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EVOLUTION MINING LIMITED Regulatory Filings 2021

Jan 27, 2021

64885_rns_2021-01-27_44e11c31-6810-4d3f-8870-00b8c2f0cc89.pdf

Regulatory Filings

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QUARTERLY REPORT – For the period ending 31 December 2020

HIGHLIGHTS

Continued sector leading cash generation

  • Mine operating cash flow of A$258.9 million

  • Net mine cash flow of A$170.5 million

  • Group cash flow of A$99.3 million

  • Net bank debt reduced by A$93.4 million to A$86.9 million

Sustainability

  • 2020 Sustainability Report published and two new Sustainability Projects approved

  • COVID-19 continues to be proactively managed – no cases reported and no material impact on operations

Maintained focus on producing high margin ounces

  • Gold production increased by 6% quarter-on-quarter to 180,305 ounces

  • All-in Sustaining Cost (AISC)[1] declined by 3% to A$1,166 per ounce (US$852/oz)[2]

  • All-in Cost (AIC)[3] declined by 5% to A$1,582 per ounce for an AIC margin of A$834 per ounce

  • Major projects investment remains on track to grow low-cost, high-margin production base

Exploration highlights

  • Resource definition drilling at Red Lake’s Twin Otter: 1.11m (0.88m etw) at 106.3g/t Au from 204m (44L954)

  • ▪ Extensional drilling at Cowal’s Dalwhinnie: 19.00m (13.30m etw) at 4.4g/t Au from 575m (1535DD544A)

Delivering significant organic growth pipeline

  • Red Lake

  • Stage 1 transformation plan targeting annual production of 200,000 ounces at an AISC of less than US$1,000 per ounce progressing ahead of schedule

  • Design work commenced for new surface decline to access higher grade ore in Upper Campbell

  • Material increase to Ore Reserve expected in March 2021 quarter

  • ▪ Cowal

  • Underground Feasibility Study progressing on schedule to increase annual production to over 350,000 low cost ounces

  • Drilling continues to indicate further growth in underground mine and opportunity to optimise grade

On track to achieve FY21 Group guidance

  • Year-to-date production of 350,326 at an AISC of A$1,182 per ounce (US$854/oz)[4]

  • FY21 guidance: 670,000 – 730,000 ounces at an AISC of A$1,240 – A$1,300 per ounce

Consolidated production and sales summary

Units Mar Qtr
FY20		 Jun Qtr
FY20		 Sep Qtr
FY21		 Dec Qtr
FY21		 YTD
FY21
Gold produced oz 165,502 **218,104 ** 170,021 180,305 350,326
By-product Silverproduced oz 118,224 233,252 164,069 126,294 290,363
By-product Copperproduced t 4,832 6,684 5,552 5,450 11,002
C1 Cash Cost A$/oz 767 **761 ** 889 814 **851 **
All-In Sustaining Cost1 A$/oz 991 1,088 1,198 1,166 1,182
All-InCost3 A$/oz 1,584 1,562 1,663 **1,582 ** 1,622
Gold sold oz 167,374 218,685 172,759 176,668 349,427
Achieved gold price A$/oz 2,366 2,500 2,534 2,416 2,474
Silversold oz 118,472 218,239 173,909 118,451 292,360
Achieved silverprice A$/oz 27 24 35 32 34
Coppersold t 4,801 6,585 5,598 5,373 10,971
Achieved copperprice A$/t 8,174 8,192 9,668 9,973 9,817

  1. Includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense. Calculated per ounce sold

  2. Using the average AUD:USD exchange rate of 0.7304 for the December 2020 quarter

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

  4. Using the average AUD:USD exchange rate of 0.7227 for the December 2020 half-year

Evolution Mining Limited Quarterly Report December 2020 1

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OVERVIEW

In November 2020 Evolution was advised of its continued inclusion in the Dow Jones Sustainability Index Australia – ranking among the top performing Australian mining companies for corporate sustainability. Evolution is one of only two gold mining companies in this category.

Evolution’s 2020 Sustainability Report was published during the quarter. As part of Evolution’s ongoing Community Investment efforts, two Sustainability Projects were approved during this quarter – the West Wyalong Community Theatre Project and the University of Queensland Underground Waste Project.

Group Total Recordable Injury Frequency (TRIF)[1] at 31 December was 7.9 (30 September: 7.1). COVID19 continues to be proactively managed with no cases reported at any of Evolution’s operations.

Group gold production for the December 2020 quarter was 180,305 ounces (Sep qtr: 170,021oz) at an AISC of A$1,166/oz (Sep qtr: A$1,198/oz). Using the average AUD:USD exchange rate for the quarter of 0.7304, Group AISC equated to US$852/oz which places Evolution at the bottom of the cost curve amongst major and mid-tier global gold producers. An improved AIC of A$1,582/oz resulted in an AIC margin of A$834/oz.

As at 30 December 2020, Evolution had cash in the bank of A$438.1 million and bank debt of A$525.0 million equating to net bank debt of A$86.9 million. Net bank debt has reduced by A$313.0 million in the nine months since the acquisition of Red Lake via 100% debt funding. This was achieved while also paying the FY20 final dividend to shareholders of A$153.8 million (9 cents per share, fully franked).

Evolution delivered mine operating cash flow and net mine cash flow of A$258.9 million and A$170.5 million respectively (Sep qtr: A$272.3M; A$183.4M). Mine capital investment for the quarter was A$85.6 million (Sep qtr: A$88.1M).

  • Red Lake’s production increased 27% to 33,709oz at an AISC of A$1,937/oz generating net mine cash flow of A$10.3 million. This places it ahead of schedule for Stage 1 of the transformation plan to increase annual production to 200,000 ounces at an AISC of less than US$1,000 per ounce

At Red Lake, work continued on the estimation of an initial Ore Reserve in accordance with the JORC Code. At the time of acquisition Ore Reserves were estimated to be approximately 1.2 – 1.4 million ounces. A material increase is expected with the release of Evolution’s Annual Group Mineral Resources and Ore Reserves Statement in the March 2021 quarter.

Resource definition and discovery drilling at Red Lake is also ongoing with six underground drill rigs. Results of definition drilling will support resource classification upgrades at Cochenour and the Twin Otter Zone. The best resource definition infill hole intersected 1.11m (0.88m etw) grading 106.30g/t gold from 204m (44L954) in Twin Otter.

Drilling at Cowal’s GRE46 focused on Mineral Resource conversion and extending mineralisation beyond the underground resource outlines with the best hole intersecting 19.00m (13.30m etw) grading 4.39g/t gold from 575m (1535DD577A) at Dalwhinnie. The model is being updated to inform the Feasibility Study which is progressing on schedule.

During the quarter Evolution acquired a 100% interest in the Crush Creek project located 30km southeast of Mt Carlton. Evolution achieved 70% ownership following sole funding A$7.0 million of exploration expenditure and acquired the remaining 30% of the project for A$4.5 million. Drilling continued at Crush Creek with excellent initial results returned at Gamma including 4.0m (4.0m etw) grading 14.70g/t gold from 138m.

Standout operational performances for the quarter:

  • Ernest Henry produced 24,473oz at an AISC of negative A$710/oz generating net mine cash flow of A$73.7 million

  • Cowal produced 54,926oz at an AISC of A$958/oz generating net mine cash flow of A$39.2 million

  • Mt Rawdon produced 24,306oz at an AISC of A$1,170/oz generating net mine cash flow of A$24.2 million

  • Total Recordable Injury Frequency (TRIF): The frequency of total recordable injuries per million hours worked.

Evolution Mining Limited Quarterly Report December 2020

2

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OVERVIEW

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Group safety performance (TRIF)
7.9
7.2 7.1
6.8
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
250 Group production (koz)
200 218.1
150 180.3
165.5 170.0
100
50
0
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
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Group operating mine cash flow
400 (A$M)
350
300 352.1
250 272.3
200 257.4 258.9
150
100
50
0
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
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Group AISC (A$ per ounce)
1,300 1,198 1,166
1,200 1,088
1,100 991
1,000
900
800
700
600
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
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Summary of key projects

Cowal
Underground ▪
Expected to increase annual production to above 350,000 ounces
▪
Statutory approval process progressing following receipt of public
submissions
▪
Feasibility Study progressing on schedule
▪
Second stage development of the Galway exploration decline to
commence in March 2021 quarter
Integrated Waste Landform ▪
Stage 1a complete with tails deposition commencing on time
▪
Stage 1b and Stage 2 construction progressing on schedule
Stage H cutback ▪
On track for major capital strippingto be completed bythe end of FY21
Satellite openpits ▪
Pre-FeasibilityStudy progressingfor satellitepits outside E42
Red Lake
Transformation plan ▪
Progressing ahead of schedule to achieve annual production of 200,000
ounces at an AISC of less than US$1,000 per ounce
Ore Reserve ▪
Initial Ore Reserve in accordance with JORC Code expected in March
2021 quarter
Decline ▪
Design work commenced for the new surface decline
▪
Underground development to commence in the June 2021quarter
Processing ▪
Concept Study commenced to assess long term expansion options.
Results expected in December 2021 half year and will provide increased
transparency on achieving Evolution’s long-term objective for Red Lake of
producing 300,000–500,000 ounces per year
Ernest Henry
Drilling below 1200RL ▪
Results of CY2020 drilling and details of follow-up drill program to be
released in the March 2021 quarter
Mungari
Processing ▪
Castle Hill processing study progressing. Directional outcome expected in
June 2021quarter

Evolution Mining Limited Quarterly Report December 2020

3

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OVERVIEW

December 2020 quarter production and cost summary[1]

Dec 2020 quarter Units Cowal Ernest
Henry		 Red
Lake		 Mungari Mt
**Rawdon **		 Mt Carlton Group
UG lat dev - capital m 0 364 1,674 546 0 512 3,095
UG lat dev - operating m 0 1,403 1,283 194 0 123 3,002
Total UG lateral
development		 m 0 1,767 2,956 739 0 635 6,097
UG ore mined kt 0 1,681 181 127 0 55 2,044
UG grade mined g/t 0.00 0.61 7.03 3.15 0.00 5.23 1.46
OP capital waste kt 3,223 0 0 461 707 0 4,391
OP operating waste kt 1,185 0 0 726 873 1,216 3,999
OP ore mined kt 744 0 0 439 793 52 2,029
OP grade mined g/t 1.02 0.00 0.00 1.37 0.94 2.74 1.11
Total ore mined kt 744 1,681 181 566 793 108 4,073
Total tonnes
processed		 kt 2,097 1,667 160 484 839 246 5,492
Grade processed g/t 0.97 0.61 7.11 2.15 1.00 2.38 1.21
Recovery % 83.8 74.6 92.2 91.1 89.8 84.6 84.2
Gold produced1 oz 54,926 24,473 33,709 30,463 24,306 12,428 180,305
Silver produced oz 19,448 18,193 1,640 2,550 21,701 62,763 126,294
Copper produced t 0 4,972 0 0 0 478 5,450
Gold sold oz 54,264 23,740 33,556 30,006 23,397 11,705 176,668
Achieved gold price A$/oz 2,413 2,395 2,480 2,420 2,391 2,332 2,416
Silver sold oz 19,448 18,193 1,640 2,550 21,701 54,919 118,451
Achieved silver price A$/oz 34 34 35 33 33 31 32
Copper sold t 0 4,972 0 0 0 401 5,373
Achieved copper price A$/t 0 10,018 0 0 0 9,416 9,973
Cost Summary
Mining A$/prod oz 311 842 582 411 1,244 553
Processing A$/prod oz 501 338 383 425 551 406
Administration and
selling costs		 A$/prod oz 114 275 113 111 531 199
Stockpile adjustments A$/prod oz (46) (106) 39 7 12 (25)
By-product credits A$/prod oz (12) (2,060) (2) (3) (30) (439) (318)
C1 Cash Cost A$/prod oz 868 (1,073) 1,346 1,115 924 1,899 814
C1 Cash Cost A$/sold oz 878 (1,106) 1,353 1,132 960 2,016 831
Royalties A$/sold oz 61 219 0 56 162 220 94
Gold in Circuit and
otheradjustments		 A$/sold oz (12) 246 (11) (90) (73) 24
Sustaining capital2 A$/sold oz 16 177 317 201 76 33 137
Reclamation and other
adjustments		 A$/sold oz 15 21 23 61 17 22
Administration costs3 A$/sold oz 58
All-in Sustaining
Cost		 A$/sold oz 958 (710) 1,937 1,402 1,170 2,214 1,166
Major project capital A$/sold oz 688 0 312 336 164 44 352
Discovery A$/sold oz 57 0 76 75 2 30 64
All-in Cost A$/sold oz 1,703 (710) 2,326 1,813 1,336 2,288 1,582
Depreciation &
Amortisation4		 A$/prod oz 122 1,319 189 395 521 625 432

  1. 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

  2. Sustaining Capital includes % UG mine development capital. Group Sustaining Capital includes A$1.23/oz for Corporate capital expenditure

  3. Includes Share Based Payments

  4. 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$49/oz) and Corporate Depreciation and Amortisation of A$2.69/oz

Evolution Mining Limited Quarterly Report December 2020 4

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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 0 627 3,152 1,078 0 962 5,819
UG lat dev - operating m 0 3,082 2,482 331 0 480 6,375
Total UG lateral
development		 m 0 3,709 5,634 1,408 0 1,443 12,194
UG ore mined kt 0 3,340 298 227 0 93 3,959
UG grade mined g/t 0.00 0.60 6.79 3.49 0.00 5.33 1.34
OP capital waste kt 7,073 0 0 1,777 1,733 0 10,584
OP operating waste kt 1,791 0 0 814 1,844 2,254 6,703
OP ore mined kt 1,154 0 0 833 1,257 165 3,408
OP grade mined g/t 0.96 0.00 0.00 1.24 0.97 2.50 1.11
Total ore mined kt 1,154 3,340 298 1,060 1,257 258 7,367
Total tonnes
processed		 kt 4,214 3,358 280 999 1,688 480 11,019
Grade processed g/t 0.94 0.60 6.79 2.25 0.92 2.39 1.16
Recovery % 83.9 78.3 92.8 91.0 89.2 83.3 85.0
Gold produced4 oz 106,700 49,042 60,347 65,832 44,330 24,074 350,326
Silver produced oz 59,427 39,228 2,809 5,695 45,421 137,783 290,363
Copper produced t 0 10,012 0 0 0 989 11,001
Gold sold oz 104,193 51,300 59,609 65,872 44,157 24,297 349,427
Achieved gold price A$/oz 2,455 2,453 2,526 2,495 2,427 2,502 2,474
Silver sold oz 59,427 39,228 2,809 5,695 45,421 139,780 292,360
Achieved silver price A$/oz 34 30 36 34 34 34 34
Copper sold t 0 10,012 0 0 0 959 10,971
Achieved copper price A$/t 0 9,868 0 0 0 9,286 9,817
Cost Summary
Mining A$/prod oz 231 932 479 441 1,450 540
Processing A$/prod oz 586 363 342 506 638 446
Administration and
selling costs		 A$/prod oz 129 278 107 133 542 206
Stockpile adjustments A$/prod oz (31) (102) 71 41 38 (6)
By-product credits A$/prod oz (19) (2,039) (2) (3) (35) (568) (336)
C1 Cash Cost A$/prod oz 896 (1,028) 1,468 996 1,085 2,099 851
C1 Cash Cost A$/sold oz 918 (983) 1,487 995 1,090 2,080 853
Royalties A$/sold oz 67 206 0 61 145 221 95
Gold in Circuit and
otheradjustments		 A$/sold oz (19) 143 (0) (64) 110 18
Sustaining capital2 A$/sold oz 13 172 343 174 105 25 137
Reclamation and other
adjustments		 A$/sold oz 11 24 15 67 16 20
Administration costs3 A$/sold oz 59
All-in Sustaining
Cost		 A$/sold oz 991 (605) 1,997 1,246 1,342 2,452 1,182
Major project capital A$/sold oz 760 0 294 318 198 21 363
Discovery A$/sold oz 65 0 80 91 3 45 77
All-in Cost A$/sold oz 1,816 (605) 2,371 1,655 1,544 2,518 1,622
Depreciation &
Amortisation4		 A$/prod oz 156 1,359 179 384 558 641 455

  1. 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

  2. Sustaining Capital includes % UG mine development capital. Group Sustaining Capital includes A$1.04/oz for Corporate capital expenditure

  3. Includes Share Based Payments

  4. 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$47/oz) and Corporate Depreciation and Amortisation of A$4.73/oz

Evolution Mining Limited Quarterly Report December 2020

5

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OPERATIONS

Cowal, New South Wales (100%)

Cowal produced 54,926oz of gold at an AISC of A$958/oz (Sep qtr: 51,774oz, AISC A$1,026/oz).

Mine operating cash flow for the quarter was A$77.5 million (Sep qtr: A$72.5 million). Net mine cash flow was A$39.2 million (Sep qtr: A$30.2 million) post sustaining capital of A$0.9 million and major capital of A$37.4 million.

Investment in major projects included the continuation of Stage H stripping, construction of the Integrated Waste Landform (IWL) tailings facility and the Underground Feasibility Study. Tailings deposition into the IWL successfully commenced in October which was a significant milestone for the project.

The Board approved the accelerated development of the Galway decline during the quarter. The contract for the decline has been awarded with mobilisation and lateral development activities planned to progress in the March 2021 quarter.

The Underground Feasibility Study continues to optimise the mine plan and finalise site geotechnical investigation works for surface and underground infrastructure. Statutory approvals are being progressed following receipt of public submissions.

Ernest Henry, Queensland

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

Evolution’s interest in Ernest Henry delivered 24,473oz of gold and 4,972t of copper at an AISC of negative A$710/oz (Sep qtr: 24,569oz Au and 5,040t Cu at negative A$515/oz).

Operating mine cash flow for the quarter was A$77.9 million representing gold (A$56.9 million) and by-product sales of copper (A$49.8 million) and silver (A$0.6 million), net of Evolution’s contribution to operating costs of A$29.4 million. Ernest Henry generated a net mine cash flow for Evolution of A$73.7 million, post sustaining capital of A$4.2 million.

Ore mined was 1,681kt at an average grade of 0.61g/t gold and 1.08% copper. Underground lateral development was 2,352m, which includes 1,403m of operating development, 364m of capital development and 585m of rehabilitation development. Ore processed was 1,667kt at an average grade of 0.61g/t gold and 1.08% copper. Gold recovery of 74.6% and copper recovery of 95.6% was achieved with mill utilisation at 89.5%.

Operating cash costs (C1) was negative A$(1,073)/oz after accounting for copper and silver by-product credits (Sep qtr: A$(983)/oz). Cash operating costs (C1) included by-product credits of A$(2,124)/oz.

Copper sales in the quarter were 4,972t at an average copper price of A$10,018/t.

  1. 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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1,031 1,026
941 958
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
Production gold (oz) AISC (A$/oz)
60,554oz 60,594oz 51,774oz 54,926oz
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(188)
(515)
(617)
(710)
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
Production gold (oz) AISC (A$/oz)
20,261oz 28,183oz 24,569oz 24,473oz
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Evolution Mining Limited Quarterly Report December 2020

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OPERATIONS

Red Lake, Ontario (100%)

Mungari, Western Australia (100%)

Gold production increased 27% to 33,709oz and AISC reduced 7% to A$1,937/oz (Sep qtr: 26,638oz, AISC of A$2,074/oz). The transformation plan to achieve annual production of 200,000 ounces at an AISC of US$1,000 per ounce continued ahead of plan during the December quarter.

Mine operating cash flow was A$34.2 million (Sep qtr: A$21.6 million). Net mine cash flow was A$10.3 million (Sep qtr: A$ 4.7 million) post sustaining capital of A$10.7 million, major capital of A$10.5 million and restructuring costs of A$2.8 million.

Underground development improved by over 10% to 2,956m (Sep qtr: 2,678m). Development of 1,069m in the month of December reflects continued productivity improvements.

The underground mine produced ore feed of 181kt at an average grade of 7.03g/t gold. An Evolution record of 71kt of ore was mined in December. Ore processed was 160kt at 7.11g/t gold. The Campbell mill achieved recoveries of 92.2% and a utilisation of 97.0% (Sep qtr: 93.6% and 87.4% respectively). An ore stockpile is being built up and will be processed through the Red Lake mill in the June 2021 quarter.

Mungari produced 30,463oz of gold at an AISC A$1,402/oz (Sep qtr: 35,370oz, AISC A$1,115/oz).

Mine operating cash flow for the quarter was A$38.2 million (Sep qtr: A$61.2 million). Net mine cash flow was A$22.7 million (Sep qtr: A$44.9 million) post sustaining and major capital investment of A$15.5 million.

The lower production was a result of a planned mill shutdown which was completed successfully during the quarter and contributed to improved recoveries. Plant throughput was 484kt with gold recoveries of 91.1%.

Production was also impacted by a minor seismic event in the White Foil open pit. Mining has since resumed without further disruption.

Frog’s Leg underground production was ahead of plan with 127kt of ore mined at 3.15g/t gold (Sep qtr: 101kt at 3.93g/t gold). Total underground development was 739m and included completion of the first level of development in the Boomer deposit.

Total open pit material mined was 1,822kt. Open pit ore mined was 439kt grading 1.37g/t gold. Ore was sourced from Stage 3a and 3b of the White Foil and Cutters Ridge open pits.

Transformation plan milestones achieved in the December quarter include:

  • Jumbo bolting trialled successfully

  • Shaft decommissioning on schedule

  • Phase 1 of hoist automation on schedule

  • Ten additional pieces of underground equipment decommissioned

  • Stage 7 dam lift completed on schedule

Design work for the new surface decline commenced during the quarter with development due to commence in the June 2021 quarter. This decline will provide independent access to the Upper Campbell and HG Young ore bodies where 4.8Moz of Red Lake’s 11Moz Mineral Resource estimate[1] is situated.

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1,402
1,943 2,074 1,937 1,099 1,089 1,115
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
Production gold (oz) AISC (A$/oz) Production gold (oz) AISC (A$/oz)
1. See Appendix 1 of this release for further details of the Red Lake Mineral Resource estimate
33,709oz 32,721oz 37,178oz 35,370oz 30,463oz
27,428oz 26,638oz
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Evolution Mining Limited Quarterly Report December 2020

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OPERATIONS

Mt Rawdon, Queensland (100%)

Mt Rawdon produced 24,306oz of gold at an AISC of A$1,170/oz (Sep qtr: 20,024oz; A$1,536/oz).

Mine operating cash flow was A$29.9 million (Sep qtr: A$24.6 million). Net mine cash flow of A$24.2 million (Sep qtr: A$16.1 million) was generated post sustaining and major capital investment of A$5.6 million.

On 4 December, Mt Rawdon achieved the significant milestone of exceeding the previous longest reportable injury free period of 315 days.

Total material mined of 2.6Mt was below plan due to heavy rainfall in mid-December restricting access in the open pit.

Ore processed was 839kt at an average grade of 1.00g/t gold (Sep qtr: 849kt at 0.83g/t Au).

The plant performed well during the quarter with recoveries increasing to 89.8% and plant utilisation improving to 95.7% (Sep qtr: 88.5% and 94.9% respectively).

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1,536
1,357 1,305
1,170
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
Production gold (oz) AISC (A$/oz)
25,982oz
24,306oz
16,434oz 20,024oz
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Mt Carlton, Queensland (100%)

Mt Carlton produced 12,428oz of payable gold (Sep qtr: 11,647oz) in 16,882 dry metric tonnes (dmt) of concentrate. AISC decreased to A$2,214/oz (Sep qtr: A$2,674/oz).

Mine operating cash flow was A$1.3 million (Sep qtr: A$4.5 million). Net mine cash flow of A$0.4 million (Sep qtr: A$4.3 million) was generated post sustaining and major capital investment of A$0.9 million.

Underground development reached the Western Feeder Zone in November – one month ahead of schedule. Dewatering activities in the A39 pit commenced in preparation for portal establishment and the development of a decline to access highgrade silver ore during the June 2021 half year.

The mill achieved another throughput record with 246kt processed at an average grade 2.38g/t gold (Sep qtr: 234kt at 2.40g/t gold). A major shutdown was safely completed in early December. Plant recoveries improved to 84.6% (Sep qtr: 81.8%) and plant utilisation increased to 95.8% (Sep qtr: 94.3%).

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2,674 2,214
1,417 1,324
FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2
Production gold (oz) AISC (A$/oz)
14,991oz
13,306oz 11,646oz 12,428oz
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Evolution Mining Limited Quarterly Report December 2020

8

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FINANCIALS

Evolution ended the quarter with cash of A$438.1 million (Sep qtr: A$369.7 million) having generated Group cash flow of A$99.3 million during the period. Net bank debt at 31 December 2020 reduced to A$86.9 million with bank debt reducing to A$525.0 million post the scheduled quarterly repayment of A$25.0 million.

During the quarter, Evolution sold 176,668oz of gold at an average gold price of A$2,416/oz (Sep qtr: 172,759oz at A$2,534/oz). Deliveries into the Australian hedge book were as planned and totalled 25,000oz at an average price of A$1,822/oz. For Red Lake, 10,000oz were delivered into the hedge book at an average price of C$2,272/oz. The remaining 141,688oz were sold in the spot market comprising 118,132oz delivered at an average price of A$2,546/oz and 23,556oz delivered at an average price of C$2,403/oz.

Evolution continues to generate sector leading margins and cash flow per ounce. All operations were net cash flow positive for the quarter and are cash positive year to date. Operating and net mine cash flow for the quarter were A$258.9 million and A$170.5 million respectively. Highlights for the quarter included Red Lake generating a record operating and net mine cash flows under Evolution’s ownership of A$34.2 million and A$10.3 million respectively (Sep qtr: A$21.6 million and A$4.7 million). Cowal and Mt Rawdon continued to build on their strong start to the year with increases in production and net mine cash flow quarter on quarter. The strong copper price contributed to Ernest Henry achieving a quarterly AISC of negative A$710/oz and record low C1 cash cost of negative A$1,073/oz.

Capital investment for the quarter was A$85.6 million comprising A$23.3 million of sustaining capital and A$62.3 million of major project capital.

Cash flow
(A$ Million)		 Operating
Mine Cash
flow		 Sustaining
Capital		 Major
Projects
Capital1		 Mine Cash
Flow		 Restructuring
Costs		 Net Mine
Cash Flow
Cowal 77.5 (0.9) (37.4) 39.2 0.0 39.2
Ernest Henry 77.9 (4.2) 0.0 73.7 0.0 73.7
Red Lake 34.2 (10.7) (10.5) 13.1 (2.8) 10.3
Mungari 38.2 (5.4) (10.1) 22.7 0.0 22.7
Mt Rawdon 29.9 (1.8) (3.8) 24.2 0.0 24.2
Mt Carlton 1.3 (0.4) (0.5) 0.4 0.0 0.4
December 2020
Quarter		 258.9 (23.3) (62.3) 173.3 (2.8) 170.5
September 2020
Quarter		 272.3 (23.5) (64.6) 184.2 (0.8) 183.4
Year to Date
December 2020		 531.2 (46.8) (126.9) 357.5 (3.6) 353.9
  1. Major Projects Capital includes 100% of the UG mine development capital

Key capital investment items for the quarter included:

  • Cowal: Stage H Development (A$23.6 million); Integrated Waste Landform (A$10.3 million); Underground Feasibility Studies and Drilling (A$5.9 million)

  • Red Lake: Discovery drilling (A$12.1 million); new underground haul trucks and ROM loader (A$1.3 million)

  • Mungari: Underground development drilling (A$6.7 million); TSF Expansion (A$3.5M); Cutters Ridge mine development (A$2.6 million)

  • Mt Rawdon: Open Pit Mine Development (A$3.5 million); Fixed Plaint Maintenance (A$1.2 million)

Discovery expenditure for the quarter was A$11.5 million (Sep qtr: A$15.8M). This included discovery drilling at Cowal GRE46 (A$2.9 million); Mungari (A$1.7 million); Red Lake (A$2.8 million), and continued investment at Crush Creek (A$1.6 million) and the Cue and Murchison (A$0.9 million) exploration joint venture projects. A total of 31,390 metres were drilled across the Group (Sep qtr: 71,164m).

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FINANCIALS

Corporate administration costs were A$8.5 million (Sep qtr: A$10.4M).

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

Cash flow (A$ Million) September December December
2020 Qtr 2020 Qtr 2020 YTD
Operating Mine Cash flow 272.3 258.9 531.2
Total Capital (88.1) (85.6) (173.7)
Restructuring Costs (0.8) (2.8) (3.6)
Net Mine Cash Flow 183.4 170.5 353.9
Corporate and Discovery (26.2) (20.0) (46.2)
Net Interest expense (1.9) (5.5) (7.4)
Other Income 0 5.3 5.3
Working Capital (19.9) (22.0) (41.8)
Income Tax (16.6) (28.9) (45.5)
Group Cash Flow 118.9 99.3 218.2
Dividend payment (153.8) — (153.8)
Debt repayment (20.0) (25.0) (45.0)
Acquisitions & Integration (4.7) (6.0) (10.7)
Divestments 55.8 — 55.8
Net Group Cash Flow (3.8) 68.3 64.5
Opening Cash Balance 1 Jul 2020 373.6 373.6
Opening Cash Balance 1 Oct 2020 369.7
Closing Group Cash Balance 369.7 438.1 438.1

Evolution’s hedge book as at 31 December 2020 for the Australian operations was 250,000oz at an average price of A$1,882/oz for deliveries of 25,000oz per quarter to June 2023. Red Lake’s hedge book comprises 100,000oz at C$2,272/oz with deliveries of 10,000oz per quarter through until June 2023.

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 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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EXPLORATION

Highlights

Red Lake

  • Resource definition and discovery drilling is ongoing with six underground drill rigs. Results of definition drilling will support resource classification upgrades at Cochenour and the Twin Otter Zone. The best resource definition infill hole intersected 1.11m (0.88m etw) grading 106.30g/t gold from 204m (44L954) in Twin Otter. Work on an updated Ore Reserve is in progress and will be incorporated into Evolution’s Annual Mineral Resources and Ore Reserves Statement which will be released in the March 2021 quarter. A material increase in Ore Reserves in expected from the estimated 1.2 – 1.4 million ounces at the time of acquisition on 1 April 2020

Cowal

  • Drilling at GRE46 focused on Mineral Resource conversion and extending mineralisation beyond the underground resource outlines with the best hole intersecting 19.00m (13.30m etw) grading 4.39g/t gold from 575m (1535DD577A) at Dalwhinnie. The model is being updated to inform the Feasibility Study which is progressing on schedule and further grade optimisation is expected

Mungari

  • Resource definition drilling at Rayjax is expected to de-risk the project and increase confidence in the resource

Mt Carlton (Crush Creek)

  • Evolution exercised an option to acquire 100% of the Crush Creek project from Basin Gold[1] . Drilling continued with encouraging results at Gamma returning excellent initial results including 4.00m (4.00m etw) grading 14.70g/t gold from 138m

Total drilling of 16,998m (resource definition) and 31,390m (discovery) was completed during the quarter. Evolution’s exploration tenement holding interests in Australia and Canada now stands at 8,802 km[2] .

Red Lake, Ontario (100%)

Underground diamond drilling campaigns continued at Cochenour and Red Lake. A total of 66 diamond holes utilising six drill rigs completed 17,410m. Four rigs focused on infill and resource extension drilling and two rigs were deployed on discovery drilling.

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Figure 1: Plan view showing map of the Red Lake Operations – Red Lake and Cochenour

  1. This information is extracted from the announcement entitled ‘Evolution acquires 100% of Crush Creek‘ released to the ASX on 10 December 2020

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EXPLORATION

Cochenour

Two diamond rigs were operating underground at Cochenour during the December quarter. Thirty-two drill holes totalling 6,469m were started or completed during the quarter. Infill drilling from 44L continued to return results that increase confidence in grade continuity and enable resource classification upgrades:

  • 5.05m (3.75m etw) grading 7.80g/t Au from 180.8m (C44209) – BIF/UMZ (Extensional)

  • 7.05m (5.40m etw) grading 11.60g/t Au from 166.5m (C44214) – BIF/UMZ (Infill)

  • 8.36m (7.90m etw) grading 4.00g/t Au from 127.1m (C44215) – BIF/UMZ (Infill)

  • 6.25m (3.58m etw) grading 4.20g/t Au from 167.0m (C44216) – BIF/UMZ (Extensional)

  • 11.70m (9.58m etw) grading 8.00g/t Au from 139.0m (C44218) – BIF/UMZ (Infill)

Drilling deeper in the mine from 53L has continued to deliver incremental resource extensions in the Upper Main Zone (UMZ) at depth in proximity to the Gold Eagle Shear:

  • 2.15m (1.86m etw) grading 6.20g/t Au from 126.5m (C53876) – UMZ (Infill)

  • 4.76m (2.73m etw) grading 3.90g/t Au from 132.5m (C53879) – UMZ (Extensional)

Four long step-out holes (totalling 1,276m) were drilled aimed at testing the banded iron formation between the Voss and Sidequest targets from 32L and the Thor and Thrust targets from 39L. Results returned to date were encouraging and justify the next phase of work which is currently being planned.

Red Lake

Twenty-eight drill holes, totalling 6,939m, were drilled in Twin Otter, Deep Sulphides and HW7 zones utilising two diamond drill rigs. Highlights from the Twin Otter drilling are outlined below. Drilling was designed to convert Inferred Mineral Resources to the Indicated category.

  • 3.50m (2.76m etw) grading 7.80g/t Au from 188.4m (44L951) – Twin Otter

  • 1.55m (1.46m etw) grading 11.70g/t Au from 142m (44L952) – Twin Otter

  • 1.11m (0.85m etw) grading 106.30g/t Au from 204m (44L954) – Twin Otter

  • 7.00m (4.95m etw) grading 5.70g/t Au from 199m (46L484) – Twin Otter

Cowal, New South Wales (100%)

Resource definition drilling continued at GRE46 with ten surface diamond holes (4,247m). Although no underground drilling was undertaken during the quarter, results from holes drilled in the previous quarter were returned. Work progressed on updating the resource model for the Feasibility Study.

– Galway Regal E46 (GRE46)

Results returned from underground infill drilling continued to convert Inferred Mineral Resources to the Indicated category which included results from a close spaced (10x10m) drilling program. The holes were designed to simulate grade control drilling across a volume equivalent to three months production at 1.6 to 2Mtpa in the Regal quartz breccia zone. The results are being analysed as part of the Feasibility Study for the underground mine.

Significant intercepts included:

  • 8.00m (6.40m etw) grading 18.28g/t Au from 38m (GRUD0192)

  • 17.00m (11.90m etw) grading 7.97g/t Au from 33m (GRUD0199)

  • 22.20m (14.40m etw) grading 3.63g/t Au from 158m (GRUD181)

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EXPLORATION

Surface drilling to extend and infill the Mineral Resource down plunge of Regal and Dalwhinnie continued with results confirming both orebodies remain open down plunge. Significant intercepts included:

  • 3.00m (2.10m etw) grading 37.69g/t Au from 281m (1535DD576)

  • 19.00m (13.30m etw) grading 4.39g/t Au from 575m (1535DD577A) ▪ including 3.0m (2.1m etw) grading 18.29g/t Au from 581m

  • 1.00m (0.75m etw) grading 160.00g/t Au from 597m (1535DD574)

A significant intercept was returned in a geotechnical hole drilled in the previous quarter at E41 East.

  • 24.50m (12.20m etw) grading 9.40g/t Au from 21.5m (E41D2892)

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Figure 2: Long projection of the GRE46 structure looking west showing the location of drilling and associated results highlights completed during the December 2020 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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EXPLORATION

Mungari, Western Australia (100%)

A total of 9,587m of drilling was completed during the quarter at the Boomer North and Backflip targets. Extensions along strike of the Boomer structure have been drilled north and south of the main Boomer resource. Results received to date are diminishing the opportunity for new mineralisation along strike. Drilling was also completed on the Backflip prospect. Complete assay results from Boomer North and Backflip programs are expected in the March 2021 quarter. Resource Definition drilling was conducted to increase geological confidence in the Rayjax resource. All assay results have been returned for the quarter.

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Figure 3: Location map of Mungari resource definition and regional projects in the December 2020 quarter

Rayjax

Resource Definition drilling was conducted at the Rayjax prospect with 77 reverse circulation holes (3,466m) being completed. The drilling was designed to increase confidence in the resource and convert areas from Inferred to Indicated category by infilling historic drilling. The Annual Mineral Resource and Ore Reserve statement to be released in the March 2021 quarter will incorporate the new drilling results.

Mt Carlton - Crush Creek, Queensland (100%)

During December, Evolution achieved the requirement of sole funding A$7.0 million of exploration expenditure at the Crush Creek JV to earn a 70% interest in the project. Evolution has also exercised an option to acquire the remaining 30% of the project from Basin Gold for A$4.5 million.

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EXPLORATION

Drilling has continued at Crush Creek during the December quarter, with a focus on growing the in-situ mineral resources at the BV7 and Delta areas as well as testing the nearby Gamma and Delta South prospects. Followup drilling at Gamma has continued to deliver encouraging results.

One reverse circulation and one diamond core rig were on site for the quarter, drilling thirty-five holes for 4640 metres. Assays are still pending for eight holes.

Delta

Eight holes (1,066m) were drilled in the Delta area with the aim of confirming and expanding mineralisation to the north along key mineralised structures. Highlights from assay results received during the quarter include:

  • 13.00m (10.00m etw) grading 3.84g/t Au from 80m (DE20RC00052) ▪ including 2.0m (1.5m etw) grading 19.80g/t Au from 84m

Gamma

Five holes (799m) were drilled at the Gamma prospect, following up on the mineralised intercept (GA20RC00002) reported in the September 2020 Quarterly report. Drilling intersected mineralised quartzsulphide veins hosted within altered volcaniclastic units at the base of a flow-banded rhyolite. Highlights from assay results received during the quarter at Gamma include:

  • 23.00m (23.00m etw) grading 2.88g/t Au from 72m (GA20RC00005)

  • 6.00m (6.00m etw) grading 10.33g/t Au from 127m (GA20RC00004) ▪ including 3.0m (3.0m etw) grading 19.74g/t Au from 129m

  • 4.00m (4.00m etw) grading 14.72g/t Au from 138m (GA20RC00004)

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Figure 4: Plan of the Crush Creek area showing the regional targets and significant intersections

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EXPLORATION

Australian Greenfields Exploration

At the Cue Project (EVN earning 75% from Musgrave Minerals Ltd, ASX:MGV) results from the infill phase of aircore drilling have been received further defining the footprint of regolith-hosted gold anomalism for basement drill testing (see Musgrave Minerals ASX release 3 December 2020). At the nearby Murchison Joint Venture (EVN earning 80% from Enterprise Metals Limited, ASX:ENT), the first phase aircore drilling program also produced anomalies requiring follow-up basement drilling (see Enterprise Metals ASX release 30 October 2020).

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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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
Crush Creek JV exploration results Daniel Macklin AIG 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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CORPORATE INFORMATION

ABN 74 084 669 036

Board of Directors

Executive Chairman

Jake Klein Executive Chairman Lawrie Conway Finance Director and CFO Tommy McKeith Lead Independent Director Jim Askew Non-executive Director Jason Attew Non-executive Director Andrea Hall Non-executive Director Vicky Binns Non-executive Director Peter Smith 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 December 2020 issued share capital was 1,708,667,085 ordinary shares.

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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 28 January 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/10011422-

qw89yF.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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APPENDIX 1 – RED LAKE MINERAL RESOURCES STATEMENT AS AT 31 DEC 2019

Table 1: Red Lake Mineral Resources Statement as at 31 December 2019

Gold Gold Measured Measured Indicated Indicated Inferred Total Resource Total Resource Total Resource
Project Type Cut-
Off
(g/t)		 Tonnes
(kt)
Gold
Grade
(g/t)

Gold
Metal
(koz)

Tonnes
(Mt)		 Gold
Grade
(g/t)		 Gold
Metal
(koz)		 Tonnes
(Mt)		 Gold
Grade
(g/t)		 Gold
Metal
(koz)		 Tonnes
(Mt)		 Gold
Grade
(g/t)		 Gold
Metal
(koz)
Lower
Campbell		 UG 3.3 - - - 2.67 7.43 638 2.33 6.39 478 5.00 6.94 1,116
Upper
Campbell		 UG 3.3 - - - 8.52 10.57 2,896 4.38 10.26 1,444 12.90 10.46 4,339
Lower Red
Lake		 UG 3.3 - - - 7.83 6.09 1,534 4.40 6.11 864 12.23 6.10 2,398
Upper Red
Lake		 UG 3.3 - - - - - - 6.06 6.11 1,192 6.06 6.11 1,192
HG Young UG 3.2 - - - - - - 2.44 5.45 427 2.44 5.45 427
Cochenour UG 3.0 - - - 3.73 5.17 620 5.72 4.79 881 9.45 4.94 1,502
Total 22.76 7.77 5,687 25.33 6.49 5,287 48.08 7.10 10,974

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

This information is extracted from the ASX release entitled “Red Lake 11 Million Ounce JORC Code Mineral Resource” released to the ASX on 13 August 2020 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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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Drill Hole Information Summary

Red Lake

Hl ID Hole Northing Easting Elevation Hole
Lnth
Dip		 Azimuth From
Interval1		 ETW
Au
oe Type NAD83 (m) NAD83 (m) (m) eg
(m)
NAD83		 NAD83 (m) (m) (m) (g/t)
43L533 DD 7374259.50 590586.00 -3144.50 276.4 -20.0 49.9 229.9 1.65 1.17 20.60
243.4 1.78 1.26 4.40
43L534 DD 7374259.50 590586.00 -3144.50 270.4 -25.2 50.2 230.0 2.56 1.81 4.50
44L946 DD 7374020.90 590844.10 -3142.30 411.6 20.5 33.9 353.3 0.40 0.36 7.90
44L947 DD 7374020.90 590844.10 -3142.40 366.0 13.3 36.5 311.2 0.62 0.51 25.10
327.2 0.30 0.25 44.70
44L950 DD 7374020.60 590844.30 -3142.40 375.0 3.7 57.0 334.2 1.99 1.52 6.40
340.0 6.45 4.94 2.30
348.2 0.25 0.19 51.90
44L951 DD 7374068.50 590796.30 -3142.80 225.0 -2.2 29.0 186.0 0.40 0.32 33.60
188.4 3.50 2.76 7.80
44L952 DD 7374068.4 590796.3 -3143.2 225 -46.8 41.0 131.8 1.58 1.48 10.00
142.0 1.55 1.46 11.70
150.4 1.60 1.50 6.00
175.3 0.16 0.15 46.60
44L953 DD 7374068.40 590796.30 -3142.80 231.4 -3.7 43.3 196.7 3.76 2.88 3.60
207.5 1.80 1.38 6.50
44L954 DD 7374068.50 590796.40 -3142.50 247.0 3.0 45.7 190.8 1.30 1.00 14.10
204.0 1.11 0.85 106.30
212.5 1.50 1.15 6.80
46L484 DD 7374070.30 590721.80 -3177.90 246.1 -54.7 48.2 199.0 7.00 4.95 5.70
46L485 DD 7374070.40 590721.90 -3177.90 231.6 -44.4 47.8 194.1 0.28 0.20 28.20
200.0 3.16 2.23 5.00
46L486 DD 7374070.40 590721.90 -3177.80 231.3 -34.6 48.4 215.9 2.30 1.63 4.90
C32043 DD 7375108.30 589092.60 -2850.50 396.4 -3.6 285.5 0.0 1.21 0.60 0.80
90.8 1.39 0.70 0.90
97.9 2.63 2.01 0.50
139.3 4.10 3.36 1.20
C32044 DD 7375083.70 589064.60 -2849.60 435.5 -4.9 348.9 0.0 2.25 1.51 1.80
25.5 0.47 0.35 5.30
42.7 2.61 1.68 4.40
46.0 2.12 1.36 2.20
49.9 6.15 3.95 4.50
60.3 2.75 1.77 5.10
Including 62.4 0.65 0.42 14.50
64.3 2.90 1.32 5.30
Including 66.3 0.50 0.30 19.90
83.0 1.76 1.29 1.40
C32045 DD 7375083.70 589064.70 -2849.60 180.3 -3.2 2.4 28.4 1.83 1.18 1.10
39.5 1.30 0.84 2.70
46.0 10.26 5.88 5.10
Including 49.0 0.45 0.26 10.30
Including 50.0 1.06 0.61 14.80
Including 51.4 0.42 0.24 23.20
59.1 2.16 1.08 4.50
62.8 2.03 1.02 9.00
64.1 0.69 0.34 20.20
73.4 4.25 1.10 4.30
Including 73.4 0.44 0.11 20.30
81.2 0.29 0.25 5.50
86.9 3.41 2.61 5.70
Including 88.7 0.34 0.26 11.10
Including 89.7 0.28 0.21 15.00
93.3 0.55 0.39 4.90
102.5 0.35 0.25 7.40

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Hl ID Hole Northing Easting Elevation Hole
Lnth
Dip		 Azimuth From
Interval1		 ETW
Au
oe Type NAD83 (m) NAD83 (m) (m) eg
(m)
NAD83		 NAD83 (m) (m) (m) (g/t)
C37238 DD 7375058.50 589044.50 -2889.20 265.6 40.7 309.1 31.5 5.90 5.11 4.50
Including 33.7 0.41 0.36 16.70
263.1 0.55 0.42 2.80
C37239 DD 7375058.60 589044.50 -2889.30 234.3 29.1 309.1 17.1 1.80 0.76 4.10
28.3 6.70 4.74 10.70
Including 29.4 0.15 0.11 272.80
68.2 0.31 0.24 17.40
150.6 0.15 0.10 48.90
C37240 DD 7375058.50 589044.50 -2889.40 221.9 17.3 309.3 17.4 2.45 1.93 4.20
35.1 0.53 0.53 7.20
50.0 0.62 0.51 12.60
55.2 0.91 0.86 4.30
109.1 0.51 0.46 7.50
129.9 0.91 0.86 3.80
C37242 DD 7375058.7 589044.5 -2889.6 229.7 12.5 318.0 20.5 0.94 0.85 3.50
31.6 0.43 0.40 5.40
35.8 3.15 2.11 5.00
132.8 0.54 0.49 50.70
197.3 0.45 0.44 4.20
C39865 DD 7375054.80 589168.30 -2899.00 717.0 3.0 206.6 295.4 1.20 1.13 2.00
298.4 0.87 0.44 3.00
320.5 2.50 2.49 0.70
328.0 2.03 1.91 0.90
333.3 2.20 2.07 2.40
390.3 2.50 1.92 1.00
423.0 1.50 1.30 1.20
467.0 1.50 1.36 1.20
C39866 DD 7375054.90 589168.20 -2898.90 699.0 12.6 221.3 297.0 0.39 0.10 6.00
391.9 5.72 3.95 2.80
Including 394.2 0.90 0.58 12.20
480.2 1.26 1.24 16.40
C44206 DD 7375000.10 588986.30 -2965.30 153.3 -24.2 284.2 110.8 1.69 1.29 13.50
Including 111.1 0.44 0.34 42.40
123.1 2.15 1.74 3.20
C44209 DD 7375000.10 588986.30 -2965.30 249.2 -38.9 269.1 32.2 2.26 1.47 3.40
128.8 1.48 1.21 2.20
133.3 1.71 1.20 2.60
156.0 0.50 0.35 86.70
180.8 5.05 3.75 7.80
198.0 1.60 1.12 2.90
209.5 0.95 0.70 3.50
217.5 1.00 0.70 3.20
C44211 DD 7375000.10 588986.20 -2965.40 168.0 -30.5 260.9 99.4 1.89 1.67 3.50
Including 100.6 0.21 0.19 14.80
106.1 1.11 1.06 30.30
Including 106.8 0.29 0.28 112.40
129.9 0.65 0.62 4.90
137.7 0.26 0.20 4.10
C44212 DD 7375041.20 589007.20 -2964.00 156.0 18.7 267.3 17.3 0.53 0.40 3.90
67.3 0.94 0.75 2.60
75.0 6.95 6.02 2.90
Including 76.4 0.25 0.22 16.00
111.9 2.14 1.50 1.50
C44213 DD 7375041.20 589007.20 -2964.10 157.4 4.8 267.1 17.6 0.34 0.29 20.80
19.1 0.50 0.43 26.80
28.5 0.18 0.16 4.70
67.0 0.25 0.22 9.40
75.3 0.42 0.36 11.60
101.0 0.30 0.26 6.20
128.0 3.00 2.60 3.40

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Hl ID Hole Northing Easting Elevation Hole
Lnth
Dip		 Azimuth From
Interval1		 ETW
Au
oe Type NAD83 (m) NAD83 (m) (m) eg
(m)
NAD83		 NAD83 (m) (m) (m) (g/t)
144.7 0.27 0.21 3.40
151.5 0.25 0.22 6.70
C44214 DD 7375041.20 589007.20 -2964.20 200.2 -12.0 267.8 17.7 2.14 2.01 2.60
38.9 2.59 2.43 72.30
Including 41.3 0.15 0.14 1061.40
42.8 0.78 0.55 27.10
Including 42.8 0.20 0.14 102.00
76.1 3.51 3.04 13.50
Including 76.7 0.15 0.14 210.50
103.0 0.15 0.15 8.40
114.7 1.49 1.35 8.60
Including 115.7 0.26 0.24 27.60
130.0 0.20 0.16 15.50
157.1 2.51 2.15 7.50
166.5 7.05 5.40 11.60
Including 171.1 0.45 0.34 145.10
C44215 DD 7375041.10 589007.20 -2964.10 163.5 0.8 263.9 17.5 0.47 0.35 4.00
20.0 3.90 2.90 4.30
Including 20.5 0.20 0.15 37.60
55.2 0.27 0.13 24.70
79.0 0.51 0.50 7.20
91.4 2.60 1.56 2.20
109.9 2.64 2.43 1.70
127.1 8.36 7.90 4.00
145.4 0.79 0.67 2.80
151.8 0.73 0.71 4.70
C44216 DD 7375041.10 589007.20 -2964.30 223.4 -18.3 263.8 87.3 0.88 0.57 6.50
93.9 0.87 0.70 13.40
116.2 0.55 0.45 17.50
139.7 1.43 1.01 4.00
Including 140.6 0.23 0.16 19.10
149.1 0.17 0.14 343.40
152.0 0.99 0.70 5.30
167.0 6.25 3.58 4.20
179.9 5.02 3.85 2.00
C44217 DD 7375041.10 589007.20 -2964.10 159.1 7.3 259.9 18.5 4.28 4.23 3.00
Including 20.7 0.20 0.20 22.20
71.1 1.25 1.24 2.90
123.4 3.33 2.73 3.70
133.7 0.92 0.60 2.70
C44218 DD 7375041.10 589007.20 -2964.20 177.0 -6.0 260.4 15.3 0.22 0.17 34.70
41.5 0.72 0.36 2.80
79.4 0.32 0.17 4.70
101.7 2.75 2.41 3.80
Including 104.1 0.35 0.31 17.60
108.1 1.05 0.91 3.50
116.2 0.60 0.47 15.30
127.8 1.00 0.88 174.60
Including 128.3 0.15 0.13 1093.60
130.2 0.76 0.58 22.10
139.0 11.70 9.58 8.00
Including 139.0 0.32 0.26 45.50
Including 144.9 0.35 0.29 27.50
Including 150.1 0.25 0.20 37.80
162.0 2.37 1.94 4.60
Including 163.8 0.59 0.48 14.90
C53871 DD 7374923.30 588887.70 -3041.80 148.3 -52.3 105.0 117.0 0.35 0.25 6.20
C53872 DD 7374923.20 588887.70 -3041.50 151.0 -16.0 115.4 120.0 3.65 2.92 1.40
125.8 0.65 0.52 2.80
C53873 DD 7374923.20 588887.70 -3041.70 151.2 -36.5 115.4 109.5 1.90 1.82 3.50

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Hl ID Hole Northing Easting Elevation Hole
Lnth
Dip		 Azimuth From
Interval1		 ETW
Au
oe Type NAD83 (m) NAD83 (m) (m) eg
(m)
NAD83		 NAD83 (m) (m) (m) (g/t)
C53874 DD 7374923.30 588887.60 -3041.80 164.6 -60.8 114.7 127.2 1.06 0.92 7.70
C53875 DD 7374923.00 588887.70 -3041.80 162.0 -38.2 131.9 118.6 2.95 2.77 2.20
124.6 0.94 0.71 4.50
133.8 0.91 0.45 9.50
C53876 DD 7374923.10 588887.60 -3041.80 183.0 -51.8 132.0 126.5 2.15 1.86 6.20
C53877 DD 7374940.00 588889.40 -3042.20 190.5 -69.5 94.7 149.8 1.21 0.86 3.10
155.9 0.77 0.54 3.30
C53878 DD 7374940.00 588889.40 -3042.30 236.8 -75.2 107.2 146.4 3.73 2.14 4.70
165.2 2.25 1.12 11.10
C53879 DD 7374931.60 588888.60 -3042.10 190.2 -69.1 94.8 132.5 4.76 2.73 3.90
141.1 0.49 0.28 4.60
142.7 0.30 0.17 6.10
C53880 DD 7374931.50 588888.50 -3042.10 180.0 -65.1 109.4 133.0 0.40 0.23 5.30
D46100 DD 7374178.4 590379.00 -3209.30 228.1 -51.4 9.6 162.1 9.51 8.24 0.60
175.0 2.62 1.85 0.70

Cowal

Hole ID Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Hole
Length
(m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)		 Au(g/t)
1535DD544H DD 6278182.7 538564.7 208.78 1641.62 -57 309 1007 1.0 0.70 16.50
1535DD574 DD 6277644.9 538697.9 206.59 943.74 -55 292 597 1.0 0.75 160.00
1535DD574 DD 779 3.0 2.25 4.67
1535DD574 DD 878 7.0 5.25 4.22
1535DD576 DD 6277984.5 538469 204.59 723.32 -57 314 281 3.0 2.10 37.69
1535DD576 DD 555 9.0 6.30 4.04
1535DD576A DD 6277984.5 538469 204.59 1079.24 -57 314 734 22.0 15.40 2.96
1535DD576A DD including 737 5.0 3.50 5.27
1535DD576A DD 750 6.0 4.20 4.59
1535DD576A DD 6277984.5 538469 204.59 1079.24 -57 314 606 1.0 0.70 12.10
1535DD577A DD 6277921.7 538504.9 203 677.58 -53 302 575 19.0 13.30 4.39
1535DD577A DD including 581 3.0 2.10 18.29
1535DD577B DD 6277921.7 538504.9 203 729.27 -53 302 581 4.0 3.00 2.87
1535DD577B DD 6277921.7 538504.9 203 729.27 -53 302 657 1.0 1.00 47.20
E41D2892 DD 6276357.6 538552.3 203.72 267.45 -62 268 21.5 24.5 12.25 9.40
GRUD0180 UgDD 6278806.5 538393.6 -6.33 443.4 -11 319 375 10.0 7.00 2.80
GRUD0180 UgDD 419 4.0 2.80 3.71
GRUD0181 UgDD 6278739.5 538285.5 -10.26 356.8 -36 312 158 22.2 14.43 3.63
GRUD0181 UgDD 189 2.0 1.30 12.59
GRUD0181 UgDD 205 8.0 5.20 2.51
GRUD0181 UgDD 226 18.0 11.70 3.98
GRUD0182 UgDD 6278739.1 538285.2 -10.89 308.42 -53 300 181 2.0 1.30 11.16
GRUD0184 UgDD 6278109.4 538203.1 74.98 407.84 -27.5 330 22 1.1 0.71 11.40
GRUD0188 UgDD 6278739.6 538286 -9.73 322.17 -24 321.5 223 5.0 3.50 3.55
GRUD0192 UgDD 6278774.3 538178.6 -7.44 82.1 24.5 128.5 38 8.0 6.40 18.28
GRUD0199 UgDD 6278775 538177.2 -6.36 89.68 45 136 33 17.0 11.90 7.97
GRUD0205 UgDD 6278723 538234 -12.01 180.67 -52 292 88.9 6.1 3.96 3.93
GRUD0206 UgDD 6278723.8 538235.1 -10.36 154.37 -10 320 105 8.0 5.60 5.87
GRUD0213 UgDD 6278724 538235.5 -10.72 281.68 -23 331 122 5.0 3.50 3.26
GRUD0213 UgDD 156 5.0 3.50 5.07
GRUD0213 UgDD 179 8.0 5.60 3.37
GRUD0215 UgDD 6278774.5 538175.4 -8.38 85.04 22 180 34 13.0 11.05 3.23
GRUD0215 UgDD 54 4.0 3.40 6.00
GRUD0221 UgDD 6278774.4 538174.6 -8.32 79 21 198 38 7.0 5.95 4.33
GRUD0221 UgDD 75 2.0 1.70 29.40
GRUD0222 UgDD 6278774.6 538174.6 -7.45 75.1 35 198 42 4.0 3.20 4.92
GRUD0224 UgDD 6278775.1 538174.8 -6.31 99.9 52 198 53 3.0 2.10 5.34

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV

Hole ID Hole
Type		 Northing
MGA (m)		 Easting
MGA (m)		 Elevation
AHD (m)		 Hole
Length
(m)		 Dip
MGA		 Azi
MGA		 From
(m)		 Interval1
(m)		 ETW
(m)		 Au
(g/t)
DE20RC00052 RC 7738400.8 584488.98 328.732 169 -69.67 61.41 80 13 10 3.84
Including 84 2 1.5 19.8
DE20RC00052 RC 7738400.8 584488.98 328.732 169 -69.67 61.41 122 10 10 1.9
Including 128 1 1 13.65
DE20RC00052 RC 7738400.8 584488.98 328.732 169 -69.67 61.41 136 2 2 2.65
DS20RC00004D RCDD 7737766.2 584729.78 298.711 200 -50 90 102 7 7 3.06
Including 102 1 1 13.88
DS20RC00004D RCDD 7737766.2 584729.78 298.711 200 -50 90 113 3.5 3.5 4.29
GA20RC00004 RC 7738313.6 583935.98 279.522 187 -65.34 47 9 9 0.94
GA20RC00004 RC 7738313.6 583935.98 279.522 187 -65.34 29.69 71 17 17 1.02
GA20RC00004 RC 7738313.6 583935.98 279.522 187 -65.34 29.69 127 6 6 10.33
Including 129 3 3 19.74
GA20RC00004 RC 7738313.6 583935.98 279.522 187 -65.34 29.69 138 4 4 14.72
Including 140 1 1 55.74
GA20RC00005 RC 7738302.6 583925.78 279.396 180 -60 240 72 23 23 2.88
Including 78 1 1 37.42
MB09 RC 7738387.1 584642.46 322.383 110 -90 55 3 2 5.11
Including 1 0.7 13.36

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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 0.15 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 commenced October 2020. All core
is oriented and marked up at 1-metre intervals, intervals are compared
to drillers depth.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 1 Sampling Techniques and Data Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
Logging •Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
•Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.		 •
All logging is both qualitative and quantitative in nature recording
features such as structural data, lithology, mineralogy, alteration,
mineralisation types, vein density, colour etc. All holes are
photographed wet.
•
All diamond holes were logged in entirely from collar to end of hole.
•
All drill core once logged is digitally photographed. The photographs
capture all data presented on the core.
Sub-sampling
techniques and
sample preparation		 •If core, whether cut or sawn and
whether quarter, half or all core taken.
•If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
•For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
•Quality control procedures adopted
for all sub-sampling stages to maximise
representivity of samples.
•Measures taken to ensure that the
sampling is representative of the in-situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
•
Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.		 •
Diamond core drilled was half core sampled and the remaining half
was retained.
•
Core is cut to preserve the bottom of hole orientation line, in some
instance core may be quarter cut and send for analysis.
•
Sample preparation of diamond samples was undertaken by external
laboratories according to the sample preparation and assaying
protocol established to maximise the representation of the Red Lake
Operations mineralisation. Laboratories performance was monitored
as part of Red Lake Operations QAQC procedure. Laboratory
inspections were undertaken to monitor the laboratories compliance
to the Red Lake Operations sampling and sample preparation
protocol.
•
The sample and size (1.5kg to 4kg) relative to the particle size (>90%
passing 75um) of the material sampled is a commonly utilised practice
for effective sample representation for gold deposits within the
Orogenic Gold deposits of the Superior Craton Canada.
•
Quality
control
procedures
adopted
to
maximise
sample
representation for all sub-sampling stages include the collection of
field and laboratory duplicates and the insertion of certified reference
material as assay standards (1 in 20) and the insertion of blank
samples (1 in 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.
Quality of assay data
and laboratory tests		 •
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
•For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and		 •
The sampling preparation and assaying protocol used at Red Lake
Operations was developed to ensure the quality and suitability of the
assaying and laboratory procedures relative to the mineralisation
types.
•
No geophysical tools or other remote sensing instruments were
utilised for reporting or interpretation of gold mineralisation.
•
Fire assay is designed to measure the total gold within a sample. Fire
assay has been confirmed as a suitable technique for orogenic type
mineralisation. It has been extensively used throughout the North
Western Ontario region. Screen fire assay have also been used to

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 1 Sampling Techniques and Data Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
model, reading times, calibrations
factors applied and their derivation, etc.
•Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.		 validate the fire assay techniques.
•
Quality control samples were routinely inserted into the sampling
sequence and also inserted at the discretion of the geologist either
inside or around the expected zones of mineralisation. The intent of
the procedure for reviewing the performance of certified standard
reference material is to examine for any erroneous results (a result
outside of the expected statistically derived tolerance limits) and to
validate if required; the acceptable levels of accuracy and precision
for all stages of the sampling and analytical process. Typically,
batcheswhich failquality controlchecks arere-analysed.
Verification of
sampling and
assaying		 •
The
verification
of
significant
intersections by either independent or
alternative company personnel.
•The use of twinned holes.
•Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
•Discuss any adjustment to assay data		 •
Independent internal or external verification of significant intercepts is
not routinely completed. The quality control / quality assurance
(QAQC) process ensures the intercepts are representative for the
orogenic gold systems. Half core and sample pulps are retained at
Red Lake Operations for two years if further verification is required.
•
The twinning of holes is not a common practice undertaken at Red
Lake Operations. The face sample and drill hole data with the mill
reconciliation data is of sufficient density to validate neighbouring
samples. Data which is inconsistent with the known geology
undergoes further verification to ensure its quality.
•
All sample and assay information is stored utilising the acQuire
database software system. Data undergoes QAQC validation prior to
being accepted and loaded into the database. Assay results are
merged when received electronically from the laboratory. The
geologist reviews the database checking for the correct merging of
results and that all data has been received and entered. Any
adjustments to this data are recorded permanently in the database.
Historical paper records (where available) are retained in the
exploration and mining offices.
•
No adjustments or calibrations have been made to the final assay data
reported by thelaboratory.
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.		 •
Drill hole collar positions are surveyed by the site-based survey
department or contract surveyors (utilising a differential GPS or
conventional surveying techniques, with reference to a known base
station) with a precision of less than 0.2m variability.
•
All drill holes at Red Lake Operations have been surveyed for easting,
northing and reduced level. Recent data is collected and stored in
RLO Mine Grid.
•
Topographic control was generated from aerial surveys and detailed
Lidar surveys.
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 nominal drill spacing for Exploration drilling is 22m x 42m or wider
and for Resource Definition is 11m x 21m.This spacing includes data
that has been verified from previous exploration activities on the
project.
•
Data spacing and distribution is considered sufficient for establishing
geological continuity and grade variability appropriate for classifying a
Mineral Resource.
•
Sample compositing was not applied due to the often-narrow
mineralised zones.
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.		 •
Mineralised zones in the Red Lake-Campbell deposit are
distinguished first by spatial orientation relative to structural corridors
and second by the style of mineralisation. It is common for mineralised
zones to have multiple styles of mineralisation within the same host
lithology.
•
There are four types of mineralisation in Red Lake-Campbell Deposit;
1) Vein Style Gold Mineralisation, 2)
Vein and Sulphide Style Gold Mineralisation, 3) Disseminated
Sulphide Style Mineralisation locally referred to as replacement
mineralisation 4) Free Gold Mineralisation Style
•
The relationship between the drilling orientation and the orientation of
key mineralised structures at Red Lake is not considered to have
introduced a sampling bias andisnot considered to bematerial.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 1 Sampling Techniques and Data Red Lake Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
•
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 testforalternate geological interpretations.
Sample security •The measures taken to ensure
sample security.		 •
Chain of custody protocols to ensure the security of samples are
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.
Audits or reviews •The results of any audits or reviews
of sampling techniques and data.		 •
Internal and External audits have been conducted in the past at Red
Lake Operations.

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
Mineral tenement and
land tenure status		 •
Type,
reference
name/number,
location
and
ownership
including
agreements or material issues with third
parties
such
as
joint
ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness
or
national
park
and
environmental settings.
•The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.		 •
Resource Definition drilling was undertaken on the following mining
claims: Cochenour & Red Lake Claims: PAT-8059, PAT-8064,PAT-
6850,PAT-6836,MLO-3508
•
All mining claims are in good standing. Tenure consists of Patents,
subject to annual Mining Land Taxes issued in January.
•
Title registered on land tenure is 100% owned.
•
There are currently no paying Royalties. Of the five known Royalties
within the Mine Closure Plan, two are proximal to the current
Cochenour workings, TVX (Kinross) and Inco (Vale), and one is
proximal to the Red Lake workings (Hill). The shapes are recorded
in Engineering work files for future reference and mine planning.
•
Historical sites have been rehabilitated and are monitored by the
Environmental Dept.
Exploration done by
other parties		 •Acknowledgment and appraisal of
exploration by other parties.		 •
Red Lake and Campbell were first staked during the Red Lake Gold
Rush in 1926. Subsequently, there was a period of claim
cancellations and re-staking of the area. Both mines opened in the
late 1940s. 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.
Geology •Deposit type, geological setting and
style of mineralisation.		 •
The mineralization within the Red Lake Operations can be 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.
•
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

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 2 Reporting of Exploration Results Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
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.
Drill hole Information •A summary of all information material
to the understanding of the exploration
results including a tabulation of the
following information for all Material
drillholes:
o easting and northing of the drillhole
collar
o elevation or RL of the drillhole collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.		 •
Refer to the drill hole information table in the Appendix of this report.
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.		 •
For results reporting: A minimum grade truncation of 2.74gpt standard
is followed; no maximum grade truncation standard is applied.
•
Where aggregate intercepts incorporate short lengths of high-grade
and longer lengths of low-grade results, a weighted average of the
values is applied to report the entire aggregate intercept. A short
length high-grade intercept is then highlighted as an including value
if result is >3 times the grade of the entire aggregate intercept in which
it is incorporated.
•
Intercept length weighted average techniques, minimum grade
truncations and cut-off grades have been used in this report.
•
If a hole has NSA values (ie g x m is less than 4 or 4g/t x m) the
interval has been removed from the hole. If the entire hole has NSA,
the hole is noted in the table in the appendix with a ‘no significant
assay’ (NSA) value for g/t.
•
Composite lengths and grade and internal significant values are
reported in Appendix.
•
No metal equivalent values are used.
Relationship between
mineralisation widths
and intercept lengths		 •These relationships are particularly
important in the reporting of Exploration
Results.
•If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
•If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (e.g. ‘downhole length, true width
_not known’) _		 •
At Red Lake Operations where reliable estimated true widths can be
calculated these have been included along with down hole
measurements.
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 sections of reported
exploration results are provided either below or in the body of this
report.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 2 Reporting of Exploration Results

Criteria Explanation Commentary

Cochenour long section looking east. Result intersections retuned for the December 2020 quarter are represented by g/t*m Au, block model displaying resource classification for the project.

Twin Otter Zone long section looking Northeast. Result intersections retuned for the December 2020 quarter are represented by g/t*m Au, block model displaying resource classification for the project.

Plan view showing location of drill holes and targeted area, collared underground from 32L at Red Lake

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Red Lake Operations Section 2 Reporting of Exploration Results

Criteria Explanation Commentary Plan view showing location of drill holes and targeted area, collared underground from 37L at Red Lake

Plan view showing location of drill holes and targeted area, collared underground from 41L at Red Lake

Plan view showing location of drill holes and targeted area, collared underground from 43L at Red Lake

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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

Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Plan view showing location of drill holes and targeted area,
collared underground from 46L at Red Lake
Plan view showing drill hole and target intersection points
collared from 39L underground at Campbell.
Plan view showing location of drill holes and targeted area,
collared underground from 3220 exploration drift at the
Cochenour
----- End of picture text -----

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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

Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Plan view showing location of drill holes and targeted area,
collared underground from 3735 exploration drift at the
Cochenour
Plan view showing location of drilling conducted during the
quarter from 3990 exploration drift at Cochenour
Plan view showing location of drill holes and targeted area, collared
underground from 4485 exploration drift at the Cochenour
----- End of picture text -----

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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 Red Lake Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Plan view showing location of drill holes and targeted area, collared
underground from 5320 exploration drift at Cochenour
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.		 •
Further Exploration, Near Mine Exploration and Resource Definition
work on the Red Lake Operations is planned for the remainder of
FY21

Cowal

Cowal Section 1 Sampling Techniques and Data

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		 •
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.

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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
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).		 •
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 limit was 0.01 g/t Au
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.).		 •
Diamond drill holes were drilled HQ diameter through the
clay/oxide and NQ diameter through the primary rock to end of
hole.
•
All core in this report has been drilled since 2009 and has been
oriented using accepted industry techniques at the time.
Drill sample recovery •Method of recording and assessing core
and chip sample recoveries and results
assessed.
•Measures taken to maximise sample
recovery
and
ensure
representative
nature of the samples.
•Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential
loss/gain
of
fine/coarse
material.		 •
Provisions are made in the drilling contract to ensure that hole
deviation is minimised, and core sample recovery is maximised.
Core recovery is recorded in the database. There are no
significant core loss or sample recovery issues. Core is
reoriented and marked up at 1m intervals. Measurements of
recovered core are made and reconciled to the driller’s depth
blocks, and if necessary, to the driller’s rod counts.
•
There is very no apparent relationship between core-loss and
grade.
Logging •Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
•Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.		 •
Geologists log core for lithology, alteration, structure, and
veining. Logging was done directly onto laptop computers via
LogChief software which is validated and uploaded directly into
the Datashed database.
•
The Cowal logging system allows recording of both a primary
and a secondary lithology and alteration. Geologists also record
the colour, texture, grain size, sorting, rounding, fabric, and
fabric intensity characterising each lithological interval.
•
The logged structures include faults, shears, breccias, major
veins, lithological contacts, and intrusive contacts. Structures
are also recorded as point data to accommodate orientation
measurements.
•
Structural measurements are obtained using a core orientation
device. Core is rotated into its original orientation, using the
Gyro survey data as a guide. Freiberg compasses 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

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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
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.
Sub-sampling
techniques and
sample preparation		 •If core, whether cut or sawn and
whether quarter, half or all core taken.
•If non-core, whether riffled, tube
sampled, rotary split, etc. and whether
sampled wet or dry.
•For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
•Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
•Measures taken to ensure that the
sampling is representative of the in-situ
material collected, including for instance
results for field duplicate/second-half
sampling.
•Whether sample sizes are appropriate
to the grain size of the material being
sampled.		 •
Diamond Core is cut with a diamond saw or chisel. Core is cut
to preserve the bottom of hole orientation mark and the top half
of core is always sent for analysis to ensure no bias is
introduced.
•
In 2003 Analytical Solutions Ltd conducted a Review of Sample
Preparation, Assay and Quality Control Procedures for Cowal
Gold Project. This study, combined with respective operating
company policy and standards (North Ltd, Homestake, Barrick
and Evolution) formed the framework for the sampling, assaying
and QAQC protocols used at Cowal to ensure appropriate and
representative sampling.
•
Results per interval are reviewed for half core samples and if
unexpected or anomalous assays are returned an additional
quarter core may be submitted for assay.
Quality of assay data
and laboratory tests		 •The nature, quality and appropriateness
of
the
assaying
and
laboratory
procedures
used
and whether
the
technique is considered partial or total.
•For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations factors
applied and their derivation, etc.
•Nature of quality control procedures
adopted
(e.g.
standards,
blanks,
duplicates, external laboratory checks)
and
whether
acceptable
levels
of
accuracy (i.e. lack of bias) and precision
have been established.		 •
SGS West Wyalong and ALS Orange are utilised as primary
sources of analytical information. Round robin checks are
completed regularly between the two laboratories. Both labs
operate to international standards and procedures and take part
in the Geostatistical Round Robin inter-laboratory test survey.
The Cowal QA/QC program comprises blanks, Certified
Reference Material (CRM), inter-laboratory duplicate checks,
and grind checks.
•
1 in 30 fine crush residue samples has an assay duplicate. 1 in
20 pulp residue samples has an assay duplicate.
•
Wet screen grind checks are performed on 1 in 20 pulp residue
samples. A blank is submitted 1 in every 38 samples, CRM’s
are submitted 1 in every 20 samples. The frequency of repeat
assays is set at 1 in 30 samples.
•
All sample numbers, including standards and duplicates, are
pre-assigned by a QA/QC Administrator and given to the
sampler on a sample sheet. The QA/QC Administrator monitors
the assay results for non-compliance and requests action when
necessary. Batches with CRM’s that are outside the ±2SD
acceptance criteria are 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

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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
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.
Verification of
sampling and
assaying		 •
The
verification
of
significant
intersections by either independent or
alternative company personnel.
•The use of twinned holes.
•Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
•Discuss any adjustment to assay data		 •
No dedicated twinning drilling has been conducted for this drill
program.
•
Cowal uses DataShed software system to maintain the
database. Digital assay results are loaded directly into the
database. The software performs verification checks including
checking for missing sample numbers, matching sample
numbers, changes in sampling codes, inconsistent “from-to”
entries, and missing fields. Results are not entered into the
database until the QA/QC Administrator approves of the results.
A QA/QC report is completed for each drill hole and filed with
the log, assay sheet, and other appropriate data. Only the
Senior Project Geologist and Database Manager have
administrator rights to the database. Others can use and sort
the database but not save or delete data.
Location of data
points		 •Accuracy and quality of surveys used to
locate drillholes (collar and downhole
surveys), trenches, mine workings and
other locations used in Mineral Resource
estimation.
•Specification of the grid system used.
•Quality and adequacy of topographic
control.		 •
All drill hole collars were surveyed using high definition DGPS.
All drill holes were surveyed using a downhole survey camera.
The first survey reading was taken near the collar to determine
accurate set up and then at regular intervals downhole.
•
On completion of each angled drill hole, a down hole gyroscopic
(Gyro) survey was conducted. The Gyro tool was referenced to
the accurate surface surveyed position of each hole collar.
•
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		 •
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.

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Cowal Section 1 Sampling Techniques and Data Cowal Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
should be assessed and reported if
material.
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.
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

Cowal Section 2 Reporting of Exploration Results Cowal Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Mineral tenement and
land tenure status		 •Type, reference name/number, location
and ownership including agreements or
material issues with third parties such as
joint ventures, partnerships, overriding
royalties, native title interests, historical
sites, wilderness or national park and
environmental settings.
•The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.		 •
The Cowal Mine is located on the western side of Lake
Cowal in central New South Wales, approximately 38 km
north of West Wyalong and 350 km west of Sydney. Drilling
documented in this report was undertaken on ML1535. This
Lease is wholly owned by Evolution Mining Ltd. and CGO
has all required operational, environmental and heritage
permits and approvals for the work conducted on the Lease.
There are not any other known significant factors or risks
that may affect access, title, or the right or ability to perform
further work programs on the Lease.

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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 Cowal Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Exploration done by
other parties		 •Acknowledgment and appraisal of
exploration by other parties.		 •
The Cowal region has been subject to various exploration and
drilling programs by GeoPeko, North Ltd., Rio Tinto Ltd.,
Homestake and Barrick.
Geology •Deposit type, geological setting and
style of mineralisation.		 •
The Cowal gold deposits (E41, E42, E46, Galway and Regal)
occur within the 40 km long by 15 km wide Ordovician Lake
Cowal Volcanic Complex, east of the Gilmore Fault Zone
within the eastern portion of the Lachlan Fold Belt. There is
sparse outcrop across the Lake Cowal Volcanic Complex.
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 to
the understanding of 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.		 •
Drill hole information is provided in the Drill Hole Information
Summary presented in the Appendix of this report.
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).

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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
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
Cross section through E42 and GRE46
Drill hole location plan E41

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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
Drill hole location and section plan showing results for E41
during December quarter
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		 •
Significant intercepts reported are only those areas where
mineralisation was identified.
•
These assay results have not been previously reported.
•
All earlier significant assay results have been reported in
previous ASX announcements.
•
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 substantive
exploration data		 •Other exploration data, if meaningful
and material, should be reported including
(but
not
limited
to):
geological
observations; geophysical survey results;
geochemical survey results; bulk samples
–
size
and
method
of
treatment;
metallurgical test results; bulk density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or
contaminating substances.		 •
No other substantive data was collected during the report
period.
Further work •The nature and scale of planned further
work (e.g. tests for lateral extensions or
depth extensions or largescale step-out
drilling).		 •
Results from these programs will be incorporated into current
models and interpretations and further work will be
determined based on the outcomes.

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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
•Diagrams clearly highlighting the areas
of possible extensions, including the main
geological
interpretations
and
future
drilling areas, provided this information is
not commercially sensitive.

Crush Creek JV

Crush Creek JV Section 1 Sampling Techniques and Data

Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV 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 Au-Ag mineralisation at the Crush Creek JV was
undertaken using diamond core and RC chips (surface).
•
All drill samples were logged prior to sampling. Diamond drill
core was sampled to lithological, alteration and mineralisation
related contacts. Reverse-circulation (RC) sampling was
conducted in 1m intervals downhole selected by the logging
geologist based on visual observations of the RC chips.
Sampling was carried out according to Evolution protocols and
QAQC procedures. All drill-hole collars were surveyed for initial
drilling using a handheld GPS, and later surveyed using a
differential GPS.
•
The sampling and assaying methods are appropriate for the
epithermal style mineralised system targeted and are
representative for the mineralisation style. The sampling and
assaying suitability was validated using Evolution’s QAQC
protocol and no instruments or tools requiring calibration were
used as part of the sampling process.
•
Diamond drill-core sample intervals were based on geology to
ensure a representative sample, with lengths ranging from 0.3m
to 1m. Surface diamond drilling was half core sampled.
•
RC chip samples were taken from 1m intervals as splits from
the bulk sample using a static cone splitter attached to the rig
beneath the cyclone. Metre marks on the drill mast were used
to ensure that samples taken represent the downhole metre.
The cyclone and cone splitter were routinely cleaned between
drill rods and drill holes to maintain sample hygiene. Wet or
moist samples are recorded in the database. If significant
groundwater was encountered in a drill hole, and samples were
unable to be kept dry, the RC hole was stopped and the drill was
drilled diamond.
•
All diamond core and RC chip samples were dried, crushed and
pulverised (total preparation) to produce a 50g charge for fire
assay of Au. Ag, As, Bi, Cd, Cu, Fe, Pb, S, Sb and Zn were also
assayed in addition to Au assays using an aqua-regia digest
with ICP/AES finish. A suite of additional multi elements are
determined using four-acid digest with ICP/MS and/or an
ICP/AES finish for some selected intervals for pathfinder and
lithostratigraphic use.
Drilling techniques •Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core
is oriented and if so, by what method,
etc.).		 •
Diamond holes from surface were wireline PQ (85mm
diameter), HQ (63.5mm diameter) and some NQ (45.1mm
diameter) holes.
•
All diamond core from surface core was orientated using the
digital Reflex Act lll bottom of hole orientation tool.
•
RC holes were drilled using an air fired RC hammer (139.1mm
diameter) with samples returning to surface inside an inner tube.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
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.		 •
All diamond core was orientated and measured during
processing and the recovery of individual core runs recorded.
The core was reconstructed into continuous runs on a cradle for
orientation marking. Hole depths were checked against driller’s
core blocks.
•
Inconsistencies between the logging and the driller’s depth
measurement
blocks
are
investigated.
Surface
drilling
recoveries were generally excellent.
•
Measures taken to maximise sample recovery during diamond
drilling include using triple tube methodology, instructions to
drillers to slow down drilling rates during key parts of drill holes
or reducing the core run length in less competent ground.
•
Measures taken to maximise sample recovery during RC drilling
include ensuring the cyclone was cleared metre by metre using
marks on the drill mast, ensuring the splitter was level, cleaning
out sample chutes routinely and weighing (1:20) of bulk, primary
and duplicate samples to ensure a representative sample.
When required sampling chutes on the splitter were adjusted to
maintain a consistent representative sample. If water was
encountered during RC drilling, samples that were affected
were recorded in the database. If the amount of water became
unmanageable theholewas stopped and drilledwithdiamond.
Logging •Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
•Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.		 •
Diamond core and RC chips have been geologically logged to
the level of detail required for a Mineral Resource estimation.
RQD measurements are taken from diamond core to allow
preliminary understanding of recovery, rock competency and
fracture frequency. Geotechnical logging was undertaken for
select drill holes on site by geologists.
•
All logging is both qualitative and quantitative in nature
recording features such as structural data, sample recovery,
lithology, mineralogy, alteration, mineralisation types, vein
density/type, oxidation state, weathering, colour etc. All holes
are photographed wet. Structural measurements are taken from
core using a Kenometer instrument.
•
All diamond and RC holes were logged in entirety from collar to
end of hole. Drill logs are loaded directly into the acQuire
database by the geologist.
Sub-sampling
techniques and
sample preparation		 •If core, whether cut or sawn and
whether quarter, half or all core taken.
•If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
•For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
•Quality control procedures adopted
for all sub-sampling stages to maximise
representivity of samples.
•Measures taken to ensure that the
sampling is representative of the in situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
•
Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.		 •
Diamond core drilled from surface was half core sampled and
the remaining half was retained.
•
RC samples were taken as primary splits of bulk samples using
a static cone splitter with adjustable sample chutes, attached to
the RC cyclone. 1:20 bulk, primary and duplicate splits were
weighed to ensure the primary sample split consistently
represented the interval downhole – targeting 3kg primary and
duplicate samples. Major discrepancies in sample weights were
immediately brought to the attention of drill crews, with chutes
adjusted or cleared to restore non-bias sample weights.
•
Sample preparation of diamond and RC samples was
undertaken by external laboratories according to the sample
preparation and assaying protocol established to maximise the
representation of low-sulfidation epithermal style Au-Ag
mineralisation. The laboratories performance was monitored as
part of Evolution’s QAQC procedure. Laboratory inspections
are routinely undertaken to monitor the laboratories compliance
sampling and sample preparation protocol.
•
The sample and size (1.5kg to 4kg) relative to the particle size
(>90% passing 75um) of the material sampled is a commonly
utilised practice for effective sample representation for
epithermal gold deposits.
•
Quality control procedures adopted to maximise sample
representation for all sub-sampling stages include the collection
of field and laboratory duplicates and the insertion of certified
reference material as assay standards (1 in 20) and the
insertion of blank samples (1 in 20) or at the geologist’s
discretion. Blank material is routinely submitted for assay and is
inserted into each mineralised zone where possible. The quality
controlperformance was monitored aspart of Evolution’s

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
QAQC procedure.
•
The sample preparation has been conducted by commercial
laboratories. All samples are oven dried (between 85°C and
105°C), jaw crushed to nominal <3mm and if required split by a
riffle splitter device to a maximum sample weight of 3kg as
required. The primary sample is then pulverised in a one stage
process, using a LM5 pulveriser, to a particle size of >90%
passing 75um. Approximately 200g of the primary sample is
extracted by spatula to a numbered paper pulp bag that is used
for a 50g fire assay charge. The pulp and bulk residue are
retained at the lab until further notice.
•
Duplicate samples for diamond core are collected during the
sample crushing stage. A comparison of the duplicate sample
vs. the primary sample assay result was undertaken as part of
Evolution’s QAQC protocol. It is considered that all sub-
sampling and lab preparations are consistent with other
laboratories in Australia and are satisfactory for the intended
purpose.
•
The sample sizes are considered appropriate and in line with
industry standards.
Quality of assay data
and laboratory tests		 •
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
•For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
•Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.		 •
The sampling preparation and assaying protocol used at the
Crush Creek JV was developed to ensure the quality and
suitability of the assaying and laboratory procedures relative to
the mineralisation types targeted.
•
Fire assay is designed to measure the total gold within a
sample. Fire assay has been confirmed as a suitable technique
for epithermal type Au - Ag mineralisation. It has been
extensively used throughout the Crush Creek region.
•
The technique utilised a 50g sample charge with a lead flux,
which is decomposed in a furnace with the prill being totally
digested by 2 acids (HCI and HN03) before the gold content is
determined by an AAS machine. Some samples gold content
was determined using OES instead of AAS with the same
detection limit reported. When higher grades (>20 g/t Au) were
reported by the AAS machine at Delta and BV7, the quantity of
gold in sample is then automatically determined using
gravimetric methods.
•
No geophysical tools or other remote sensing instruments were
utilised for reporting or interpretation of gold mineralisation.
•
Quality control samples were routinely inserted into the
sampling sequence and were also inserted either inside or
around the expected zones of mineralisation. The intent of the
procedure for reviewing the performance of certified standard
reference material is to examine for any erroneous results (a
result outside of the expected statistically derived tolerance
limits) and to validate if required; the acceptable levels of
accuracy and precision for all stages of the sampling and
analytical process. Batches which fail quality control checks are
re-analysed. In addition, the laboratory is instructed to place
barren quartz flushes in the sample sequence in areas of
anticipated mineralisation. Quartz flushes are routinely
analysed and any detected gold in the flushes are reported to
thelab andif necessary, the batch re-assayed.
Verification of
sampling and
assaying		 •
The
verification
of
significant
intersections by either independent or
alternative company personnel.
•The use of twinned holes.
•Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
•Discuss any adjustment to assay data		 •
Independent internal or external verification of significant
intercepts is completed on a campaign basis at independent
certified laboratories. This campaign has started at Crush Creek
with verification samples sent to an Umpire lab however results
are still be fully received and analysed. The quality control /
quality assurance (QAQC) process ensures the intercepts are
representative for epithermal gold systems. Half core and
sample pulps are retained for when further verification is
required.
•
All sample and assay information is stored utilising the acQuire
database software system. Data undergoes QAQC validation
prior to being accepted and as a priority 1 assay in the database.
Assay results are merged when received electronically from the
laboratory. The geologistreviews the database checkingforthe

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
correct merging of results and that all data has been received
and entered.
•
No adjustments or calibrations have been made to the final
assay datareported by thelaboratory.
Location of data
points		 •Accuracy and quality of surveys used
to locate drillholes (collar and downhole
surveys), trenches, mine workings and
other
locations
used
in
Mineral
Resource estimation.
•Specification of the grid system used.
•Quality and adequacy of topographic
control.		 •
All surface drill holes at Crush Creek have been surveyed for
easting, northing and reduced level. Recent data is collected
and stored in MGA 94 Zone 55.
•
Topographic control was generated from aerial DTM surveys
and from previous drilling data sets.
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 nominal drill spacing for Exploration drilling is 40m x 40m
or wider. This spacing includes data that has been verified from
previous exploration activities on the project.
•
Data spacing and distribution is being designed to collect
enough data for establishing geological continuity and grade
variability appropriate for classifying an Inferred Mineral
Resource in some parts of BV7 and Delta, as well as explore
along the strike of key mineralised structures for further
mineralised zones.
•
Sample compositing was not applied due to the often-narrow
mineralised zones.
Orientation of data in
relation to geological
structure		 •Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
•If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.		 •
Mineralisation in the Delta area is interpreted to be hosted within
NNW-SSE striking veins that pre-dominantly dip steeply to the
west, but also other orientations. These veins are interpreted to
occur within east dipping mineralised envelopes. Surface
drilling has been designed to intersect the mineralisation at an
angle to minimise bias. Some drilling has been designed to test
for multiple orientations in the mineralised domains that could
occur given the early stage of exploration and understanding of
the geology.
•
Mineralisation at BV7 is hosted within a series of NNW-SSE
striking structures that dip pre-dominantly to the SW. There is
one main mineralised zone, with accessory lodes in the
hanging-wall and foot-wall to this main zone. Within these
structures, gold is interpreted to be hosted in veins that are
mainly orientated sub-parallel to these structures with some
vein sets conjugate to the main trend. Evolution’s drilling has
been designed to test this main orientation by drilling west to
east. Some east to west historic drilling does not drill an optimal
angle to the mineralised structures.
•
Gamma is an early stage exploration target. There is not
enough geologic information to determine the exact orientation
of mineralised structures at this point in time. Mineralisation at
Gamma is associated with illite alteration and quartz-pyrite vein
development at the base of a flow-banded rhyolite dome.
•
The relationship between the drilling orientation and the
orientation of mineralised structures at Crush Creek is not
considered to have introduced a sampling bias to Evolution
drilling and is not considered to be material. Estimated True
Width’s (ETW) of mineralised intersections are shown in the Drill
HoleInformationSummary table.
Sample security •The measures taken to ensure
sample security.		 •
Chain of custody protocols to ensure the security of samples are
followed. Prior to submission samples are retained on site
where access to the samples is restricted. Samples are then
dropped off and loaded onto a freight truck in secured bags the
morning of dispatch. Collected samples are then received at the
respective
commercial
laboratories
in
Townsville.
The
laboratories are contained within a secured/fenced compound.
Access into the laboratory is restricted and movements of
personnel and the samples are tracked under supervision of the
laboratory staff.

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APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data Crush Creek JV Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
Audits or reviews •The results of any audits or reviews
of sampling techniques and data.		 •
No internal or external audits or reviews have been conducted
on the sampling techniques for the Crush Creek projects to
date. Laboratory audits have been conducted on the respective
commercial laboratories in Townsville.

Crush Creek JV Section 2 Reporting of Exploration Results

Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Mineral tenement and
land tenure status		 •
Type,
reference
name/number,
location
and
ownership
including
agreements or material issues with third
parties
such
as
joint
ventures,
partnerships,
overriding
royalties,
native title interests, historical sites,
wilderness
or
national
park
and
environmental settings.
•The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.		 •
MDL2010 (the Mineral Development License) hosts the Delta,
BV7, Delta South and Gamma prospects where the drilling in
this report has taken place. MDL2010 is located 10km NNE of
the town of Collinsville, approximately 70 km SW of Bowen.
This License is wholly owned by Basin Gold Pty Ltd. but
operated by Conquest Mining Pty Ltd. (a wholly owned
subsidiary of Evolution Mining Ltd.) under an earn-in joint-
venture agreement signed in September 2019. Evolution
Mining Ltd. has all the required operational, environmental and
heritage permits/approvals for the work conducted on the
Mineral Development License under the joint-venture. There
are not any other known significant factors or risks that may
affect access, title, or the right or ability to perform further work
programs ontheMineral DevelopmentLicense.
Exploration done by
other parties		 •Acknowledgment and appraisal of
exploration by other parties.		 •
Exploration for gold has been carried out by several parties
over MDL2010 areas. These companies include Australian Oil
and Minerals Ltd. (AOM) and CRA Exploration Pty Ltd. (CRAE)
both independently and in JV (1987 to 1991), Basin Gold Pty
Ltd. (BG) (1994-1996), BG in JV operated by Battle Mountain
Australia (BMA) (1996-1998), Resolute Limited (1998 – 2000),
Goldfields Australasia Pty Ltd (GFA) (2000-2002), GFA in JV
with Conquest Mining Ltd (CQT) (2002 – 2005), CQT in JV with
BG (2005-2007) and then back to 100% BG ownership from
2007 onwards. Evolution Mining Ltd., under its wholly owned
subsidiary Conquest Mining Ltd, signed a JV agreement in
September 2019 with exploration activities beginning in
November 2019.
•
The BV7 mineralised zones were discovered in 1988 under the
JV between AOM and CRAE with RC drilling following up
anomalous stream sediment and rock chip geochemistry.
•
The Delta mineralised zone was discovered by Basin Gold from
2011 to 2015 through geological mapping and percussion
drilling over a rhyolite dome 750m south of BV7.
•
Previous exploration activities include stream sediment
sampling, soil sampling, geological mapping, geophysical
surveys, RC drilling, diamond drilling and open-hole percussion
drilling.
Geology •Deposit type, geological setting and
style of mineralisation.		 •
Crush Creek mineralisation is located within the apex of Bowen
basin volcanic stratigraphy which is also host to epithermal Au-
Ag-Cu
mineralisation
at
the
nearby
high-sulphidation
epithermal deposits at Mt. Carlton, located ~30km NW of the
Crush Creek JV Mineral Development License.
•
Local geology at Crush Creek comprises the late Carboniferous
to early Permian Lizzie Creek Volcanics, consisting locally of
andesitic and felsic derived volcaniclastic units intruded by a
series of rhyolitic domes. Mineralisation at Delta is hosted along
extensional structures in primary volcaniclastic breccias and
sediments. Primary volcanic breccias are overprinted by a low-
sulphidation Au-Ag epithermal event. Bonanza mineralisation
at Delta is hosted by late narrow quartz-sulphide veins
associated with this epithermal event. Mineralisation at BV7 is
interpreted to be the same age as at Delta but is hosted on

Evolution Mining Limited Quarterly Report September 2020

46

==> picture [84 x 55] intentionally omitted <==

APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
extensional structures developed within coherent felsic rocks.
Mineralisation is associated with quartz vein development on
these structures.
Drill hole Information •A summary of all information material
to the understanding of the exploration
results including a tabulation of the
following information for all Material
drillholes:
o easting and northing of the drillhole
collar
o elevation or RL of the drillhole collar
o dip and azimuth of the hole
o downhole length and interception
depth
o hole length.		 •
Refer to the drill hole information table in the Appendix of this
report for significant assay results from Evolutions drilling to
date at Delta. All mineralised intercepts from the quarter (Q1
FY21) above 5grammetre (grade x down-hole width) are
shown in the table.
•
Previous mineralised intercepts and drilling at Delta are not
shown on plans and sections in the body of this report, or in the
significant intercept table. This drilling was generally vertical
with no down-hole surveys, drilled with predominantly open-
hole methods and QAQC procedures outside of Evolutions
protocols. Open-hole drilling can cause contamination in drill
samples, particularly in a narrow high-grade gold environment.
•
Previous mineralised intersections and historic drill traces are
shown for the BV7 long and cross sections. Actual assay
numbers and intercepts are not shown as not all information
relating to the assay type and QAQC protocols used can be
ascertained – however this data has been used to help guide
Evolutions exploration program. Drilling is displayed where data
from previous drilling appears valid using collar locations,
downhole surveys, geology from re-logged diamond holes and
mineralised intercepts. Some BV7 drilling is not shown as
interrogation of these data-sets showed the location of this
drilling is not able to be validated.
•
There have been a number of previous operators who have
drilled at the Delta and BV7 prospects. The map below shows
Evolution drill collars in relation to previous operators drill
collars.
!!
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!
!
Source~~:~~Esr~~i~~, Maxar, GeoEye, Earthstar Geograph~~i~~cs, CNES/A~~i~~rbus DS,
USDA, USGS, AeroGRID, IGN, and the GIS User Commun~~i~~ty
583750.000000
583750.000000
584500.000000
584500.000000
585250.000000
585250.000000
.000000
7737500.000000
.000000
7738250.000000
.000000
7739000.000000
.000000
7739750.000000
Legend
Evolution Drill Collar
!
Previous Operators Drill Collar
¯
1,000
Meter~~s~~
Delta
BV7
Gamma*

==> picture [490 x 621] intentionally omitted <==

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

Criteria Explanation Commentary
extensional structures developed within coherent felsic rocks.
Mineralisation is associated with quartz vein development on
these structures.
Drill hole Information • A summary of all information material • Refer to the drill hole information table in the Appendix of this
to the understanding of the exploration report for significant assay results from Evolutions drilling to
date at Delta. All mineralised intercepts from the quarter (Q1
results including a tabulation of the
following information for all Material FY21) above 5grammetre (grade x down-hole width) are
drillholes: shown in the table.
• Previous mineralised intercepts and drilling at Delta are not
o easting and northing of the drillhole
shown on plans and sections in the body of this report, or in the
collar
significant intercept table. This drilling was generally vertical
o elevation or RL of the drillhole collar with no down-hole surveys, drilled with predominantly open-
o dip and azimuth of the hole hole methods and QAQC procedures outside of Evolutions
protocols. Open-hole drilling can cause contamination in drill
o downhole length and interception
samples, particularly in a narrow high-grade gold environment.
depth • Previous mineralised intersections and historic drill traces are
o hole length. shown for the BV7 long and cross sections. Actual assay
numbers and intercepts are not shown as not all information
relating to the assay type and QAQC protocols used can be
ascertained – however this data has been used to help guide
Evolutions exploration program. Drilling is displayed where data
from previous drilling appears valid using collar locations,
downhole surveys, geology from re-logged diamond holes and
mineralised intercepts. Some BV7 drilling is not shown as
interrogation of these data-sets showed the location of this
drilling is not able to be validated.
• There have been a number of previous operators who have
drilled at the Delta and BV7 prospects. The map below shows
Evolution drill collars in relation to previous operators drill
collars.
583750 [.000000] 584500 [.000000] 585250 [.000000]
¯ Legend
Evolution Drill Collar
! Previous Operators Drill Collar
! !
!
! ! ! ! ! !!
! ! [!] ! ! ! !! ! ! ! ! ! !! !!!!!! !!! ! ! ! [!] ! ! ! ! !! !! ! ! [!] ! !! !! ! ! !! !!! BV7 !! ! !
!
!
! !! ! ! ! !! !
Gamma ! ! !! !!!!!! ! ! [!] ! ! !! ! !! !!!!!!! ! ! !!!!!! ! !! [!] !!! ! !!!!!!!!! [!] ! !! !!!! !!!!!!! ! !!! !! Delta ! !
!!
!
!
!
1,000
Meter SourceUSDA, USGS, AeroGRID, IGN, and the GIS User Commun s : Esr i , Maxar, GeoEye, Earthstar Geograph i cs, CNES/A i ty i rbus DS,
583750 [.000000] 584500 [.000000] 585250 [.000000]
Evolution and historic operators drilling in the BV7/Delta area.
.000000
.000000
.000000
.000000
.000000
7739750
.000000
7739000
.000000
7738250
.000000
7737500
----- End of picture text -----*

Evolution Mining Limited Quarterly Report September 2020

47

==> picture [84 x 55] intentionally omitted <==

APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
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.		 •
Intercept length weighted average techniques, minimum grade
truncations and cut-off grades have been used in this report.
•
Composite lengths and grade as well as internal significant
values are reported in the Drill Hole Information Summary in the
Appendix.
•
At Crush Creek, composite grades >0.5 g/t Au have been
reported with no more than 2m of internal dilution (<0.5g/t Au).
•
No metal equivalent values are used.
Relationship between
mineralisation widths
and intercept lengths
•These relationships are particularly
important in the reporting of Exploration
Results.
•If the geometry of the mineralisation
with respect to the drill hole angle is
known, its nature should be reported.
•If it is not known and only the
downhole lengths are reported, there
should be a clear statement to this
effect (eg ‘downhole length, true width
not known’)
•
There is a direct relationship between the mineralisation widths
and intercept widths at Delta. Drilling has been conducted at
multiple angles at Delta as mineralised structures are
interpreted to dip at multiple angles and due to the early stage
nature and understanding of the geology.
•
There is a direct relationship between the mineralisation widths
and intercept widths at BV7. Drilling has been conducted drilling
west to east to intersect SE dipping structures at an optimal
angle.
•
Gamma is an early-stage exploration targets with only an early
stage
understanding
of
structural
orientations
hosting
mineralised intervals. Estimated True Widths are supplied
wherever possible.
•
The assay results are reported as down hole intervals however
an estimate of true width is provided in the Drill Hole Information
Summary in the Appendix.
Diagrams •Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported. These should
include, but not be limited to a plan view
of drill hole
•
Drill hole location diagrams and representative sections of
reported Crush Creek exploration results are provided in the
quarterly and below:
Gamma Cross Section A – A’ looking north

Evolution Mining Limited Quarterly Report September 2020

48

==> picture [84 x 55] intentionally omitted <==

APPENDIX 2 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results Crush Creek JV Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Delta Cross Section B – B’ looking north
Delta South Cross Section C – C’ looking north
Balanced reporting
•Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting
of Exploration Results
•
All Exploration 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.		 •
Exploration is on-going at the Crush Creek JV. Other works
include more drilling, field mapping, soil sampling and
geophysical surveys in the region.
•
No drilling is planned in Q3 due to the wet season.
Further work
•The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
largescale step-out drilling).
•Diagrams clearly highlighting the
areas of possible extensions, including
the main geological interpretations and
future drilling areas, provided this
information
is
not
commercially
sensitive.
•
Further Exploration work on the Crush Creek JV tenements are
planned into FY21. This work includes diamond drilling, RC
drilling, geological mapping, soil sampling and geophysical
surveys.
•
Follow up drilling is planned at the Gamma prospects, planned
for Q4 FY21 after the wet season.

Evolution Mining Limited Quarterly Report September 2020

49

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