Reserves & Resources

MINERAL RESOURCE AND ORE RESERVE STATEMENT - DECEMBER 2023

Gold Resources StatementMeasuredIndicatedInferredTotal Resources
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
Cowal1Stockpiles0.35g/t Au46.40.517632.00.654248.40.528051
Cowal2Open-Pit0.35g/t Au172.00.854,69130.00.79763202.00.845,4551
Cowal3Underground1.55g/t Au21.72.501,74113.12.3799834.82.452,7381
Cowal1Total46.40.51763195.61.036,47443.11.271,761285.10.988,9981
Ernest Henry4Total0.7% Cu30.30.8279836.70.7892030.10.6967097.10.762,3882
Mungari1Stockpiles3.00.60580.01.1423.10.6059
Mungari2Open-Pit0.29 – 0.33g/t Au 75.60.972,34728.31.02926103.90.983,2733
Mungari3Underground1.46 – 2.47g/t Au 1.54.632198.64.341,1998.73.981,12018.84.202,5383
Mungari1Total1.54.6321987.21.293,60337.11.722,048125.81.455,8703
Red Lake1,3Total2.5 – 3.3g/t Au32.46.897,17422.76.104,45655.16.5611,6314
Mt Rawdon1Total0.23g/t Au 5.90.30573.70.65779.50.441345
Marsden5Total~0.2g/t Au 119.80.271,0313.10.2222123.00.271,0536
Subtotal84.00.681,873475.41.2619,279136.22.058,957695.71.3430,073
Northparkes6Open-PitVarious7.31.052462.41.2930.11.1669.81.093457
Northparkes7UndergroundVarious1920.191,153172.50.1583246.50.19280410.90.172,2648
Northparkes8Total199.30.221,398174.90.1692546.60.19285420.80.192,609
Total283.30.363,235650.30.9720,205182.81.579,2421116.40.9132,682
Gold Reserves StatementProvedProbableTotal Reserve
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
Cowal1Stockpiles0.45g/t Au40.40.526812.00.654242.40.537231
Cowal2Open Pit0.45g/t Au73.61.002,37673.61.002,3761
Cowal3Underground0.6 – 1.8g/t Au18.72.271,36418.72.271,3642
CowalTotal40.40.5268194.31.253,783134.61.034,463
Ernest Henry4Underground0.50-0.75%CuEq24.60.6249149.90.3657374.50.441,0643
Mungari1Stockpiles0.45g/t Au1.10.83281.10.83284
Mungari5Open-Pit0.39 – 0.56g/t Au33.21.051,12133.21.051,1214
Mungari6Underground2.18 – 3.63g/t Au0.44.42602.74.393853.14.404454
Mungari1Total0.44.426036.91.291,53437.41.331,595
Red Lake1,7Total2.5 – 4.1g/t Au12.46.872,74812.46.872,7485
Mt Rawdon1Open pit0.32g/t Au1.90.41253.30.70755.20.591006
Marsden8Open Pit0.3g/t Au65.20.3981765.20.398177
Subtotal67.30.581,258262.21.139,530329.41.0210,787
Northparkes1Stockpile0.38 – 0.58% CuEq3.10.32323.10.32328
Northparkes9Open-Pit0.33 – 0.50% CuEq8.40.501341.30.30129.70.471478
Northparkes9Underground0.38 – 0.58% CuEq0.60.37761.60.2447762.20.244849,10
Northparkes1Total12.10.4417362.90.2448975.00.27662
Total79.40.561,430324.90.9610,019404.30.8811,449
Copper Resources StatementMeasuredIndicatedInferredTotal Resources
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 Henry1Total0.7% Cu30.31.3942236.71.3348730.11.18365497.11.301,2631
Marsden2Total0.2g/t Au119.80.465533.10.247123.00.465602
Subtotal30.31.39422156.50.661,04033.21.09362220.10.831,823
Northparkes3Open-PitVarious7.30.16122.40.0310.10.0309.80.12123
Northparkes4UndergroundVarious192.00.581,116172.50.5492346.50.57265410.90.562,3044
Northparkes5Total199.30.571,128174.90.5392446.60.57265420.80.552,316
Total229.60.681,550331.40.591,96379.80.78626640.90.654,139
Copper Reserves StatementProvedProbableTotal Reserve
ProjectTypeCut-OffTonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)Tonnes (Million)Copper Grade (%)Copper Metal (kt)CP
Ernest Henry1Total0.50-0.75% CuEq24.61.0826749.90.5929774.50.765631
Marsden2Total0.3g/t Au65.20.5737165.20.573712
Subtotal24.61.08267115.10.58668139.70.67934
Northparkes3Stockpile0.33 – 0.55% CuEq3.10.31103.10.3110
Northparkes4Open-Pit0.34 – 0.50% CuEq8.40.35301.30.3149.70.35333
Northparkes4Underground0.38 – 0.58% CuEq0.60.49361.60.5534062.20.553434,5
NorthparkesTotal12.10.354262.90.55344750.51386
Total36.70.84309177.90.571,011214.70.621,320

General Notes:

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

Gold Mineral Resource

  1. Includes stockpiles
  2. Open Pit Mineral Resource reporting shells were optimised using a gold price of $AU 2,500/oz. All material which meets or exceeds the cut-off grade within the developed pit shells is included in the reported Mineral Resource
  3. Underground Mineral Resource reporting shapes were developed using a gold price of $AU 2,500/oz; all material which falls within optimized mining shapes inclusive of internal waste or low grade is included in the reported Mineral Resource

  4. Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope which includes internal waste and low-grade material

  5. Marsden Mineral Resource is reported based on an NSR value calculation that considers mining and processing costs, metallurgical recoveries, royalties, transport and refining costs into account. The NSR produces a value cut-off (by block) that is approximately equivalent to a 0.2g/t gold cut-off

  6. Northparkes Open Pit Mineral Resource includes all material within designed pit shells above an economic cutoff grade; cut-off grades are 0.65g/t Au for E44 and 0.34% CuEq for E31 and have been calculated based on US$3.30/lb copper, US$1,350/oz gold and 0.73 AUD:USD conversion rate

  7. Northparkes Underground Mineral Resource metal price and exchange rate assumptions vary by project, reporting shapes were developed using price assumptions between US $1.69 – US$3/lb copper, US$660 – US$1350/oz gold and an $AUD:$USD conversion rate of 0.73 – 0.75. Northparkes underground cut-off grades are reported within 0.4% Cu grade shells with the exception of E22 using A$18NSR, E26 L2 using A$40NSR and MJH using A$25NSR

  8. The reported Mineral Resource shown for Northparkes is exclusive of Ore Reserves. The values reported reflect the 80% portion attributable to Evolution Mining

Gold Ore Reserve

  1. Includes stockpiles
  2. Cowal Open Pit Ore Reserves are reported with respect to the declared Mineral Resource from December 2023. E42, E41, E46 and GRE Open Pit Ore Reserves are supported by the OPC Feasibility Study completed in June 2023 that demonstrates the proposed mine plans and schedules are economically viable. E46 and GR were optimised using a A$1,800/oz gold price assumption. E41 and E42 Stage I were optimised using gold price assumptions of $1,584/oz and $1,944/oz respectively. The Cowal Open Pit Ore Reserves are economically tested at up to A$2,650/oz and considers updated modifying factors and depletion.

  3. Cowal Underground Ore Reserve has been optimised using a A$1,800/oz price assumption, economically tested at up to A$2,650/oz and considers updated modifying factors and depletion. The Cowal Underground Ore Reserve includes development material at an incremental cut-off grade of 0.6g/t Au
  4. 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 utilised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au – 0.047

  5. Mungari Open Pit Ore Reserve cut-off varies from 0.39g/t Au to 0.65g/t Au; the weighted average cut-off is 0.50g/t Au. Gold prices between A$1,800 and A$2,400/ounce were used to calculate cut-off grades for the Open Pit Ore Reserve estimate

  6. Mungari Underground Ore Reserve cut-off varies from 2.80g/t Au to 3.63g/t Au; the weighted average cut-off is 3.19g/t Au. Gold price of A$1,800 was used to calculate cut-off grades for the Underground Ore Reserve estimate

  7. Red Lake Ore Reserve has been evaluated using an A$1800/oz price, except for the Upper Campbell and Upper Red Lake regions which have been re-reported this year using previous price assumptions of A$1600/oz. In 2024 a ‘Hill of Value’ study is scheduled to optimize the mine plan and cutoff criteria throughout the operation

  8. The Marsden Ore Reserve has been reported using a ‘Net Smelter Return’ (NSR) cut-off which takes into account ore haulage from Marsden to Cowal, ore processing costs at Cowal, general and administration costs, treatment and refining costs, concentrate costs, metallurgical recoveries, metal payabilities, metal prices, and royalties.The breakeven NSR value equates approximately to a 0.3g/t Au cutoff. The Ore Reserve estimate was developed using a A$1,350 per ounce gold price and a A$6000/t copper price

  9. Northparkes Ore Reserve is based on Pre-Feasibility & Feasibility studies completed at different times using differing price assumptions. Copper price assumptions vary between US$ 2.75-3.77/lb, Gold price assumptions vary between US$ 1250-1750/oz and $AUD:$USD exchange rates used were between 0.73-0.78.  The values reported reflect the 80% portion attributable to Evolution Mining 

Copper Mineral Resource

  1. Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope which includes internal waste and low-grade material

  2. Marsden Mineral Resource is reported based on an NSR value calculation that considers mining and processing costs, metallurgical recoveries, royalties, transport and refining costs into account. The NSR produces a value cut-off (by block) that is approximately equivalent to a 0.2g/t gold cut-off
  3. Northparkes Open Pit Mineral Resource includes all material within designed pit shells above an economic cutoff grade; cut-off grades are 0.65g/t Au for E44 and 0.34% CuEq for E31 based on US$3.30/lb copper, US$1,32/oz gold and 0.73 AUD:USD conversion rate

  4. Northparkes Underground Mineral Resource metal price and exchange rate assumptions vary by project, reporting shapes were developed using price assumptions of US $1.69 – US$3/lb copper, US$660 – US$1350/oz gold and an AUD:USD conversion rate of 0.73 -0.75. Northparkes underground cut-off grades are reported within 0.4% Cu grade shells with the exception of E22 using A$18NSR, E26 L2 using A$40NSR and MJH using A$25NSR

  5. The reported Mineral Resource shown for Northparkes is exclusive of Ore Reserves. The values reported reflect the 80% portion attributable to Evolution Mining

Copper Ore Reserve

  1. 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 – 0.047

  2. Marsden Ore Reserve is reported based on an NSR value calculation that considers ore haulage from Marsden to Cowal, ore processing costs at Cowal, general and administration costs, treatment and refining costs, concentrate costs, metallurgical recoveries, metal payabilities, metal prices, and royalties. The breakeven NSR value equates approximately to a 0.3g/t Au cutoff. The Ore Reserve estimate was developed using a $1,350 per ounce gold price and a $6000/t copper price

  3. Includes stockpiles

  4. Northparkes Ore Reserve is based on Pre-Feasibility & Feasibility studies completed at different times using differing price assumptions. Copper price assumptions vary between US$ 2.75-3.77/lb, Gold price assumptions vary between US$ 1250-1750/oz and $AUD:$USD exchange rates used were between 0.73-0.78. The values reported reflect the 80% portion attributable to Evolution Mining

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024 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 releases.

 

Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. Ben Reid; 2. Phil Micale; 3. Brad Daddow; 4. Alain Mouton; 5. Mathew Graham-Ellison; 6. James Biggam; 7. Geoff Smart; 8. David Richards

Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Dean Basile (Mining One); 2. Ryan Bettcher; 3. Michael Corbett; 4. Blake Callinan; 5. Brad Armstrong; 6. Ben Young; 7. Glen Williamson; 8. Sam Ervin; 9. Mark Flynn; 10. Sarah Webster

Group Copper Mineral Resource Competent Person (CP) Notes refer to 1. Phil Micale; 2. James Biggam; 3. Geoff Smart; 4. David Richards

Group Copper Ore Reserve Competent Person (CP) Notes refer to 1. Michael Corbett; 2. Glen Williamson; 3. Sam Ervin; 4. Mark Flynn; 5. Sarah Webster    

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