Reserves & Resources
MINERAL RESOURCE AND ORE RESERVE STATEMENT - DECEMBER 2022
With Ernest Henry June 2023 Mineral Resource and Ore Reserve updates
Gold Resources Statement | Measured | Indicated | Inferred | Total Resources | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Project | Type | Cut-Off | 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) | Tonnes (Million) | Gold Grade (g/t) | Gold Metal (koz) | CP |
Cowal1 | Open-Pit | 0.35 | 29.5 | 0.46 | 440 | 182.9 | 0.86 | 5,033 | 26.5 | 0.80 | 682 | 238.9 | 0.80 | 6,155 | 1 |
Cowal | Underground | 1.50 | – | – | – | 22.0 | 2.49 | 1,760 | 12.4 | 2.33 | 925 | 34.4 | 2.43 | 2,685 | 1 |
Cowal1 | Total | 29.5 | 0.46 | 440 | 204.9 | 1.03 | 6,793 | 38.8 | 1.29 | 1,607 | 273.3 | 1.01 | 8,840 | 1 | |
Red Lake2 | Total | 2.5-3.3 | – | – | – | 35.7 | 6.66 | 7,639 | 24.8 | 5.90 | 4,702 | 60.4 | 6.35 | 12,342 | 2 |
Mungari3 | Open-Pit | 0.31-0.34 | – | – | – | 53.8 | 1.08 | 1,864 | 24.0 | 1.16 | 894 | 77.8 | 1.10 | 2,758 | 3 |
Mungari4 | Underground | 1.46-2.44 | 1.4 | 4.66 | 205 | 9.7 | 4.28 | 1,332 | 8.7 | 3.74 | 1,043 | 19.7 | 4.07 | 2,580 | 3 |
Mungari1 | Total | 1.4 | 4.66 | 205 | 63.5 | 1.57 | 3,196 | 32.7 | 1.84 | 1,937 | 97.5 | 1.70 | 5,338 | 3 | |
Mt Rawdon1 | Total | 0.23 | 5.5 | 0.30 | 54 | 21.0 | 0.58 | 389 | 2.3 | 0.48 | 35 | 28.8 | 0.52 | 478 | 4 |
Ernest Henry5,6 | Total | 35.0 | 0.75 | 847 | 35.0 | 0.76 | 852 | 31.5 | 0.66 | 668 | 101.5 | 0.73 | 2,368 | 5 | |
Marsden | Total | 0.20 | – | – | – | 119.8 | 0.27 | 1,031 | 3.1 | 0.22 | 22 | 123.0 | 0.27 | 1,053 | 1 |
Total | 71.4 | 0.67 | 1,546 | 479.9 | 1.29 | 19,901 | 133.2 | 2.09 | 8,972 | 684.5 | 1.38 | 30,419 |
Gold Reserves Statement | Proved | Probable | Total Reserve | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Project | Type | Cut-Off | 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 |
Cowal1,2 | Open Pit | 0.45 | 27.4 | 0.47 | 414 | 86.2 | 0.99 | 2,745 | 113.6 | 0.87 | 3,160 | 1 |
Cowal3 | Underground | 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 | Underground | 2.2-3.8 | 0.4 | 5.47 | 78 | 3.2 | 4.41 | 457 | 3.7 | 4.54 | 535 | 4 |
Mungari1,6 | Open Pit | 0.57-0.74 | – | – | – | 20.7 | 1.06 | 703 | 20.7 | 1.06 | 703 | 4 |
Mungari1 | Total | 0.4 | 5.47 | 78 | 23.9 | 1.51 | 1,160 | 24.3 | 1.58 | 1,238 | ||
Mt Rawdon1 | Open pit | 0.31 | 1.9 | 0.40 | 25 | 9.0 | 0.66 | 191 | 10.9 | 0.61 | 216 | 5 |
Ernest Henry7,8 | Underground | 0.50-0.75%CuEq | 26.5 | 0.62 | 527 | 50.9 | 0.36 | 582 | 77.4 | 0.45 | 1,109 | 6 |
Marsden | Open Pit | 0.30 | – | – | – | 65.2 | 0.39 | 817 | 65.2 | 0.39 | 817 | 7 |
Total | 56.2 | 0.58 | 1,043 | 264.0 | 1.12 | 9,544 | 320.3 | 1.03 | 10,587 |
Copper Resources Statement | Measured | Indicated | Inferred | Total Resources | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Project | Type | Cut-Off | Tonnes (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 |
Marsden | Total | 0.2g/t Au | – | – | – | 119.8 | 0.46 | 553 | 3.1 | 0.24 | 7 | 123.0 | 0.46 | 560 | 1 |
Ernest Henry1,2 | Total | 0.7% Cu | 35.0 | 1.31 | 458 | 35.0 | 1.29 | 450 | 31.5 | 1.15 | 363 | 101.5 | 1.25 | 1,271 | 2 |
Total | 35.0 | 1.31 | 458 | 154.8 | 0.65 | 1,003 | 34.6 | 1.07 | 370 | 224.4 | 0.82 | 1,831 | . |
Copper Reserves Statement | Proved | Probable | Total Reserve | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Project | Type | Cut-Off | Tonnes (Million) | Copper Grade (%) | Copper Metal (kt) | Tonnes (Million) | Copper Grade (%) | Copper Metal (kt) | Tonnes (Million) | Copper Grade (%) | Copper Metal (kt) | CP |
Marsden | Total | 0.3g/t Au | – | – | – | 65.2 | 0.57 | 371 | 65.2 | 0.57 | 371 | 1 |
Ernest Henry1,2 | Total | 0.50-0.75% CuEq | 26.5 | 1.08 | 287 | 50.9 | 0.59 | 302 | 77.4 | 0.76 | 589 | 2 |
Total | 26.5 | 1.08 | 287 | 116.1 | 0.58 | 673 | 142.6 | 0.67 | 960 |
General Notes:
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
Gold Mineral Resource
- Includes stockpiles
- Red Lake Mineral Resource cut-off varies from 2.5g/t Au to 3.3g/t Au and are dependentย on deposit and location from surface and processing plant
- Mungari Open Pit Mineral Resource cut-offs vary from 0.31g/t Au to 0.34g/t Au are dependentย on deposit and location from processing plant. The average open pit cut-off is 0.32g/t Au
- Mungari Underground Mineral Resource cut-offs vary from 1.46g/t Au to 2.44g/t Au per deposit. The average underground cut-off is 1.96g/t Au
- Ernest Henry Operations reported Mineral Resource estimate is based on the June 2023 Mineral Resource detailed in the 17 August 2023 ASX release titled โFurther Increase in Ernest Henry Mineral Resourceโ and isย reported within an interpreted 0.7% Cu mineralised envelope
- Ernest Henry reported Mineral Resource estimate is depleted to 30 June 2023
Gold Ore Reserve
- Includes stockpiles
- 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 โOpen Pit Continuationโ 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 (โFSโ). 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%
- 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
- 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)
- 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
- 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
- Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled โAnnual Mineral Resources and Ore Reserves Statementโ 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 (‘CuEqโ) 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
Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023
Copper Mineral Resource
- Ernest Henry Operations reported Mineral Resource estimate is based on the June 2023 Mineral Resource detailed in the 17 August 2023 ASX release titled โFurther Increase in Ernest Henry Mineral Resourceโ and is reported within an interpreted 0.7% Cu mineralised envelope
- Ernest Henry reported Mineral Resource estimate is depleted to 30 June 2023
Copper Ore Reserve
- Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled โAnnual Mineral Resources and Ore Reserves Statementโ 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 (‘CuEqโ) 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 – 0.04
- Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023
This information is extracted from the releases titled โAnnual Mineral Resources and Ore Reserves Statementโ dated 16 February 2023, โMungari Mine Life Extended to 15 Years at 10 to 20% lower AISCโ dated 5 June 2023, โErnest Henry Mine Life Extended to 2040 and Ore Reserves Doubledโ dated 5 June 2023 and โFurther Increase in Ernest Henry Mineral Resourceโ dated 17 August 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 theย 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 Personsโ findings are presented have not been materially modified from the releases.
Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Jason Krauss; 3. Brad Daddow; 4. Matthew Graham-Ellison; 5. Phillip Micale
Group Gold Ore Reserve Competent Person (CP) Notes refer to1. Dean Basile (Mining One); 2. Ryan Bettcher; 3. Brad Armstrong; 4. Blake Callinan; 5. Ben Young; 6. Michael Corbett; 7. Anton Kruger
Group Copper Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Phil Micale
Group Copper Ore Reserve Competent Person (CP) Notes refer to 1. Anton Kruger; 2. Michael Corbett