Evolution Mining Limited - CONTINUED EXPLORATION SUCCESS AT ERNEST HENRY

Evolution Mining Limited's (ASX:EVN) Chief Executive Officer and Managing Director, Lawrie Conway, said: 'We are excited to see continued drilling success at Ernest Henry, confirming its status as a world class asset with strong potential for future mine life extension. Further to the drill results we released in November 2022, we continue to see outstanding copper-gold grades and widths in the new drilling results, which supports the Mine Extension PFS and demonstrates significant potential for a larger mine footprint and Mineral Resource. The PFS will be continued for another few months to incorporate the full benefits of the larger mine footprint to optimise design and location of infrastructure.'

Ernest Henry, Queensland (100%)

The latest surface drillholes targeting depth extensions to interpreted mineralisation below the Pre-Feasibility Study (PFS) area have confirmed the mineralisation widths seen in previously reported hole EH1226_EXT_D61 and have also defined the top of the mineralised zone. Complementary to this, resource definition drilling within the PFS area has confirmed both up-plunge and down-plunge extensions to interpreted mineralisation (Figure 1).

Assay results from EH1226_EXT_D7 (Figure 2) have been returned, confirming significant mineralisation widths observed in EH1226_EXT_D6. Encouragingly, these intersections lie outside the current mineralisation interpretation and below the PFS area. Whilst the copper and gold grades in EH1226_EXT_D7 are not as strong as those in EH1226_EXT_D6, the width of mineralisation intersected in this drillhole increases the likelihood that mineralisation continues well below at depth. EH1226_EXT_D7 has returned 118.1m (60m etw) grading 0.79g/t gold and 1.15% copper. Assay results for EH1226_EXT_D5 were also returned in December, which intersected the top of the same mineralised zone intersected in EH1226_EXT_D6. EH1226_EXT_D5 intersected 20.4m (17.9m etw) grading 1.69 g/t gold and 2.16% copper.

The first two drillholes designed to test the up and down-plunge continuity of mineralisation have been completed with samples dispatched and awaiting assay. Geological observations from these drillholes (EH1312 and EH1314) confirm extension of mineralisation up-plunge (from EH1226_EXT_D6 and EH1226_EXT_D7) and down-plunge extensions from Ernie Junior (Figure 3). The volume of mineralisation within the PFS area will likely increase as a result of these intersections, with a further six drillholes yet to be completed.

Cue Joint Venture, WA (EVN 75%)

Evolution has satisfied the earn in requirement under the Earn-in and Exploration Joint Venture (Cue JV) with Musgrave Minerals Ltd (ASX:MGV) to earn a 75% interest in the Cue JV. Diamond drilling at Cue during the quarter continued to confirm that the geology and structure of the West Island prospect is characterised by multiple, stacked narrow high-grade intercepts within a broader lower grade envelope along the 1.6km mineralised trend.

Exploration results

The information in this report that relates to exploration results listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by Evolution Mining Limited and is a Member of either the Australasian Institute of Mining and Metallurgy (AusIMM) or the Australian Institute of Geoscientists (AIG). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Each person named in the table consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Contact:

Investor

Peter O'Connor

General Manager

Evolution Mining Limited

Tel: [phone]

Media

Michael Vaughan

Fivemark Partners

Tel: [phone]

Investor

Taryn Chua

Group Manager

Evolution Mining Limited

Tel: [phone]

About Evolution Mining

Evolution Mining is a leading, globally relevant gold miner. Evolution operates five wholly-owned mines - Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. Financial Year 2023 gold production guidance is 720,000 ounces (+/-5%) at a sector leading All-in Sustaining Cost of $1,240 per ounce (+/-5%).

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