Reserves & Resources

MINERAL RESOURCE AND ORE RESERVE STATEMENT - DEC 2019 updated with 31 Dec 2019 Red Lake Mineral Resource and 30 April 2020 Cowal Mineral Resources

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
CowalOpen-Pit0.35164.150.874,60221.090.92626185.250.885,229
CowalStockpile42.790.6386042.790.63860
CowalUnderground1.517.462.611,46119.082.371,45136.512.482,912
CowalTotal42.790.63860181.611.046,06340.171.612,077264.551.069,0011
Red Lake3Total3.322.767.775,68725.336.495,28748.087.1010,9742
Mungari1Open-Pit0.500.581.302438.381.221,5086.491.5231745.451.271,849
Mungari1Underground1.80.535.34911.773.281873.172.772835.473.18560
MungariTotal1.113.2211540.151.311,6959.661.9360050.921.472,4093
Mt Mt Rawdon1Total0.26.440.3776 36.860.6576912.930.5221756.230.591,0624
Mt CarltonOpen-Pit0.353.552.042330.401.12143.961.90247
Mt CarltonStockpile0.351.06124.840.54845.190.5896
Mt CarltonUnderground2.550.454.83700.043.2850.504.7075
Mt CarltonTotal0.351.06128.851.363870.451.33199.641.354185
Ernest Henry2Total0.907.700.6516147.900.629509.000.6117764.600.621,2886
MarsdenTotal0.20119.830.271,0313.140.2222122.970.271,0537
Total58.390.651,224457.961.1316,583100.682.598,399616.991.3226,206

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
CowalOpen Pit0.4589.430.962,77389.430.962,7731
CowalStockpile42.790.6386042.790.638601
CowalUnderground1.89.962.518049.962.518042
CowalTotal42.790.6386099.391.123,577142.180.974,438
Mungari1Open Pit0.750.581.282410.551.4047611.121.40500
MungariUnderground2.90.434.05560.075.35120.504.2568
Mungari1Total1.012.478010.621.4348911.631.525683
Mt Rawdon1Total0.243.730.455320.920.7248524.650.685384
Mt CarltonOpen Pit1.81.513.581741.513.58174
Mt CarltonStockpile0.351.06124.840.54845.190.5896
Mt CarltonUnderground3.20.363.44400.363.4440
Mt CarltonTotal0.351.06126.711.382997.061.373115
Ernest Henry2Underground0.906.100.8015633.400.4750539.400.526606
MarsdenOpen Pit0.365.170.3981765.170.398175
Total53.980.671,161236.220.816,172290.100.797,332

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
Marsden1Total0.2119.830.465533.140.247122.970.465601
Ernest Henry2Total0.902.601.173020.901.162437.101.168330.601.163562
Mt Carlton1Open pit0.350.350.2113.550.36130.400.1814.300.3314.
Mt CarltonUnderground2.550.450.7730.040.5300.500.754.
Mt
Carlton
Total0.350.2114.010.41160.450.2114.800.38183
Total2.951.0431144.740.5681210.690.8591158.370.59934.

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
MarsdenTotal0.365.170.5737165.170.573711
Ernest Henry2Total0.91.801.502713.200.9312315.101.001502
Mt Carlton1Open pit1.80.350.2111.510.6191.860.5410
Mt CarltonUnderground3.20.360.3910.360.391
Mt CarltonTotal0.350.2111.880.57112.220.51111
Total2.151.292880.250.6350582.490.65532

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. Reserves Mining depletion has not been accounted for between 31 December 2019 and 30 June 2020.
1 Includes stockpiles
2 Ernest Henry Operation cut-off 0.9% CuEq
3 Red Lake cut-off is 3.3g/t Au except fo Cochenour (3.0g/t Au) and HG Young (3.2g/t Au) deposits

This information is extracted from the ASX release entitled “Annual Mineral Resources and Ore Reserves Statement” released to the ASX on 12 February 2020, ASX release entitled “Cowal Maiden Underground Ore Reserve Supports Mine Development” released on 23 July 2020 and “Red Lake 11 Million Ounce JORC Code Mineral Resource” released on 13 August 2020. This table excludes Cracow Mineral Resources following divestment as advised on 1 July 2020 in ASX release entitled “Completion of Cracow Gold Mine Divestment”. An improved understanding of the geological controls has indicated a potential reduction of approximately 75,000 ounces from the Life of Mine Plan as advised in the ASX release on 19 June 2020 entitled “Mt Carlton Update”. The Mt Carlton Mineral Resources and Ore Reserves will be updated in the Annual Mineral Resources and Ore Reserves Statement at December 2020 planned for release in February 2021. Evolution confirms that it is not aware of any other new information or data that materially affects other information included in that release and that all material assumptions and technical parameters underpinning the estimates 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 original market announcement.

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 2019” released 4 February 2020 and available to view at www.glencore.com. Mineral Resources are inclusive of Reserves. 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 79.5% of the total Ernest Henry gold resource.

Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Dean Frederickson; 3. Andrew Engelbrecht; 4 Tim Murphy; 5. Ben Coutts; 6. Colin Stelzer (Glencore); 7. Michael Andrew

Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Ryan Kare; 2. Joshua Northfield; 3. Ken Larwood; 4. Mark Boon; 5. Anton Kruger; 6. Mike Corbett (Glencore); 

Group Copper Mineral Resources Competent Person (CP) Notes refer to 1. Michael Andrew; 2. Colin Stelzer (Glencore); 3 Ben Coutts

Group Copper Ore Reserve Competent Person (CP) Notes refer to 1. Anton Kruger; 2. Mike Corbett (Glencore)

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