Discovery

Developing a pipeline of high-quality exploration targets

Evolution is committed to organic growth by discovery of new resources at our existing operations and across our portfolio of greenfield projects. Our discovery strategy is simple. We focus on safely and responsibly finding new deposits that have the potential to deliver long life, low cost mines that improve the quality of our portfolio.

We are focused on finding epithermal (low, intermediate and high sulphidation) deposits and orogenic lode gold deposits. In the epithermal category we are searching for high sulphidation deposits like Mt Carlton, intermediate sulfidation deposits like Cowal and low sulphidation deposits like Cracow (now divested). In the orogenic lode gold category, we are exploring for deposit styles typically mined in the Yilgarn Craton in Western Australia.

We have continued building land positions around our operating assets at Mungari, Cowal and Cracow.

We are also developing a pipeline of exploration projects in Queensland between Cracow and Mt Carlton. We recognise a key to our success will be our ability to leverage external partnerships. As a result, we are partnering with groups who have superior geological knowledge of and access to areas prospective for the types of mineral deposit we want to find.

We plan to invest between A$70 and A$100.0 million on discovery programs in FY21. Our largest discovery investments will be made at Cowal (A$35.0 – A$45.0 million), Red Lake (A$15.0 – A$20.0 million) and Mungari (A$8.0 – A$13.0 million).

DISCOVERY HIGHLIGHTS

A$70-100m

FY21 discovery guidance

A$82.8m

FY20 exploration expenditure

8,570km2

tenement holdings in Australia

100% of Crush Creek Project acquired – December 2020

Exploration Footprint

Approach: Upgrade the Pipeline

People

New, invigorated world class team

Fostering a Discovery Culture

Tactics

Build land positions in key camps

3D architecture and footprint vectoring

Deposit Styles

Epithermal – low/intermediate & high sulfidation

Orogenic lode gold

Geographic Focus

Emphasis in Australia

Evaluating North America

Enablers: Leveraging the best teams

People

People Near-mine exploration – tailored to meet the needs of our operations

Group Discovery – seasoned leadership; centre of technical expertise; evaluations and execution teams

Partnerships

Become a partner of choice

Deploy Evolution expertise

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