Reserves & Resources

MINERAL RESOURCE AND ORE RESERVE STATEMENT - DECEMBER 2022

With Ernest Henry June 2023 Mineral Resource and Ore Reserve updates

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-Pit0.3529.50.46440182.90.865,03326.50.80682238.90.806,1551
CowalUnderground1.50–––22.02.491,76012.42.3392534.42.432,6851
Cowal1Total29.50.46440204.91.036,79338.81.291,607273.31.018,8401
Red Lake2Total2.5-3.3–––35.76.667,63924.85.904,70260.46.3512,3422
Mungari3Open-Pit0.31-0.34–––53.81.081,86424.01.1689477.81.102,7583
Mungari4Underground1.46-2.441.44.662059.74.281,3328.73.741,04319.74.072,5803
Mungari1Total1.44.6620563.51.573,19632.71.841,93797.51.705,3383
Mt Rawdon1Total0.235.50.3054 21.00.583892.30.483528.80.524784
Ernest Henry5,6Total35.00.7584735.00.7685231.50.66668101.50.732,3685
MarsdenTotal0.20–––119.80.271,0313.10.2222123.00.271,0531
Total71.40.671,546479.91.2919,901133.22.098,972684.51.3830,419
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
Cowal1,2Open Pit0.4527.40.4741486.20.992,745113.60.873,1601
Cowal3Underground0.55/1.80–––15.92.291,16915.92.291,1692
CowalTotal27.40.47414102.11.193,915129.51.044,329
Red Lake4Total2.5-4.0–––13.06.902,87813.06.902,8783
Mungari5Underground2.2-3.80.45.47783.24.414573.74.545354
Mungari1,6Open Pit0.57-0.74–––20.71.0670320.71.067034
Mungari1Total0.45.477823.91.511,16024.31.581,238
Mt Rawdon1Open pit0.311.90.40259.00.6619110.90.612165
Ernest Henry7,8Underground0.50-0.75%CuEq26.50.6252750.90.3658277.40.451,1096
MarsdenOpen Pit0.30–––65.20.3981765.20.398177
Total56.20.581,043264.01.129,544320.31.0310,587
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
MarsdenTotal0.2g/t Au–––119.80.465533.10.247123.00.465601
Ernest Henry1,2Total0.7% Cu35.01.3145835.01.2945031.51.15363101.51.251,2712
Total35.01.31458154.80.65 1,00334.61.07370224.40.821,831.
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
MarsdenTotal0.3g/t Au–––65.20.5737165.20.573711
Ernest Henry1,2Total0.50-0.75% CuEq26.51.0828750.90.5930277.40.765892
Total26.51.08287116.10.58673142.60.67960

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

  1. Includes stockpiles
  2. Red Lake Mineral Resource cut-off varies from 2.5g/t Au to 3.3g/t Au and are dependent on deposit and location from surface and processing plant
  3. Mungari Open Pit Mineral Resource cut-offs vary from 0.31g/t Au to 0.34g/t Au are dependent on deposit and location from processing plant. The average open pit cut-off is 0.32g/t Au
  4. 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
  5. Ernest Henry Operations reported Mineral Resource estimate is based on the June 2023 Mineral Resource detailed in the 17 August 2023 ASX release titled “Further Increase in Ernest Henry Mineral Resource” and is reported within an interpreted 0.7% Cu mineralised envelope
  6. Ernest Henry reported Mineral Resource estimate is depleted to 30 June 2023

Gold Ore Reserve

  1. Includes stockpiles
  2. 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 ‘Open Pit Continuation’ 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 (‘FS’). 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%
  3. 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
  4. 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)
  5. 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
  6. 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
  7. 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 – 0.04

  8. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023

Copper Mineral Resource

  1. Ernest Henry Operations reported Mineral Resource estimate is based on the June 2023 Mineral Resource detailed in the 17 August 2023 ASX release titled “Further Increase in Ernest Henry Mineral Resource” and is reported within an interpreted 0.7% Cu mineralised envelope
  2. Ernest Henry reported Mineral Resource estimate is depleted to 30 June 2023

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 utilised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au – 0.04
  2. Ernest Henry reported Ore Reserve estimate is depleted to 30 June 2023

This information is extracted from the releases titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 16 February 2023, “Mungari Mine Life Extended to 15 Years at 10 to 20% lower AISC” dated 5 June 2023, “Ernest Henry Mine Life Extended to 2040 and Ore Reserves Doubled” dated 5 June 2023 and “Further Increase in Ernest Henry Mineral Resource” 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 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. 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

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