EVOLUTION MINING LIMITED — Regulatory Filings 2023

Feb 15, 2023

Inspired people creating a premier global gold company

2023 HALF YEAR FINANCIAL RESULTS & MROR

1

Jake Klein – Executive Chair Lawrie Conway – Chief Executive Officer and Managing Director Glen Masterman – VP Discovery

16 February 2023

FORWARD LOOKING STATEMENT

These materials 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.

Non-IFRS Financial Information

The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA and Underlying Profit. The non-IFRS information has not been subject to audit or review by the Company's external auditor and should be used in addition to IFRS information.

All amounts are expressed in Australian dollars unless stated otherwise.

HIGHLIGHTS

1

HIGH QUALITY PORTFOLIO

~14 Years Average Mine Life

Low cost, high margin assets in Tier 1 jurisdictions

Growth projects underway to deliver shareholder value

STRONG FINANCIAL RETURNS

2

EBITDA Margin 39%

Sector leading H1 FY23 AISC Margin \$1,176/oz

Strong balance sheet \$838m total liquidity

SIGNIFICANT RESOURCES & RESERVES… AND GROWING

3

Mineral Resources 30.3Moz cont. Au 1.8Mt cont. Cu

Ore Reserves 10.0Moz cont. Au 0.7Mt cont. Cu

Substantial upside from ongoing drilling at Ernest Henry

3

SUSTAINABILITY

• Keeping our people healthy and safe
• TRIF¹ improvement of ~13% since start of FY23
• Safeguarding our social licence to operate
• Committed to our Net Zero target² and supporting our local communities
• Clear pathway to meet our emissions reduction commitment of 30% by 2030 through Cowal long term power supply agreement
• Mt Rawdon Pumped Hydro Project
• Convert Mt Rawdon open pit into a 1-2GW Pumped Hydro generator
• Declared a Coordinated Project by the Queensland Government, supporting the state's renewable energy objectives
• Feasibility Study progressing

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

2. Net Zero future commitment of 30% emissions reduction by 2030 and net zero emissions by 2050. Emissions targets are related to Scope 1 and Scope 2 only

Mt Rawdon Pumped Hydro Project – more information at https://mtrawdonhydro.com.au

4

HIGH QUALITY PORTFOLIO

• High-quality portfolio in Tier 1 jurisdictions
• Sector leading cost and margin position
• 600 ▪ Significant cash flow generation from high margin and current high commodity prices
• Conservative long-term price assumption for Gold Ore Reserves of \$1,600/oz (~US\$1,073/oz¹ )
• Investing in growth to deliver long term value
• Disciplined capital allocations enable 20 consecutive dividends to shareholders (FY23 interim dividend: 2 cents per share)

1. Calculated using the average AUD:USD exchange rate for the FY23 half-year of 0.6705

2. AISC Margins calculated based on average gold price (A\$/oz) for the respective quarters. Newcrest AISC converted to AUD based on average AUD:USD cited by company for relevant quarter (in its releases)

5 3. Refer to each company's Ore Reserve and Mineral Resource statements for detail of Ore Reserve price assumptions, including where specific assets utilise a higher price than shown above to optimise their Reserves. Newcrest converted at AUD:USD cited in its Mineral Resource and Ore Reserve Statement. Further details of Evolution's Ore Reserve assumptions in ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released today

FINANCIAL HIGHLIGHTS

Financials	Units	H1 FY23	H1 FY22	Change
Statutory Profit after tax	\$M	101	91	11%
Underlying Profit after tax	\$M	103	100	3%
EBITDA	\$M	446	393	13%
EBITDA Margin	%	39%	44%	(11%)
Mine Operating Cash Flow	\$M	477	396	20%
Capital Investment	\$M	390	273	43%
Gearing	%	31%	13%	143%
Earnings Per Share	cps	5.5	5.0	10%
Interim dividend (fully franked)	cps	2.0	3.0	(33%)

Unchanged Group FY23 Production and AISC Guidance 720,000 ounces (+/- 5%) and AISC \$1,240/oz (+/- 5%)

NET PROFIT UP 11%

• ^◼ Material positive impact from full ownership of Ernest Henry throughout the half-year
• ^◼ Higher gold revenue being driven by higher production at Cowal and Red Lake plus higher realised gold price
• ^◼ Change in operating costs evenly split between the impacts of inflation and volume-based activity
• ^◼ Increased D&A relates predominantly to purchase price allocations for Ernest Henry and Kundana
• ^◼ Interest costs higher, as planned, with a full half of USPP interest for funding growth projects

COST DRIVERS

• ^◼ Discipline on cost management & capital allocation
• ^◼ Sector leading AISC
• ^◼ Capital investment under budget
• ^◼ Current cost inflation is within our FY23 Guidance range
• ^◼ Benefits of high metal prices being banked and outweigh cost inflation impacts
• ^◼ No material change in cost drivers
• ^◼ Labour comprises ~46% of cost base
• ^◼ Top 7 cost types comprise 87% of total costs
• ^◼ Labour costs increased 5 6% this year
• ^◼ In line with guidance
• ^◼ Bias remains on variable component versus fixed
• ^◼ Maintaining cost discipline in inflationary environment

STRONG CASH MARGINS

• Sector leading group cash margins underpinned by high-margin assets
• Ernest Henry (60%) and Cowal (54%)
• Red Lake margins improving
• Mungari maintaining margins despite impacts of tight WA labour market
• Increasing margins expected in the second-half supported by:
• Strong commodity prices and copper exposure
• Ramp up of Cowal underground and Red Lake Upper Campbell mine
• Declining growth capex
• Moderating inflationary pressures

DIVIDENDS AND DEBT

▪ FY23 Interim Dividend

• Fully franked 2.0 cents per share (~\$37M)
• Considers:
• Performance and outlook of the business
• Balance sheet position
• Planned reduction in major growth capital investment
• Payment date: 2 June 2023
• Record date: 1 March 2023

▪ Balance Sheet

• Strong balance sheet able to fund growth
• Gearing of 31% is within 35% internal limit
• Investment grade rating reaffirmed as part of annual review in August 2022
• Low cost of debt at average rate of ~4.2%
• Fixed interest cost on 60% of total debt (USPP) at 3.6%

Cumulative Dividends (\$M)

Debt Maturity Profile (\$M)

Bank Term Loans USPP Bank Term Loans (paid)

- now

MUNGARI FUTURE GROWTH PROJECT

Current state Future potential Future Growth Project 2Mtpa processing capacity Gold Production 127,500oz (FY23 Guidance +/-5%) AISC \$2,040/oz (FY23 Guidance +/-5%) 4.2Mtpa processing capacity Pathway to 180-220koz Material AISC reduction ~30 months build ✓ Simple plant design ✓ Unlocks regional ore sources ✓ Lower processing unit costs ✓ Capex within previous estimates ~\$250M ✓ Aligned with capex guidance Key Upcoming Milestones Cost Optimisation and Preliminary FEED¹ Costings confirmed June Qtr 2023 Project decision Dec Qtr 2023 1. Front End Engineering Design

Feasibility Study defines compelling investment case

ERNEST HENRY – SIGNIFICANT GROWTH POTENTIAL

• ^◼ Significant increase in Mineral Resources achieved at a discovery cost of \$5 per ounce gold equivalent¹
• ^◼ Mineral Resource updated as at December 2022²
• ̶ 36% increase in contained copper to 1.2 million tonnes
• ̶ 37% increase in contained gold to 2.3 million ounces
• ^◼ Further drilling intersecting significant mineralisation widths below and within the Mine Extension Pre-Feasibility (PFS) footprint
• ̶ Significant growth targets exist beyond the currently modelled resource domains – down plunge of the Main Lens ore body at depth and between the Main Lens and Ernie Junior
• ̶ Recent underground drilling confirms continuity of mineralised widths outside the Mineral Resource outlines
• ^◼ PFS extended to June Quarter 2023 to incorporate new drilling, updated block model and larger mine footprint in defining optimal location of infrastructure

North-south section looking west of the Ernest Henry orebody³

• 1. Discovery gold equivalent cost calculated using gold price of \$2,200/oz and copper price of \$10,000/t
• 1. See the Appendix of this presentation for information on Mineral Resources and Ore Reserves

^3. This information is extracted from the ASX release titled "Continued Exploration Success at Ernest Henry" dated 24 January 2023 and available to view at www.evolutionmining.com.au. Evolution confirms that it is not aware of any new information or data that materially affects information included in that release. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Competent Person for Ernest Henry exploration results is Phillip Micale

RESOURCES AND RESERVES

See the Appendix of this presentation for information on Evolution's Mineral Resources and Ore Reserves

GROWTH SINCE INCEPTION

Gold Mineral Resources growth of 336% Gold Ore Reserves growth of 186%

• 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
• 12 million resource ounces added predominantly by drilling and optimised engineering
• Portfolio mine life extended from 5 years to 14 years and maintained
• Focus on growing high-margin, low-cost ounces by using sector low long-term gold Ore Reserve cutoff price assumption of \$1,600/oz (~US\$1,073)

SUMMARY

SECTOR LEADING COST AND MARGIN POSITION

OPERATING CASHFLOWS FUNDING GROWTH PROJECTS

ROBUST BALANCE SHEET AND LIQUIDITY

HIGH-QUALITY RESOURCES & RESERVES

APPENDIX

SUSTAINABILITY PRINCIPLES

The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner

Be an employer of choice attracting the most talented people and foster a safe, diverse and inclusive workplace

leadership

Contribute positively to local, regional and national sustainability efforts by achieving an outstanding level of environmental stewardship

Actively manage climate related risks and opportunities including improving energy efficiency and the responsible management of water

Protect and enhance our reputation as a trusted partner and provide community benefits that endure beyond the life of our mines

Advance the outcomes for indigenous peoples and protect their Cultural Heritage

Respect the human rights of all our stakeholders

Be transparent at all levels of Corporate Governance, comply with applicable laws and regulations and operate at the highest standards of financial and ethical behaviour

Relentlessly drive for operational excellence through an innovative culture and inspired people delivering to plan

FY23 GUIDANCE & FY24 OUTLOOK

FY23 Guidance	Production (+/-5%)	AISC \$/oz (+/-5%)	Sustaining Capital	Major Capital
Group	720,000	\$1,240	\$190 - \$240M	\$530 - \$600M
Cowal	275,000	\$1,250	\$40 - \$50M	\$325 - \$360M
Ernest Henry	82,500	(\$2,600)	\$65 - \$80M	\$35 - \$45M
Red Lake	160,000	\$1,880	\$50 - \$60M	\$130 - \$150M
Mungari	127,500	\$2,040	\$30 - \$40M	\$40 - \$45M
Mt Rawdon	75,000	\$1,950	\$5 - \$7.5M
Corporate			\$0 - \$2.5M
				Major
FY24 Outlook	Production (+/-5%)	AISC \$/oz (+/-5%)	Sustaining Capital	Capital
Group	800,000	\$1,240	\$190 – \$240M	\$330 - \$380M
Cowal	320,000
Ernest Henry	80,000
Red Lake	200,000
Mungari	125,000

GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022

	Gold			Measured			Indicated			Inferred			Total Resource		Dec 21
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)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	CP6	Resource Gold Metal (koz)
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	0.35
Cowal	UG	1.50	-	-	-	22.0	2.49	1,760	12.4	2.33	925	34.4	2.43	2,685	1	1.50
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	2.5-3.3
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	0.32
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	1.96
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	0.23
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	0.20
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 release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2022 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 ORE RESERVES AT 31 DEC 2022

	Gold		Proved				Probable			Total Reserve		Dec 21
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)	Competent Person8	Reserves Gold Metal (koz)
Cowal1,2	Open pit	0.45	27.4	0.47	414	86.2	0.99	2,745	113.6	0.87	3,160	1	3,520
Cowal3	UG	0.55/1.80	-	-	-	15.9	2.29	1,169	15.9	2.29	1,169	2	1,069
Cowal	Total		27.4	0.47	414	102.1	1.19	3,915	129.5	1.04	4,329		4,589
Red Lake4	Total	2.5-4.0	-	-	-	13.0	6.90	2,878	13.0	6.90	2,878	3	2,935
Mungari5	UG	2.2-3.8	0.4	5.47	78	3.2	4.41	457	3.7	4.54	535	4	498
Mungari1,6	Open pit	0.57-0.74	-	-	-	20.7	1.06	703	20.7	1.06	703	5	736
Mungari1	Total		0.4	5.47	78	23.9	1.51	1,160	24.3	1.58	1,238		1,234
Mt Rawdon1	Open pit	0.31	1.9	0.40	25	9.0	0.66	191	10.9	0.61	216	6	300
Ernest Henry7	UG	0.75% CuEq	18.2	0.57	336	16.1	0.31	159	34.3	0.45	495	7	459
Marsden	Open pit	0.30	-	-	-	65.2	0.39	817	65.2	0.39	817	8	817
		Total	47.9	0.55	852	229.2	1.24	9,120	277.1	1.12	9,973		10,333

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)

1. 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

2. 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

3. Ernest Henry Operations reported Ore Reserve estimate is based on the June 2022 Mineral Resource detailed in the 1 August 2022 ASX release titled "Material Increase in Ernest Henry Mineral Resource'. The applied cut-off grade of 0.75% copper equivalent ('CuEq') is determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utilised copper equivalent equation is: CuEq = Cu + Au NSR/72.77 where; Au NSR = 41.71*Au - 0.04

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 release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 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 RESOURCES & RESERVES AT 31 DECEMBER 2022

Group Mineral Resource – contained copper

	Copper		Measured			Indicated			Inferred							Total Resource			Dec 21
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	Resources Copper Metal (kt)
Marsden	Total	0.2g/t Au	-	-	-	119.8	0.46	553	3.1	0.24	7	123.0	0.46	560	1	560
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	885
		Total	26.4	1.36	359	163.8	0.68	1,117	27.5	1.06	291	217.7	0.81	1,767		1,445

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

		Proved			Probable				Dec 21 Reserves
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)	CP2	Copper Metal (kt)
Marsden	Total	0.3g/t Au	-	-	-	65.2	0.57	371	65.2	0.57	371	1	371
Ernest Henry1	Total	0.75% CuEq	18.2	1.07	196	16.1	0.59	94	34.3	0.85	290	2	269
Total			18.2	1.07	196	81.2	0.57	465	99.4	0.66	661		640

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

1. Ernest Henry Operation Ore Reserve is reported using \$7,000/t Cu and \$1,600/oz Au (AUD) Ore Reserve price assumptions. Ernest Henry Operations reported Ore Reserve estimate is based on the June 2022 Mineral Resource detailed in the 1 August 2022 ASX release titled "Material Increase in Ernest Henry Mineral Resource". The cut-off grade applied of 0.75% copper equivalent ('CuEq') is determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utilised copper equivalent equation is: CuEq = Cu + Au NSR/72.77 where; Au NSR = 41.71*Au - 0.04 2. Group Ore Reserve Competent Person (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett

This information is extracted from the release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 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