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MINERAL RESOURCE AND ORE RESERVE STATEMENT – DEC 2015

Gold Resources StatementMeasuredIndicatedInferredTotal Resources 
Total59.920.971,860447.670.7610,96792.251.043,088605.820.8215,982
ProjectTypeCut-OffTonnes (Million)Gold Grade (g/t)Gold Metal (koz)Tonnes (Million)Gold Grade (g/t)Gold Metal (koz)Tonnes (Million)Gold Grade (g/t)Gold Metal (koz)Tonnes (Million)Gold Grade (g/t)Gold Metal (koz)CP
Cowal1Total0.4039.930.7190695.681.053,22628.511.00913164.120.965,0461
Cracow1Total2.800.3410.571151.006.532101.085.151782.426.485042
Edna May1Open-Pit0.40---15.380.974792.530.735917.920.94539
Edna May1Underground2.50---1.137.682780.107.62231.227.67301
Edna May1Total---16.511.437572.630.988319.141.378403
Mt Carlton1Open-Pit0.350.089.09248.383.09834---8.463.15858
Mt Carlton1Underground2.50------0.165.35270.165.3527
Mt Carlton1Total0.089.09 24 8.383.10 834 0.16 5.35 278.623.198854
Mt Rawdon1Total0.200.510.53950.580.701,1385.000.579156.090.691,2385
Mungari1Open-Pit0.500.671.16259.101.54451---9.771.52476
Mungari1Underground2.50/1.201.806.944037.992.516454.021.8523613.812.901,287
Mungari1Total2.475.3942817.091.991,0964.021.8523623.582.331,7636
Mungari RegionalTotal0.491.963127.431.461,28926.851.601,38555.751.542,7677
Ernest Henry2Total0.9016.100.6734771.000.591,3479.000.5014596.100.591,8398
Marsden3Total---160.000.211,07015.000.074301800.201,1009
Copper Resources StatementMeasuredIndicatedInferredTotal Resources 
Total16.101.29208231.000.631,45724.000.54129276.100.651,794
ProjectTypeCut-OffTonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)CP
Ernest Henry2Total0.9016.101.2920871.001.158179.001.109996.101.171,1248
Marsden3Total---160.000.4064015.000.190301800.386709
Gold Reserves StatementProvedProbableTotal Reserve 
Total53.910.861,498161.081.025,259214.990.986,758
ProjectTypeCut-OffTonnes (Million)Gold Grade (g/t)Gold Metal (koz)Tonnes (Million)Gold Grade (g/t)Gold Metal (koz)Tonnes (Million)Gold Grade (g/t)Gold Metal (koz)CP
Cowal1Open-Pit0.4039.930.7190659.471.021,94199.400.892,8481
Cracow1Underground3.500.506.11980.565.12921.065.591902
Edna May1Open-Pit0.50---8.321.002698.321.002693
Edna May1Underground2.50---1.344.692021.344.692022
Mt Carlton1Open-Pit0.80---4.624.787094.624.787094
Mt Rawdon1Open-Pit0.300.510.53933.920.7885534.430.788645
Mungari1Open-Pit0.700.651.00215.281.692885.931.623096
Mungari1Underground2.901.425.572540.575.601031.995.583576
Ernest Henry2Underground0.9010.900.60210470.5380157.900.541,0117
Copper Reserves StatementProvedProbableTotal Reserve 
Total10.901.17128471.0348457.901.06612
ProjectTypeCut-OffTonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)CP
Ernest Henry2Underground0.9010.901.17128471.0348457.901.066127

General Notes:
The figures above are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 21 April 2016.
Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding.
Mineral Resources are reported inclusive of Ore Reserves.
Full details of the Phoenix Gold Limited Mineral Resources that have not materially changed since last reported and now included at Mungari Regional are provided in the report entitled “Phoenix’s Mineral Resources grow beyond 4 million ounces” released to ASX on 14 January 2015, “Further information on updated total Resource” released on 19 January 2015 by Phoenix Gold Limited are available to view on www.evolutionmining.com.au, only Castle Hill Stage 1 resources have changed.

1  Includes stockpiles.

2  This information is extracted from the report entitled “Acquisition of an Economic Interest in the World Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released on 24 August 2016 and available to view at www.asx.com.au. CuEq=Cu(%)+RF×Au(g/t) RF=(Gold Price×Payable Gold Metal%×Gold Recovery%)/((Copper Price×Payable Copper Metal%×Copper Recovery%)/100) Payable Gold Metal % = 95, Payable Copper Metal % =92, Gold Recovery %=79, Copper Recovery % = 94. Ernest Henry project is reported at 0.9 % CuEQ. Ernest Henry project is reported on a 100% basis – Evolution Mining has rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area.

3  This information is extracted from the report entitled “Acquisition of Marsden Copper-Gold Project” released on 17 October 2016 and available to view at www.asx.com.au. Long term metal price assumptions applied by Newcrest: Gold US$1,300/oz and copper US$3.40/lb. US$:AU$ at an exchange rate 0.80.

Group Mineral Resources Competent Person Notes refer to: 1. Joseph Booth; 2. Shane Pike; 3. Greg Rawlinson; 4. Matthew Obiri-Yeboah; 5. Hans Andersen; 6. Sam Hamilton;  7. Michael Andrew; 8. Colin Stelzer (Glencore); 9. refer to “Acquisition of Marsden Copper-Gold Project” released on 17 October 2016 and available to view at www.asx.com.au

Group Ore Reserve Competent Person Notes refer to: 1. Jason Floyd; 2. Ian Patterson; 3. Guy Davies; 4. Tony Wallace; 5. Ross McLellan; 6. Matt Varvari; 7. Alexander Campbell (Glencore)

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report 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 Report.

Click here for a summary of the Mineral Resources and Ore Reserves by operation

COMPETENT PERSONS STATEMENT

The information in this statement that relates to the Mineral Resources and Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by Evolution Mining Limited and is a member of the institute named in that row. Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Each person named in the table below consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Resource/Reserve Name of Competent PersonInstitute
Cowal Mineral ResourceJoseph BoothAustralasian Institute of Mining and Metallurgy
Cowal Ore ReserveJason FloydAustralasian Institute of Mining and Metallurgy
Mungari Mineral ResourceSam HamiltonAustralasian Institute of Mining and Metallurgy
Mungari Ore ReserveMatt VarvariAustralasian Institute of Mining and Metallurgy
Mungari Regional Resource (Castle Hill Stage 1)Michael AndrewAustralasian Institute of Mining and Metallurgy
Mt Carlton Mineral ResourceMatthew Obiri-YeboahAustralasian Institute of Mining and Metallurgy
Mt Carlton Ore ReserveAnthony WallaceAustralasian Institute of Mining and Metallurgy
Edna May Mineral ResourceGreg RawlinsonAustralasian Institute of Mining and Metallurgy
Edna May Open Pit Ore ReserveGuy DaviesAustralasian Institute of Mining and Metallurgy
Edna May Underground Ore ReserveIan PattersonAustralasian Institute of Mining and Metallurgy
Cracow Mineral ResourceShane PikeAustralasian Institute of Mining and Metallurgy
Cracow Ore ReserveIan PattersonAustralasian Institute of Mining and Metallurgy
Mt Rawdon Mineral ResourceHans AndersenAustralasian Institute of Mining and Metallurgy
Mt Rawdon Ore ReserveRoss McLellanAustralasian Institute of Mining and Metallurgy