Ernest Henry (Economic interest)

The Ernest Henry copper-gold operation is a large-scale, long-life asset operated by Glencore. The operation employs a sub-level caving ore extraction method. It is located 38km north east of Cloncurry, Queensland.

In November 2016 Evolution acquired an economic interest in Ernest Henry that will deliver 100% of future gold and 30% of future copper and silver produced within an agreed life of mine area. Outside the life of mine area, Evolution will have a 49% interest in future copper, gold and silver revenue from Ernest Henry. Throughout the duration of our partnership, Glencore has
operated the asset exceptionally well and has consistently delivered results which exceed the agreed mine plan. The Ernest Henry transaction has materially improved the quality and longevity of the Group’s portfolio and reduced the cost profile.

Total FY19 gold production of 98,689oz was well above the top end of the 85,000 – 90,000oz guidance range. AISC of A$(539)/oz was substantially below guidance of A$(575) – A$(525)/oz.

Full year mine operating cash flow was A$231.8 million. Net mine cash flow was A$222.2 million. FY20 guidance: 87,500 – 92,500oz at an AISC of
A$(590) – A$(540)/oz.

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