Evolution Mining Limited Announced Significant New Copper-Gold Extensions At Ernest Henry. New drillholes as part of the ongoing Ernest Henry exploration program have intersected significant mineralisation widths within and below the Pre-Feasibility Study (PFS) mine life extension area including: 157.0m (85.0m etw) grading 1.26g/t gold and 1.62% copper, 102.0m (71.0m etw) grading 1.06g/t gold and 1.39% copper, 90.8m (70.0m etw) grading 1.42g/t gold and 1.54% copper. These results will support the PFS and represent potential for further life of mine extension.

These drill results are not reflected in the current Mineral Resource and will be incorporated in the annual. Mineral Resource update to be released in the March 2023 quarter. Drilling is ongoing to test the continuity of mineralisation in sparsely tested areas up-plunge within the PFS extension area.

Surface drillholes targeting northern and southern extensions to interpreted mineralisation within the Pre-Feasibility Study (PFS) area have intersected significant mineralisation widths. Pleasingly, the northern fan of drillholes has intersected significantly wide mineralisation below the PFS area, increasing the potential for mineralisation to extend up-plunge and at depth. Preliminary assay results from three of the four latest drillholes have been returned, confirming strong copper and gold mineralisation.

Encouragingly, these intersections lie outside the current mineralisation interpretation. EH1276_D1 is the southern-most intersection at Ernest Henry and has returned 102.0m (71.0m etw) grading 1.06g/t Au and 1.39% Cu. Whilst logging and assaying of the subsequent daughter drillholes are underway, the initial geological observations from these drillholes confirms the mineralisation seen in EH1276_D1.

Assays from EH1276_D1 will be used in the 31 December 2022 Mineral Resource update. Preliminary assay results for EH1226_EXT_D3 and EH1226_EXT_D6 from the northern fan of drilling have also been returned. The location and width of mineralisation intersected in these drillholes is significant as they lie outside the current mineralisation interpretation.

Encouragingly, the width of these intersections increases the potential for an up-plunge extension of mineralisation. EH_1226_EXT_D3 and has returned 90.8m (70.0m etw) grading 1.42g/t Au and 1.54% Cu. EH1226_EXT_D6 has intersected significantly wide mineralisation approximately 50m north of EH1226_EXT_D3 (Figure 4) and has returned 157.0m(85.0m etw) grading 1.26g/t Au and 1.62% Cu.

The exceptional mineralisation intersected in EH1226_EXT_D6 appears to be supported by the subsequent daughter hole EH1226_EXT_D7. Initial geological observations of EH1226_EXT_D7 suggest significant mineralisation widths similar to EH1226_EXT_D6. Whilst the assays from EH1226_EXT_D7 will not be returned before the 31 December 2022 Mineral Resource estimate, the geological observations will be included in the mineralisation interpretation.