Evolution Mining : Annual Mineral Resources and Ore Reserves Statement

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ASX Announcement	www.evolutionmining.com.au

16 February 2022

ANNUAL MINERAL RESOURCES AND ORE RESERVES STATEMENT as at 31 December 2021

Evolution Mining Limited (ASX: EVN) is pleased to release its annual Mineral Resources and Ore Reserves (MROR) estimates as at 31 December 2021. This statement reflects the continued transformation of Evolution's portfolio of low cost, high margin assets and underpins the exciting growth opportunities that are currently in the process of being delivered.

Key Highlights

• Group Gold Mineral Resources increased by 3.25 million ounces (12%) year-on-year (YOY) net of mining depletion to 29.6 million ounces (Dec 2020: 26.4Moz)
• Group Gold Ore Reserves increased by 449,000 ounces (5%) YOY net of mining depletion to 10.3 million ounces (Dec 2020: 9.9Moz)
• Group Copper Mineral Resources increased by 541,000 tonnes (63%) YOY net of mining depletion to 1.44 million tonnes of copper (Dec 2020: 904kt)
• Group Copper Ore Reserves increased 135,000 tonnes (27%) YOY net of mining depletion to 640,000 tonnes of copper (Dec 2020: 505kt)
• Excellent potential for extensions to the reported Mineral Resource and Ore Reserve at Ernest Henry - Pre-Feasibility Study in progress
• Ore Reserves continue to be reported based on a conservative gold price of A$1,450 (~US$1,050) per ounce. Mineral Resources are reported within optimised pit shells or underground mining shapes developed using a A$2,000 (US$1,450) per ounce price assumption
• Portfolio mine life of 14+ years in tier 1 jurisdictions

Commenting on the updated Mineral Resources and Ore Reserves estimate, Evolution Executive Chairman, Jake Klein, said:

"2021 was a truly transformational year for Evolution. We have an outstanding portfolio of assets with almost 30 million ounces of Mineral Resources, over 10 million ounces of gold Ore Reserves and a growing exposure to copper. We continue to report our Ore Reserves at a very conservative A$1,450 (~US$1,050) per ounce that reflects the true quality of our reserve base."

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Group Gold Mineral Resources as at 31 December 2021 are estimated at 668.5 million tonnes at 1.38g/t for

29.6 million ounces of gold compared with the estimate at 31 December 2020 of 629 million tonnes at 1.30g/t for 26.4 million ounces of gold.

Group Copper Mineral Resources as at 31 December 2021 are estimated at 194.4 million tonnes at 0.74% for 1.4 million tonnes of copper compared with the estimate at 31 December 2020 of 154.5 million tonnes at 0.58% for 904,000 tonnes of copper.

Group Gold Ore Reserves as at 31 December 2021 are estimated at 281.7 million tonnes at 1.14g/t for 10.3 million ounces of gold compared with the estimate at 31 December 2020 of 285.3 million tonnes at 1.08g/t for 9.9 million ounces of gold.

Group Copper Ore Reserves as at 31 December 2021 are estimated at 94.2 million tonnes at 0.68% for 640,000 tonnes of copper compared with the estimate at 31 December 2020 of 79.5 million tonnes at 0.63% for 505,000 tonnes of copper.

Key changes to the Mineral Resources and Ore Reserve estimates (net of mining depletion)

Cowal

• Gold Mineral Resource estimate in line with prior estimate - 305.3 million tonnes at 0.98g/t gold for 9.6 million ounces compared to the December 2020 estimate of 290.2 million tonnes at 1.04g/t for 9.6 million ounces
• • Cowal Underground: 35.7 million tonnes at 2.41g/t gold for 2.8 million ounces
• Gold Ore Reserve estimate is in line with prior estimate - of 138.0 million tonnes at 1.03g/t gold for 4.59 million ounces compared to the December 2020 estimate of 137.9 million tonnes 1.04g/t for 4.59 million ounces
• • Cowal Underground: 14.4 million tonnes at 2.31g/t gold for 1.1 million ounces
• Discovery of 6.2 million ounces in Mineral Resources and 3.0 million ounces in Ore Reserves since acquisition by Evolution in July 2015 (net of mining depletion of 1.9Moz)
• Further growth opportunities include extensions to the GRE46 underground and expansion of the E42 pit and satellite pits

Ernest Henry

• Gold Mineral Resources increased to 71.4 million tonnes at 0.73g/t gold for 1.7 million ounces compared to the December 2020 estimate of 58.7 million tonnes at 0.61g/t for 1.14 million ounces gold1, an increase of 531,000 ounces (46%) following the acquisition of full ownership of Ernest Henry2
• Gold Ore Reserves decreased to 29.0 million tonnes at 0.49g/t gold for 459,000 ounces compared to the December 2020 estimate of 32.6 million tonnes at 0.5g/t for 525,000 ounces of gold2, a decrease of 66,000 ounces (13%) largely due to mining depletion, partially offset by acquisition
• Copper Mineral Resources increased to 71.4 million tonnes at 1.24% copper for 885,000 tonnes of copper compared to the December 2020 estimate of 28.8 million tonnes at 1.15% copper for 331,000 tonnes of copper2, an increase of 555,000 tonnes of copper (168%) following the acquisition of full ownership of Ernest Henry
• Copper Ore Reserves increased to 29.0 million tonnes at 0.93% copper for 269,000 tonnes, an increase of 139,000 tonnes of copper (108%) compared to the December 2020 estimate of 13.7 million tonnes at 0.94% for 129,000 tonnes of copper2 due to acquisition, partially offset by mine depletion
• Excellent potential for extensions to the reported Mineral Resource and Ore Reserve at Ernest Henry - Pre- Feasibility Study in progress. Further growth opportunity with mineralisation intersected 300m vertically below the Pre-Feasibility Study area and is open at depth
• Ore Reserves include production down to the 1,125mRL
• December 2021 estimates are reported based on Glencore's May 2021 block model depleted to 31 December 2021. Estimates exclude 77 holes for 21,350 metres drilled subsequent to drilling data cut-off at 31 March 2021

1. The Ernest Henry December 2020 estimates are reported based on Evolution's economic interest and not the entire mine. Figures constitute 77% of the total Ernest Henry gold resource, 86% of the total Ernest Henry gold reserve, 38% of the total Ernest Henry copper resource and 35% of the total Ernest Henry copper reserve (see footnote 2)
2. Change of ownership from 49% to 100% of all gold below the agreed Life of Asset (LOA) area and change of ownership: from 30% to 100% of copper within the remaining LOA area and from 49% to 100% of all copper below the LOA area. See ASX releases 'EVN Secures Full Ownership of Ernest Henry' dated 17 November 2021 and '"Full Ownership of Ernest Henry - Acquisition Completed" dated 6 January 2022

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Mungari

• Gold Mineral Resources increased to 76.1 million tonnes at 2.00g/t gold for 4.9 million ounces compared to the December 2020 estimate of 49.1 million tonnes at 1.39g/t gold for 2.2 million ounces - an increase of 2.7 million ounces (124%) largely due to acquisition of Kundana Assets3 and factoring in lower future processing costs based on the Pre-Feasibilitystudy for an expanded Mungari mill
• Gold Ore Reserves increased to 20.6 million tonnes at 1.86g/t gold for 1.2 million ounces compared to the December 2020 estimate of 9.9 million tonnes at 1.41g/t for 454,000 ounces, an increase of 780,000 ounces (172%) largely due to the acquisition of Kundana Assets and factoring in lower future processing costs based on the Pre-Feasibilitystudy for an expanded Mungari mill
• • Underground average grade increased by 25% from 3.6g/t to 4.5g/t gold
• The acquisition of the Kundana Assets and the potential for an expanded Mungari mill (currently the subject of a Feasibility Study) provides a pathway to a mine life in excess of 12 years and an annual production objective of 200,000 ounces

Red Lake

• Gold Mineral Resource estimate increased to 53.6 million tonnes at 6.82g/t gold for 11.7 million ounces, an increase of 689,000 ounces (6%) compared to December 2020 estimate of 47.8 million tonnes at 7.19g/t gold for 11.0 million ounces
• • Maiden Mineral Resource of the Bateman Gold Project of 5.1 million tonnes at 4.60g/t gold for 757,000 ounces (JORC Code 2012) following acquisition of Battle North Gold4
• Gold Ore Reserves maintained at 13.1 million tonnes at 7.0g/t gold for 2.9 million ounces compared to the December 2020 estimate of 13.2 million tonnes at 6.90g/t for 2.93 million ounces
• Drilling continues to focus on converting the large Mineral Resource base to reported Ore Reserves

Mt Rawdon

• Gold Mineral Resources are estimated at 39.2 million tonnes at 0.50g/t gold for 630,000 ounces, a decrease of 255,000 ounces (29%) compared to the December 2020 estimate of 50.7 million tonnes at 0.54g/t for 885,000 ounces due to mining depletion and changes in geological interpretation, estimation criteria and geotechnical parameters has resulted in the re-designof the west wall of the pit
• Gold Ore Reserves are estimated at 5.7 million tonnes at 0.59g/t gold for 300,000 ounces, a decrease of 98,000 ounces (25%) compared to the December 2020 estimate of 20.1 million tonnes for 0.62g/t for 398,000 ounces

Mt Carlton

• Decrease in Mineral Resources of 387,000 ounces and decrease in Ore Reserves of 168,000 ounces due to divestment on 15 December 20215

The Group Mineral Resource Statement as at 31 December 2021 is provided in Tables 1 and 3 and accounts for mining depletion of in situ Mineral Resources of 576,000 ounces of gold and 21,000 tonnes of copper. Mineral Resources are reported inclusive of Ore Reserves but exclude mined areas and areas sterilised by mining activities. The Ernest Henry Mineral Resource estimate undertaken by Glencore includes all exploration and resource definition drilling information up to 31 March 2021 and has been depleted for mining to 31 December 2021.

The Group Ore Reserve Statement as at 31 December 2021 is provided in Tables 2 and 4 and accounts for mining depletion of in situ Ore Reserves of 520,000 ounces of gold and 21,000 tonnes of copper.

1. See ASX releases 'Acquisition to Elevate Mungari to Cornerstone Asset' dated 22 July 2021 and 'Completion of Acquisition Elevates Mungari to Cornerstone Asset' dated 18 August 2021. Kundana Assets include 100% interest in the Kundana Operations, 51% interest in the East Kundana Joint Venture, 100% interest in certain tenements comprising the Carbine Project and 75% interest in the West Kundana Joint Venture
2. See ASX releases 'Battle North to be Acquired by Evolution Mining' dated 15 March 2021, 'Battle North Shareholders Approve Acquisition by Evolution' dated

1. May 2021 and 'Completion of Battle North Acquisition' dated 20 May 2021. See Battle North's Technical Report dated 27 January 2021 available under Battle North's profile at www.sedar.com for information on their Bateman Gold Project foreign estimate

1. See ASX release 'Completion of Mt Carlton Divestment for up to A$90 million' dated 15 December 2021

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