#1ASX Announcement 5 JUNE 2023 Evolution MINING 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 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 Peter O'Connor General Manager Investor Relations Evolution Mining Limited Tel: +61 2 9696 2900 About Evolution Mining Media Contact Michael Vaughan Media Relations Fivemark Partners Tel: +61 422 602 720 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%). Evolution Mining Limited#2INVESTOR DAY - SESSION TWO Evolution MINING TEREXIUNTES 1341A 1#3FORWARD 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. Evolution MINING 2#4PRODUCTION 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 2.7 Moz 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 Evolution MINING WIAN NEETHLING Evolation AFG AEG 3 1210#5INVESTOR DAY AGENDA Evolution MINING - 11.00am – 1.00pm AEST Session two Peter O'Connor General Manager - Investor Relations Bob Fulker Chief Operating Officer Bonnie Coxon General Manager - Cowal Glen Masterman Vice President - Discovery Jake Klein Executive Chair Welcome back Operations update - Delivering Shareholder Returns Cowal-Current successes & future opportunities Growth opportunities - Mt Rawdon – pumped hydro 4#6OPERATIONS DELIVERING SHAREHOLDER RETURNS Evolution MINING 5#7DELIVERING SHAREHOLDER RETURNS Principles Qualities Low Accretive to Operating shareholders Risk Improve portfolio Geological Upside quality Concentrated high quality portfolio of assets Low-cost Operation Return on Investment 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 Mt Rawdon Option on pumped hydro Evolution MINING 1 Red Lake 2 Mungari 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 3 Ernest Henry 4 Cowal#8RED LAKE FOCUS ON MARGIN, FREE CASH FLOW AND PAYBACK WHILST EARNING THE RIGHT TO GROW Evolution MINING 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 7#9SIX MONTHS OF REFLECTION Roster harmonisation Driving consistency through the operation. Ensuring consistent supervision Enabling workgroup collaboration +100% Leading to increased productivity 10 16 Alignment at all levels of the organisation Workforce aligned to performance linked bonus (quarterly performance bonus with positive cash trigger) Supervisors aligned with the Evolution Core Values with focus on Excellence and Accountability ■ New equipment and ways of working for both Evolution and contract partners 20 20 Pre-Evolution FY23 FY24 Development (metres advance / person) +65% 1014 893 616 Pre-Evolution FY23 FY24 Ore mined (tonnes / person) Evolution 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal MINING 8#10RED LAKE FOUNDATIONS IN PLACE Three mining fronts and mechanised mining established Fewer, focused, work areas in close proximity Cochenour Shaft Reid Shaft Campbell Shaft #1 Shaft #3 Shaft Current 21L 16L 23L 27L #2 Shaft 30L 361 Delivery Decoupled from Shaft operations Cochenour Ramp Breakthrough 51 Level FY24 Campbell Ramp Breakthrough 11 Level FY24 Scaled to fit slide Shaft constraint removed in FY24 Campbell Mine opens up Improved equipment and people effectiveness Opening Campbell Mine CYD portal 3 Level ore drive 11 Level mechanised mining Evolution 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal MINING 34L 42L 52L 9#11FOUNDATIONS 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 Evolution MINING Aviation development Balmer drilling Improved stope overbreak Implementation of short interval control Increased use of loader tele-remote and autonomous operations SIC Tracker | Longhole Evolution C--O 401-674-2 Brady Stoupe 351-865-3 BLK8 Caleb De Groot 382-674-2 BLK2 Kelly Van Horn 412-865-2 BLK3 Roger Boulet 481-695-1 BK1 Mike Holyman Add or for a Call in + Start Time Shift Date 5/17/2023 Operator Velwitc Top Five Activity - Brady Stoupe End Times Shift Day Add or Edit a Delay Working Alone Ooff Equipment ORION 13499 Sile Holmer Location 401-674-2 Merc Meters Supervisor Ren Pineau Task Dr190 Shift Target Priority 360-047-1 BLK1 Daniel Piette ---0 Addisonal Comments Submit Changes Close Out Activity 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 10 10#12RED LAKE A CORNERSTONE ASSET EARNING THE RIGHT TO GROW Transforming to a cornerstone asset Acquired in 2020 Strategy consistent with the Evolution playbook Reasons for patient optimism ■ World class district Geological endowment ~12Moz in Mineral Resource1 ■ Grade reconciliation aligns to geology Focus on delivery, free cash flow and margin 1. Information on the Red Lake Mineral Resource is provided in the Appendix of this presentation 2. Gold equivalent calculation for Ernest Henry Ore Reserve: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.04 3. Gold equivalent calculation for Ernest Henry Mineral Resource: CuEq = Cu + Au NSR/83.2 where; Au NSR = 53.0 * Au -0.06 Evolution MINING 1 Red Lake 2 Mungari Red Lake Ernest Henry Mt Rawdon Mungari 3 Ernest Henry 4+ Cowal Bubble size based on ounces Ore Reserves (Moz)2 Mineral Resources (Moz)³ Cowal 11#13MUNGARI UNLOCKING LONG TERM RETURNS IN KALGOORLIE Evolution MINING 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 12#14FOUNDATIONS ESTABLISHED OVER PAST 2 YEARS Operational life = Reserves or Project Inventory / March Qtr annualised production AISC ($/oz) $2,600 $2,400 $2,200 $2,000 Harmonised working structures Standardised renumeration Operational stability: Quarter on Quarter delivery 0 1 2 3 4 5 6 7 Agnew 8 9 10 11 12 13 14 15 16 17 18 19 20 Mungari (Current) Darlot / KotH Duketon Granny Smith Mungari (Future) $1,800 $1,600 Gruyere St Ives $1,400 $1,200 Scale of production Comparable mill throughput 600 500 400 300 200 100 0 Sept FY21 Dec FY21 Mar FY21 Mungari production outcomes Kundana transaction Jun FY21 Sept FY22 Dec FY22 Mar FY22 Jun FY22 Sept FY23 Dec FY23 Mar FY23 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 AISC ($k/oz) and grade (g/t) 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 Tonnes (kt) Evolution MINING UG tonnes processed 1 OP tonnes processed AISC (k$/oz) Red Lake 2 Processed grade Mungari 3 Ernest Henry 4 Cowal 13#15MILL EXPANSION UNLOCKS SIGNIFICANT VALUE Key Design Criteria Throughput - 4.2Mtpa Gravity Recovery - ~50% Total Recovery - 93% 257000 A આ મ SAG MILL FEED CONVEYOR - 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 FS approved Engineering and procurement FY23 FY24 FY24 FY25 FY25 FY26 FY26 H2 H1 H2 H1 H2 H1 H2 Evolution 1 Red Lake 2 Mungari MINING 3 Plant construction Commissioning and ramp up 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 Ernest Henry 4 Cowal 14#16280000mE 5MOZ+ ENDOWMENT1 - 3 MAIN HUBS 290000mE 300000m E 310000mE 5 mining centres Kunanalling shear zone Mining centres Evolution prospects Processing plant Mungari tenements incl. JVs and applications Infrastructure - roads Infrastructure - city/town 320000mE 330000mE 340000mE 350000mE 360000mE 10km 50km radius 370000mE 6650000mN 6640000mN 6630000mN 6620000mN 25km radius 6610000mN Mungari processing plant Zuteiks shear zone Coolgardie 6600000mN Kalgoorlie 6590000mN 6580000mN 6570000mN Discovery opportunity to sustain ~200kozpa to FY38+ 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 Evolution 1 Red Lake 2 Mungari MINING 1. 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 3 Ernest Henry 4 Cowal 15#17LONG TERM FUTURE ON SOLID FOUNDATIONS Current state Mill expansion project Future potential 2.0Mtpa processing capacity Gold Production 127,500oz (FY23 Guidance +/-5%) AISC $2,040/oz (FY23 Guidance +/-5%) ✓ Simple plant design ✓ Unlocks regional ore sources ✓ Processing unit costs ~30% lower ✓ Capex ~$250M ✓ Was planned for FY24 with Kundana an enabler 4.2Mtpa nominal processing capacity Pathway to 15 years at ~200kozpa 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, & quick payback 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 Evolution 【1) Red Lake 2 Mungari 3 Ernest Henry MINING 4 Cowal 16#18ERNEST HENRY MINE EXTENSION PFS LIFE OF MINE TO AT LEAST 2040 = UNRECOGNISED VALUE Evolution MINING 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 17#19PERFORMANCE SUPPORTS INVESTMENT IN EXTENSION 20.95 Ernest Henry production outcomes 0 Weather event impacted -500 -1,000 -1,500 23.88 21.09 21.34 21.75 20.66 17.83 13.19 -2,000 -2,500 -3,000 -3,500 -4,000 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Au production (koz) Q1 FY23 AISC ($/oz) Q2 FY23 Q3 FY23 AISC ($/oz) 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 Resuming normal operations On track to normal operation by end of June Reserve update - Gold and copper metal doubled ■ Ore Reserve contained Copper up ~103% to ~589kt1 ■ Ore Reserve contained Gold up -124% to ~1,109koz1 Further significant drilling and conversion planned ■ Ore Reserve update builds on 2022 Mineral Resource Stable production and cashflow track record with mature workforce and leadership Pre-Feasibility Study completed ■ Mine life extended to 2040 Main execution capital not needed until FY27-28 ■ Additional Mineral Resource growth potential outside PFS 'footprint' Evolution MINING 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 18#20DOUBLING OF ORE RESERVE December 2022 June 2023 Total Change Ore Reserve Ore Tonnes (Mt) Cu Metal (kt) Cu Grade (%) Au Metal (koz) Au Grade (g/t) 34.3 290 0.85 495 0.45 77.4 589 0.76 1,109 0.45 126% 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 Evolution MINING 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 19#21PRE-FEASIBILITY KEY ATTRIBUTES Completed mining Pre-feasibility study design Available December 2022 Mineral Resource 1650 RL Pre-feasibility ore body 1175 RL 750 RL Proposed crusher location (800 RL) MAIN OREBODY ERNIE JUNIOR ■ 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 1. 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 Evolution 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal MINING 20 20#22FEASIBILITY APPROVED TO PROGRESS Completed mining Pre-feasibility study design Available December 2022 Mineral Resource BERT Feasibility Study to include: Updated Mineral Resource and Ore Reserve 1650 RL Future study opportunity Updated mine design, mining schedule, and cost estimate Key threats and opportunities incorporated into the execution Study completion planned for March quarter FY25 1175 RL MAIN GOREBODY Resource and ERNIE growth JUNIOR potential outside PFS 750 RL Proposed crusher location (800 RL) Evolution 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal MINING 21 21#23DELIVERING SHAREHOLDER RETURNS Principles Qualities Low Accretive to Operating shareholders Risk Improve portfolio Geological Upside quality Concentrated high quality portfolio of assets Low-cost Operation Return on Investment 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 Mt Rawdon Option on pumped hydro Evolution MINING 1 Red Lake 2 Mungari 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 3 Ernest Henry 4 Cowal#24COWAL - LIFE OF MINE TO 2040 MOVING TO +320,000 OUNCE PER ANNUM OF SAFE, RELIABLE, LOW-COST PRODUCTION Evolution MINING#25COWAL - CORNERSTONE ASSET Evolution MINING June 2015 June 2023 Ore Reserves 1.6Moz 4.3Moz¹ Mineral Resources 3.4Moz 8.8Moz¹ Mine life 2024 2040 Cowal Sydney Plant capacity 7.2Mtpa ~9.0Mtpa Sustainable, reliable, low-cost production Gold production 1.7Moz³ Operating cash flow Net cash flow² $1.8B3 $841M3 Cowal Gold Production 227,105oz 275,000 +/- 5% 320,000 +/- 5% 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 long- term 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 FY22 FY23* FY24* 1. See the Appendix of this presentation for further information on Cowal's Mineral Resources and Ore Reserves as at December 2022 2. Post all capital and exploration 3. Cumulative as at 31 March 2023 1 Mungari 2 Ernest Henry 3 Red Lake 4 Cowal 24 24#26OPEN PIT MINING LARGE OPEN PIT PROVIDING LONG-TERM ORE BASE LOAD ☐ Evolution MINING 407 407 CAT 7890 407 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 1 Mungari 2 Ernest Henry 3,682kt 3,535kt 4,213kt 0.8 0.92 0.92 Q1 FY23 Q2 FY23 Q3 FY23 Open pit grade (g/t) Open pit ore mine (kt) 3 Red Lake 4 Cowal 25 25#27UNDERGROUND 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 0227 Evolution 1 Mungari 2 Ernest Henry 3 Red Lake 4 Cowal MINING 26 26#28OPEN PIT CONTINUATION (OPC) PROJECT Evolution 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 MINING E41W E46 E42 Regal Galway E41E Proposed lake protection bund Underground Inferred Mineral Resource - Dec 2022 Underground Indicated Mineral Resource _ Dec 2022 Stopes Probable Ore Reserve - Dec 2022 Planned Development - Ore Reserve - Dec 2022 Proposed OPC Pits EIS 2023 Proposed Lake Protection Bund EIS 2023 1 4 Cowal See the Appendix of this presentation for further information on Cowal's Mineral Resources and Ore Reserves as at December 2022 Mungari 2 Ernest Henry 3 Red Lake 27 22#29CONTINUED GROWTH OPTIONS FROM RELIABLE ASSET GRUD0888 GRE46 Long Section - View West 39m (27.3etw) @ 4.1g/t Underground Inferred Mineral Resource - Dec 2022 Underground Indicated Mineral Resource - Dec 2022 GRUD0962 7m (5.3etw) @ 14.7g/t RDU0014 15m (12.0etw) @ 5.5g/t Stopes - Probable Ore Reserve - Dec 2022 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 UG 'As built' Development 500m RDU0016 43m (32.3etw) @ 4.1g/t 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 Evolution MINING 1 Mungari 2 Ernest Henry 3 Red Lake 4 Cowal 28#30GROWTH PIPELINE tolle Evolution MINING 29 29#31DELIVERING 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 6,967 Evolution Nov 2011 3,486 12,103 30,343 21,830 Divestments -2,154 Growth Depletion Acquisitions -8,403 Evolution Dec 2022 Group Ore Reserves growth since inception (koz) 10,150 6,069 Divestments -815 Depletion Acquisitions Growth 10,586 Evolution Nov 2011 Evolution Dec 2022 -8,304 Evolution MINING 30#32COWAL GROWTH To view the animation, click here. Evolution MINING GRUD0888 39m (27.3ETW) @ 4.1g/t GRUD0962 7m (5.3ETW) @ 14.7g/t GRUD0014 15m (12.0ETW) @ 5.5g/t GRUD0016 43m (32.3ETW) @ 4.1g/t December 2022 Mineral Resource December 2022 Ore Reserve As-builts 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 1 Mungari 2 Ernest Henry 3 Red Lake 4 Cowal 31#33MUNGARI: SECURING OUR FUTURE GROWTH A Castle Hill Plan View A' A A N Α 750m Evolution A$1,450/oz Pit Shell A$2,200/oz Pit Shell -- A$2,400/oz Pit Shell (MII)8 A$1,450/oz Pit Shell (MIIU) 200m 0.5-1.5g/t Au 1.5-3.5g/t Au 3.5 - 5 g/t Au +5g/t Au Castle Hill Cross Section View North-west A' 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 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal MINING 32#34Evolution MINING MUNGARI GROWTH To view the animation, click here. Kunanalling shear zone 280000mE 290000mE 300000mE 5 mining centres 310000mE 320000mF 330000mE 25km radius Mining centres Evolution prospects Processing plant Mungari tenements incl. JVs and applications Infrastructure - roads Infrastructure - city/town Mungari processing Coolgardie plant Zmenka shear zone 340000mE 350000mE 360000mE 370000mE 6650000mN 10km 50km radius 6640000mN 6630000mN 6620000mN 6610000mN 6600000mN Kalgoorlie 6590000mN 6580000mN 6570000mN 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 33 33#35VRIFY LINK – ERNEST HENRY - To view the interactive model, click here. Evolution MINING OPEN Main Orebody Ernie Junior OPEN Bert 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 1 Red Lake 2 Mungari 3 Ernest Henry 4 Cowal 34 =4#36KEY TAKEAWAYS Cowal: grade upside in the underground with excellent potential to replace and grow reserves E14926370 EXAM0263 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 35#37MT RAWDON PUMPED HYDRO A UNIQUE RENEWABLE ENERGY STORAGE PROJECT Evolution MINING 36#38RENEWABLES - A GREAT OPPORTUNITY AUSTRALIA 2022 36% RENEWABLE NOW 2GW Storage - batteries, pumped hydro etc NEEDED 15GW Grid-scale 量 wind and solar NOW 16GW NEEDED 44GW 2030 82% RENEWABLE QUEENSLAND 2022 23% RENEWABLE Evolution MINING 2032 Now to 2035 70% RENEWABLE ■ 25GW Grid-scale wind / solar ■ 7GW of 24hr pumped storage ■ 1550km of 500kV supergrid Sources: QLD Energy & Jobs Plan Sept 2022, Clean Energy Australia Report 2023 $62B investment 2035 80% RENEWABLE 37#39MT RAWDON PUMPED HYDRO A STRATEGIC ASSET 1 Evolution MINING Townsville Mt Rawdon Brisbane When energy demand is high and renewable is low, water runs downhill from the upper reservoir. When renewable generation is high and demand is low the process reverses and the water is pumped back to the upper reservoir. 2 Upper reservoir Pump turbine and generator Water runs through the pump turbine which turns the generator to create generate hydroelectric power. Pump Power to grid turbine Water flow Old mine pit Mt Rawdon pit (Lower reservoir) 4818 3 201 1884 64 The water is captured in the lower reservoir to be moved uphill later by the reversible pump turbine in a repeated cycle Lowest risk and cost of capacity pumped hydro project in Australia 38#40MT RAWDON PUMPED HYDRO - A STRATEGIC ASSET Up to 2GW Up to 10 hours of continuous 20,000MWh storage Showcase for repurposing generation - 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 Proposed upper reservoir Underground water pipeline Rehabilitation Dam walls 550m head Proposed tunnel access 1. Rights to land for upper reservoir 2. 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 Proposed lower reservoir (Mt Rawdon pit) 39#41RAPIDLY ADVANCING Feasibility study well advanced ■ No fatal flaws identified to date Commercially robust attractive project ■ On track for "project go" in 2024 Progress Timeline CAUTION Evolution MINING Evolution FARE GREWAL ERT 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 40 40#42PATHWAY TO COMMERCIALISATION Informal discussions FY2024 Q1 Expressions of interest Negotiation with shortlisted parties Agreements finalised Financial close FY2024 Q2 FY2024 Q3 Dec 2024 Strong sector interest Transaction Price ($B) Purchaser Commercial 77 Infrastructure investors power producers CWP Renewables1 +4.00 SQUADRON ENERGY Large industrial users Queensland government generators Origin Energy 18.70 Consortium including Brookfield Genex Power (Bid1 / Enterprise Value) 0.9 SKIP CAPITAL Stonepeak 1. Publicly speculated transaction value. Actual deal terms not disclosed 2. 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 41#43THINKING DIFFERENTLY PS uas Evolution 42 MINING NOTICE#44APPENDIX Evolution MINING#45Evolution MINING GUIDANCE#46PREVIOUS 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: Evolution MINING Lower production $50/oz at Red Lake Higher gold price Cowal underground timing (from FY23) $20-30M assumption $15/oz (royalties) Mungari expansion timing $45-50M Higher inflation in FY23 and (from FY25) $70/oz Ernest Henry expected in FY24 $15-20M tailings 45#47FY24 GUIDANCE: CAPITAL Sustaining Capital Consistent run-rate for asset mine life 190-230 FY24 Capital Guidance ($M) 325-350 Major Project Capital 125-140 Mungari Sustaining capital Major mine development Major project capital Mill expansion $75 - $80M Satellite Mine infrastructure $25 - $30M Cowal Underground project $25 - $30M FY24 Guidance IWL $40 - $45M Sustaining Capital¹ Open pit continuation study ~$5M Group Cowal Ernest Henry Feasibility study Extension drilling Tailing Storage Buttress -$10M ~$7.5M $15 - $20M Ernest Henry Red Lake $190 - $230M $40 - $50M $55 - $62.5M Major Mine Development² $125 - $140M ~$5M Major Project Capital³ $325 – $350M $85 - $90M $45 - $55M Mungari $45 - $52.5M $45 - $50M $60 - $65M $15 - $20M $45 - $50M $85-$90M $110 - $120M Red Lake Mt Rawdon Corporate $5 - $7.5M $0 - $2.5M Upper Campbell mine $70-$80M 123 1. 2. 3. Sustaining capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines Long term mine development comprises costs incurred to establish access to ore bodies over long term Major project capital includes expenditure to establish new assets or a material change in production rate as per WGC Evolution MINING 46#48Evolution MINING MINERAL RESOURCES AND ORE RESERVES#49ERNEST HENRY TOTAL ORE RESERVE AT JUNE 2023 Evolution MINING Proved Probable Project Cut-off (flow Tonnes Copper Copper Tonnes Copper model) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Copper Metal (kt) Tonnes (Mt) Total Ore Reserve 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 Tonnes (koz) (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Ernest Henry 0.75 CuEq 17.6 0.57 324 15.2 0.30 148 32.7 0.45 472 (Base) Ernest Henry 0.50 CuEq 9.0 0.70 203 35.7 0.38 434 44.7 0.44 637 (Extension) 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 48#50GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022 Gold Measured Gold Project Type Cut-off (g/t Au) Tonnes (Mt) Grade Gold Grade Indicated Gold Inferred Total Resource Gold Gold Gold Tonnes Tonnes Tonnes Grade Metal Grade Metal Gold Grade Gold Metal CP6 (Mt) (Mt) (Mt) (koz) (g/t) (g/t) (g/t) (koz) (g/t) (koz) (g/t) 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 Mungari 1,5 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 Evolution MINING 49#51GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022 (WITH ERNEST HENRY JUNE 2023 ORE RESERVE UPDATE) Gold Project Type Cut-off (g/t Au) Tonnes (Mt) Proved Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Probable Gold Grade (g/t) Gold Metal Tonnes Total Reserve Gold Grade Gold Metal Competent Person³ (koz) (Mt) (g/t) (koz) Cowal 1,2 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 Mungari 1,6 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 Ernest Henry7,8 Marsden Open pit UG 0.31 1.9 0.40 25 9.0 0.66 191 10.9 0.61 216 6 0.50-0.75% CuEq 26.5 0.62 527 50.9 0.36 582 77.4 0.45 1,109 7 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 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 8. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023 9. 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 Evolution MINING 50 50#52GROUP 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 Tonnes Project Type Cut-off (Mt) Copper Grade (%) CP1 Copper Metal (kt) Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) Marsden Ernest Henry Total Total 0.2g/t Au 119.8 0.46 553 3.1 0.24 7 123.0 0.46 560 1 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 CP4 Project Туре Cut-Off Tonnes (Mt) Copper Grade (%) Copper Metal (kt) Tonnes (Mt) Copper Grade (%) Copper Metal (kt) Tonnes (Mt) Copper Grade (%) Copper Metal (kt) 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 Total 26.5 1.08 287 50.9 0.59 302 77.4 0.76 589 2 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 2. 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 3. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023 4. 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 Evolution MINING 51#53Evolution MINING EXPLORATION RESULTS#54COMPETENT 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. Evolution MINING 53#55COWAL DRILL HOLE INFORMATION SUMMARY Hole ID Hole Туре Northing MGAZ55 Easting MGAZ55 (m) Elevation Hole Length (m) (m) Dip Azimuth (Grid) From (m) Interval (m) ETW (m) Au (g/t) Cu (%) (m) 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 and 549 0.9 0.68 39.82 and 557 1.15 0.86 36.92 570 9 6.75 4.21 629 9 6.75 6.04 820 8 6 6.34 RDU0014 DDH 6278608 538380 -64 329.8 -29 296.5 229 15 10.5 3.35 278 15 12 5.49 GRUD0888 DDH 6278112 538355 -60 153 0 273.5 101 39 27.3 4.1 GRUD0962 DDH 6278199 538380 -62 300 -32.5 300.3 151 7 5.25 14.7 including 155 1 0.75 71.1 = = = = = = = = = = = NA NA ΝΑ NA NA NA NA NA NA NA 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 59 NA NA NA NA NA#56SECTION 1 - SAMPLING TECHNIQUES AND DATA Criteria Cowal Section 2 Reporting of Exploration Results Commentary Sampling techniques Drilling techni ques Drill sample recovery Logging • • . • . • 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 105°C; 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. 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. 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. 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. Evolution MINING 55 59#57SECTION 1 - SAMPLING TECHNIQUES AND DATA Criteria Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests • • • • Cowal Section 2 Reporting of Exploration Results Commentary 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 105°C; 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. 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 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. 56#58Evolution MINING SECTION 1 - SAMPLING TECHNIQUES AND DATA Cowal Section 2 Reporting of Exploration Results Criteria Verification of sampling and assaying Location of data points Data spacing and distribution Orientation of data in relation to geological structure • . . • • • • • Sample check assays are sent to Umpire laboratories at a ratio of 1:20 samples. Commentary 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. 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. 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. 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. 57 40#59SECTION 1 - SAMPLING TECHNIQUES AND DATA Cowal Section 2 Reporting of Exploration Results Commentary 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. Criteria Sample security Chain of custody protocols to ensure the security of samples are followed. 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. Evolution MINING 58#60SECTION 2 Criteria Mineral tenement and land tenure status Exploration done by other parties Geology ⋅ • • • • • 2- REPORTING OF EXPLORATION RESULTS Cowal Section 2 Reporting of Exploration Results Commentary 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. 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 Drill hole information Data aggregation methods Evolution MINING • • • • • 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. Refer to the Drill hole information summary presented in the Appendix of this report. 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. 59#61SECTION 2 2- REPORTING OF EXPLORATION RESULTS Criteria Relationship between mineralisation widths and intercept lengths Diagrams Cowal Section 2 Reporting of Exploration Results Commentary 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 optimize the angle of intercept at the target location. Where reliable estimated true widths (ETW) can be calculated, these have been included alongside down hole measurements. 36400 N 36600 N 136800 N 86400E N N 35800 N 37000 N 37200 N 37000 N 7200 N +86400 E N • 36400 N 36600 N Punge 90 Azimut 20 Locking do Plunge +90 Azimuth 090 Looking down 50 100 150 2010 E 3600 N 36800 N 37000 N 37200 Plan view of reported drilling into Dalwhinnie South - 900mRL Plan view of RDU0014 - zone between Regal and Dalwhinnie orebodies, 780mRL Legend Inferred Mineral Resource Dec 2022 Indicated Mineral Stopes - Dec 2022 Resource Dec Probable Ore Reserve UG 'As Built' Development 2022 • +86600 Plunge 90 Amuth 270 Looking down 100 150 200 1402 N Plan view of RDU0016 - Regal orebody, 570mRL Reported Drill Trace Reported Intercept 60 60#62SECTION 2 2 - REPORTING OF EXPLORATION RESULTS Cowal Section 2 Reporting of Exploration Results Commentary Criteria Diagrams Additional images provided during core display session Evolution MINING 86400 E 86600 E 36800 +86400 E 86600 E 86800 E +86400 E Plunge bo +800 Azimuth 000 Looking North 50 100 150 200 86600 E 8680 Geology section view of GRUD0962 - 36600mN - view North Legend Stopes Dec 2022 Probable Ore Reserve +86400 E 86600 E 1000 800 Plunge 00 Azimuth 000 Looking North 100 150 200 +86800 E 86800 1 +800 +600 Plunge 00 Azimuth 000 Looking North 50 100 150 200 95600 E Geology section view of RDU0014 - 37000mN - view North Geology section view of RDU0016 - 37300mN - view North Legend - Geology UG 'As built' Development Reported Drill Trace Reported Intercept Diorite Sediments - Coarse Sediments - Fine Dalwhinnie Trachyandesite Sill Lava West Andesite 61#63SECTION 2 – REPORTING OF EXPLORATION RESULTS Cowal Section 2 Reporting of Exploration Results Criteria Commentary Diagrams Evolution MINING 1590DD295 7750DD540A 6264000N 7750DD541 6263000N Plan view of South Cowal DD collars 541400 E 7750DD541 4m (3ETW) @ 9.0g/t Au, 1.0% Cu 541600 E 200 Plunge 00 Azimuth 000 Looking North 541400 E 100 150 200 541600E Section through 7750DD541 - 6263200mN – view north Legend Reported Drill Trace Reported Intercept 541000E 1590DD295 541000 E 541200 E 200 16m (12ETW) @ 2.7g/t Au 1m (0.75ETW) @ 4.64g/t Au -200 Plunge 00 Azimuth 300 Looking North 100 150 200 +541200 E Section through 1590DD295-6263700mN - view north 62#64SECTION 2 - REPORTING REPORTING OF EXPLORATION RESULTS Criteria Balanced reporting Other substantive Cowal Section 2 Reporting of Exploration Results Commentary 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. • Exploration and Resource Definition programs are on-going at Cowal. exploration data • Further work Further Exploration and Resource Definition work at Cowal is planned for the next fiscal year. Evolution MINING 333 63#65Evolution MINING