EVOLUTION MINING LIMITED — Regulatory Filings 2023

Jun 4, 2023

ABN 74 084 669 036

Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 24 175 Liverpool Street Sydney NSW 2022

5 JUNE 2023

www.evolutionmining.com.au

2023 INVESTOR DAY SESSION 2 PRESENTATION

Evolution Mining Limited (ASX: EVN) is today hosting an Investor Day. The entire event will also be conducted virtually via a webcast with Session One commencing at 8:45am Australian Eastern Standard Time ("AEST"). Proceedings are scheduled to finish at approximately 1.00pm. The presentation materials for the event are attached.

The agenda for the morning is as follows:

• 8:45am: Session One Introduction, Strategy and Business Update, Financials and Sustainability
• 11:00am: Session Two Operations, Discovery and Mt Rawdon Pumped Hydro
• 1:00pm: Conclusion of event

Presenters include:

• Jake Klein, Executive Chair
• Lawrie Conway, CEO and Managing Director
• Barrie van der Merwe, Chief Financial Officer
• Fiona Murfitt, Vice President Sustainability
• Bob Fulker, Chief Operating Officer
• Bonnie Coxon, General Manager Cowal Operations
• Glen Masterman, Vice President Discovery

Live Webcast Audience URL:

https://webcast.openbriefing.com/evn-id-2023/

This link provides general public access to the live and archived Investor Day event. The webcast will also be available on Evolution's website www.evolutionmining.com.au under 'Latest News'. The event will be 'listen only'. An on-demand recording of the webcast will be available on Evolution's website post the conclusion of the event.

This announcement has been authorised for release by Jake Klein, Executive Chair.

For further information please contact:

Investor Enquiries Media Contact

Peter O'Connor Michael Vaughan General Manager Investor Relations Media Relations Evolution Mining Limited Fivemark Partners Tel: +61 2 9696 2900 Tel: +61 422 602 720

About Evolution Mining

Evolution Mining is a leading, globally relevant gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. Financial Year 2024 gold production outlook is 770,000 ounces +/- 5% at an All-in Sustaining Cost of A\$1,370 per ounce (+/- 5%).

INVESTOR DAY - SESSION TWO

1

FORWARD LOOKING STATEMENT

These materials prepared by Evolution Mining Limited ("Evolution" 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.

This presentation has been approved for release by Evolution's Board of Directors.

All amounts are expressed in Australian dollars unless stated otherwise. All references to US\$ in this release are based on an exchange rate of 0.65.

PRODUCTION TARGET

Mungari Production Target and relevant proportions of Mineral Resources and Ore Reserves underpinning the Production Target

The Mungari Production Target of 1.9Moz to 2.7Moz between FY24 and FY38 comprises 3% Proved Ore Reserves, 49% Probable Ore Reserves, 19% Indicated Mineral Resources, 18% Inferred Mineral Resources and 11% Exploration Targets. 1

Cautionary statement concerning the proportion of Inferred Mineral Resources

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

Cautionary statement concerning the proportion of Exploration Targets

Of Mungari's 1.9Moz to 2.7Moz production target, 11% is comprised of an Exploration Target. The potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that Production Target itself will be realised. See ASX release titled "Mungari Mine Life Extended to 15 Years at 18 to 20% Lower AISC", released 5 June 2023 and available to view at www.evolutionmining.com.au for further information on the Exploration Target.

Material Assumptions

The material assumptions on which the Mungari Production Target is based are presented in the ASX release titled "Mungari Mine Life Extended to 15 Years at 18 to 20% Lower AISC" dated 5 June 2023 and available to view at www.evolutionmining.com.au

Production Target Competent Persons' Statement

The Estimated Mineral Resources and Ore Reserves underpinning the Mungari Production Target have been prepared by Competent Persons in accordance with the requirements in Appendix 5A (JORC Code).

The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets in the 5 June 2023 release continue to apply and have not materially changed.

1. Proportions quoted are based on the material classifications of the entire Production Target and is inclusive of material attributable to the East Kundana Joint Venture

INVESTOR DAY AGENDA

11.00am – 1.00pm AEST Session two

Peter O'Connor General Manager - Investor Relations

Welcome back

Bob Fulker Chief Operating Officer

Operations update – Delivering Shareholder Returns

Bonnie Coxon General Manager - Cowal

Cowal – Current successes & future opportunities

Glen Masterman Vice President - Discovery

Growth opportunities

Jake Klein Executive Chair

Mt Rawdon – pumped hydro

OPERATIONS DELIVERING SHAREHOLDER RETURNS

5

DELIVERING SHAREHOLDER RETURNS

The Future1

Red Lake

+15 year mine life targeting +200kozpa and expansion once justified

Mungari 15 year mine life at ~155kozpa2 (~200kozpa+ FY27-32)

Ernest Henry 17 year mine life targeting ~80koz Au and ~50kt Cu pa

Cowal

17 year mine life targeting ~320kozpa

6

Mt Rawdon Option on pumped hydro

1. Mine Life based on Evolution's current life of mine plans 2. See slide 3 of this presentation for information on the Mungari Production Target

RED LAKE FOCUS ON MARGIN, FREE CASH FLOW AND PAYBACK WHILST EARNING THE RIGHT TO GROW

SIX MONTHS OF REFLECTION

RED LAKE FOUNDATIONS IN PLACE

Three mining fronts and mechanised mining established

Delivery Decoupled from Shaft operations Cochenour Ramp Breakthrough 51 Level FY24 Campbell Ramp Breakthrough 11 Level FY24

Shaft constraint removed in FY24 Campbell Mine opens up

Improved equipment and people effectiveness

FOUNDATIONS FOR FUTURE OPERATIONS – EMBRACING TECHNOLOGY

Achieving Development Modern equipment, bigger fleet, drive sizes improving consistency

Stabilising mined tonnes Improved stope performance through improved drill and blast practices

Implementation of short interval control Increased use of loader tele-remote and autonomous operations

MUNGARI UNLOCKING LONG TERM RETURNS IN KALGOORLIE

FOUNDATIONS ESTABLISHED OVER PAST 2 YEARS

Operational stability: Quarter on Quarter delivery

• Harmonised working structures
• Standardised renumeration
• Gaining operational synergies

Successful integration: 3 distinct operations into 1

• Mungari, Kundana and EKJV now unified
• Grade lifted as planned

Regional consolidation: Significant mineral endowment

• Key opportunity identified delivered
• Reserve & Resources increased almost 2 fold
• Regional Resource endowment now ~5Moz

Favourable benchmarking: Leader in the region to peers

• Compares well with peer group in Eastern goldfields
• Bottom quartile AISC and long life vs regional peers

Earned the right: Now is the time to realise full returns

• Mungari has earnt the right for investment
• Feasibility Study outcomes are compelling

MILL EXPANSION UNLOCKS SIGNIFICANT VALUE

• Mungari Mill expansion – key enabler for region
• Conventional Crush and Grind circuit, with conventional technologies
• Metallurgical testing completed outcomes favourable
• Mill capacity to double processing unit cost reduced ~30%
• Mungari Mill expansion key metrics1:
• Extends life to 15 years at average production of ~155kozpa
• Average AISC \$1,750/oz with \$1,215/oz margin at spot
• Incremental NPV of \$260M at \$2,400/oz and \$600M at spot
• Incremental IRR 19% at \$2,400/oz & 28% at spot price
• Short payback of 3 years & 1½ years at spot price

1. See ASX release titled "Mungari Mine Life Extended 15 years at 18% lower AISC and higher production" dated 5 June 2023 for information on the Future Growth Project Feasibility Study available to view at www.evolutionmining.com.au

5MOZ+ ENDOWMENT1 – 3 MAIN HUBS

• Near-mine extension opportunities at Kundana supported by potential for discovery of new lodes
• Paradigm's Arina lodes are open
• Drilling around regional open-pits such as Castle Hill will provide additional mining inventory
• Three secure, well-known and low risk ore sources during first 5 years post commissioning:
• Castle Hill (base load open pit ore source)
• Kundana
• Paradigm
• Initial mining is focused on the near field deposits

• Conventional mining method for eastern goldfields

• Endowment comprises the Mungari 5.3Moz Mineral Resource as at 31 December 2022. See the Appendix of this presentation for information on Mungari Mineral Resources and Ore Reserves and ASX release titled "Mungari Mine Life Extended 15 years at 18% lower AISC and Higher Production" dated 5 June 2023 available to view at www.evolutionmining.com.au

LONG TERM FUTURE ON SOLID FOUNDATIONS

Current state

2.0Mtpa processing capacity

Gold Production 127,500oz (FY23 Guidance +/-5%)

AISC \$2,040/oz (FY23 Guidance +/-5%)

Mill expansion project

Simple plant design

Unlocks regional ore sources

Processing unit costs ~30% lower

Capex ~\$250M

& quick payback Was planned for FY24 with Kundana an enabler

Future potential

4.2Mtpa nominal processing capacity

AISC reduction By ~18%

~30 month build

Key messages

15-year mine life Reduced AISC ~18% lower

LOM Production Average: 155kozpa1 FY27-32: ~200kozpa1 Conventional mining Three ore sources 1st 5 years Compelling NPV, IRR,

Feasibility Study confirms compelling investment case

1. See slide 3 of this presentation for information on the Mungari Production Target Note: \$ amounts shown in AUD

ERNEST HENRY MINE EXTENSION PFS LIFE OF MINE TO AT LEAST 2040 = UNRECOGNISED VALUE

PERFORMANCE SUPPORTS INVESTMENT IN EXTENSION

1. See the Appendix of this presentation and ASX release titled "Ernest Henry Mine Extended to 2040 and Ore Reserves Doubled" dated 5 June 2023 and "Annual Mineral Resources and Ore Reserves Statement" dated 16 February 2023 for information on the Ernest Henry Mineral Resources and Ore Reserves available to view at www.evolutionmining.com.au

2. Resuming normal operations

3. On track to normal operation by end of June
4. Reserve update – Gold and copper metal doubled
5. Ore Reserve contained Copper up ~103% to ~589kt 1
6. Ore Reserve contained Gold up ~124% to ~1,109koz1
7. Further significant drilling and conversion planned
8. Ore Reserve update builds on 2022 Mineral Resource
9. Stable production and cashflow track record with mature workforce and leadership
10. Pre-Feasibility Study completed
11. Mine life extended to 2040
12. Main execution capital not needed until FY27-28
13. Additional Mineral Resource growth potential outside PFS 'footprint'

DOUBLING OF ORE RESERVE

Ore Reserve	Ore Tonnes (Mt)	Cu Metal (kt)	Cu Grade (%)	Au Metal (koz)	Au Grade (g/t)
December 2022	34.3	290	0.85	495	0.45
June 2023 Total	77.4	589	0.76	1,109	0.45
Change	126%	103%	-10%	124%	-
Mineral Resource	Ore Tonnes (Mt)	Cu Metal (kt)	Cu Grade (%)	Au Metal (koz)	Au Grade (g/t)
December 2022	94.8	1,207	1.27	2,292	0.75

• An updated Mineral Resource expected to be completed in the September 2023 quarter. This will incorporate new drill data which is expected to increase grade towards the December 2022 Ore Reserve level
• Pre-Feasibility Study utilised the December 2022 Mineral Resource
• Grade of the cave is expected to remain within the range of the current mine grade
• Drilling and studies on additional ore sources will provide an opportunity to maintain grade, tonnage and current throughput rates

Note: See the Appendix of this presentation and ASX release titled "Ernest Henry Mine Extended to 2040 and Ore Reserves Doubled" dated 5 June 2023 and "Annual Mineral Resources and Ore Reserves Statement" dated 16 February 2023 for information on the Ernest Henry Mineral Resources and Ore Reserves available to view at www.evolutionmining.com.au. Ernest Henry Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope

PRE-FEASIBILITY KEY ATTRIBUTES

• NPV of ~\$690M for extension1
• Capex ~\$450M – \$500M
  • Infrastructure and mine development
  • Not yet committed and majority spend in FY27-28
• Crush and convey provides greatest optionality
• ~56Mt additional ore tonnes milled
• ~609koz of additional gold produced
• ~343kt of additional copper produced

• Substantial additional Mineral Resource expected to be included in the Feasibility Study

• See ASX release titled "Ernest Henry Mine Extended to 2040 – Ore Reserves Doubled" dated 5 June 2023 for information on the Mine Extension Pre-feasibility Study available to view at www.evolutionmining.com.au

FEASIBILITY APPROVED TO PROGRESS

• Feasibility Study to include:
• Updated Mineral Resource and Ore Reserve
• Updated mine design, mining schedule, and cost estimate
• Key threats and opportunities incorporated into the execution
• Study completion planned for March quarter FY25

DELIVERING SHAREHOLDER RETURNS

The Future1

Red Lake

+15 year mine life targeting +200kozpa and expansion once justified

Mungari 15 year mine life at ~155kozpa2 (~200kozpa+ FY27-32)

Ernest Henry 17 year mine life targeting ~80koz Au and ~50kt Cu pa

Cowal

17 year mine life targeting ~320kozpa

22

Mt Rawdon Option on pumped hydro

1. Mine Life based on Evolution's current life of mine plans 2. See slide 3 of this presentation for information on the Mungari Production Target

COWAL – LIFE OF MINE TO 2040 MOVING TO +320,000 OUNCE PER ANNUM OF SAFE, RELIABLE, LOW-COST PRODUCTION

COWAL – CORNERSTONE ASSET

	June 2015	June 2023
Ore Reserves	1.6Moz	4.3Moz1
Mineral Resources	3.4Moz	8.8Moz1
Mine life	2024	2040
Plant capacity	7.2Mtpa	~9.0Mtpa
Gold production		1.7Moz3
Operating cash flow		\$1.8B3
Net cash flow2		\$841M3

1. See the Appendix of this presentation for further information on Cowal's Mineral Resources and Ore Reserves as at December 2022

1. Post all capital and exploration

2. Cumulative as at 31 March 2023

• Sustainable, reliable, low-cost production
• Successfully delivered the major capital project Underground mine - on time, on budget and safely
• Continued growth opportunities from higher grade underground ore body which remains open
• Open pit continuation project (OPC) provides a longterm production base
• Underground production supporting 15% increase to 320,000oz in FY24
• Cowal now positioned to be a significant cash flow generator post completion of major project spend

OPEN PIT MINING LARGE OPEN PIT PROVIDING LONG-TERM ORE BASE LOAD

• Current operations – E42 Pit (Stage H)
• Mature operation performing well
• Increasing ore tonnes and grade
• Strip ratio of <1:1
• Contributes significant proportion of mill feed until FY26
• Generates low grade stockpiles which provides mine plan flexibility

UNDERGROUND OPERATIONS LARGE HIGHER GRADE STOPING MINE PROVIDING LONG-TERM ORE SOURCE

• Surface infrastructure and underground mine development ongoing
• Currently being executed on schedule within \$380M budget
• First stope ore delivered in Q2 FY23 ahead of schedule
• Over 8,000 development metres completed to Q3 FY23
• Paste plant and village due for commissioning late Q4 FY23
• Production ramping up
• Increasing production rates to >2.4Mtpa in early FY26

OPEN PIT CONTINUATION (OPC) PROJECT

• Study to extend open pit operations by ~10 years and total mine life by approximately two years to 2042
• Production aligned to the completion of E42 stage H
• Flexibility in project development based on pit sequencing and Stage H stockpile availability

CONTINUED GROWTH OPTIONS FROM RELIABLE ASSET

• Pursuing growth to add additional Ore Reserves in near-term mining areas
• Infill drilling highlighting increased thicknesses and grades relative to current Dalwhinnie model
• Deposit remains open to the north, south and at depth

Further information on Cowal's exploration results is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 presented in the Appendix of this presentation. Reported intervals are downhole widths as true widths are not currently known. An estimated true width (etw) is provided where available See the Appendix of this presentation for further information on Cowal's Mineral Resources and Ore Reserves as at December 2022

GROWTH PIPELINE

DELIVERING OUR GROWTH PIPELINE Group Mineral Resources growth since inception (koz)

• Reinforces strategy of identifying and acquiring assets in the right geological address where strong mineral endowment can continue to be unlocked by the Discovery team
• Cowal
• Grade upside potential as we continue to de-risk underground production
• Growth opportunities at Dalwhinnie South, Regal & Gap Zone
• Long-term exploration option at South Cowal
• Mungari
• Confident our production centres can sustain 200koz annual production to 2038+
• Continue converting underground resources to reserve maintaining high grade ore production feed
• Ernest Henry
• PFS doubled the reserve and extends mine life to 2040
• Ernie Junior (1125-775mRL) offers potential to keep the mill full at current processing rate to 2040+
• Incremental production opportunity at Bert
• Deeper ore body extensions below 775mRL

Group Ore Reserves growth since inception (koz)

COWAL GROWTH

To view the animation, click here.

Further information on exploration results is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 presented in the Appendix of this presentation. Reported intervals are downhole widths as true widths are not currently known. An estimated true width (etw) is provided where available

See the Appendix of this presentation for further information on Cowal's Mineral Resources and Ore Reserves as at December 2022

MUNGARI: SECURING OUR FUTURE GROWTH

• Near-term reserve growth between reserve and resource shells
• Higher drilling density increases confidence in grade continuity for resource classification upgrade and conversion to reserves
• Infill drilling confirming grades over wider zones than previously modelled
• Mineralisation open at depth and along strike to the north and south

32

MUNGARI GROWTH

To view the animation, click here.

VRIFY LINK – ERNEST HENRY

Ernest Henry exploration results provided in the 3D interactive model are extracted from the following ASX releases available to view at www.evolutionmining.com.au: "Drilling continues to extend mineralisation at Ernest Henry" dated 20 April 2023, "Ongoing drilling success at Ernest Henry" dated 28 February 2023, "Continued exploration success at Ernest Henry" dated 24 January 2023, "Significant new copper extensions at Ernest Henry" dated 24 November 2022 and "September 2022 Quarterly Report" dated 20 October 2022. Reported intervals are downhole widths as true widths are not currently known. An estimated true width (etw) is provided where available. This 3D interactive model will also be available to view on the Company's website

Cowal: grade upside in the underground with excellent potential to replace and grow reserves

Mungari: resource upside with potential to sustain +200Koz production rate

Ernest Henry: growth options to keep the mill processing at its current operating rate until 2040 and beyond

MT RAWDON PUMPED HYDRO A UNIQUE RENEWABLE ENERGY STORAGE PROJECT

36

RENEWABLES – A GREAT OPPORTUNITY

MT RAWDON PUMPED HYDRO – A STRATEGIC ASSET

Lowest risk and cost of capacity pumped hydro project in Australia

MT RAWDON PUMPED HYDRO – A STRATEGIC ASSET

of continuous generation

20,000MWh storage

• Significant Size: 2GW power for 10 hours a day can power 2 million homes during peak periods
• Ownership: 50 / 50 JV with ICA Partners, an Australian leader in renewables advisory
• Fully Permitted Mine Site: 100% land ownership already secured1 strong community support
• Favourable Location: only 22km from main transmission lines to Brisbane and Gladstone
• Enviable topography: 550 metre head height2 key economic driver
• ESG benchmark: blueprint for repurposing end of life mine site
• Well Advanced: can be operational by 2030
• 1. Rights to land for upper reservoir
• 1. Borumba: 330m, Kidston: 218m, Snowy 2: 700m, Big T: 260m, Bowen & Pioneer Burdekin: N/A

Lowest risk and cost of capacity pumped hydro project in Australia

RAPIDLY ADVANCING

• Feasibility study well advanced
• No fatal flaws identified to date
• Commercially robust attractive project
• On track for "project go" in 2024

Progress	Timeline
Co-ordinated project status	October 2022
Geotechnical deep drilling campaign	March 2023
Original equipment manufacturer shortlist	April 2023
Baseline layout finalised	May 2023
Flora and fauna studies	FY23 Q4
Environmental impact study submitted	FY24 Q2
Feasibility study complete	FY24 Q4
Final investment decision	Dec 2024

PATHWAY TO COMMERCIALISATION

1. Based on A\$0.25/share indicative proposal received on 17 August 2022 (withdrawn on 28 December 2022) and \$1.385B shares on issue plus net debt of \$550M as set out in Genex investor presentation dated 27 April 2023

THINKING DIFFERENTLY

42

APPENDIX

PREVIOUS OUTLOOK TO FY24 GUIDANCE

PRODUCTION	AISC/oz		MAJOR CAPITAL
Red Lake 30koz lower as previously announced	Previous FY24 Outlook of \$1,240/oz updated for:		Previous FY24 Outlook of \$330-380M updated for:
	Lower production at Red Lake	\$50/oz	Cowal underground timing (from	\$20-30M
	Higher gold price assumption (royalties)	\$15/oz	FY23) Mungari expansion timing	\$45-50M
	Higher inflation in		(from FY25)
	FY23 and expected in FY24	\$70/oz	Ernest Henry tailings	\$15-20M

FY24 GUIDANCE: CAPITAL

Sustaining Capital

Consistent run-rate for asset mine life

Major Project Capital

Mungari

	Mill expansion	\$75 - \$80M
	Satellite Mine infrastructure	\$25 - \$30M
Cowal
	Underground project	\$25 - \$30M
	IWL	\$40 - \$45M
	Open pit continuation study	~\$5M
	Ernest Henry
	Feasibility study	~\$10M
	Extension drilling	~\$7.5M
	Tailing Storage Buttress	\$15 - \$20M

Red Lake

Upper Campbell mine \$70 - \$80M

FY24 Capital Guidance (\$M)

FY24	Sustaining	Major Mine	Major Project
Guidance	Capital1	Development2	Capital3
Group	\$190 –	\$125 –	\$325 –
	\$230M	\$140M	\$350M
Cowal	\$40 – \$50M	~\$5M	\$85 – \$90M
Ernest Henry	\$55 –	\$45 -	\$45 –
	\$62.5M	\$50M	\$50M
Red Lake	\$45 –	\$60 -	\$85–
	\$55M	\$65M	\$90M
Mungari	\$45 –	\$15 -	\$110 -
	\$52.5M	\$20M	\$120M
Mt Rawdon	\$5 – \$7.5M	-	-
Corporate	\$0 – \$2.5M	-	-

1. Sustaining capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines

2. Long term mine development comprises costs incurred to establish access to ore bodies over long term

3. Major project capital includes expenditure to establish new assets or a material change in production rate as per WGC

MINERAL RESOURCES AND ORE RESERVES

ERNEST HENRY TOTAL ORE RESERVE AT JUNE 2023

				Probable		Total Ore Reserve
Project	Cut-off (flow model)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
Ernest Henry (Base)	0.75 CuEq	17.6	1.07	189	15.2	0.58	87	32.7	0.84	276
Ernest Henry (Extension)	0.50 CuEq	9.0	1.10	99	35.7	0.60	214	44.7	0.70	313
Total		26.5	1.08	287	50.9	0.59	302	77.4	0.76	589

			Proved			Probable		Total Ore Reserve
Project	Cut-off (flow model)	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)
Ernest Henry (Base)	0.75 CuEq	17.6	0.57	324	15.2	0.30	148	32.7	0.45	472
Ernest Henry (Extension)	0.50 CuEq	9.0	0.70	203	35.7	0.38	434	44.7	0.44	637
Total		26.5	0.62	527	50.9	0.36	582	77.4	0.45	1,109

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

The Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled "Annual Mineral Resources and Ore Reserves Statement" dated 16 Feb 2023 and available to view at www.evolutionmining.com.au

Level footprints are designed to align with Domain 7 (0.70 % Cu), which defines the Mineral Resource, while also maintaining a geometry amendable to caving.

The cut-off (shut-off) grades of 0.75 % CuEq and 0.50 % CuEq, as applied in the cave flow model software, are determined through an economic evaluation process.

The utlised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.04

Ernest Henry Ore Reserve Competent Person is Michael Corbett

This information is extracted from the release titled 'Ernest Henry Mine Life Extended to 2040 and Ore Reserves Doubled" dated 5 June 2023 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports

GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022

Gold		Measured			Indicated			Inferred			Total Resource
Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold Grade (g/t)	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)	CP6
Cowal1	Open pit	0.35	29.5	0.46	440	182.9	0.86	5,033	26.5	0.80	682	238.9	0.80	6,155	1
Cowal	UG	1.50	-	-	-	22.0	2.49	1,760	12.4	2.33	925	34.4	2.43	2,685	1
Cowal1	Total		29.5	0.46	440	204.9	1.03	6,793	38.8	1.29	1,607	273.3	1.01	8,840	1
Red Lake3	Total	2.5-3.3	-	-	-	35.7	6.66	7,639	24.8	5.90	4,702	60.4	6.35	12,342	2
Mungari1,4	Open pit	0.31-0.34	-	-	-	53.8	1.08	1,864	24.0	1.16	894	77.8	1.10	2,758	3
Mungari1,5	UG	1.46-2.44	1.4	4.66	205	9.7	4.28	1,332	8.7	3.74	1,043	19.7	4.07	2,580	3
Mungari1	Total		1.4	4.66	205	63.5	1.57	3,196	32.7	1.84	1,937	97.5	1.70	5,338	3
Mt Rawdon1	Total	0.23	5.5	0.30	54	21.0	0.58	389	2.3	0.48	35	28.8	0.52	478	4
Ernest Henry2	Total		26.4	0.78	664	44.0	0.74	1,050	24.4	0.74	579	94.8	0.75	2,292	5
Marsden	Total	0.20	-	-	-	119.8	0.27	1,031	3.1	0.22	22	123.0	0.27	1,053	1
Total			62.8	0.68	1,362	488.9	1.28	20,098	126.1	2.19	8,882	677.8	1.39	30,343

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. "UG" denotes underground

Mineral Resources are reported inclusive of Ore Reserves

1. Includes stockpiles

2. Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope

3. Red Lake Mineral Resource cut-off varies from 2.5g/t Au to 3.3g/t Au and is dependent on deposit and location from surface and processing plant

4. Mungari Open Pit Mineral Resource cut-offs vary from 0.31g/t Au to 0.34g/t Au. The average open pit cut-off is 0.32g/t Au

5. Mungari Underground Mineral Resource cut-offs vary from 1.46g/t Au to 2.44g/t Au per deposit. The average underground cut-off is 1.96g/t Au

6. Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Jason Krauss; 3. Brad Daddow; 4. Matthew Graham-Ellison; 5. Phil Micale

This information is extracted from the releases titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2023 and "Mungari Mine Life Extended to 15 Years at 10 to 20% lower AISC" dated 5 June 2023 available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports

GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022

(WITH ERNEST HENRY JUNE 2023 ORE RESERVE UPDATE)

	Gold				Proved					Competent
Project	Type	Cut-off (g/t Au)	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)	Person8
Cowal1,2	Open pit	0.45	27.4	0.47	414	86.2	0.99	2,745	113.6	0.87	3,160	1
Cowal3	UG	0.55/1.80	-	-	-	15.9	2.29	1,169	15.9	2.29	1,169	2
Cowal	Total		27.4	0.47	414	102.1	1.19	3,915	129.5	1.04	4,329
Red Lake4	Total	2.5-4.0	-	-	-	13.0	6.90	2,878	13.0	6.90	2,878	3
Mungari5	UG	2.2-3.8	0.4	5.47	78	3.2	4.41	457	3.7	4.54	535	4
Mungari1,6	Open pit	0.57-0.74	-	-	-	20.7	1.06	703	20.7	1.06	703	5
Mungari1	Total		0.4	5.47	78	23.9	1.51	1,160	24.3	1.58	1,238
Mt Rawdon1	Open pit	0.31	1.9	0.40	25	9.0	0.66	191	10.9	0.61	216	6
Ernest Henry7,8	UG	0.50-0.75% CuEq	26.5	0.62	527	50.9	0.36	582	77.4	0.45	1,109	7
Marsden	Open pit	0.30	-	-	-	65.2	0.39	817	65.2	0.39	817	8
		Total	56.2	0.58	1043	264.0	1.12	9,544	320.3	1.03	10,587

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. "UG" denotes underground

1. Includes stockpiles

2. Ore Reserve has been updated for E42 Stage H Open Pit in line with 2022 corporate commodity price assumptions, updated modifying factors and allowing for depletion. All remaining 'Open Pit Continuation' Ore Reserves (OPC) are declared as per December 2021 Cowal Open Pit Ore Reserves. The OPC Ore Reserve will be updated at the completion of the OPC Feasibility Study ('FS'). Modifying factors to be updated during the FS include Mineral Resource, geotechnical, metallurgical, revenue and cost assumptions. To date, no fatal flaws have been identified during the FS. A materiality test was conducted on the impact of the change between the December 2021 and December 2022 Mineral Resource model on the OPC Ore Reserve, the change is expected to be less than 10%

3. Cowal Underground Ore Reserve has been optimised using a \$1,600/oz price assumption, economically tested at up to \$2,200/oz and considers updated modifying factors and depletion. The Cowal Underground Ore Reserve includes development material at an incremental cut-off grade of 0.55g/t Au

4. Red Lake Ore Reserve cut-off is 4.0g/t Au except for HG Young (3.0g/t Au) and Upper Campbell (2.5g/t Au)

5. Mungari Underground Ore Reserve cut-off varies from 2.2g/t Au to 3.8g/t Au and is dependent on specific deposits and varies between each underground mine taking into account location and costs

6. Mungari Open Pit Ore Reserves were optimised using a \$1,600/oz gold price assumption. The exceptions are the Paradigm and Castle Hill open pit operations which have been scheduled for production between 2023 and 2025 and have been optimised with a \$2,200/oz gold price assumption. Cut-offs vary by deposit from 0.57g/t Au to 0.74g/t Au and take into account location and costs

7. Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled "Annual Mineral Resources and Ore Reserves Statement" dated 16 Feb 2023 and available to view at www.evolutionmining.com.au . The applied flow model cutoff grades of 0.50 % and 0.75% copper equivalent ('CuEq') are determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utlised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.04 8. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023

8. Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Dean Basile (Mining One); 2. Ryan Bettcher; 3. Brad Armstrong; 4. Blake Callinan; 5. Ben Young; 6. Michael Corbett; 7. Anton Kruger

This information is extracted from the releases titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2023, "Mungari Mine Life Extended to 15 Years at 10 to 20% lower AISC" dated 5 June 2023 and "Ernest Henry Mine Life Extended to 2040 and Ore Reserves Doubled" dated 5 June 2023 available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports

GROUP RESOURCES & RESERVES AT 31 DECEMBER 2022 (WITH ERNEST HENRY JUNE 2023 ORE RESERVE UPDATE)

Group Mineral Resource – contained copper

	Copper		Measured			Indicated			Inferred			Total Resource
Project	Type	Cut-off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	CP1
Marsden	Total	0.2g/t Au	-	-	-	119.8	0.46	553	3.1	0.24	7	123.0	0.46	560	1
Ernest Henry	Total	0.7% Cu	26.4	1.36	359	44.0	1.28	565	24.4	1.16	283	94.8	1.27	1,207	2
		Total	26.4	1.36	359	163.8	0.68	1,118	27.5	1.06	291	217.7	0.81	1,767

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Ernest Henry Operations reported Mineral Resources are within an interpreted 0.7% Cu mineralised envelope 1. Group Mineral Resources Competent Person (CP) Notes refer to: 1. James Biggam; 2. Phil Micale

Group Ore Reserve – contained copper

	Copper			Proved		Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	CP4
Marsden	Total	0.3g/t Au	-	-	-	65.2	0.57	371	65.2	0.57	371	1
Ernest Henry2,3	Total	0.50-0.75% CuEq	26.5	1.08	287	50.9	0.59	302	77.4	0.76	589	2
Total			26.5	1.08	287	116.1	0.58	673	142.6	0.67	960

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

1. Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled "Annual Mineral Resources and Ore Reserves Statement" dated 16 Feb 2023 and available to view at

www.evolutionmining.com.au . The applied flow model cut-off grades of 0.50 % and 0.75% copper equivalent ('CuEq') are determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utlised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.04

1. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023

2. Group Ore Reserve Competent Person (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett

This information is extracted from the releases titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2023, "Mungari Mine Life Extended to 15 Years at 10 to 20% lower AISC" dated 5 June 2023 and "Ernest Henry Mine Life Extended to 2040 and Ore Reserves Doubled" dated 5 June 2023 available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports

EXPLORATION RESULTS

COMPETENT PERSON'S STATEMENT

Cowal Exploration results

The information in this report that relates to the Cowal exploration results is based on work compiled by Zachary Murphy who is employed on a full-time basis by Evolution Mining Limited and is a Member of the Australian Institute of Geoscientists (AIG). Mr Murphy 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. Mr Murphy consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Ernest Henry Exploration results

• The information in this report that relates to the Ernest Henry exploration results is based on work compiled by Phil Micale who is employed on a full-time basis by Evolution Mining Limited and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Micale 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. Mr Micale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
• The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement.

COWAL DRILL HOLE INFORMATION SUMMARY

Hole ID	Hole Type	Northing MGAz55 (m)	Easting MGAz55 (m)	Elevation (m)	Hole Length (m)	Dip	Azimuth (Grid)	From (m)	Interval (m)	ETW (m)	Au (g/t)	Cu (%)
RDU0016	DDH	6278609	538380	-64	839.6	-41.5	323.5	355	1	0.75	17.9	NA
								388	7	5.25	3.49	NA
								400	5	3.75	12.72	NA
							including	404	1	.75	49.4	NA
								521	43	32.3	4.08	NA
							including	538	1	.75	33.67	NA
							and	549	0.9	0.68	39.82	NA
							and	557	1.15	0.86	36.92	NA
								570	9	6.75	4.21	NA
								629	9	6.75	6.04	NA
								820	8	6	6.34	NA
RDU0014	DDH	6278608	538380	-64	329.8	-29	296.5	229	15	10.5	3.35	NA
								278	15	12	5.49	NA
GRUD0888	DDH	6278112	538355	-60	153	0	273.5	101	39	27.3	4.1	NA
GRUD0962	DDH	6278199	538380	-62	300	-32.5	300.3	151	7	5.25	14.7	NA
							including	155	1	0.75	71.1	NA
								193	1	0.7	55.6	NA
								287.8	3.2	2.24	5.52	NA
7750DD541	DDH	6263234	541589	204	326	-60	270	257	4	3	9.0	1.0
							including	258	0.6	0.45	50.9	5.5
1590DD295	DDH	6263719	541210	205	518	-60	260	424	16	12	2.7	0.03
							including	426	1	0.75	16.2	0.05
							and	437.8	1.2	0.9	19.8	0.07
								500	1	0.75	4.64	0.2
7750DD540A	DDH	6262580	540441	215	504	-60	55	NA	NA	NA	NA	NA

	Cowal Section 2 Reporting of Exploration Results
Criteria	Commentary
Sampling techniques	• Holes in this report consist of conventional diamond core drilling. • Collar and down hole surveys were utilised to accurately record final locations. All samples were logged prior to sampling. Diamond core was sampled to lithological, alteration, and mineralization related contacts. Industry standard sampling, assaying and QA/QC practices were applied to all holes. • Sample preparation was conducted by SGS West Wyalong, OSLS Bendigo 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; with SGS and ALS rotary splitting a 3kg assay sub-sample if the sample is too large for the LM5 mill, and OSLS rotary splitting a 500g charge; • SGS and ALS Pulverising in the LM5 mill to nominal; 90% passing 75 µm; and • a 50g fire assay charge taken with an atomic absorption (AA) finish for SGS and ALS, and a 500g photon assay charge of fine crushed sample for OSLS. • Multi-element analysis for a sutie of elements including Cu is conducted using Aqua Regia digest with an ICP finish. • The detection limit is 0.01 g/t Au for both fire assay and photon assay. Detection limit for Cu is 1ppm.
Drilling techni ques	• Diamond drilling for Resource Definition and Grade Control activities is conducted using diamond drill rigs, the core is extracted using a standard tube and core diameter is NQ2 (50.6mm) in size. Diamond drilling for Exploration is drilled HQ in diameter through the clay/oxide material and NQ through bedrock to end of hole. • Diamond core in this report has been oriented using accepted industry techniques.
Drill sample recovery	• 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.
Logging	• 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. • 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. • 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 all geologist's demarcations on the core.

Criteria	Commentary
Sub-sampling techniques and sample preparation	• Resource Definition diamond core is cut with a diamond saw or chisel and the remaining core retained. Core is cut to preserve the bottom of hole orientation line. Diamond core from infill drilling is submitted for analysis as whole core • In some instances, if unexpected or anomalous assays are returned, an additional quarter core may be submitted for assay. • 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. • Sample preparation of diamond core samples is undertaken by external laboratories according to sample preparation and assaying protocols established to maximise the representation of the Cowal mineralization. Laboratories' performance is monitored as part of Cowal's QAQC procedure. Laboratory inspections are undertaken to monitor compliance to Cowal sampling and sample preparation protocol. • Sample preparation was conducted by SGS West Wyalong, OSLS Bendigo 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; with SGS and ALS rotary splitting a 3kg assay sub-sample if the sample is too large for the LM5 mill, and OSLS rotary splitting a 500g charge; • SGS and ALS Pulverising in the LM5 mill to nominal; 90% passing 75 µm; and • a 50g fire assay charge taken with an atomic absorption (AA) finish for SGS and ALS, and a 500g photon assay charge of fine crushed sample for OSLS. • Cu is assayed for using ICP techniques. • 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 35) or at the geologist's discretion. Coarse blank material is routinely submitted for assay and is inserted into each mineralised zone and sample identified as containing visible gold where possible. The quality control performance is monitored as part of Cowal QAQC procedure.
Quality of assay data and laboratory tests	• SGS West Wyalong and OSLS Bendigo act as Primary Laboratories and ALS Orange conducts independent Umpire checks and primary assaying during periods of high sample volume. All labs operate to international standards and procedures and take part in the Geostatistical Round Robin inter-laboratory test surveys. The Cowal QA/QC program comprises blanks, Certified Reference Material (CRM), inter-laboratory duplicate checks, and grind checks. Both the SGS and ALS laboratories analyse for Au utilizing Fire Assay with an AAS detection, with the OSLS laboratory analysing for Au utilizing Photon Assay. • Typical protocols for QAQC checks are summarised below, however depending on sample submission batch sizes overall rates may vary slightly: • 1:30 fine crush residue has an assay duplicate. • 1:20 pulp residue has an assay duplicate. • 1:20 wet screen grind checks • 1:35 site blanks are inserted into the dispatch ensuring at least 1 blank per fire • 1:20 CRMs submitted in the dispatch • 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 return assays outside the ±2SD acceptance criteria from the CRM mean 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 local basalt which has been determined to be below detection limit. Results are reviewed by the QA/QC Administrator upon receipt for non-compliances. Any assay value greater than 0.1g/t Au will result in a notice to the laboratory.

Criteria	Commentary
Verification of sampling and assaying	• Sample check assays are sent to Umpire laboratories at a ratio of 1:20 samples. • The quality control / quality assurance (QAQC) process ensures the intercepts are representative for the GRE46 epithermal low sulphidation gold system. Half core and sample pulps are retained at Cowal Operations if further verification is required. • The twinning of holes is not a common practice undertaken at Cowal Operations. • 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. • No adjustments or calibrations have been made to the final assay data reported by the laboratory.
Location of data points	• 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. • All drill holes at Cowal have been surveyed for easting, northing and reduced level. Recent data is collected and stored in CGO Mine grid. • Topographic control was generated from detailed aerial surveys.
Data spacing and distribution	• The resource definition drillholes 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 1.3m and a minimum sample length of 0.3m to avoid sampling across geological boundaries.
Orientation of data in relation to geological structure	• Diamond holes in this report were positioned to optimise intersection angles of the target area. • For GRE46 this direction is nominally 300-330° • Prior to 2018, the primary drill angle was west to east.

Criteria	Commentary
Sample security	• Chain of custody protocols to ensure the security of samples are followed. • Prior to submission samples are retained on site. Samples sent to SGS West Wyalong are collected by an SGS representative up to twice daily. Samples to other laboratories utilise a local freight company. • Access to laboratories is restricted and movements of personnel and samples are tracked under supervision of the laboratory staff.
Audits or reviews	• QA/QC Audits of the Primary SGS West Wyalong Laboratory are carried out on an approximately quarterly basis and for the Umpire ALS Orange Laboratory approximately six-monthly. 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.

Criteria	Commentary
Mineral tenement and land tenure status	• The Cowal Mine is located on the Western side of Lake Cowal in central New South Wales, approximately 38km north of West Wyalong and 350km west of Sydney. • Drilling at GRE46 documented in this presentation was undertaken on mining license ML1535 • ML1535 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 • All mining licenses are in good standing. • Drilling at South Cowal was undertaken on Exploration License EL 7750 • EL 7750 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 • A New South Wales government royalty is applicable to Cowal, payable on the value of processed gold, and is calculated as follows: • Royalty = 4% of {Total Revenue – Processing Costs – (33% of site Administration costs) – Depreciation} • There are not any other known significant factors or risks that may affect access, title, or the right or ability to perform work programs on the Lease.
Exploration done 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. • Construction of the Cowal Mine began in 2004, and first gold was poured in 2006
Geology	• The Cowal gold deposits (E41, E42, E46, GRE46) 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 gold deposits occurring within and marginal to a 230 m thick dioritic to gabbroic sill intruding trachyandesitic 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 (the Gold Corridor) with bounding faults, the Booberoi Fault on the western side and the Reflector Fault on the eastern side.
Drill hole information	• Refer to the Drill hole information summary presented in the Appendix of this report.
Data aggregation methods	• Significant intercepts have nominally been calculated based on a minimum interval length of 3m, maximum internal dilution of 5m, and a minimum grade of 0.4g/t Au, or 0.2% Cu for South Cowal. However, some intervals with significantly elevated Au grades may be reported individually • Au and Cu grades are reported un-cut.

• Where reliable estimated true widths (ETW) can be calculated, these have been included alongside down hole measurements.

Cowal Section 2 Reporting of Exploration Results

Criteria Commentary

Relationship

between mineralisation widths and

intercept lengths

Diagrams

optimize the angle of intercept at the target location.

• Mineralisation within the drilling area is bounded by large north-south trending structures, however there are strong, internal, oblique structural controls. Drillholes are typically oriented to

• Plan view of reported drilling into Dalwhinnie South 900mRL
• Plan view of RDU0014 zone between Regal and Dalwhinnie orebodies, 780mRL
• Plan view of RDU0016 Regal orebody, 570mRL

Cowal Section 2 Reporting of Exploration Results

Diagrams Additional images provided during core display session

• Geology section view of GRUD0962 – 36600mN – view North

Criteria Commentary

• Geology section view of RDU0014 – 37000mN – view North

• Geology section view of RDU0016 – 37300mN – view North

Criteria	Commentary
Balanced reporting	• Significant intercepts reported are only those areas from select holes where mineralisation was identified. • These assay results have not been previously reported. • The intercepts reported here form part of a larger, ongoing drill program. Remaining holes are awaiting processing, and any future significant results will be published as appropriate.
Other substantive exploration data	• Exploration and Resource Definition programs are on-going at Cowal.
Further work	• Further Exploration and Resource Definition work at Cowal is planned for the next fiscal year.