Evolution Mining FY24 Guidance Update
GROUP 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
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