
Mungari [1 ] 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
Mungari [1] 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 Rawdon [1] 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 Carlton [1] Open pit 0.35 - - - 6.96 0.70 157 2.17 2.56 178 9.12 1.14 335 5 343 [1]
Mt Carlton [3 ] UG 2.55 - - - 0.33 4.26 45 0.08 3.19 7.88 0.40 4.05 52 5 75
Mt Carlton [1] Total - - - 7.28 0.86 201 2.24 2.58 186 9.53 1.26 387 5 418
Ernest Henry [2] 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
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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 satisfies the JORC Code requirement that the reported Mineral Resource meets reasonable prospects of eventual economic extraction and that the silver present within the A39 deposit can be economically recovered.

This information is extracted from the ASX release entitled “Annual Mineral resource and Ore Reserve Statement” released to the ASX on 17 February 2021 and is 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. 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.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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APPENDIX 1 –MINERAL RESOURCES AND ORE RESERVES STATEMENT AS AT 31 DEC 2020

December 2020 Group Gold Ore Reserve Statement

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Dec 19
Gold Proved Probable Total Reserve
Reserves
Competent
Tonnes Gold Gold Tonnes Gold Gold Tonnes Gold Gold Person [4] Gold
Project Type Cut-Off Grade Metal Metal Grade Metal Metal
(Mt) (Mt) Grade (g/t) (Mt)
(g/t) (koz) (koz) (g/t) (koz) (koz)
Cowal [1] Open pit 0.45 20.60 0.46 306 104.72 0.96 3,241 125.32 0.88 3,547 1 3,634 [1]
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 Lake [3] Total 4.4 - - - 13.16 6.90 2,929 13.16 6.90 2,929 3
Mungari Underground 2.9 - - - 0.30 3.57 35 0.30 3.57 35 4 68
Mungari [1] Open pit 0.75 - - - 9.68 1.35 419 9.68 1.35 419 4 500
Mungari [1] Total - - - 9.98 1.41 454 9.98 1.41 454 4 568
Mt Rawdon [1] Open pit 0.3 4.26 0.41 56 15.82 0.67 342 20.08 0.62 398 5 538
Mt Carlton [1] Open pit 0.8 - - - 6.13 0.63 124 6.13 0.63 124 6 270 [1]
Mt Carlton [5] Underground 3.2 - - - 0.30 4.52 44 0.30 4.52 44 6 40
Mt Carlton [1] Total - - - 6.43 0.81 168 6.43 0.81 168 6 311
Ernest Henry [2] 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
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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 meets the minimum acceptable criteria to support economic extraction and that the silver present within the A39 deposit can be economically recovered.

This information is extracted from the ASX release entitled “Annual Mineral resource and Ore Reserve Statement” released to the ASX on 17 February 2021 and is 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. 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 86% of the total Ernest Henry gold reserve.

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APPENDIX 1 –MINERAL RESOURCES AND ORE RESERVES STATEMENT AS AT 31 DEC 2020

Red Lake Mineral Resources Statement as at December 2020

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Gold Measured Indicated Inferred Total Mineral Resource
Cut- Gold Gold Gold Gold Gold Gold Gold Gold
Tonnes Tonnes Tonnes Tonnes
Project Type Off Grade Metal Grade Metal Grade Metal Grade Metal
(kt) (kt) (kt) (kt)
(g/t) (g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
Lower
UG 3.3 - - - 2.62 7.36 621 2.32 6.37 476 4.95 6.90 1,097
Campbell
Upper UG 3.3 - - - 8.67 10.55 2,942 4.46 10.23 1,466 13.13 10.44 4,408
Campbell
Lower Red
UG 3.3 - - - 9.64 5.85 1,813 3.58 5.93 683 13.23 5.87 2,497
Lake
Upper Red UG 3.3 - - - 4.08 5.96 781 2.03 6.40 418 6.11 6.09 1,199
Lake
HG Young UG 3.2 - - - - - - 2.44 5.45 427 2.44 5.44 427
Cochenour UG 3.0 - - - 3.08 5.80 574 4.89 5.42 851 7.97 5.55 1,425
Total 28.09 7.45 6,731 19.72 6.82 4,322 47.81 7.19 11,053
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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. Red Lake Mineral Resources Competent Person is Dean Fredericksen

Red Lake Ore Reserves Statement as at December 2020

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Gold Proved Probable Total Ore Reserve
Gold Gold Gold Gold Gold Gold
Cut- Tonnes Tonnes Tonnes
Project Type off (kt) Grade Metal (kt) Grade Metal (kt) Grade Metal
(g/t) (koz) (g/t) (koz) (g/t) (koz)
Lower
UG 4.4 - - - 711 6.50 148 711 6.50 148
Campbell
Upper
UG 2.5 - - - 7,780 7.40 1,847 7,780 7.40 1,847
Campbell
Lower Red
UG 4.3 - - - 3,194 6.20 640 3,194 6.20 640
Lake
Upper Red
UG - - - - - - - - - -
Lake
Cochenour UG 4.3 - - - 1,438 6.20 287 1,438 6.20 287
Inventory - - - - 37 6.10 7 37 6.10 7
Total - - - 13,160 6.90 2,929 13,160 6.90 2,929
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Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Red Lake Ore Reserve Competent Person is Brad Armstrong

This information is extracted from the ASX release entitled “Annual Mineral resource and Ore Reserve Statement” released to the ASX on 17 February 2021 and is available to view at www.evolutionmining.com.au. Evolution confirms that it is not aware of any other new information or data that materially affects other information included in that release and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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Evolution Mining Limited Quarterly Report March 2021

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Drill Hole Information Summary

Red Lake

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Hole ID Type Hole NAD83 (m) Northing Easting NAD83 Elevation (m) Length Hole NAD83 Dip Azimuth NAD83 From (m) Interval(m) [1] ETW (m) (g/t) Au
(m) (m)
32L487 DDH 5655692.31 448447.43 -1044.68 160.7 -27.9 39.8 116.0 17.00 15.97 8.70
Including 116.0 1.00 0.87 26.80
Including 118.3 0.65 0.56 42.20
Including 119.0 0.52 0.45 36.20
32L488 DDH 5655692.08 448447.54 -1044.91 145.5 -36.6 50.3 97.0 2.42 2.27 3.90
120.0 13.00 12.22 2.80
32L489 DDH 5655691.94 448447.57 -1043.98 206.0 2.4 55.4 162.6 1.10 1.03 5.00
172.7 3.20 3.01 1.40
32L490 DDH 5655691.69 448447.76 -1043.21 265.3 14.7 61.8 186.0 9.00 8.46 8.90
Including 190.0 1.95 1.88 28.30
198.0 3.00 2.82 10.80
222.0 7.00 6.58 7.10
Including 228.0 1.00 0.94 35.30
32L492 DDH 5655691.61 448447.74 -1044.32 170.2 -12.0 61.6 143.0 1.00 0.87 34.10
145.5 1.00 0.87 13.10
32L493 DDH 5655691.57 448447.72 -1044.49 160.3 -20.4 62.3 25.0 4.65 4.21 2.80
121.0 4.00 3.63 4.90
32L495 DDH 5655691.30 448447.89 -1044.49 175.9 -19.7 75.3 24.6 4.45 3.41 2.70
30.4 4.90 3.75 3.50
106.5 0.45 0.34 22.40
34L2441 DDH 5655718.88 448442.89 -1145.57 125.4 -45.9 20.0 28.2 5.17 4.48 8.40
59.0 6.25 5.12 0.90
34L2442 DDH 5655718.74 448443.25 -1143.75 140.5 18.1 39.6 1.7 2.43 1.86 5.80
41.0 2.55 1.95 2.60
34L2443 DDH 5655718.90 448443.40 -1144.38 100.3 6.2 39.9 37.0 1.05 0.95 4.90
70.9 7.35 6.66 2.40
96.5 3.80 3.44 1.40
34L2444 DDH 5655718.70 448443.23 -1145.04 90.1 -15.7 40.0 29.8 0.98 0.92 2.40
64.0 5.04 4.36 11.50
34L2446 DDH 5655718.61 448443.50 -1144.12 110.2 11.3 52.9 87.8 4.25 3.68 10.30
96.0 4.75 4.11 5.60
34L2448 DDH 5655718.32 448443.91 -1144.50 105.1 3.2 69.0 37.5 2.40 1.70 10.50
74.5 6.25 4.42 1.60
37L1019 DDH 5655738.27 448004.46 -1277.08 235.9 -53.8 51.5 159.7 2.80 2.42 5.30
191.2 1.30 1.13 4.30
203.7 2.60 2.25 6.50
37L1020 DDH 5655738.19 448004.41 -1277.26 255.5 -61.4 52.0 171.8 0.30 0.26 48.00
37L1021 DDH 5655737.99 448004.72 -1276.55 226.2 -36.4 65.5 189.6 3.00 2.60 4.90
37L1024 5655737.79 448004.87 -1277.33 255.2 -55.3 69.8 164.2 1.40 1.27 41.90
Including 165.0 0.60 0.54 95.30
41L1098 DDH 5655831.59 447629.93 -1387.21 221.3 15.2 189.2 165.9 3.55 2.51 5.80
41L1099 DDH 5655831.66 447629.86 -1387.23 220.9 15.2 198.7 172.4 3.70 2.83 4.80
Including 174.8 1.05 0.80 9.40
46L478 DDH 5655006.61 448292.44 -1661.63 246.5 -14.4 35.9 208.3 2.00 1.66 6.80
232.0 4.00 3.28 5.80
46L479 DDH 5655006.48 448292.62 -1661.29 276.1 -0.8 39.4 251.3 2.48 2.15 11.50
251.9 0.45 0.39 47.60
257.7 0.95 0.82 6.60
271.9 1.15 1.00 9.50
46L480 DDH 5655006.47 448292.57 -1661.47 261.8 -7.4 39.6 227.2 0.43 0.37 43.30
227.2 1.88 1.63 14.20
46L481 DDH 5655006.38 448292.51 -1661.84 226.9 -27.0 39.3 191.4 1.70 1.60 7.50
198.0 1.00 0.94 8.60
206.2 0.80 0.75 6.80
46L482 DDH 5655006.45 448292.77 -1660.68 327.4 9.7 42.1 157.0 2.30 2.16 21.20
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Evolution Mining Limited Quarterly Report March 2021

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Hole ID Type Hole NAD83 (m) Northing Easting NAD83 Elevation (m) Length Hole NAD83 Dip Azimuth NAD83 From (m) Interval(m) [1] ETW (m) (g/t) Au
(m) (m)
290.2 2.50 2.35 5.50
311.5 3.50 3.29 3.30
46L488 DDH 5655006.72 448292.02 -1662.68 320.4 -70.1 18.0 241.3 4.70 3.85 28.90
Including 243.1 0.45 0.37 71.70
Including 244.6 0.85 0.70 107.70
46L489 DDH 5655169.22 448048.91 -1672.16 261.4 -45.9 350.0 143.0 2.52 2.52 0.60
221.0 10.00 10.00 0.60
46L490 DDH 5655169.31 448049.26 -1672.26 250.8 -54.9 355.5 133.0 1.30 1.30 28.30
197.0 4.00 4.00 2.10
227.1 1.11 1.11 3.40
46L492 DDH 5655169.18 448049.57 -1672.06 250.9 -50.0 5.4 124.2 1.49 1.29 6.40
138.9 2.96 2.56 3.00
192.0 0.66 0.66 141.50
203.0 0.33 0.33 2.00
C39869 DDH 5658212.21 442648.19 -807.97 205.5 19.9 304.2 38.8 3.48 3.01 3.60
C39870 DDH 5658212.30 442648.33 -807.24 255.0 42.4 311.9 48.3 4.90 4.24 12.40
153.4 1.78 1.46 4.80
C39871 DDH 5658212.44 442648.05 -807.25 226.9 32.9 312.4 44.7 2.73 2.36 9.00
61.0 1.68 1.29 1648.40
Including 61.8 0.33 0.25 8384.30
150.3 3.05 2.64 3.50
C44219 DDH 5658170.18 442586.49 -963.18 218.0 -16.7 260.2 53.0 1.00 0.87 13.10
68.6 0.76 0.69 49.10
81.2 0.58 0.48 8.90
85.9 1.59 1.30 2.40
140.4 0.75 0.26 2.70
166.7 7.25 6.57 10.00
C44220 DDH 5658170.08 442586.54 -963.84 246.0 -19.0 252.6 165.3 4.13 3.16 4.00
192.4 2.05 1.15 3.50
C44221 DDH 5658196.78 442570.61 -962.53 150.5 6.3 287.6 32.9 0.33 0.32 65.90
44.1 1.05 0.80 4.70
47.2 1.65 1.43 13.70
51.5 2.11 1.62 3.20
69.2 0.37 0.28 27.30
83.2 0.30 0.27 7.90
84.5 1.92 1.66 1.70
96.2 1.41 1.22 3.70
C44222 DDH 5658196.24 442570.46 -961.87 140.4 21.1 278.4 59.0 1.35 1.03 25.00
67.8 0.80 0.69 7.60
C44223 DDH 5658195.65 442570.34 -962.61 135.5 3.6 269.7 11.3 1.09 1.01 19.50
30.9 0.42 0.39 6.00
39.2 0.68 0.64 58.80
45.5 0.82 0.77 17.40
55.2 0.68 0.64 10.40
122.0 3.99 3.75 6.50
C44224 DDH 5658195.43 442570.48 -962.01 135.7 17.1 266.0 111.0 2.51 2.40 30.80
C44225 DDH 5658253.87 442586.28 -961.85 225.0 -4.0 290.9 56.4 2.75 1.94 9.60
68.9 1.24 0.80 39.90
85.8 4.44 3.64 2.30
102.6 1.87 1.62 3.60
C44226 DDH 5658253.18 442586.26 -961.58 176.0 4.4 272.9 10.0 0.40 0.36 35.90
124.6 3.81 3.45 7.10
162.6 0.39 0.35 4.90
166.0 1.65 1.50 2.80
C44227 DDH 5658252.96 442586.30 -960.82 165.4 20.6 268.9 11.0 2.41 2.18 3.20
101.9 2.19 1.98 4.90
C44228 DDH 5658252.91 442586.30 -959.48 180.0 38.7 250.0 13.9 0.52 0.49 18.00
129.4 1.00 0.87 3.20
C44229 DDH 5658196.51 442570.58 -963.02 170.1 -7.9 267.4 42.2 2.85 2.58 14.40
54.5 2.70 2.45 5.50
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Evolution Mining Limited Quarterly Report March 2021 23

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Hole ID Type Hole NAD83 (m) Northing Easting NAD83 Elevation (m) Length Hole NAD83 Dip Azimuth NAD83 From (m) Interval(m) [1] ETW (m) (g/t) Au
(m) (m)
65.3 0.68 0.59 18.40
98.0 2.25 2.04 3.60
149.3 1.19 1.08 6.30
C44230 DDH 5658196.58 442570.62 -963.03 155.3 -3.2 260.9 43.7 1.14 0.93 7.10
78.6 0.95 0.86 105.90
82.7 0.55 0.54 13.10
130.4 0.90 0.82 6.10
C44231 DDH 5658196.06 442570.62 -963.76 261.4 -24.3 261.1 21.2 0.55 0.42 9.10
78.3 1.57 0.34 4.40
82.8 0.25 0.22 6.10
106.0 0.50 0.43 23.70
114.5 0.79 0.68 8.80
183.9 1.71 1.40 4.60
C44232 DDH 5658253.29 442586.33 -962.55 306.6 -26.6 265.1 12.4 0.35 0.30 35.30
84.8 0.62 0.56 23.60
124.5 0.83 0.72 6.00
C44233 DDH 5658253.11 442586.30 -961.64 195.6 -9.0 261.1 3.7 0.61 0.47 3.70
8.5 0.40 0.36 14.00
55.6 0.64 0.55 8.20
149.0 4.00 3.63 6.50
C44234 DDH 5658253.67 442586.30 -961.90 191.1 -2.9 257.1 102.7 3.36 3.25 8.70
Including 105.1 0.48 0.46 42.00
129.5 1.89 1.45 2.90
145.4 4.76 4.47 2.50
C44235 DDH 5658253.47 442586.40 -962.40 235.1 -18.9 254.1 19.9 0.30 0.23 4.70
49.5 0.36 0.34 4.10
77.4 0.66 0.60 4.00
C53881 DDH 5657850.49 442204.43 -1219.05 213.0 -72.9 64.1 145.8 0.70 0.59 13.90
159.0 0.88 0.81 11.50
178.0 0.60 0.40 13.80
C53882 DDH 5657850.03 442204.42 -1219.06 198.2 -72.4 88.6 139.9 2.62 1.85 6.20
154.0 1.23 0.87 6.90
160.0 5.41 3.83 10.50
182.7 0.30 0.21 25.00
C53883 DDH 5657882.67 442232.75 -1219.07 225.0 -68.2 37.5 145.1 1.03 0.97 6.00
155.4 5.77 4.42 6.00
165.7 1.29 0.99 4.60
170.0 8.25 7.14 2.90
Including 175.0 1.00 0.87 12.90
187.1 2.60 1.99 2.60
192.2 1.75 1.34 20.00
Including 192.2 0.55 0.42 54.40
C53884 DDH 5657882.68 442232.81 -1219.07 181.5 -68.9 49.8 89.5 2.17 1.88 21.20
112.6 0.40 0.36 4.70
116.7 2.65 2.40 1.80
133.1 7.63 6.47 7.80
C53885 DDH 5657882.51 442233.28 -1219.24 195.0 -75.5 55.0 143.8 3.15 1.81 3.90
165.3 1.70 1.30 4.30
C53886 DDH 5657854.14 442101.26 -1213.54 285.6 -56.5 71.0 223.8 0.45 0.32 9.30
231.7 1.52 1.32 6.20
243.7 1.30 1.00 11.50
247.4 0.47 0.41 3.70
260.0 0.96 0.74 4.40
266.0 2.07 1.70 7.20
C53887 DDH 5657854.10 442101.13 -1213.63 315.4 -63.4 71.3 287.8 3.20 2.77 3.60
309.0 1.00 0.77 31.50
C53888 DDH 5657853.58 442101.18 -1213.68 325.9 -67.2 88.9 246.3 0.77 0.61 5.60
261.0 0.55 0.35 6.30
272.1 1.59 0.91 31.90
280.0 2.62 2.43 3.70
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Evolution Mining Limited Quarterly Report March 2021 24

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Hole ID Type Hole NAD83 (m) Northing Easting NAD83 Elevation (m) Length Hole NAD83 Dip Azimuth NAD83 From (m) Interval(m) [1] ETW (m) (g/t) Au
(m) (m)
C53889 DDH 5657853.52 442101.39 -1213.48 270.1 -53.3 90.1 215.3 0.80 0.75 9.40
217.2 5.44 4.71 3.20
C53890 DDH 5657853.42 442101.31 -1213.62 311.0 -61.0 105.0 217.7 2.02 1.75 7.00
220.9 1.75 1.52 3.80
240.7 2.00 1.73 5.70
C53891 DDH 5657852.96 442101.22 -1213.69 291.0 -55.3 122.1 218.4 1.00 0.93 4.30
C53892 DDH 5657777.96 442198.86 -1216.71 165.4 -25.8 116.0 115.3 4.11 3.56 12.40
130.4 0.55 0.49 5.70
C53894 DDH 5657777.67 442198.85 -1216.70 160.9 -24.5 130.7 130.4 3.45 3.13 3.40
C53895 DDH 5657892.42 442184.43 -1217.45 240.0 -45.3 50.0 137.1 1.41 1.24 3.10
167.0 1.00 0.88 13.70
237.8 0.40 0.36 239.60
D271538 DDH 5656403.97 447771.54 -833.12 1758.0 3.4 211.8 607.0 3.37 2.66 10.40
Including 609.8 0.55 0.43 59.90
Including 612.5 0.35 0.28 18.40
D271539 DDH 5656404.26 447770.78 -833.04 902.1 3.2 219.6 654.4 0.74 0.58 0.50
D271541 DDH 5656403.80 447772.07 -832.55 730.3 14.5 200.0 564.7 0.73 0.58 2.30
DS1664 DDH 5657777.22 447626.29 364.01 335.3 -50.0 30.0 158.1 3.68 3.19 2.40
Including 159.8 0.31 0.27 5.70
Including 160.8 0.30 0.26 5.40
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Cowal

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Hole
Hole ID Type Hole Northing MGA (m) MGA (m) Easting Elevation AHD (m) Length MGA Dip MGA Azi From (m) Interval(m) [1] ETW(m) Au(g/t)
(m)
1535DD574A DD 6277644.9 538697.9 206.59 1071.55 -55 292 757.45 0.55 0.41 32.3
1535DD574A DD 992 6 4.2 3.39
1535DD574A DD 1024 23 16.1 0.82
1535DD575 DD 6277980.7 538739.8 207 1065.06 -55 293 761 4 2.8 13.07
1535DD575 DD 772 4 2.8 24.53
1535DD575 DD 790 4 2.8 2.93
1535DD575A DD 6277980.7 538739.8 207 1024.84 -55 293 770 3 2.1 6.79
1535DD575A DD 787 6 4.2 2.85
1535DD575A DD 945 1 0.7 24
1535DD575A DD 995 1 0.7 11.7
1535DD574B DD 6277644.9 538697.9 206.59 1119.63 -55 292 947 4 2.8 5.42
1535DD574B DD 982 1 0.7 12.4
1535DD575B DD 6277980.7 538739.8 207 1128.21 -55 293 804 1 0.7 13.7
1535DD575B DD 819 6 4.2 3.57
1535DD575B DD 861 6 4.2 3.02
1535DD575B DD 6277980.7 538739.8 207 1128.21 -55 293 922 4 2.8 6.84
1535DD575B DD 960 3 2.1 4.11
1535DD575B DD 1035 2.81 1.96 10.43
1535DD575B DD 1120 1 0.7 46.6
1535DD575C DD 6277980.7 538739.8 207 1085.7 -55 293 781 4 3.2 6.79
1535DD578 DD 6278554.5 538226 206 249.48 -55 360 61 15 11.25 4.14
1535DD578 DD 108 10 7.5 3.1
1535DD578 DD 194 25 18.75 2.07
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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake

Red Lake Section 1 Sampling Techniques and Data

	Red Lake Operations Section 1 Sampling Techniques and Data	Red Lake Operations 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).	 Sampling of gold mineralisation at Red Lake Operation was undertaken using diamond core (surface and underground).  All drill samples were logged prior to sampling. Diamond drill core was sampled to lithological, alteration and mineralisation related contacts. Sampling was carried out according to Red Lake Operations protocols and QAQC procedures which comply with industry best practice. All drill-hole collars were surveyed using a total station theodolite or total 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 Red Lake Operations QAQC protocol and no instruments or tools requiring calibration were used as part of the sampling process.  Diamond drill core sample intervals were based on geology to ensure a representative sample, with lengths ranging from 0.30 to 1m. Diamond drilling was half core sampled. All diamond core samples were dried, crushed and pulverised (total preparation) to produce a 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 (e.g. 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.).	 Drilling on site is conducted using diamond drill rigs, the core is extracted using a standard tube and core diameter is NQ2 (50.6mm) in size,  All exploration drill core is orientated using the Tru-Core device.
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.	 Percentage of drill core recovery is not recorded at this time on site. All core is oriented and marked up at 1-meter intervals, intervals are compared to drillers depth.

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Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
 Whether core and chip samples  All logging is both qualitative and quantitative in nature recording
Logging have been geologically and features such as structural data, lithology, mineralogy, alteration,
geotechnically logged to a level of mineralisation types, vein density, colour etc. All holes are
detail to support appropriate photographed wet.
Mineral Resource estimation,  All diamond holes were logged in entirely from collar to end of hole.
mining studies and metallurgical  All drill core once logged is digitally photographed. The
studies. photographs capture all data presented on the core.
 Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel etc.)
photography.
 The total length and percentage of
the relevant intersections logged.
 If core, whether cut or sawn and  Diamond core drilled was half core sampled and the remaining half
Sub-sampling whether quarter, half or all core was retained.
techniques and taken.  Core is cut to preserve the bottom of hole orientation line, in some
sample preparation  If non-core, whether riffled, tube instance core may be quarter cut and send for analysis.
sampled, rotary split, etc and  Sample preparation of diamond samples was undertaken by
whether sampled wet or dry. external laboratories according to the sample preparation and
 For all sample types, the nature, assaying protocol established to maximise the representation of
quality and appropriateness of the the Red Lake Operations mineralisation. Laboratories performance
sample preparation technique. was monitored as part of Red Lake Operations QAQC procedure.
 Quality control procedures Laboratory inspections were undertaken to monitor the
adopted for all sub-sampling laboratories compliance to the Red Lake Operations sampling and
stages to maximise representivity sample preparation protocol.
of samples.  The sample and size (1.5kg to 4kg) relative to the particle size
 Measures taken to ensure that the (>90% passing 75um) of the material sampled is a commonly
sampling is representative of the utilised practice for effective sample representation for gold
in-situ material collected, including deposits within the Orogenic Gold deposits of the Superior Craton
for instance results for field Canada.
duplicate/second-half sampling.  Quality control procedures adopted to maximise sample
 Whether sample sizes are representation for all sub-sampling stages include the collection of
appropriate to the grain size of the field and laboratory duplicates and the insertion of certified
material being sampled. reference material as assay standards (1 in 20) and the insertion
of blank samples (1 in 20) or at the geologist’s discretion. Coarse
blank material is routinely submitted for assay and is inserted into
each mineralised zone where possible and always after a sample
identified as having visible gold. The quality control performance
was monitored as part of Red Lake Operations QAQC procedure.
 The sample preparation has been conducted by commercial
laboratories. All samples are oven dried (60°C), jaw crushed to
90% passing <2mm and riffle split to a maximum sample weight of
1kg as required. The primary sample is then pulverised in a one
stage process, using a LM2 pulveriser, to a particle size of >90%
passing 75um. Approximately 250g 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 four months.
 Measures taken to ensure sample representation include the
collection of field duplicates during diamond core sampling drilling
at the geologist’s discretion and within the ore zone. Duplicate
samples for diamond core are collected during the sample
preparation crushing and pulverisation stage. A comparison of the
duplicate sample vs. the primary sample assay result was
undertaken as part of Red Lake Operations QAQC protocol. It is
considered that all sub-sampling and lab preparations are
consistent with other laboratories in Canada and are satisfactory
for the intended purpose.
 The sample sizes are considered appropriate and in line with
industry standards.
 The nature, quality and  The sampling preparation and assaying protocol used at Red Lake
Quality of assay data
appropriateness of the assaying Operations was developed to ensure the quality and suitability of
and laboratory tests
and laboratory procedures used the assaying and laboratory procedures relative to the
and whether the technique is mineralisation types.
considered partial or total.  No geophysical tools or other remote sensing instruments were
 For geophysical tools, utilised for reporting or interpretation of gold mineralisation.
spectrometers, handheld XRF  Fire assay is designed to measure the total gold within a sample.
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Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
instruments etc. the parameters Fire assay has been confirmed as a suitable technique for orogenic
used in determining the analysis type mineralisation. It has been extensively used throughout the
including instrument make and North Western Ontario region. Screen fire assay have also been
model, reading times, calibrations used to validate the fire assay techniques.
factors applied and their  Quality control samples were routinely inserted into the sampling
derivation, etc. sequence and also inserted at the discretion of the geologist either
 Nature of quality control inside or around the expected zones of mineralisation. The intent
procedures adopted (eg of the procedure for reviewing the performance of certified
standards, blanks, duplicates, standard reference material is to examine for any erroneous results
external laboratory checks) and (a result outside of the expected statistically derived tolerance
whether acceptable levels of limits) and to validate if required; the acceptable levels of accuracy
accuracy (i.e. lack of bias) and and precision for all stages of the sampling and analytical process.
precision have been established. Typically, batches which fail quality control checks are re-analysed.
 The verification of significant  Independent internal or external verification of significant intercepts
Verification of
intersections by either is not routinely completed. The quality control / quality assurance
sampling and independent or alternative (QAQC) process ensures the intercepts are representative for the
assaying
company personnel. orogenic gold systems. Half core and sample pulps are retained at
 The use of twinned holes. Red Lake Operations for two years if further verification is required.
 Documentation of primary data,  The twinning of holes is not a common practice undertaken at Red
data entry procedures, data Lake Operations. The face sample and drill hole data with the mill
verification and data storage reconciliation data is of sufficient density to validate neighbouring
(physical and electronic) samples. Data which is inconsistent with the known geology
protocols. undergoes further verification to ensure its quality.
 Discuss any adjustment to assay  All sample and assay information is stored utilising the acQuire
data 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 assay
data reported by the laboratory.
 Accuracy and quality of surveys  Drill hole collar positions are surveyed by the site-based survey
Location of data
used to locate drillholes (collar and department or contract surveyors (utilising a differential GPS or
points downhole surveys), trenches, conventional surveying techniques, with reference to a known base
mine workings and other locations station) with a precision of less than 0.2m variability.
used in Mineral Resource  All drill holes at Red Lake Operations have been surveyed for
estimation. easting, northing and reduced level. Recent data is collected and
 Specification of the grid system stored in RLO Mine Grid.
used.  Topographic control was generated from aerial surveys and
 Quality and adequacy of detailed Lidar surveys.
topographic control.
 Data spacing for reporting of  The nominal drill spacing for Exploration drilling is 22m x 42m or
Data spacing and
Exploration Results. wider and for Resource Definition is 11m x 21m.This spacing
distribution
 Whether the data spacing and includes data that has been verified from previous exploration
distribution is sufficient to activities on the project.
establish the degree of geological  Data spacing and distribution is considered sufficient for
and grade continuity appropriate establishing geological continuity and grade variability appropriate
for the Mineral Resource and Ore for classifying a Mineral Resource.
Reserve estimation procedure(s)  Sample compositing was not applied due to the often-narrow
and classifications applied. mineralised zones.
 Whether sample compositing has
been applied.
 Whether the orientation of  Mineralized zones in the Red Lake-Campbell deposit are
Orientation of data in
sampling achieves unbiased distinguished first by spatial orientation relative to structural
relation to geological
sampling of possible structures corridors and second by the style of mineralization. It is common
structure
and the extent to which this is for mineralized zones to have multiple styles of mineralization
known, considering the deposit within the same host lithology.
type.  There are four types of mineralization in Red Lake-Campbell
 If the relationship between the Deposit; 1) Vein Style Gold Mineralization, 2)
drilling orientation and the Vein and Sulphide Style Gold Mineralization, 3) Disseminated
orientation of key mineralised Sulphide Style Mineralization locally referred to as replacement
structures is considered to have mineralization 4) Free Gold Mineralization Style
introduced a sampling bias, this
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Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
should be assessed and reported  The relationship between the drilling orientation and the orientation
if material. of key mineralised structures at Red Lake is not considered to have
introduced a sampling bias and is not considered to be material.
 Resource Definition and Exploration drilling is typically planned to
intersect mineralised domains in an orientation that does not
introduce sample bias. A small number of holes are drilled at sub-
optimal orientations to test for alternate geological interpretations.
 The measures taken to ensure  Chain of custody protocols to ensure the security of samples are
Sample security
sample security. followed. Prior to submission samples are retained on site and
access to the samples is restricted. Collected samples are dropped
off at the respective commercial laboratories in North Western
Ontario. 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 have remained similar.
 The results of any audits or  Internal and External audits have been conducted in the past at
Audits or reviews
reviews of sampling techniques Red Lake Operations.
and data.
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Red Lake Operations Section 2 Reporting of Exploration Results

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Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Mineral tenement  Type, reference name/number,  Resource Definition drilling was undertaken on the following
and land tenure location and ownership including mining claims: Cochenour & Red Lake Claims: PAT-8059, PAT-
status agreements or material issues 8064,PAT-6850,PAT-6836,MLO-3508
with third parties such as joint  All mining claims are in good standing. Tenure consists of
ventures, partnerships, overriding Patents, subject to annual Mining Land Taxes issued in January.
royalties, native title interests,  Title registered on land tenure is 100% owned.
historical sites, wilderness or  There are currently no paying Royalties. Of the five known
national park and environmental Royalties within the Mine Closure Plan, two are proximal to the
settings. current Cochenour workings, TVX (Kinross) and Inco (Vale), and
 The security of the tenure held at one is proximal to the Red Lake workings (Hill). The shapes are
the time of reporting along with recorded in Engineering work files for future reference and mine
any known impediments to planning.
obtaining a licence to operate in  Historical sites have been rehabilitated and are monitored by the
the area. Environmental Dept.
 Acknowledgment and appraisal of
Exploration done by exploration by other parties.  Red Lake and Campbell were first staked during the Red Lake Gold
other parties
Rush in 1926. Subsequently, there was a period of claim
cancellations and re-staking of the area. Both mines opened in the
late 1940’s. Red Lake and Campbell Mine were combined in 2006
when Goldcorp purchased Campbell Mine.
 The earliest known exploration on the Cochenour–Willans property
was in 1925. Cochenour–Willans Gold Mines Ltd. was
incorporated in 1936 and production began in 1939 at a rate of 136–
181 t/d. Operations ran for 32 years, from 1939–1971. It was
acquired by Goldcorp in 2008.
 Aside from the Red Lake gold mines and Cochenour mine,
Evolution also holds past producing operations that include the HG
Young, Abino, McMarmac, Gold Eagle Mine, and McKenzie Red
Lake mines.
 Deposit type, geological setting  The mineralization within the Red Lake Operations can be
Geology
and style of mineralisation. classified as an Archean greenstone belt-hosted gold deposit.
 Red Lake Operations is hosted in the Red Lake greenstone belt
within the Uchi Domain on the southern margin of the North Caribou
Terrane of the Superior Province, Canada.
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Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
 Red Lake Operations is underlain mainly by tholeiitic basalt and
locally by komatiitic basalt of the Balmer Assemblage. The mine
sequence also includes felsic, peridotitic and other mafic to
lamprophyric intrusive rocks of various younger ages. Both Red
Lake- Campbell and Cochenour deposits are hosted within
significantly folded and sheared portions of the Balmer
assemblage. Shear zones act as primary hydrothermal fluid
corridors and host significant portions of the gold mineralization in
the area. Other significant mineralized structures occur within
lower-strain areas of the stratigraphy, usually associated with brittle
conjugate fracture systems in close proximity to lithological
boundaries possessing high competency contrasts.
 Gold mineralization is hosted in a variety of rock types within the
Red Lake Greenstone belt, although the majority of the productive
zones occur as vein systems accompanying sulphide replacement
within sheared mafic to komatiitic basalts of the Balmer
Assemblage.
 Gold bearing zones in the Red Lake-Campbell and Cochenour
deposit are distinguished first by spatial orientation relative to
structural corridors and second by the style of mineralization. It is
common for zones to have multiple styles of mineralization within
the same host lithology. There are four styles of mineralization
common in the Red Lake-Campbell and Cochenour deposit; Vein
style, Vein and Sulphide style, Disseminated Sulphide
(Replacement) style and free gold style.
 A summary of all information  Refer to the drill hole information table in the Appendix of this report.
Drill hole
material to the understanding of
Information
the exploration results including a
tabulation of the following
information for all Material
drillholes:
 easting and northing of the
drillhole collar
 elevation or RL of the drillhole
collar
 dip and azimuth of the hole
 downhole length and interception
depth
 hole length.
Data aggregation  In reporting Exploration Results,  For results reporting: A minimum grade truncation of 2.74gpt
methods weighting averaging techniques, standard is followed; no maximum grade truncation standard is
maximum and/or minimum grade applied.
truncations (e.g. cutting of high
grades) and cut-off grades are  Where aggregate intercepts incorporate short lengths of high-grade
usually material and should be and longer lengths of low-grade results, a weighted average of the
stated. values is applied to report the entire aggregate intercept. A short
 Where aggregate intercepts length high-grade intercept is then highlighted as an including value
incorporate short lengths of high- if result is >3 times the grade of the entire aggregate intercept in
grade results and longer lengths which it is incorporated.
of low-grade results, the
procedure used for such  Intercept length weighted average techniques, minimum grade
aggregation should be stated and truncations and cut-off grades have been used in this report.
some typical examples of such  If a hole has NSA values (ie gxm is less then 4 or 4g/t x m) the
aggregations should be shown in interval has been removed from the hole, if the entire hole has NSA,
detail. the hole is noted in the table in the appendix with an NSA value for
 The assumptions used for any g/t.
reporting of metal equivalent  Composite lengths and grade as well as internal significant values
values should be clearly stated. are reported in Appendix.
 No metal equivalent values are used.
Relationship  These relationships are  At Red Lake Operations where reliable estimated true widths can
between particularly important in the be calculated these have been included along with down hole
mineralisation reporting of Exploration Results. measurements.
widths and  If the geometry of the
intercept lengths mineralisation with respect to the
drill hole angle is known, its nature
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Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
should be reported.
 If it is not known and only the
downhole lengths are reported,
there should be a clear statement
to this effect (e.g. ‘downhole
length, true width not known’)
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Red Lake Operations Section 2 Reporting of Exploration Results	Red Lake Operations Section 2 Reporting of Exploration Results	Red Lake Operations Section 2 Reporting of Exploration Results	Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
should be reported.  If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘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.	 Drill hole location diagrams and representative section exploration results are provided either below or in the report.	s of reported body of this

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Criteria Explanation Commentary
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Criteria Explanation Commentary
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Criteria Explanation Commentary
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	Red Lake Operations Section 2 Reporting of Exploration Results	Red Lake Operations Section 2 Reporting of Exploration Results
Criteria	Explanation	Commentary
*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.	 Exploration and Resource Definition results have been reported in the Drill Hole Information Summary in the Appendix of this report.
*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.	 A substantial Exploration and Resource Definition program is on- going at the Red Lake Operation site.
*Further work*	 The nature and scale of planned further work (e.g. 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.	 A substantial Exploration and Resource Definition program is on- going at the Red Lake Operation site.

Cowal

Cowal Section 1 Sampling Techniques and Data

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Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
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Cowal Section 1 Sampling Techniques and Data	Cowal Section 1 Sampling Techniques and Data	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’). Inother cases, more	 Holes in this report consist of conventional diamond core drilling.  Drill holes 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.  Prior to 2018 drill core was halved with a diamond saw in 1 m intervals, irrespective of geological contacts. Since 2018 Sampling to lithological contacts has been implemented. 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 ALS Orange. Sample preparation 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 limitwas 0.01g/tAu

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Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
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).
 Drill type (e.g. core, reverse  Diamond drill holes were drilled HQ diameter through the
Drilling techniques
circulation, open-hole hammer, clay/oxide and NQ diameter through the primary rock to end of
rotary air blast, auger, Bangka, hole.
sonic, etc.) and details (e.g. core  All core in this report has been drilled since 2009 and has been
diameter, triple or standard tube, oriented using accepted industry techniques at the time.
depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc.).
 Method of recording and assessing  Provisions are made in the drilling contract to ensure that hole
Drill sample recovery
core and chip sample recoveries and deviation is minimised, and core sample recovery is maximised.
results assessed. Core recovery is recorded in the database. There are no
 Measures taken to maximise sample significant core loss or sample recovery issues. Core is
recovery and ensure representative reoriented and marked up at 1m intervals. Measurements of
nature of the samples. recovered core are made and reconciled to the driller’s depth
 Whether a relationship exists blocks, and if necessary, to the driller’s rod counts.
between sample recovery and grade  There is very no apparent relationship between core-loss and
and whether sample bias may have grade.
occurred due to preferential
loss/gain of fine/coarse material.
 Whether core and chip samples have  Geologists log core for lithology, alteration, structure, and
Logging
been geologically and geotechnically veining. Logging was done directly onto laptop computers via
logged to a level of detail to support LogChief software which is validated and uploaded directly into
appropriate Mineral Resource the Datashed database.
estimation, mining studies and  The Cowal logging system allows recording of both a primary
metallurgical studies. and a secondary lithology and alteration. Geologists also record
 Whether logging is qualitative or the colour, texture, grain size, sorting, rounding, fabric, and
quantitative in nature. Core (or fabric intensity characterising each lithological interval.
costean, channel etc.) photography.  The logged structures include faults, shears, breccias, major
 The total length and percentage of veins, lithological contacts, and intrusive contacts. Structures
the relevant intersections logged. 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 and
Kenometer Core Orientation tools 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
clearly referenced in the digital images.
 If core, whether cut or sawn and  Diamond Core is cut with a diamond saw or chisel. Core is cut
Sub-sampling
whether quarter, half or all core to preserve the bottom of hole orientation mark and the top half
techniques and taken. of core is always sent for analysis to ensure no bias is
sample preparation  If non-core, whether riffled, tube introduced.
sampled, rotary split, etc. and  In 2003 Analytical Solutions Ltd conducted a Review of Sample
whether sampled wet or dry. Preparation, Assay and Quality Control Procedures for Cowal
 For all sample types, the nature, Gold Project. This study, combined with respective operating
quality and appropriateness of the company policy and standards (North Ltd, Homestake, Barrick
sample preparation technique. and Evolution) formed the framework for the sampling, assaying
 Quality control procedures adopted and QAQC protocols used at Cowal to ensure appropriate and
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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
for all sub-sampling stages to representative sampling.
maximise representivity of samples.  Results per interval are reviewed for half core samples and if
 Measures taken to ensure that the unexpected or anomalous assays are returned an additional
sampling is representative of the in- quarter core may be submitted for assay.
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.
 The nature, quality and  SGS West Wyalong and ALS Orange are utilised as primary
Quality of assay data
appropriateness of the assaying and sources of analytical information. Round robin checks are
and laboratory tests
laboratory procedures used and completed regularly between the two laboratories. Both labs
whether the technique is considered operate to international standards and procedures and take part
partial or total. in the Geostatistical Round Robin inter-laboratory test survey.
 For geophysical tools, The Cowal QA/QC program comprises blanks, Certified
spectrometers, handheld XRF Reference Material (CRM), inter-laboratory duplicate checks,
instruments etc. the parameters and grind checks.
used in determining the analysis  1 in 30 fine crush residue samples has an assay duplicate. 1 in
including instrument make and 20 pulp residue samples has an assay duplicate.
model, reading times, calibrations  Wet screen grind checks are performed on 1 in 20 pulp residue
factors applied and their derivation, samples. A blank is submitted 1 in every 38 samples, CRM’s
etc. are submitted 1 in every 20 samples. The frequency of repeat
 Nature of quality control procedures assays is set at 1 in 30 samples.
adopted (e.g. standards, blanks,  All sample numbers, including standards and duplicates, are
duplicates, external laboratory pre-assigned by a QA/QC Administrator and given to the
checks) and whether acceptable sampler on a sample sheet. The QA/QC Administrator monitors
levels of accuracy (i.e. lack of bias) the assay results for non-compliance and requests action when
and precision have been necessary. Batches with CRM’s that are outside the ±2SD
established. acceptance criteria are reviewed and re-assayed if definitive
bias is determined or if re-assay will make a material difference.
 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
an acceptable level.
 The verification of significant  No dedicated twinning drilling has been conducted for this drill
Verification of
intersections by either independent program.
sampling and or alternative company personnel.  Cowal uses DataShed software system to maintain the
assaying  The use of twinned holes. database. Digital assay results are loaded directly into the
 Documentation of primary data, data database. The software performs verification checks including
entry procedures, data verification checking for missing sample numbers, matching sample
and data storage (physical and numbers, changes in sampling codes, inconsistent “from-to”
electronic) protocols. entries, and missing fields. Results are not entered into the
 Discuss any adjustment to assay database until the QA/QC Administrator approves of the results.
data 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.
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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

	Cowal Section 1 Sampling Techniques and Data	Cowal Section 1 Sampling Techniques and Data
Criteria	Explanation	Commentary
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.  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 mine grid system covers 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.	 The exploration drillholes reported in this report are targeted to test for continuity of mineralisation as interpreted from previous drilling. It is not yet known whether this drilling is testing the full extent of the mineralised geological zones. All drilling prior to 2018 is sampled at 1 m intervals down hole. Lithological based sampling was implemented in 2018 with a maximum sample length of 1m and a minimum sample length of 0.3m to avoid sampling across geological boundaries.
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 of the target area. In respect of the drilling at E41W drilling is targeted to drill at right angles to the dominant vein direction however the extent of the vein package is currently unknown.  Drilling at Galway Regal is oriented perpendicular to the known mineralised package.
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 another laboratory a local freight company is 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.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
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Cowal Section 1 Sampling Techniques and Data	Cowal Section 1 Sampling Techniques and Data	Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary

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, Barrick and Evolution. External audits were conducted in 2003 by RMI and QCS Ltd. and in 2011 and 2014 review and validation was conducted by RPA. MiningOne conducted a review of the Cowal Database in 2016 as part of the peer review process for the Stage H Feasibility Study. Recent audits have found no significant issues with data management systems or data quality.

Cowal Section 2 Reporting of Exploration Results

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Cowal Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
 Type, reference name/number,  The Cowal Mine is located on the western side of Lake
Mineral tenement
location and ownership including Cowal in central New South Wales, approximately 38 km
and land tenure
agreements or material issues with north of West Wyalong and 350 km west of Sydney. Drilling
status
third parties such as joint ventures, documented in this report was undertaken on ML1535. This
partnerships, overriding royalties, Lease is wholly owned by Evolution Mining Ltd. and CGO
native title interests, historical sites, has all required operational, environmental and heritage
wilderness or national park and permits and approvals for the work conducted on the Lease.
environmental settings. There are not any other known significant factors or risks that
 The security of the tenure held at the may affect access, title, or the right or ability to perform
time of reporting along with any further work programs on the Lease.
known impediments to obtaining a
licence to operate in the area.
 Acknowledgment and appraisal of  The Cowal region has been subject to various exploration and
Exploration done by
exploration by other parties. drilling programs by GeoPeko, North Ltd., Rio Tinto Ltd.,
other parties Homestake and Barrick.
 Deposit type, geological setting and  The Cowal gold deposits (E41, E42, E46, Galway and Regal)
Geology
style of mineralisation. 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.
Consequently, 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  Drill hole information is provided in the Drill Hole Information
to the understanding of the Summary presented in the Appendix of this report.
exploration results including a
tabulation of the following information
for all Material drillholes:
 easting and northing of the
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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

	Cowal Section 2 Reporting of Exploration Results	Cowal Section 2 Reporting of Exploration Results
Criteria	Explanation	Commentary
	drillhole collar  elevation or RL of the drillhole collar  dip and azimuth of the hole  downhole length and interception depth  hole length.
*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.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 Significant intercepts have nominally been calculated based on a minimum interval length of 3m, max internal dilution of 5m and a minimum grade of 0.4g/t Au. However, some intervals with sizable Au grades may be reported individually if appropriate. Au Grades are reported un-cut.
*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 (e.g. ‘downhole length, true width not known’)	 Mineralisation within the drilling area is bounded by large north-south trending structures, however it has strong internally oblique structural controls. Drill holes are typically oriented to optimise the angle of intercept at the target location. All significant intercepts are reported as down hole intervals unless labelled as Estimated True Widths (ETW).
*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	 A drill hole location plan for reported drilling at Cowal and a representative section are provided below. *Drill hole location plan GRE46*

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Cowal Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Cross section through E42 and GRE46
 Where comprehensive reporting of all  Significant intercepts reported are only those areas where
Balanced reporting Exploration Results is not practicable, mineralisation was identified.
representative reporting of both low  These assay results have not been previously reported.
and high grades and/or widths should  All earlier significant assay results have been reported in
be practiced to avoid misleading previous ASX announcements.
reporting of Exploration Results  The intercepts reported for this period form part of a larger drill
program that was still in progress at the time of writing.
Remaining holes are awaiting logging, processing and assays
and future significant results will be published as appropriate.
 Other exploration data, if meaningful  No other substantive data was collected during the report
Other substantive
and material, should be reported period.
exploration data 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.
 The nature and scale of planned  Results from these programs will be incorporated into current
Further work
further work (e.g. tests for lateral models and interpretations and further work will be determined
extensions or depth extensions or based on the outcomes.
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.
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Evolution Mining Limited Quarterly Report March 2021

AI assistant

EVOLUTION MINING LIMITED — Regulatory Filings 2021

64885_rns_2021-04-21_145839ec-82c8-40f5-a016-4a13b0df0bf3.pdf

QUARTERLY REPORT – For the period ending 31 March 2021

HIGHLIGHTS

Continued sector leading cash generation

Sustainability

Operations tracking in-line with FY21 production guidance

Improved FY21 cost guidance

Agreement to acquire Battle North Gold Corporation

Delivering significant organic growth pipeline

Exploration highlights

Consolidated production and sales summary

OVERVIEW

OVERVIEW

Summary of key projects

OVERVIEW

March 2021 quarter production and cost summary[1]

OVERVIEW

FY21 year to date production and cost summary[1]

OPERATIONS

Cowal, New South Wales (100%)

Ernest Henry, Queensland

(Economic interest; 100% gold and 30% copper production)[1]

OPERATIONS

Red Lake, Ontario (100%)

Mungari, Western Australia (100%)

1 shaft decommissioning on schedule for completion in March 2022 quarter

OPERATIONS

Mt Rawdon, Queensland (100%)

Mt Carlton, Queensland (100%)

FINANCIALS

FINANCIALS

Depreciation & Amortisation update:

Interactive Analyst CentreTM

EXPLORATION

Highlights

Red Lake, Ontario (100%)

Resource Definition

Cochenour

Red Lake

EXPLORATION

Discovery

EXPLORATION

Cowal, New South Wales (100%)

Cowal

EXPLORATION

EXPLORATION

Mungari, Western Australia (100%)

EXPLORATION

Mt Carlton - Crush Creek, Queensland (100%)

Australian Greenfields Exploration

EXPLORATION

Competent persons statement

Exploration results

Forward looking statements

CORPORATE INFORMATION

ABN 74 084 669 036

Board of Directors

Company Secretary

Board authorisation for release

Investor enquiries

Media enquiries

Internet address

Registered and principal office

Share register

Issued share capital

Conference call

Shareholder – live audio stream

Analysts and media – conference call details

Interactive Analyst Centre[TM]

Stock exchange listing

APPENDIX 1 –MINERAL RESOURCES AND ORE RESERVES STATEMENT AS AT 31 DEC 2020

December 2020 Group Gold Mineral Resource Statement

APPENDIX 1 –MINERAL RESOURCES AND ORE RESERVES STATEMENT AS AT 31 DEC 2020

December 2020 Group Gold Ore Reserve Statement

Red Lake Mineral Resources Statement as at December 2020

Red Lake Ore Reserves Statement as at December 2020

APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Drill Hole Information Summary

EVOLUTION MINING LIMITED Regulatory Filings 2021