Reserves & Resources
MINERAL RESOURCE AND ORE RESERVE STATEMENT - DECEMBER 2020
| 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 | 20.63 | 0.46 | 306 | 209.19 | 0.85 | 5,724 | 22.90 | 0.84 | 615 | 252.71 | 0.82 | 6,645 | 1 |
| Cowal | Underground | 1.5 | – | – | – | 22.78 | 2.55 | 1,868 | 14.75 | 2.43 | 1,151 | 37.53 | 2.50 | 3,019 | 1 |
| Cowal1 | Total | 20.63 | 0.46 | 306 | 231.97 | 1.02 | 7,593 | 37.65 | 1.46 | 1,765 | 290.24 | 1.04 | 9,664 | 1 | |
| Red Lake3 | Total | 3.3 | – | – | – | 28.09 | 7.45 | 6,371 | 19.72 | 6.82 | 4,322 | 47.81 | 7.19 | 11,053 | 2 |
| Mungari1 | Open-Pit | 0.5 | – | – | – | 37.55 | 1.19 | 1,443 | 6.80 | 1.35 | 296 | 44.36 | 1.22 | 1,739 | 3 |
| Mungari | Underground | 1.8 | 0.34 | 5.09 | 56 | 1.78 | 3.25 | 187 | 2.58 | 2.46 | 204 | 4.71 | 2.95 | 448 | 3 |
| Mungari1 | Total | 0.34 | 5.09 | 56 | 39.34 | 1.29 | 1,629 | 9.39 | 1.66 | 500 | 49.07 | 1.39 | 2,186 | 3 | |
| Mt Rawdon1 | Total | 0.21 | 7.29 | 0.34 | 81 | 32.91 | 0.60 | 630 | 10.47 | 0.52 | 175 | 50.66 | 0.54 | 885 | 4 |
| Mt Carlton1 | Open-Pit | 0.35 | – | – | – | 6.96 | 0.70 | 157 | 2.17 | 2.56 | 178 | 9.12 | 1.14 | 335 | 5 |
| Mt Carlton3 | Underground | 2.55 | – | – | – | 0.33 | 4.26 | 45 | 0.08 | 3.19 | 7.88 | 0.40 | 4.05 | 52 | 5 |
| Mt Carlton1 | Total | – | – | – | 7.28 | 0.86 | 201 | 2.24 | 2.58 | 186 | 9.53 | 1.26 | 387 | 5 | |
| Ernest Henry2 | Total | 0.9 | 4.29 | 0.51 | 70 | 45.43 | 0.61 | 896 | 8.98 | 0.61 | 177 | 58.70 | 0.61 | 1,143 | 6 |
| Marsden | Total | 0.2 | – | – | – | 119.83 | 0.27 | 1,031 | 3.14 | 0.22 | 22 | 122.97 | 0.27 | 1,053 | 1 |
| Total | 32.55 | 0.49 | 513 | 504.85 | 1.15 | 18,711 | 91.59 | 2.43 | 7,147 | 628.99 | 1.30 | 26,371 | |||
| 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 | Open Pit | 0.45 | 20.60 | 0.46 | 306 | 104.72 | 0.96 | 3,241 | 125.32 | 0.88 | 3,547 | 1 |
| Cowal | Underground | 1.8 | – | – | – | 12.55 | 2.59 | 1,045 | 12.55 | 2.59 | 1,045 | 2 |
| Cowal | Total | 20.60 | 0.46 | 306 | 117.27 | 1.14 | 4,287 | 137.87 | 1.04 | 4,593 | ||
| Red Lake3 | Total | 4.4 | – | – | – | 13.16 | 6.90 | 2,929 | 13.16 | 6.90 | 2,929 | 3 |
| Mungari | Underground | 2.9 | – | – | – | 0.30 | 3.57 | 35 | 0.30 | 3.57 | 35 | 4 |
| Mungari1 | Open Pit | 0.75 | – | – | – | 9.68 | 1.35 | 419 | 9.68 | 1.35 | 419 | 4 |
| Mungari1 | Total | – | – | – | 9.98 | 1.41 | 454 | 9.98 | 1.41 | 454 | 4 | |
| Mt Rawdon1 | Open pit | 0.3 | 4.26 | 0.41 | 56 | 15.82 | 0.67 | 342 | 20.08 | 0.62 | 398 | 5 |
| Mt Carlton1 | Open Pit | 0.8 | – | – | – | 6.13 | 0.63 | 124 | 6.13 | 0.63 | 124 | 6 |
| Mt Carlton 5 | Underground | 3.2 | – | – | – | 0.30 | 4.52 | 44 | 0.30 | 4.52 | 44 | 6 |
| Mt Carlton1 | Total | – | – | – | 6.43 | 0.81 | 168 | 6.43 | 0.81 | 168 | 6 | |
| Ernest Henry2 | Underground | 0.9 | 2.67 | 0.81 | 70 | 29.94 | 0.47 | 455 | 32.62 | 0.50 | 525 | 7 |
| Marsden | Open Pit | 0.3 | – | – | – | 65.17 | 0.39 | 817 | 65.17 | 0.39 | 817 | 6 |
| Total | 27.54 | 0.49 | 432 | 257.77 | 1.14 | 9,452 | 285.31 | 1.08 | 9,884 | |||
| 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 | 0.2 | – | – | – | 119.83 | 0.46 | 553 | 3.14 | 0.24 | 7 | 122.97 | 0.46 | 560 | 1 |
| Ernest Henry2 | Total | 0.9 | 1.54 | 0.93 | 14 | 20.20 | 1.16 | 234 | 7.11 | 1.16 | 83 | 28.85 | 1.15 | 331 | 2 |
| Mt Carlton1 | Open pit | 0.35 | – | – | – | 1.25 | 0.29 | 4 | 1.04 | 0.43 | 5 | 2.29 | 0.29 | 7 | 3 |
| Mt Carlton | Underground | 2.55 | – | – | – | 0.33 | 1.30 | 4 | 0.08 | 1.07 | 1 | 0.40 | 1.25 | 3 | |
| Mt Carlton1 | Total | – | – | – | 1.58 | 0.50 | 8 | 1.12 | 0.48 | 5 | 2.69 | 0.49 | 13 | 3 | |
| Total | 1.54 | 0.93 | 14 | 141.61 | 0.56 | 794 | 11.36 | 0.84 | 95 | 154.51 | 0.58 | 904 | . | ||
| 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 | 0.3 | – | – | – | 65.17 | 0.57 | 371 | 65.17 | 0.57 | 371 | 1 | |
| Ernest Henry2 | Total | 0.9 | 0.80 | 1.49 | 12 | 12.94 | 0.91 | 117 | 13.74 | 0.94 | 129 | 2 |
| Mt Carlton1 | Open pit | 1.8 | – | – | – | 0.32 | 0.12 | 0 | 0.32 | 0.12 | 0 | 1 |
| Mt Carlton | Underground | 3.2 | – | – | – | 0.30 | 1.40 | 4 | 0.30 | 1.40 | 4 | 1 |
| Mt Carlton1 | Total | – | – | – | 0.62 | 0.74 | 5 | 0.62 | 0.74 | 5 | 1 | |
| Total | 0.80 | 1.49 | 12 | 78.73 | 0.63 | 493 | 79.53 | 0.63 | 505 | |||
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)
