Reserves & Resources

MINERAL RESOURCE AND ORE RESERVE STATEMENT - DECEMBER 2020

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
Cowal1Open-Pit0.3520.630.46306209.190.855,72422.900.84615252.710.826,6451
CowalUnderground1.522.782.551,86814.752.431,15137.532.503,0191
Cowal1Total20.630.46306231.971.027,59337.651.461,765290.241.049,6641
Red Lake3Total3.328.097.456,37119.726.824,32247.817.1911,0532
Mungari1Open-Pit0.537.551.191,4436.801.3529644.361.221,7393
MungariUnderground1.80.345.09561.783.251872.582.462044.712.954483
Mungari1Total0.345.095639.341.291,6299.391.6650049.071.392,1863
Mt Mt Rawdon1Total0.217.290.3481 32.910.6063010.470.5217550.660.548854
Mt Carlton1Open-Pit0.356.960.701572.172.561789.121.143355
Mt Carlton3Underground2.550.334.26450.083.197.880.404.05525
Mt Mt Carlton1Total7.280.862012.242.581869.531.263875
Ernest Henry2Total0.94.290.517045.430.618968.980.6117758.700.611,1436
MarsdenTotal0.2119.830.271,0313.140.2222122.970.271,0531
Total32.550.49513504.851.1518,71191.592.437,147628.991.3026,371

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
Cowal1Open Pit0.4520.600.46306104.720.963,241125.320.883,5471
CowalUnderground1.812.552.591,04512.552.591,0452
CowalTotal20.600.46306117.271.144,287137.871.044,593
Red Lake3Total4.413.166.902,92913.166.902,9293
MungariUnderground2.90.303.57350.303.57354
Mungari1Open Pit0.759.681.354199.681.354194
Mungari1Total9.981.414549.981.414544
Mt Rawdon1Open pit0.34.260.415615.820.6734220.080.623985
Mt Carlton1Open Pit0.86.130.631246.130.631246
Mt Carlton 5Underground3.20.304.52440.304.52446
Mt Carlton1Total6.430.811686.430.811686
Ernest Henry2Underground0.92.670.817029.940.4745532.620.505257
MarsdenOpen Pit0.365.170.3981765.170.398176
Total27.540.49432257.771.149,452285.311.089,884

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
MarsdenTotal0.2119.830.465533.140.247122.970.465601
Ernest Henry2Total0.91.540.931420.201.162347.111.168328.851.153312
Mt Carlton1Open pit0.351.250.2941.040.4352.290.2973
Mt CarltonUnderground2.550.331.3040.081.0710.401.253
Mt Carlton1Total1.580.5081.120.4852.690.49133
Total1.540.9314141.610.5679411.360.8495154.510.58904.

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
Marsden0.365.170.5737165.170.573711
Ernest Henry2Total0.90.801.491212.940.9111713.740.941292
Mt Carlton1Open pit1.80.320.1200.320.1201
Mt CarltonUnderground3.20.301.4040.301.4041
Mt Carlton1Total0.620.7450.620.7451
Total0.801.491278.730.6349379.530.63505

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. Estimates undertaken by Evolution include all exploration
and resource definition drilling information up to 31 December 2020 and have been depleted for mining to 31
December 2020.

1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

3 Red Lake cut-off is 3.3g/t Au except for Cochenour (3.0g/t Au) and HG Young (3.2g/t Au) deposits

5 The Mineral Resource for the Mt Carlton A39 underground deposit has been estimated using a AuEq (g/t) cut-off of 4.4g/t to enable quotation of this silver rich deposit as equivalent gold ounces.

This information is extracted from the ASX release entitled “Annual Mineral Resources and Ore Reserves Statement” released to the ASX on 17 February 2021.

The gold equivalent (AuEq) calculation accounts for silver recoveries determined from metallurgical test work and uses an assumed silver price of A$26/oz and gold price of A$2,000/oz as per the below equation.
AuEq=26/2,000*0.8203*silver grade (Silver price/Gold price*silver recovery*silver grade). It is the Competent Persons opinion that the assigned cut-off criteria satisfies the JORC Code requirement that the reported Mineral Resource meets reasonable prospects of eventual economic extraction and that the silver present within the A39 deposit can be economically recovered. 

Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2020” released 3 February 2021 and available to view at www.glencore.com. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. 

Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 77% of the total Ernest Henry gold resource.

Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Dean Fredericksen; 3. Brad Daddow; 4. Tim Murphy; 5. Ben Coutts; 6. Jessica Shiels (Glencore)

Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. 1. Ryan Kare; 2. Joshua Northfield; 3. Brad Armstrong; 4. Ken Larwood; 5. Thomas Lethbridge; 6. Anton Kruger; 7. Michael Corbett (Glencore)

Group Copper Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Jessica Shiels (Glencore); 3 Ben Coutts

Group Copper Ore Reserve Competent Person (CP) Notes refer to Anton Kruger; 2. Michael Corbett (Glencore)

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