Evolution Mining : December 2019 Quarterly Report

January 28, 2020 at 10:25 pm

QUARTERLY REPORT - For the period ending 31 December 2019

HIGHLIGHTS

Sustained strong cash flow and debt free

Mine operating cash flow of A$233.1 million (FY20 year-to-date (YTD): A$511.8 million)
Net mine cash flow of A$144.4 million (FY20 YTD: A$351.8 million)
Group free cash flow of A$83.8 million (FY20 YTD: A$242.4 million)
Outstanding debt of A$275.0 million repaid. Net cash position increased by A$78.6 million to A$170.3 million

Operations

Group gold production of 170,890 ounces at an All-in Sustaining Cost1 (AISC) of A$1,069 per ounce (US$730/oz)2
FY20 YTD production of 362,857 ounces at an AISC of A$1,041 per ounce (US$713/oz)3
Significant progress made at Cowal in reducing the operation's reliance on surface fresh water

Value accretive growth through M&A

Acquisition of high grade, long life Red Lake gold complex in Ontario, Canada, expected to close at end of March 2020

Continued exploration success driving organic growth

Cowal's GRE46 and Dalwhinnie ore bodies continue to return exceptional drilling results which is expected to inform an upgrade in size and classification of the current underground Mineral Resource of 1.4Moz. The Board has approved the commencement of a Pre-Feasibility Mine Design Study for an underground mine
Extensional drilling highlights from the Cowal underground complex include: 38m (30.4m etw) grading 6.64g/t Au and 7m (5.6m etw) grading 124.72g/t Au
Mungari's Boomer prospect continued to return narrow laminated vein intercepts containing visible gold with a best intersection of 0.78m (0.58m etw) grading 96.71g/t Au
Ernest Henry drilling commenced below the 1200mRL with 10 holes completed for 4,400m. Assay results are expected in the March 2020 quarter. Drilling to continue in CY2020 with over 18,000m planned

FY20 Group guidance

As per ASX release on 10 January 2020 Group FY20 gold production is expected to be around 725,000 ounces. AISC guidance4 of A$940 - A$990 per ounce remains unchanged

Consolidated production and sales summary

	Units		Mar 2019		Jun 2019		Sep 2019		Dec 2019	FY20 YTD
		qtr		qtr		qtr		qtr


Gold produced	oz		175,901		194,886		191,967		170,890	362,857

Silver produced	oz		141,621		184,693		182,948		137,262	320,211

Copper produced	t		4,750		5,648		5,382		5,572	10,954

C1 Cash Cost	A$/oz		681		579		741		778	758

All-in Sustaining Cost	A$/oz		925		915		1,018		1,069	1,041

All-in Cost5	A$/oz		1,250		1,213		1,330		1,584	1,446

Gold sold	oz		167,598		190,810		205,188		173,408	378,596

Achieved gold price	A$/oz		1,798		1,858		2,111		2,091	2,102

Silver sold	oz		140,327		180,039		175,128		144,757	319,885

Achieved silver price	A$/oz		21		22		25		24	25

Copper sold	t		4,627		5,776		5,370		5,612	10,982

Achieved copper price	A$/t		9,286		8,350		8,476		8,802	8,643

Includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense. Calculated per ounce sold
Using the average AUD:USD exchange rate of 0.6833 for the December 2019 quarter
Using the average AUD:USD exchange rate of 0.6846 for the December 2019 half-year
FY20 metal price assumptions for AISC calculations: gold A$2,100/oz; copper A$8,400/t
Includes AISC plus growth (major project) capital and discovery expenditure. Calculated per ounce sold

Evolution Mining Limited Quarterly Report December 2019

OVERVIEW

Group Total Recordable Injury Frequency (TRIF) at

31 December 2019 improved to 8.4 (30 Sep 2019:

9.3).

Group gold production for the December 2019 quarter was 170,890 ounces (Sep qtr: 191,967oz) at an AISC of A$1,069/oz (Sep qtr: A$1,018/oz). Using the average AUD:USD exchange rate for the quarter of 0.6833, Group AISC equated to US$730/oz - which continues to rank Evolution among the lowest cost gold producers in the world.

As at 31 December 2019 Evolution was debt free and had cash in the bank of A$170.3 million after repaying outstanding bank debt of A$275.0 million.

Evolution delivered mine operating cash flow and net mine cash flow of A$233.1 million and A$144.4 million respectively (Sep qtr: A$278.7M; A$207.4M). Mine capital expenditure was A$88.7 million (Sep qtr: A$71.3M).

Standout operational performances for the quarter:

Ernest Henry produced 23,080oz at an AISC of A$(526)/oz generating net mine cash flow of A$62.7 million
Cowal produced 65,080oz at an AISC of A$898/oz generating net mine cash flow of A$51.9 million
Mungari produced 32,751oz at an AISC of A$1,344/oz generating net mine cash flow of A$24.8 million

As outlined in an ASX release on 10 January 2020, recent grade control and resource definition drilling in the V2 open pit at Mt Carlton returned results identifying that the West and East Lode orebodies are narrowing at shallower levels than previously modelled. This resulted in a geological review and updated interpretation. Mt Carlton is now expected to deliver FY20 production in the range of 70,000 - 75,000 ounces at an AISC of A$1,150 - A$1,225 per ounce.

Drilling from surface and the Warraga decline at Cowal to define and extend mineralisation in GRE46 and Dalwhinnie continued to return exceptional results and confirmed grade continuity of the Mineral Resource. Best results included 38m (30.4m etw) grading 6.64g/t Au and 7m (5.6m etw) grading 124.72g/t Au. During the quarter the Board approved A$15.0 - 20.0 million to commence a Pre- Feasibility Mine Design Study for an underground mine which includes A$10.0 - 13.0 million for resource definition drilling and drill drive development.

Follow up drilling at Mungari's Boomer prospect continued to intercept laminated veins with a best intersection of 0.78m (0.58 etw) grading 96.71g/t Au. The access drive is currently 100m from the Frog's Leg decline and is expected to arrive in an optimal footwall drilling position in the June 2020 quarter. The Boomer structure is interpreted to be a continuation of the Strzelecki shear zone hosting the Raleigh complex on the East Kundana Joint Venture further north and there is up to 1km of strike to be tested.

On 26 November 2019 Evolution announced the acquisition of the high grade, long life Red Lake gold complex in Ontario, Canada from Newmont. Evolution will pay US$375 million in cash and up to an additional US$100 million payable upon new resource discovery. Red Lake is an under- capitalised asset which provides an attractive opportunity to leverage Evolution's successful track record in asset optimisation by investing capital to unlock value. The operation currently has a 13-year Life of Mine plan and provides outstanding exploration potential with historic head grades in excess of 20g/t hosted in Archean greenstone gold geology familiar to Evolution. The transaction is due to complete around the end of March 2020 and will be funded via a fully committed new five-year A$600 million Term Loan.

In January 2020 Evolution announced that it will be providing A$3.0 million in funding to Rural Aid Australia (A$1.5M), NSW Rural Fire Service (A$0.75M) and Queensland Rural Fire Service

(A$0.75M) to support their bushfire and drought relief and recovery efforts. In addition, many Evolution employees continue to give up their time with local fire and emergency services to assist families and communities affected by these disasters.

Effective 28 January 2020, Fiona Murfitt was appointed in the role of General Manager Sustainability. Fiona will be part of the Leadership Team and will report to Jake Klein, Executive Chairman. Fiona's responsibilities will include Health, Safety, Environment, Community, Risk and Internal Communications. Ms Murfitt's most recent role was Executive General Manager - Head of Health and Safety at Ausgrid. Prior roles included Group HSSE Manager at Shell Australia and Business Director at Dupont Sustainable Solutions.

FY20 Group production is expected to be around 725,000 ounces at an AISC of A$940 - A$990 per ounce.

Evolution Mining Limited Quarterly Report December 2019

OVERVIEW

Cowal Water Security Update

New South Wales is currently operating under Stage 3 water restrictions which enables sufficient water to be supplied for ongoing operations. Due to the sustained drought conditions there is potential for these water restrictions to increase.

In order to continue enhancing Cowal's social license to operate and further mitigate the impact of drought conditions on the operation, over the past 12 months Evolution has been executing a strategy to reduce reliance on surface water through the use of sub-surface water with a focus on targeting saline aquifers in the region.

In collaboration with local stakeholders through infrastructure and resource sharing, substantial progress has been made with the following water security mitigation strategies:

▪ Installation of a second pipeline across Lake

Cowal has commenced and will increase

pumping capacity by an expected 30%. The

pipeline secures capacity to pump 100% of the

mine's ex-site water requirements from current

and future saline bore fields: the Bland Creek

paleochannel; and fresh water from the

Jemalong Weir. The project is due to be

completed during the March 2020 quarter

▪ Increased extraction of saline water through an

additional three bores in the Eastern Saline

Bore Field. The three saline bores are in

preparation to be commissioned in the June

2020 quarter

▪ Another saline bore field has been identified to

the south of the Eastern Saline Bore Field.

Testing of this location is commencing in the

March 2020 quarter with the new bores

expected to be commissioned in the September

2020 quarter. Several additional saline bore

fields have also been identified for assessment

to further de-risk water supply

	Group safety performance (TRIF)
11		8.3	9.3	8.4
9	7.8

7
5
3
	FY19 Q3	FY19 Q4	FY20 Q1	FY20 Q2

TRIF: Total recordable injury frequency. The frequency of total recordable injuries per million hours worked. Results above are based on a 12-month moving average

	Group AISC (A$ per ounce)
925	915	1,018	1,069

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

250Group production (koz)

200
150				194.9		192.0
	175.9				170.9

100
50
0
FY19 Q3	FY19 Q4	FY20 Q1	FY20 Q2

▪ Increased reliance on reuse and recycled water

300

Group operating mine cash flow (A$M)

Less than 20% of Cowal's total daily water requirement is currently reliant on surface water which is at risk of being impacted by further water restrictions. With completion of the programs outlined above Evolution is confident there is sufficient water supply to meet the Cowal's ongoing water requirements with no material impact on operating costs or recoveries.

		278.7
200	215.2		233.1

168.3
100
0
FY19 Q3	FY19 Q4	FY20 Q1	FY20 Q2

Evolution Mining Limited Quarterly Report December 2019

OVERVIEW

December 2019 quarter production and cost summary1
December FY20	Units	Cowal	Mungari	Mt	Mt	Cracow	Ernest	Group
Carlton	Rawdon	Henry

UG lat dev - capital	m	1,009	116	724	0	496	253	2,598
UG lat dev - operating	m	0	240	0	0	676	1,807	2,723
Total UG lateral development	m	1,009	356	724	0	1,172	2,060	5,321
UG ore mined	kt	0	116	0	0	120	1,755	1,991
UG grade mined	g/t	0.00	3.27	0.00	0.00	5.20	0.61	1.04
OP capital waste	kt	5,485	0	1,248	1,188	0	0	7,921
OP operating waste	kt	4	801	217	709	0	0	1,731
OP ore mined	kt	345	376	142	731	0	0	1,594
OP grade mined	g/t	0.99	1.97	2.00	0.78	0.00	0.00	1.22
Total ore mined	kt	345	492	142	731	120	1,755	3,585
Total tonnes processed	kt	2,293	487	229	832	130	1,730	5,702
Grade processed	g/t	1.11	2.29	2.09	0.86	5.09	0.61	1.15
Recovery	%	79.7	91.1	79.5	88.5	93.0	74.3	80.9
Gold produced	oz	65,080	32,751	9,787	20,338	19,854	23,080	170,890
Silver produced	oz	40,255	3,155	45,762	20,893	8,577	18,620	137,262
Copper produced	t	0	0	217	0	0	5,355	5,572
Gold sold	oz	66,554	33,350	8,886	20,263	20,615	23,740	173,408
Achieved gold price	A$/oz	2,080	2,059	2,010	2,169	2,113	2,114	2,091
Silver sold	oz	40,255	3,155	53,257	20,893	8,577	18,620	144,757
Achieved silver price	A$/oz	22	25	24	25	25	27	24
Copper sold	t	0	0	257	0	0	5,355	5,612
Achieved copper price	A$/t	0	0	8,354	0	0	8,824	8,802
Cost Summary
Mining	A$/prod oz	21	705	231	670	491		362
Processing	A$/prod oz	440	330	844	574	253		408
Administration and selling costs	A$/prod oz	139	89	655	164	185		203
Stockpile adjustments	A$/prod oz	227	(5)	186	161	(13)		114
By-product credits	A$/prod oz	(13)	(2)	(349)	(26)	(11)	(2,069)	(309)
C1 Cash Cost	A$/prod oz	814	1,116	1,567	1,543	906	(925)	778
C1 Cash Cost	A$/sold oz	796	1,096	1,725	1,549	872	(899)	766
Royalties	A$/sold oz	65	46	181	96	114	182	93
Gold in Circuit and other	A$/sold oz	10	32	(160)	(10)	23		3
adjustments

Sustaining capital2	A$/sold oz	21	124	380	173	264	191	129
Reclamation and other	A$/sold oz	6	45	56	8	10		16
adjustments

Administration costs3	A$/sold oz							61
All-in Sustaining Cost	A$/sold oz	898	1,344	2,182	1,815	1,284	(526)	1,069
Major project capital	A$/sold oz	637	44	2,182	64	62	0	380
Discovery	A$/sold oz	237	111	38	2	46	0	136
All-in Cost	A$/sold oz	1,772	1,499	4,402	1,882	1,392	(526)	1,584
Depreciation & Amortisation4	A$/prod oz	392	497	1,052	680	445	1,410	628

All metal production is reported as payable. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution's cost and not solely the cost of Ernest Henry's operation
Sustaining Capital includes 60% UG mine development capital. Group Sustaining Capital includes A$1.25/oz for Corporate capital expenditure
Includes Share Based Payments
Group Depreciation and Amortisation includes non-cash Fair Value Unwind Amortisation of A$31/oz in relation to Cowal (A$34/oz) and Mungari

($94/oz) and Corporate Depreciation and Amortisation of A$1.94/oz

Evolution Mining Limited Quarterly Report December 2019

OVERVIEW
FY20 year to date production and cost summary1
FY20 YTD	Units	Cowal	Mungari	Mt	Mt	Cracow	Ernest	Group
Carlton	Rawdon	Henry

UG lat dev - capital	m	1,935	131	1,029	0	1,060	322	4,478
UG lat dev - operating	m	0	565	0	0	1,379	3,555	5,498
Total UG lateral development	m	1,935	696	1,029	0	2,439	3,877	9,976
UG ore mined	kt	0	219	0	0	232	3,521	3,973
UG grade mined	g/t	0.00	3.46	0.00	0.00	5.89	0.58	1.05
OP capital waste	kt	6,422	0	2,293	1,928	0	0	10,642
OP operating waste	kt	165	1,899	497	1,660	0	0	4,221
OP ore mined	kt	1,604	817	370	1,703	0	0	4,495
OP grade mined	g/t	1.32	1.92	3.00	0.72	0.00	0.00	1.34
Total ore mined	kt	1,604	1,037	370	1,703	232	3,521	8,468
Total tonnes processed	kt	4,387	940	441	1,651	255	3,512	11,186
Grade processed	g/t	1.22	2.30	3.06	0.84	5.53	0.58	1.22
Recovery	%	81.8	91.6	85.0	88.4	91.9	76.0	82.4
Gold produced	oz	140,887	63,489	30,664	39,588	41,770	46,458	362,857
Silver produced	oz	109,598	6,496	105,112	47,096	17,692	34,218	320,211
Copper produced	t	0	0	571	0	0	10,383	10,954
Gold sold	oz	149,138	63,977	34,857	39,774	41,261	49,590	378,596
Achieved gold price	A$/oz	2,079	2,050	2,191	2,146	2,113	2,162	2,102
Silver sold	oz	109,598	6,496	104,786	47,096	17,692	34,218	319,885
Achieved silver price	A$/oz	24	25	25	25	23	25	25
Copper sold	t	0	0	599	0	0	10,383	10,982
Achieved copper price	A$/t	0	0	8,560	0	0	8,647	8,643
Cost Summary								0
Mining	A$/prod oz	100	776	166	657	461		377
Processing	A$/prod oz	434	355	580	559	250		399
Administration and selling costs	A$/prod oz	126	116	402	149	171		190
Stockpile adjustments	A$/prod oz	152	(46)	89	181	(19)		76
By-product credits	A$/prod oz	(19)	(3)	(253)	(30)	(10)	(1,951)	(283)
C1 Cash Cost	A$/prod oz	792	1,198	983	1,516	854	(825)	758
C1 Cash Cost	A$/sold oz	748	1,189	865	1,509	864	(773)	727
Royalties	A$/sold oz	64	49	176	104	114	175	96
Gold in Circuit and other	A$/sold oz	41	(10)	25	(14)	(8)		15
adjustments

Sustaining capital2	A$/sold oz	32	97	425	167	313	130	139
Reclamation and other	A$/sold oz	6	22	34	16	12		12
adjustments

Administration costs3	A$/sold oz							53
All-in Sustaining Cost	A$/sold oz	891	1,347	1,525	1,782	1,295	(468)	1,041
Major project capital	A$/sold oz	426	25	1,010	105	73	0	284
Discovery	A$/sold oz	195	162	14	1	39	0	121
All-in Cost	A$/sold oz	1,512	1,534	2,549	1,888	1,407	(468)	1,446
Depreciation & Amortisation4	A$/prod oz	354	451	821	710	412	1,414	594

All metal production is reported as payable. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution's cost and not solely the cost of Ernest Henry's operation
Sustaining Capital includes 60% UG mine development capital. Group Sustaining Capital includes A$1.69/oz for Corporate capital expenditure
Includes Share Based Payments
Group Depreciation and Amortisation includes non-cash Fair Value Unwind Amortisation of A$30/oz in relation to Cowal (A$35/oz) and Mungari

($92/oz) and Corporate Depreciation and Amortisation of A$1.83/oz

Evolution Mining Limited Quarterly Report December 2019

OPERATIONS

Cowal, New South Wales (100%)

Mungari, Western Australia (100%)

Cowal produced 65,080oz of gold at an AISC of A$898/oz (Sept qtr: 75,807/oz, AISC A$885/oz).

Mine operating cash flow for the quarter was A$95.9 million (Sep qtr: A$114.5M). Net mine cash flow remained strong at A$51.9 million, post sustaining capital of A$1.6 million and major capital of A$42.4 million. Major projects investment included construction of the Integrated Waste Landform (IWL) tailings facility, the plant expansion, Stage H stripping, and twinning of the water pipeline. All projects are progressing according to plan.

Stage G was completed during the quarter with ore now being sourced from stockpiles as planned. Mining of the Stage H cutback remains on track for completion by the end of FY21.

The Warraga decline was completed during the quarter and a 20,000t bulk sample was extracted for analysis of rock properties and metallurgical recoveries. The bulk sample was successfully processed with no negative impact on recoveries.

During the quarter the Board approved the commencement of a Pre-Feasibility Mine Design Study for an underground mine. The cost of this study will be A$15.0 - 20.0 million which includes A$10.0 - 13.0 million for resource definition drilling and drill drive development.

Ore sorting through crushing and size screening to <25mm has demonstrated benefits and is continuing in the March 2020 quarter.

With the exceptional exploration results, the plant expansion close to completion and the underground mine study underway, Cowal has significant upside potential to its current mine life and production profile.

Mungari produced 32,751oz of gold at an AISC of A$1,344/oz (Sept qtr: 30,738oz, AISC A$1,351/oz).

Mine operating cash flow for the quarter was A$30.4 million (Sept qtr: A$18.6M). Net mine cash flow was A$24.8 million (Sept qtr: A$16.2M) post sustaining and major capital investment of A$5.6 million. Net mine cash was the second highest under Evolution's ownership and the highest since the December 2015 quarter (A$25.9M). An improved focus on operational planning and delivery resulted in a strong first half performance.

The Frog's Leg underground delivered a consistent feed. Ore from underground stopes produced 116kt at a grade of 3.27g/t gold (Sep qtr: 103kt at 3.67g/t gold). Total development of 356 metres was in line with plan.

White Foil open pit total material movement was 1,387kt, with ore mined at 376kt grading of 1.97g/t gold. Ore was sourced from both Stage 3a and 3b. Initial approvals have been granted and the planning process to transition to open pit mining at Cutters Ridge is progressing well.

A total of 487kt of ore was processed at an average grade of 2.29g/t gold. Plant throughput was above plan at an annualised rate of approximately 2Mtpa (FY19: 1.66Mt).

Work is ongoing to sustain plant throughput above 2.0Mtpa with the capital requirement expected to be minimal. Studies to optimise mining and processing of the 2.5Moz Mineral Resource in the Mungari region are continuing.

1,000	1,002
				885	898
64,117oz	67,878oz	75,807oz	65,080oz
FY19 Q3	FY19 Q4	FY20 Q1	FY20 Q2
		Production gold (oz)			AISC (A$/oz)

1,521	1,242	1,351	1,344


24,966oz	30,457oz	30,738oz	32,751oz
FY19 Q3	FY19 Q4	FY20 Q1	FY20 Q2
		Production gold (oz)		AISC (A$/oz)

Evolution Mining Limited Quarterly Report December 2019

OPERATIONS

Mt Carlton, Queensland (100%)

Mt Rawdon, Queensland (100%)

Mt Carlton produced 9,787oz of payable gold during the quarter comprised of 9,710oz contained in 11,457 dry metric tonnes (dmt) of gold concentrate and 77oz in gold doré (September qtr: 20,877oz production comprised of 17,907oz in concentrate and 2,970oz gold doré).

As a result of the decline in gold production, Mt Carlton's AISC increased to A$2,182/oz (Sep qtr: A$1,301/oz). Mine operating cash flow was A$2.7 million. Sustaining and major capital was A$22.7 million (Sep qtr: A$27.3M).

As outlined in an ASX release on 10 January 2020, recent grade control and resource definition drilling in the V2 open pit returned results identifying that the West and East Lode orebodies are narrowing at shallower levels than previously modelled. This resulted in a geological review and updated interpretation. The review has concluded that the main hydrothermal breccia zone, which constitutes the bulk of the widely developed mineralisation in the V2 pit, is tapering to a series of narrower, high- grade feeder structures at shallower depths. A review of the underground Mineral Resource model brought about by the revised geological interpretation in the open pit has resulted in similar underground geological interpretation.

Underground development continues and stoping is planned to begin in the June 2020 quarter.

Mt Carlton is now expected to deliver FY20 production in the range of 70,000 - 75,000 ounces.

This will have a negative impact on the Mt Carlton FY20 AISC which is now guided to be between A$1,150 - A$1,225 per ounce.

Mt Rawdon produced 20,338oz of gold during the quarter at an AISC of A$1,815/oz (Sep qtr: 19,250oz, A$1,748/oz).

Mine operating cash flow was A$13.9 million. Net mine cash flow of A$9.1 million (Sep qtr: A$8.5M) was generated post sustaining and major capital investment of A$4.8 million.

The western wall stabilisation project outlined in the September 2019 Quarterly Report to remediate an area of the pit impacted by a wall slip is on track with material movements in line with plan.

Costs are expected to reduce as access to higher grade ore in the pit floor is regained during the June 2020 half year with the new western access ramp.

Ore mined was 731kt at an average grade of 0.78g/t gold (Sep qtr: 972kt at 0.68 g/t).

A total of 832kt of ore was processed at an average grade of 0.86g/t gold (Sep qtr: 819kt at 0.83 g/t). Plant recovery was 88.5% and plant utilisation was 95.3%.

1,301

2,182

1,748

1,815

1,316

643

744

1,065

26,116oz

28,232oz

20,877oz

9,787oz

20,124oz

24,404oz

19,250oz

20,338oz

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

Production gold (oz)

AISC (A$/oz)

Production gold (oz)

AISC (A$/oz)

Evolution Mining Limited Quarterly Report December 2019

OPERATIONS

Cracow, Queensland (100%)	Ernest Henry, Queensland
Cracow produced 19,854oz of gold at an AISC of	(Economic interest; 100% gold and 30% copper
production)1
A$1,284/oz (Sep qtr: 21,917oz, AISC A$1,307/oz).

Mine operating cash flow for the quarter was A$23.0 million. Net mine cash flow was A$16.0 million (Sep qtr: A$13.9M), post sustaining capital of A$3.8 million and major capital of A$3.2 million. Net mine cash flow was the second highest on record and the highest since the June 2015 quarter (A$16.5M).

A total of 120kt of ore was mined at an average grade of 5.20g/t gold. Primary ore sources were the Baz, Coronation and Imperial ore bodies.

Improvements in the processing plant focusing on elimination of duplication and optimisation of reagent usage have led to savings of approximately A$120k for the quarter and have reduced plant operating costs by ~$1/t. Recoveries increased to 93.0% (Sep qtr: 90.9%).

Evolution's interest in Ernest Henry delivered 23,080oz of gold and 5,355t of copper at an AISC of negative A$(526)/oz (Sep qtr: 23,378oz Au and 5,028t Cu at A$(414)/oz).

Ore mined was 1,755kt at an average grade of 0.61g/t gold and 1.11% copper. Underground lateral development was 2,172m. Ore processed was 1,730t at an average grade of 0.61g/t gold and 1.11% copper. Gold recovery of 74.3% and copper recovery of 96.2% was achieved with mill utilisation at 90.0%.

Operating cash costs (C1) was negative A$(925)/oz after accounting for copper and silver by-product credits (Sep qtr: A$(726)/oz). Cash operating costs (C1) included by-product credits of A$(2,069)/oz.

Copper sales in the quarter were 5,355t at an average copper price of A$8,824/t.

Operating mine cash flow for the quarter was A$67.2 million representing the gold (A$50.2M) and by-product sales of copper (A$47.3M) and silver (A$0.5M), net of Evolution's contribution to operating costs of A$30.7 million.

Ernest Henry generated a net mine cash flow for Evolution of A$62.7 million, post sustaining capital of A$4.5 million.

Drilling commenced below the 1200mRL with 10 holes completed for 4,400m. Assay results are expected in the March 2020 quarter. Drilling will continue in the 2020 calendar year with over 18,000m planned at a cost of A$2.5 - 3.0 million (Evolution share).

1. All metal production is reported as payable. Ernest Henry mining and processing statistics are in 100% terms while costs represent Evolution's costs and not solely the cost of Ernest Henry's operation

1,310

1,329

1,307

(510)

(414)

(526)

1,284

(644)

18,158oz

18,095oz

21,917oz

19,854oz

22,419oz

25,820oz

23,378oz

23,080oz

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

Production gold (oz)

AISC (A$/oz)

Production gold (oz)

AISC (A$/oz)

Evolution Mining Limited Quarterly Report December 2019

OPERATIONS

Red Lake, Ontario, Canada (100%)

(Acquisition expected to complete late in the March 2020 quarter)

In CY2019 Red Lake was forecast to produce 150,000 - 160,000 ounces of gold at an AISC of approximately US$1,600/oz.

Since November's announcement Evolution has worked closely with the Red Lake team and Newmont to coordinate a seamless transition of ownership and to allow Evolution to commence formulating an interim mine plan as part of reinvigorating the asset. The interim plan will be the starting point for Evolution's turnaround plan with key objectives of maintaining the excellent safety culture, reducing AISC below US$1,000/oz and increasing production to in excess of 200,000 ounces per annum over a three-year timeframe.

Good progress has been made with several key opportunities identified for execution over the next six-months to improve the asset and contribute towards Evolution's investment commitments, including:

Accelerating capital development to at least 1,000m per month while ceasing development in non-core zones of the mine
Finalising plans and ordering new mine equipment to increase capacity and production efficiencies. Equipment is expected to be commissioned in FY21
Potential to decommission two shafts to reduce operating and maintenance costs
Complete major maintenance on Campbell Mill to improve reliability and utilisation
Upgrade oxygen plant and thickener feedwell to reduce processing consumable costs
Commencement of an exploration and geology drilling program of A$10.0 - 15.0 million and up to 5 drill rigs through until June 2020 in areas which provide additional production sources and growth

in resources. Preliminary plans indicate that the program will continue to ramp up in FY21 with additional rigs introduced which will materially step up drilling metres and investment levels

Resource definition drilling will focus on Cochenour and Lower Red Lake in alignment with the proposed mine strategy while exploration will focus on more continuous ore bodies with higher potential for larger resource additions

Further details will be provided on completion of the transaction.

Evolution Mining Limited Quarterly Report December 2019

FINANCIALS

Evolution ended the quarter debt free and with cash at bank of A$170.3 million after repaying all outstanding bank debt of A$275.0 million. The net cash position increased by A$78.6 million from the 30 September 2019 position of A$91.7 million. Commitment of bank debt facilities for completion of the Red Lake acquisition remain in place.

Net mine cash flow for the December 2019 quarter was again solid at A$144.4 million. This was lower than the September 2019 quarter (A$207.4M) due to planned lower volumes at Cowal; lower volumes at Mt Carlton and higher planned major project capital investment at Cowal.

Cowal continued its strong cash generation with net mine cash flow of A$51.9 million after investing A$44.0 million, associated primarily with the Integrated Waste Landform construction, plant expansion, Stage H cutback capital waste stripping and twinning of the water pipeline.

Mt Carlton's net mine cash flow of negative A$20.0 million was due to low gold sales in the quarter, coupled with higher major project capital spend on the development of the underground mine and process plant upgrade. Cash flow delivery in the second half of the financial year, particularly the June 2020 quarter, is expected to significantly improve.

Mungari continued its trend of increased cash generation with A$24.8 million net mine cash flow (Sep qtr: A$16.2M, Jun qtr: A$10.2M). This is attributed to a consistent operating performance from the open pit and underground mines and incrementally increasing plant throughput rates to 2Mtpa to deliver an improved gold production profile.

Ernest Henry, Cracow and Mt. Rawdon's net mine cash flows were in line with the September quarter at A$62.7 million, A$16.0 million and A$9.0 million respectively (Sep qtr: A$66.1M; A$13.9M; and A$8.5M).

During the December quarter, Evolution sold 173,408oz of gold at an average gold price of A$2,091/oz (Sep qtr: 205,188oz at A$2,111/oz). Deliveries into the hedge book totalled 25,000oz at an average price of A$1,684/oz with the remaining 148,408oz of gold was delivered on spot markets at an average price of A$2,160/oz.

Cash flow (A$ Million)

Cowal

Mungari

Mt Carlton

Mt Rawdon

Cracow

Ernest Henry

December 2019 Quarter

September 2019 Quarter

Year to Date December 2019

Mine		Sustaining		Major		Net Mine		Net Mine
Operating							Cash Flow
	Capital		Capital1		Cash flow
Cash flow							YTD



95.9		(1.6)		(42.4)		51.9		141.8

30.4		(3.3)		(2.3)		24.8		41.0

2.7		(3.3)		(19.4)		(20.0)		(7.2)

13.9		(3.5)		(1.3)		9.1		17.6

23.0		(3.8)		(3.2)		16.0		29.9

67.2		(4.5)		0.0		62.7		128.7

233.1		(20.1)		(68.6)		144.4

278.7		(26.9)		(44.4)		207.4

511.8		(47.0)		(113.0)		351.8

1. Major Projects Capital includes 100% of the UG mine development capital

Key capital expenditure items for the quarter included; Cowal's Integrated Waste Landform (A$7.6 million), plant expansion (A$2.2 million), and Stage H Development (A$29.4 million); Mungari's Tails Storage Facility (A$1.7 million) and underground mine development (A$1.3 million); Mt. Carlton's underground mine (A$12.7 million) and open pit capital stripping (A$6.7 million); and Cracow's Tails Storage Facility (A$1.2 million) and underground mine development (A$3.2 million).

FY20 Group capital guidance of A$90.0 - A$130.0 million for sustaining capital and A$195.0 - A$235.0 million for major capital remains unchanged. Sustaining capital is tracking to the bottom end of guidance. Major capital investment is tracking to the top end of the full year guidance, allowing for the Board approval of the underground mine Pre-Feasibility Study at Cowal during the quarter.

Evolution Mining Limited Quarterly Report December 2019

FINANCIALS

Discovery expenditure for the quarter was A$23.5 million (Sep qtr: A$22.3M). This consisted of the investment in the Warraga Exploration Decline at Cowal (A$9.5 million), continued drilling of the GRE underground at Cowal (A$3.2 million), and acquisition costs and preliminary works at the new Crush Creek and Cue projects (A$3.1 million). A total of 52,000 metres were drilled across the group (Sep qtr: 76,766m which includes an adjustment of 1,477m to the reported September metres of 75,319m).

Corporate administration costs of A$7.8 million were consistent with the September quarter (A$7.5M).

The table below highlights the cash flow and movement during the quarter and for the financial year.

Cash flow (A$ Millions)		September 2019		December 2019		December 2019
	Qtr		Qtr		Year to Date



Operating Mine Cash flow		278.7		233.1		511.8

Total Capital		(71.3)		(88.7)		(160.0)

Net Mine Cash flow		207.4		144.4		351.8

Corporate and discovery		(29.8)		(31.3)		(61.1)

Net Interest expense		(1.8)		(1.7)		(3.5)

Dividend received		0.0		2.2		2.2

Working Capital Movement		3.8		(6.1)		(2.4)

Income Tax		(20.9)		(23.7)		(44.6)

Group Cash flow		158.6		83.8		242.4

Dividend payment		(102.1)		0.0		(102.1)

Debt repayment		(25.0)		(275.0)		(300.0)

Acquisitions		0.0		(5.2)		(5.2)

Net Group Cash flow		31.5		(196.4)		(164.9)

Opening Cash Balance 1 July 2019		335.1				335.1

Opening Cash Balance 1 October 2019				366.7		366.7

Closing Group Cash Balance		366.7		170.3		170.3

Evolution's hedge book as at 31 December 2019 was 350,000oz at an average price of A$1,860/oz for quarterly deliveries to June 2023.

Half year financial results

Evolution's financial results for the half year ended 31 December 2019 will be released on 12 February 2020. The following preliminary information is provided in relation to non-cash accounting items which will be included in the results. These items remain subject to audit.

Lease accounting: The adoption of the new lease accounting standard, AASB 116, from 1 July 2019
has resulted in a net expense of A$0.1 million. This is comprised of: Depreciation and Amortisation (D&A) of A$3.3 million and a non-cash unwind of interest expense of A$0.5 million partially offset by a reduction in mine operating costs of A$3.7 million
Discovery expense: Exploration costs of A$17.0 - A$22.0 million are expected to be expensed in the half-year financial results. This includes the expensing of A$15.0 - A$18.0 million associated with the Tennant Creek tenements
As a result of repaying the debt facility during the quarter, approximately A$5.0 to A$7.0 million of non- cash debt facility costs will be expensed in the half-year financial results

Interactive Analyst CentreTM

Evolution's financial and operational information is available to view via the Interactive Analyst CentreTM provided on our website at www.evolutionmining.com.auunder the Investors tab. This useful interactive platform allows users to chart and export Evolution's historical results for further analysis.

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Exploration highlights

Cowal

Drilling at GRE46 and Dalwhinnie continues to confirm and extend the underground resource with several significant intersections including: 38m (30.4m etw) grading 6.64g/t Au and 7m (5.6etw) grading 124.72g/t Au

Mungari

Infill drilling completed at the Boomer prospect 300 metres west of development at Frog's Leg continued to intercept a narrow folded laminated vein with visible gold with a best intersection of 0.78m (0.58m etw) grading 96.71g/t Au
Drilling on the eastern margin of the Kintore tonalite intercepted shear hosted mineralisation north-east of Castle Hill on the Picante Trend including: 31m (30.4m etw) grading 5.37g/t Au

Ernest Henry

Drilling commenced below the 1200mRL with 10 holes completed for 4,400m. Assay results are expected in the March 2020 quarter

Total drilling of 15,879m (resource definition) and 52,000m (discovery) was completed during the quarter. Evolution's exploration tenement holding interests in Australia stands at 8,675 km2

Cowal, New South Wales (100%)

During the December quarter resource definition drilling continued at GRE46 with 22 surface diamond holes (10,432m), and 63 underground diamond holes (14,747m) completed. Regional exploration continued at the Reflector, East Girral and Central Cowal target areas with drilling of 126 aircore holes (13,603m) and six diamond drill holes (2662.5m).

Galway Regal - E46 (GRE46)

Surface drilling continued at GRE46 and Dalwhinnie and have continued to expand the mineralisation footprint beyond the December 2018 resource shapes. Significant new areas of widely developed mineralisation will be included in the December 2019 Mineral Resource update and includes the new 348 zone which was identified by drilling completed in 2019.

Drilling during the quarter intersected mineralisation in the volcaniclastics adjacent to diorite in the current mineral resource in hole 1535DD544B.

Assays from 1535DD544B included:

7m (5.6m etw) grading 124.72g/t from 833m

Follow up drilling around this target continues in the March 2020 quarter.

Significant intercepts were returned down plunge from known mineralisation to the south including:

38m (30.4m etw) grading 6.64g/t from 685m (1535DD545A) including: o 3m (2.4m etw) grading 10.51g/t from 686m; and
o 7m (5.6m etw) grading 24.19g/t from 695m

The underground drilling program targeted mineralisation in the diorite and volcaniclastics adjacent to the Warraga Decline. Significant intercepts included:

25.2m (20.1m etw) grading 9.48g/t from 93.85m (GRUD0044) including: o 12m (9.6m etw) grading 14.99g/t from 97m
6.0m (4.8m etw) grading 41.91g/t from 131m (GRUD0044) including:

1. 1m (0.8m etw) grading 227g/t from 135m; and
1.5m (1.2m etw) grading 192.7g/t from 73.5m (GRUD0053)

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Mapping underground in the area from which the bulk sample was extracted is confirming a number of important geological observations previously identified in diamond drilling. The strong southerly plunge of mineralisation along the GRE46 Dalwhinnie corridor indicates the optimal drill direction to confirm grade continuity in the resource block model is from southeast to northwest. Underground drilling has now relocated to the recently completed eastern drill platforms to accommodate drilling in the north-west direction. Progression from south to north will allow resource conversion drilling to commence in Dalwhinnie. A third underground diamond rig commenced drilling in December 2019.

Figure 1: Long projection of the GRE46 structure looking west showing the location of drilling

completed during the December 2019 quarter

Mungari, Western Australia (100%)

Exploration

A total of 11,035m of drilling was completed across six targets at Mungari (Figure 2). Twenty diamond drill holes were completed at the Boomer prospect, 15 from surface and five from underground for 4,847m. Seven reverse circulation (RC) drill holes were completed on the Picante Trend for 1,886m. One diamond hole was completed at Backflip for 340 m. Eight RC drill holes were completed at Alona Beach for 1,392m. A total of 42 aircore (AC) holes were completed at Grant's Patch for 2,119m while three RC drill holes were completed at White Foil South for 450m.

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Figure 2: Location map of Mungari resource definition and regional projects locations in the December quarter

Boomer

Extensional and infill drill holes at Boomer, located 300m west of Frog's Leg development, continue to intercept a narrow, folded, laminated quartz vein, predominantly dipping 65° towards the south-west, with a shallow southeast plunge. The vein contained visible gold and base metal sulphides. Best intercepts include:

0.78m (0.58m etw) grading 96.71g/t Au from 162.0m (EVDD0061)
0.30m (0.22m etw) grading 73.71g/t Au from 104.3m (EVDD0062)
0.30m (0.28m etw) grading 31.6g/t Au from 156.3m (EVDD0070)
0.48m (0.44m etw) grading 20.6g/t Au from 98.39m (EVDD0075)

Assays are pending for the remaining two holes and further drilling will commence in January 2020. The Boomer access drive has advanced 100m from the Frog's Leg decline and is expected to be in an optimal position from which to commence drilling in the June 2020 quarter. A close spaced pattern of drilling will be completed from the footwall while the access ramp continues to advance towards the Boomer vein. Results of the drilling will inform how to best model the high grade, nuggety mineralisation and will provide a basis upon which reconciliation characteristics can be evaluated against future ore extraction at Boomer. The mineralisation footprint is currently small however the vein occurs on a structural position that remains untested for up to 1km to the north.

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Figure 3: Boomer prospect long section showing location of drilling during the December quarter

Picante Trend

Drilling continued along the Picante Trend approximately 1.5km north of the planned Castle Hill pit. Mineralisation has been intercepted on a sheared contact between the Kintore tonalite and ultramafic rocks. Two diamond holes are planned for January 2020 to gain a better understanding of the structures that control mineralisation and to assist with future drill planning. Best intercepts include:

31.0m (30.4m etw) at 5.37g/t Au from 202m (PICC023)
9.0m (8.9m etw) at 6.99g/t Au from 201m (PICC025)

Results from Picante highlight the existence of small high grade mineralised shoots that potentially yield grade improvements to the overall resource envelope currently being studied at the Castle Hill complex.

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Figure 4: Long section of the Picante Trend looking west showing the location of drilling completed during the

September quarter (Intervals reported at >0.3 g/t with a max dilution of 1m)

Ernest Henry, Queensland

Drilling commenced below the 1200mRL with 10 holes completed for 4,400m. Assay results are expected in the March 2020 quarter. Drilling will continue in CY2020 with over 18,000m planned.

Figure 5: Cross section of Ernest Henry looking east at 1200mRL drill platform

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Greenfields Exploration, Western Australia

Two holes (1,004m) have been completed as part of a preliminary four hole diamond drilling program at the Cue JV (EVN earning 75% from Musgraves Minerals Limited). At the nearby Murchison JV (EVN earning 80% from Enterprise Metals Limited) an aircore program was initiated completing 24 holes (889m). Drilling at both projects will continue in the March quarter.

Crush Creek earn-in agreement, Queensland

In line with the earn-in agreement with Basin Gold Pty Ltd, Evolution expects to commence drilling at Crush Creek (located 30km south of Mt Carlton) during the June 2020 quarter post the wet season. The program will aim to confirm and extend high-grade vein style mineralisation intersected in historic drilling.

Further information on all reported exploration results included in this report is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 presented in Appendix 1 of this report.

Evolution Mining Limited Quarterly Report December 2019

EXPLORATION

Competent person statement

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 the Australasian Institute of Mining and Metallurgy. 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.

Activity

Mungari resource definition and exploration results

Cowal resource definition and exploration results

Competent person

Andrew Engelbrecht

James Biggam

Forward looking statements

This report prepared by Evolution Mining Limited (or "the Company") include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Evolution Mining Limited Quarterly Report December 2019

CORPORATE INFORMATION

ABN 74 084 669 036

Board of Directors

Jake Klein	Executive Chairman
Lawrie Conway	Finance Director and CFO
Tommy McKeith	Lead Independent Director
Jim Askew	Non-executive Director
Jason Attew	Non-executive Director
Andrea Hall	Non-executive Director
Colin (Cobb) Johnstone	Non-executive Director

Company Secretary

Evan Elstein

Investor enquiries

Bryan O'Hara

General Manager Investor Relations

Evolution Mining Limited

Tel:	+61 (0) 2 9696 2900

Media enquiries

Michael Vaughan

Fivemark Partners

Tel:	+61 (0) 422 602 720

Internet address

www.evolutionmining.com.au

Registered and principal office

Level 24, 175 Liverpool Street

Sydney NSW 2000

Tel:	+61 (0)2 9696 2900
Fax:	+61 (0)2 9696 2901

Share register

Link Market Services Limited

Locked Bag A14

Sydney South NSW 1235

Tel:	1300 554 474 (within Australia)
Tel:	+61 (0)2 8280 7111
Fax:	+61 (0)2 9287 0303
Email:	registrars@linkmarketservices.com.au

Stock exchange listing

Evolution Mining Limited shares are listed on the Australian Securities Exchange under code EVN.

Issued share capital

At 31 December 2019 issued share capital was 1,704,322,845 ordinary shares.

Conference call

Jake Klein (Executive Chairman), Lawrie Conway (Finance Director and Chief Financial Officer), Bob Fulker (Chief Operating Officer), Glen Masterman (VP Discovery and Business Development) and Bryan O'Hara (General Manager Investor Relations) will host a conference call to discuss the quarterly results at 11.00am Sydney time on

Wednesday 29 January 2020.

Shareholder - live audio stream

A live audio stream of the conference call will be available on Evolution's website www.evolutionmining.com.au. The audio stream is 'listen only'. The audio stream will also be uploaded to Evolution's website shortly after the conclusion of the call and can be accessed at any time.

Analysts and media - conference call details

Conference call details for analysts and media includes Q

A participation. Please dial in five minutes before the conference starts and provide your name and the participant ID number.

Participant ID number:	4251018
Dial-in numbers:
▪	Phone toll:	+61 (0) 2 8038 5221
▪	Toll-free:	1800 123 296

Interactive Analyst CentreTM

Evolution's financial, operational, resources and reserves information is available to view via the Interactive Analyst

CentreTM provided on our website www.evolutionmining.com.au under the Investors tab. This useful interactive platform allows users to chart and export Evolution's historical results for further analysis.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Drill Hole Information Summary

Cowal

		Hole		Northing		Easting MGA		Elevation	Hole	Dip	Azimuth	From	Interval1	ETW	Au
Hole ID						Length
	Type		MGA (m)		(m)		AHD (m)		MGA	MGA	(m)	(m)	(m)	(g/t)
						(m)


1535DD453D		DD		6,278,516		538,707		203.717	1434.42	-60	280	894	5.00	4.00	3.56

												920	5.00	4.00	2.51

												937	3.00	2.40	3.43

												952	4.00	3.20	4.83

												974	4.00	3.20	2.79

												1,027	2.00	1.60	9.94

												1,068	13.00	10.40	3.07

												1,101	2.00	1.60	6.31

												1,108	3.00	2.40	4.16

												1,135	5.00	4.00	5.39

												1,202	4.00	3.20	3.52

												1,216	3.00	2.40	3.18

												1,294	4.00	3.20	3.43

												1,345	2.00	1.60	6.56

												1,361	3.00	2.40	4.94

												1,429	2.00	1.60	4.66

1535DD453E		DD		6,278,516		538,707		203.717	1304.25	-60	280	945	4.00	3.20	3.82

												979	3.00	2.40	3.27

												1,001	27.00	21.60	3.27

										including	1,003	4.00	3.20	5.32

												1,037	7.00	5.60	3.29

												1,107	3.00	2.40	7.87

												1,123	6.00	4.80	4.24

										including	1,126	3.00	2.40	7.75

												1,169	6.00	4.80	2.72

												1,213	6.00	4.80	4.98

												1,222	5.00	4.00	6.9

1535DD459D		DD		6,278,222		538,692		203.647	1049.2	-60	280	961	3.00	2.40	4.48

1535DD466		DD		6,278,038		538,797		204	467.9	-60	261	245.9	1.10	0.88	34

												292	2.00	1.60	5.19

												302	12.00	9.60	3.59

										including	308	2.90	2.32	7.29

1535DD543		DD		6,277,877		538,510		203.82	712.8	-57	306	177	1.00	0.80	19.5

												695	2.00	1.60	6.58

1535DD543B		DD		6,277,873		538,511		204	954.32	-57	306	667	3.00	2.40	3.55

												692	4.00	3.20	3.06

1535DD544		DD		6,278,183		538,565		208.78	918.26	-57	309	663	2.00	1.60	14.67

												674	2.00	1.60	14.45

												695	6.00	4.80	4.04

												777	1.00	0.80	11.2

												828	6.00	4.80	8.8

1535DD544A		DD		6,278,183		538,565		208.78	813.35	-57	309	633	10.00	8.00	4.84

												690	3.00	2.40	4.62

												744.35	1.65	1.32	19.94

1535DD544B		DD		6,278,183		538,565		208.78	885.3	-57	309	687	5.00	4.00	3.45

												803	6.00	4.80	4.2

												833	7.00	5.60	124.72

1535DD545A		DD		6,277,796		538,509		204.06	788.76	-58	306	685	38.00	30.40	6.64

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

		Hole		Northing		Easting MGA		Elevation	Hole	Dip	Azimuth	From	Interval1	ETW	Au
Hole ID						Length
	Type		MGA (m)		(m)		AHD (m)		MGA	MGA	(m)	(m)	(m)	(g/t)
						(m)


										including	686	3.00	2.40	10.51

											and	695	7.00	5.60	24.19

GRUD0020		DD		6,278,471		538,153		20.07	239.05	16	100	82	3.00	2.40	3.83

												95	4.00	3.20	14.39

GRUD0022		DD		6,278,472		538,153		19.25	185.42	2.5	77	57	3.00	2.40	25.72

												118	6.00	4.80	6.71

												151	4.00	3.20	4.69

GRUD0023		DD		6,278,472		538,153		19.73	230.2	12	73.5	138	1.00	0.80	59.2

GRUD0025		DD		6,278,473		538,152		18.31	203.68	-23	55	93	23.00	18.40	4.69

										including	108	6.00	4.80	7.59

GRUD0026		DD		6,278,474		538,152		17.93	239.75	-33	44	115	1.00	0.80	13.5

											and	184	3.00	2.40	15.01

GRUD0027		DD		6,278,355		538,185		36.69	179.56	-10	102	84	1.00	0.80	13.6

												120	5.30	4.24	7.11

GRUD0029		DD		6,278,356		538,184		38.413	219.7	13.5	77.5	55	3.00	2.40	3.72

												69	1.00	0.80	12.4

GRUD0030		DD		6,278,357		538,184		37.24	197.7	0.5	66	141	5.00	4.00	4.11

GRUD0031		DD		6,278,358		538,184		36.48	219.54	-31	47	86	2.00	1.60	18.8

												105	3.00	2.40	3.41

GRUD0034		DD		6,278,678		538,097		-14.02	325.13	3	70	81	7.00	5.60	3.43

												97	6.00	4.80	3.2

												110	3.00	2.40	4.48

GRUD0037		DD		6,278,676		538,098		-14.07	194.45	2.5	90	144	3.00	2.40	5.38

GRUD0038		DD		6,278,680		538,097		-13.84	221.93	2	62	192	2.00	1.60	6.62

GRUD0039		DD		6,278,680		538,096		-13.93	183	2.5	53	103	15.00	12.00	5.85

GRUD0040		DD		6,278,681		538,097		-13.91	231	2.5	45	128	7.00	5.60	3.19

GRUD0041		DD		6,278,221		538,221		58.92	266.68	3	61	76	3.00	2.40	6.44

												88	5.00	4.00	6.61

GRUD0042		DD		6,278,223		538,221		58.89	179.2	3	50	128	1.29	1.03	11.8

GRUD0043		DD		6,278,223		538,221		58.32	194.7	-15	43.5	27	1.00	0.80	14.7

												123	4.00	3.20	3.3

												136	6.00	4.80	7.57

												152	4.00	3.20	5.56

GRUD0044		DD		6,278,223		538,221		57.9	179.98	-29	51	93.85	25.15	20.12	9.48

										including	97	12.00	9.60	14.99

												131	6.00	4.80	41.91

										including	135	1.00	0.80	227

GRUD0047		DD		6,278,677		538,099		-13.957	214.96	-16	90	61	6.00	4.80	5.23

GRUD0048		DD		6,278,676		538,098		-13.65	229.77	13	100	106	3.00	2.40	3.35

GRUD0049		DD		6,278,678		538,099		-12.642	234.91	15	85	119	5.00	4.00	4.56

GRUD0050		DD		6,278,680		538,097		-13.84	212.53	2.5	37.5	162	7.00	5.60	4.39

GRUD0051		DD		6,278,563		538,130		5.526	226.7	18	92	63	5.00	4.00	5.56

												145	7.67	6.14	6.4

												157	7.00	5.60	5.61

												166	7.00	5.60	2.03

GRUD0053		DD		6,278,678		538,099		-12.229	188.42	21.5	75.5	73.5	1.50	1.20	192.7

												128	8.00	6.40	2.99

												142	1.00	0.80	51.6

GRUD0054		DD		6,278,678		538,099		-13.937	239.81	-15	81	109	3.00	2.40	11.64

GRUD0056		DD		6,278,563		538,129		3.708	198.95	-25	85	61	1.00	0.80	12.1

												76	3.00	2.40	4.7

GRUD0059		DD		6,278,564		538,129		3.685	197.3	-25	74	63	1.00	0.80	14.8

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

		Hole		Northing		Easting MGA		Elevation	Hole	Dip	Azimuth	From	Interval1	ETW	Au
Hole ID						Length
	Type		MGA (m)		(m)		AHD (m)		MGA	MGA	(m)	(m)	(m)	(g/t)
						(m)


												102	2.10	1.68	31.65

GRUD0061		DD		6,278,564		538,129		4.225	182.76	-6	65	20	3.00	2.40	4.07

												67	3.00	2.40	4.99

												74	2.00	1.60	8.35

GRUD0063		DD		6,278,679		538,099		-12.721	200.45	13	62	98	3.00	2.40	3.86

GRUD0064		DD		6,278,678		538,099		-14.103	200.45	-15	70	87	20.00	16.00	1.87

GRUD0065		DD		6,278,565		538,129		4.081	206.63	-10	56.5	121	6.00	4.80	8.61

												164	4.00	3.20	5.71

GRUD0066		DD		6,278,565		538,129		4.28	227.57	-3	46	92	7.00	5.60	6.09

GRUD0067		DD		6,278,564		538,129		5.364	255.4	15	60	65	1.00	0.80	12.5

												89	3.00	2.40	3.29

GRUD0068		DD		6,278,565		538,129		4.707	224.8	5	58	115	1.00	0.80	13

												178	3.00	2.40	3.38

GRUD0069		DD		6,278,778		538,071		-30.66	175.95	16	92.5	67	6.00	4.80	7.88

												130	3.00	2.40	3.57

GRUD0072		DD		6,278,780		538,071		-29.9	175	3	86	78.71	4.29	3.43	4.8

GRUD0073		DD		6,278,780		538,071		-30.59	188.63	-15.5	88	167	1.00	0.80	64.7

GRUD0074		DD		6,278,780		538,071		-30.69	224.71	-7	74	128	6.00	4.80	2.13

GRUD0080		DD		6,278,779		538,071		-30.82	188	10	100	123	6.00	4.80	3.53

1. Drillholes with the prefix GRUD denote that they are underground drill holes

Mungari

		Hole		Northing MGA		Easting MGA		Elevation	Hole	Dip	Azimuth	From	Interval1	ETW	Au
Hole ID						Length
	Type		(m)		(m)		AHD (m)		MGA	MGA	(m)	(m)	(m)	(g/t)
						(m)


PICC023		RC		6610162.19		311710.04		419.55	246.00	-60.73	264.82	202.00	31.00	30.41	5.37

PICC024		RC		6610240.03		311762.59		418.34	300.00	-60.19	271.04	280.00	4.00	3.93	1.91

PICC025		RC		6610280.52		311718.21		417.46	278.00	-60.00	270.00	201.00	9.00	8.86	6.99

												218.00	7.00	6.89	1.58

PICC026		RC		6610338.26		311809.69		418.32	354.00	-60.00	270.00	279.00	1.00	0.98	9.14

PICC027		RC		6610337.68		311729.13		416.75	294.00	-60.00	270.00		No significant intercept

PICC028		RC		6610496.72		311695.70		415.06	252.00	-60.11	272.18	188.00	4.00	3.93	2.32

PICC029		RC		6610500.17		311613.67		414.69	162.00	-60.00	270.00	75.00	3.00	2.95	4.14

EVDD0047		DD		6595224.00		333898.00		343.50	453.90	-65.30	48.00		No significant intercept

EVDD0049		DD		6595101.00		333979.00		345.50	426.60	-61.10	44.40		No significant intercept

EVDD0055		DD		6594929.00		334245.00		341.30	250.00	-54.80	46.00		No significant intercept

EVDD0056		DD		6595009.00		334123.00		343.30	219.90	-60.70	45.40		No significant intercept

EVDD0057		DD		6595137.00		334007.00		344.70	254.50	-60.00	45.00		No significant intercept

EVDD0061		DD		6595507.36		333884.99		338.46	372.40	-66.00	16.60	161.97	0.78	0.58	96.71

EVDD0062		DD		6595578.61		333886.63		337.79	299.20	-70.00	22.00	104.30	0.30	0.22	73.71

EVDD0064		DD		6595544.03		333855.81		337.60	190.14	-55.20	45.90	132.42	0.28	0.25	0.69

EVDD0065		DD		6595539.25		333853.40		337.79	195.70	-59.60	45.00	133.60	1.00	0.87	4.63

EVDD0066		DD		6595486.31		333799.68		338.74	252.70	-49.15	43.53	190.50	0.28	0.26	14.10

EVDD0067		DD		6595483.84		333794.05		338.45	255.10	-52.10	45.00	201.38	1.01	0.93	9.15

EVDD0070		DD		6595493.69		333869.20		337.58	205.00	-53.11	41.98	156.33	0.30	0.28	31.60

EVDD0071		DD		6595490.00		333866.73		337.44	210.60	-56.84	43.89	166.15	0.30	0.27	0.49

EVDD0072		DD		6595472.47		333845.53		337.81	240.00	-58.76	38.44		Assays pending

EVDD0073		DD		6595468.32		333841.40		337.62	245.00	-60.39	43.07	204.08	0.92	0.79	5.23

EVDD0075		DD		6595593.59		333840.61		337.64	145.10	-53.32	43.98	98.39	0.48	0.44	20.60

EVDD0076		DD		6595587.68		333836.35		337.73	150.00	-58.54	45.44	104.50	1.10	0.96	5.14

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

		Hole		Northing MGA		Easting MGA		Elevation	Hole	Dip	Azimuth	From	Interval1	ETW	Au
Hole ID						Length
	Type		(m)		(m)		AHD (m)		MGA	MGA	(m)	(m)	(m)	(g/t)
						(m)


EVDD0077		DD		6595583.20		333832.40		337.68	175.20	-67.23	43.19	118.00	0.70	0.56	2.04

EVDD0078		DD		6595579.86		333829.47		337.74	185.10	-69.96	46.56	126.87	0.20	0.15	3.02

EVDD0079		DD		6595429.06		333876.63		338.34	246.71	-50.69	43.82		No significant intercept

FLRD355		DD		6595610.00		334258.00		132.20	354.50	16.60	245.20	300.50	1.50	0.93	5.32

FLRD356		DD		6595610.00		334259.00		131.00	366.20	6.30	245.30	335.62	0.58	0.42	1.58

FLRD358		DD		6595610.00		334259.00		131.00	402.00	-5.70	245.10	370.38	0.24	0.20	1.87

FLRD359		DD		6595699.00		334164.00		232.90	327.30	-2.20	230.70	267.98	0.73	0.63	0.71

FLRD360		DD		6595699.00		334164.00		233.80	312.00	7.90	231.20	237.40	0.80	0.62	2.93

FLRD361		DD		6595700.00		334163.00		233.90	327.70	4.30	243.10		No significant intercept

FLRD363		DD		6595700.00		334163.00		233.90	345.30	-14.20	243.20	338.00	0.30	0.27	1.12

FLRD371		DD		6595699.00		334164.00		234.50	318.30	-6.50	250.20		No significant intercept

FLRD373		DD		6595699.00		334164.00		234.50	318.30	2.40	253.10	289.00	0.50	0.35	4.39

FLRD375		DD		6595699.00		334164.00		234.50	342.40	-17.87	235.00	331.70	0.30	0.28	3.92

FLRD376		DD		6595699.79		334164.38		234.50	356.89	-1.00	237.00	262.00	0.36	0.30	0.61

FLRD377		DD		6595699.79		334164.38		234.50	321.44	-13.76	248.00		No significant intercept

FLRD378		DD		6595699.79		334164.38		234.50	333.40	-7.30	229.20		Assays Pending

FLRD379		DD		6595699.79		334164.38		234.50	321.48	-12.20	233.60	288.49	0.36	0.33	15.20

FLRD380		DD		6595699.79		334164.38		234.50	270.20	12.06	235.60	240.72	0.78	0.56	2.04

Note: Reported intervals provided in this report are downhole widths as true widths are not currently known. An estimated true width (etw) is provided where available

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal

Cowal Section 1 Sampling Techniques and Data

Criteria

Sampling techniques

Drilling technique

Cowal Section 1 Sampling Techniques and Data

Explanation

Commentary

• Nature and quality of sampling (e.g. cut

•

Holes in

this

report

consist of

conventional diamond core

drilling.

channels,

random

chips,

or specific

• Drill holes were positioned strategically to infill gaps in the

specialised

industry

standard

existing

drill

data

set

and

test

continuity

known

measurement tools

appropriate to

the

lodes/mineralised

structures. Collar and

down hole

surveys

minerals under investigation,

such

were utilised

accurately record

final

locations.

Industry

downhole

gamma

sondes,

handheld

standard

sampling,

assaying and

QA/QC practices

were

XRF instruments, etc.). These examples

applied to all holes.

should not be taken as limiting the broad

• Prior to 2018 drill core was halved with a diamond saw in 1 m

meaning of sampling.

intervals, irrespective of

geological

contacts.

Since

2018

• Include reference to measures taken to

Sampling to lithological contacts has been implemented. Oxide

ensure sample representation and the

material that was too soft and friable to be cut with a diamond

appropriate

calibration

any

saw was split with a chisel. Core was cut to preserve the bottom

measurement tools or systems used.

of hole orientation mark and the top half of core sent for analysis

• Aspects of the determination of

to ensure no bias is introduced. RC samples were collected

mineralisation that are material to the

directly from a splitter at the drill rig.

Public Report.

• Sample preparation was conducted by SGS West Wyalong and

•

In cases

where

'industry

standard'

ALS Orange. Sample preparation consisted of:

• Drying in the oven at 105ºC; crushing in a jaw crusher; fine

work has been completed this would be

crushing in a Boyd crusher to 2-3mm; rotary splitting a 3kg

relatively

simple

(e.g.

'reverse

assay sub-sample if the sample is too large for the LM5 mill;

circulation drilling was used to obtain 1

pulverising in the LM5 mill to nominal; 90% passing 75 µm; and

samples

from

which

was

a 50g fire assay charge was taken with an atomic absorption

pulverised to produce a 30 g charge for

(AA) finish. The detection limit was 0.01 g/t Au.

fire assay'). In other cases, more

explanation may be required, such as

where there is coarse gold that has

inherent sampling problems, or unusual

commodities/mineralisation

types

(e.g.

submarine nodules).

• Drill type (e.g. core, reverse circulation,

•

Diamond drill

holes

were

drilled HQ diameter

through the

clay/oxide and NQ diameter through the primary rock to end of

open-hole

hammer,

rotary

air

blast,

hole.

auger, Bangka, sonic, etc.) and details

• All core in this report has been drilled since 2009 and has been

(e.g. core diameter,

triple

standard

oriented using accepted industry techniques at the time.

tube, depth of diamond tails, face-

sampling bit or other type, whether core

is oriented and if so, by what method,

etc.).

Drill sample recovery • Method of recording and assessing core and chip sample recoveries and resultsassessed.

Measures taken to maximise sample recovery and ensure representativenature of the samples.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarsematerial.

Provisions are made in the drilling contract to ensure that hole deviation is minimised, and core sample recovery is maximised. Core recovery is recorded in the database. There are no significant core loss or sample recovery issues. Core is reoriented and marked up at 1m intervals. Measurements of recovered core are made and reconciled to the driller's depth blocks, and if necessary, to the driller's rod counts.
There is very no apparent relationship between core-loss and grade.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal Section 1 Sampling Techniques and Data

Criteria

Explanation

Commentary

• Logging

• Whether core and chip samples have

•

Geologists log core

for lithology, alteration, structure, and

veining. Logging was done directly onto laptop computers via

been

geologically

and

geotechnically

LogChief software which is validated and uploaded directly into

logged

to a

level

detail

to support

the Datashed database.

appropriate Mineral Resource estimation,

• The Cowal logging system allows recording of both a primary

mining studies and metallurgical studies.

and a secondary lithology and alteration. Geologists also record

• Whether

logging

qualitative

the colour, texture, grain size, sorting, rounding, fabric, and

fabric intensity characterising each lithological interval.

quantitative in nature. Core (or costean,

• The logged structures include faults, shears, breccias, major

channel etc.) photography.

veins, lithological contacts, and intrusive contacts. Structures

The total length and percentage of the

are also recorded as point data to accommodate orientation

relevant intersections logged.

measurements.

• Structural measurements are obtained using a core orientation

device. Core is rotated into its original orientation, using the

Gyro survey data as a guide. Freiberg compasses and

Kenometer Core Orientation tools are used for structural

measurements.

• Geologists log vein

data including vein frequency, vein

percentage of interval, vein type, composition, sulphide

percentage per metre, visible gold, sulphide type, and

comments relative to each metre logged.

•

Geotechnical logging is done by field technicians and

geologists. Logging is on a per metre basis and includes

percentage core recovery, percentage RQD, fracture count, and

an estimate of hardness. The geotechnical data is entered into

the database.

• All drill core, once logged, is digitally photographed on a core

tray-by-tray basis. The digital image captures all metre marks,

the orientation line (BOH) and geologist's lithology, alteration,

mineralogy, and other pertinent demarcations. The geologists

highlight geologically significant features such that they can be

clearly referenced in the digital images.

Sub-sampling

• If core, whether cut

sawn

and

•

Diamond Core is cut with a diamond saw or chisel. Core is cut

whether quarter, half or all core taken.

to preserve the bottom of hole orientation mark and the top half

techniques and

• If non-core, whether riffled, tube

of core is always sent for analysis to ensure no bias is

sample preparation

sampled, rotary split, etc. and whether

introduced.

sampled wet or dry.

•

In 2003 Analytical Solutions Ltd conducted a Review of Sample

For all sample types, the nature, qualityPreparation, Assay and Quality Control Procedures for Cowal
and appropriateness of the sampleGold Project. This study, combined with respective operating

preparation technique.		company policy and standards (North Ltd, Homestake, Barrick
• Quality control procedures adopted for		and Evolution) formed the framework for the sampling, assaying
all sub-sampling stages to maximise		and QAQC protocols used at Cowal to ensure appropriate and
representivity of samples.		representative sampling.
• Measures taken to ensure that the		• Results per interval are reviewed for half core samples and if
sampling is representative of the in-situ		unexpected or anomalous assays are returned an additional
material collected, including for instance		quarter core may be submitted for assay.
results for field duplicate/second-half
sampling.

Whether sample sizes are appropriate to the grain size of the material beingsampled.

Quality of assay data	• The nature, quality and appropriateness		• SGS West Wyalong and ALS Orange are utilised as primary
	sources of analytical information. Round robin checks are
and laboratory tests	of the	assaying	and	laboratory
	completed regularly between the two laboratories. Both labs
	procedures used	and whether	the
		operate to international standards and procedures and take part
	technique is considered partial or total.
		in the Geostatistical Round Robin inter-laboratory test survey.

	• For geophysical tools, spectrometers,		The Cowal QA/QC program comprises blanks, Certified
		Reference Material (CRM), inter-laboratory duplicate checks,
	handheld	XRF instruments	etc.	the
		and grind checks.
	parameters	used in determining	the
		• 1 in 30 fine crush residue samples has an assay duplicate. 1 in
	analysis including instrument make and
		20 pulp residue samples has an assay duplicate.
	model, reading times, calibrations factors
		• Wet screen grind checks are performed on 1 in 20 pulp residue
	applied and their derivation, etc.
			samples. A blank is submitted 1 in every 38 samples, CRM's

Nature of quality control proceduresare submitted 1 in every 20 samples. The frequency of repeat

adopted	(e.g. standards,	blanks,		assays is set at 1 in 30 samples.
duplicates,	external laboratory	checks)		• All sample numbers, including standards and duplicates, are

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal Section 1 Sampling Techniques and Data

Criteria

Explanation

Commentary

and whether acceptable levels of

pre-assigned by a QA/QC Administrator and given to the

accuracy (i.e. lack of bias) and precision

sampler on a sample sheet. The QA/QC Administrator monitors

have been established.

the assay results for non-compliance and requests action when

necessary. Batches with CRM's that are outside the ±2SD

acceptance criteria are reviewed and re-assayed if definitive

bias is determined or if re-assay will make a material difference.

• Material

used

for blanks is

uncertified,

sourced locally,

comprising fine river gravel which has been determined to be

below detection limit. A single blank is submitted every 38

samples. Results are reviewed by the QA/QC Administrator

upon receipt for non-compliances. Any assay value greater than

0.1 g/t Au will result in a notice to the laboratory. Blank assays

above 0.20 g/t Au result in re-assay of the entire batch. The

duplicate assays (Au2) are taken by the laboratory during the

subsampling at the crushing and pulverisation stages. The

results were analysed using scatter plots and relative

percentage difference (RPD) plots. Repeat assays represent

approx. 10% of total samples assayed. Typically, there is a large

variance at the lower grades which is common for low grade

gold deposits, however, the variance decreases to less than

10% for grades above 0.40 g/t Au, which is the cut-off grade

used at Cowal.

• Approximately

5% of the pulps, representing a range of

expected grades, are submitted to an umpire assay laboratory

(ALS Orange) to check for repeatability and precision. Analysis

of the data shows that the Principal Laboratory is performing to

an acceptable level.

Verification of

• The verification

of significant

• No dedicated twinning drilling has been conducted for this drill

program.

sampling and

intersections by either

independent or

•

Cowal uses DataShed software system

to maintain the

assaying

alternative company personnel.

database. Digital assay results are loaded directly into the

• The use of twinned holes.

database. The software performs verification checks including

checking

for

missing sample

numbers,

matching sample

Documentation of primary data, datanumbers, changes in sampling codes, inconsistent "from-to"
entry procedures, data verification andentries, and missing fields. Results are not entered into the
data storage (physical and electronic)database until the QA/QC Administrator approves of the results.

protocols.

A QA/QC report is completed for each drill hole and filed with

• Discuss any adjustment to assay data

the log, assay sheet, and other appropriate data. Only the

Senior Project Geologist and Database Manager have

administrator rights to the database. Others can use and sort

the database but not save or delete data.

Location of data

• Accuracy and quality of surveys used to

• All drill hole collars were surveyed using high definition DGPS.

All drill holes were surveyed using a downhole survey camera.

points

locate drillholes (collar

and downhole

The first survey reading was taken near the collar to determine

surveys),

trenches,

mine

workings

and

accurate set up and then at regular intervals downhole.

other locations used in Mineral Resource

• On completion of each angled drill hole, a down hole gyroscopic

estimation.

(Gyro) survey was conducted. The Gyro tool was referenced to

• Specification of the grid system used.

•

the accurate surface surveyed position of each hole collar.

The Gyro results were entered into the drill hole database

• Quality and adequacy of topographic

without conversion or smoothing.

control.

•

An aerial survey was flown during 2003 by AAM Hatch. This

digital data has been combined with surveyed drill hole collar

positions and other features (tracks, lake shoreline) to create a

digital terrain model (DTM). The survey was last updated in late

2014.

• In 2004, Cowal implemented a new mine grid system with the

assistance of AAM Hatch. The current mine grid system covers

all areas within the ML and ELs at Cowal with six digits.

Data spacing and

• Data

spacing

for

reporting

•

The exploration drillholes reported in this report are targeted to

Exploration Results.

test for continuity of mineralisation as interpreted from previous

distribution

• Whether the data spacing and

drilling. It is not yet known whether this drilling is testing the full

distribution is sufficient to establish the

extent of the mineralised geological zones. All drilling prior to

degree of geological and grade continuity

2018 is sampled at 1 m intervals down hole. Lithological based

appropriate for the Mineral Resource and

sampling was implemented in 2018 with a maximum sample

Ore Reserve estimation procedure(s) and

length of 1m and a minimum sample length of 0.3m to avoid

classifications applied.

sampling across geological boundaries.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal Section 1 Sampling Techniques and Data

Criteria	Explanation	Commentary

Whether sample compositing has beenapplied.

Orientation of data in	• Whether the orientation of sampling			• Diamond holes were positioned to optimise intersection angles
relation to geological	achieves unbiased sampling of possible			of the target area. In respect of the drilling at E41W drilling is
structure	structures and the extent to which this is			targeted to drill at right angles to the dominant vein direction
	known, considering the deposit type.			however the extent of the vein package is currently unknown.
	• If the relationship between the drilling			• The Drilling at Galway Regal is oriented perpendicular to the
	orientation and the orientation of key			known mineralised package.
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample security	• The measures taken to ensure sample			• Drill contractors are issued with drill instructions by an Evolution
		geologist. The sheet provides drill hole names, details, sample
	security.
			requirements, and depths for each drill hole. Drill hole sample

				bags are pre-numbered. The drill holes are sampled by
				Evolution personnel who prepare sample submission sheets.
				The submission sheet is then emailed to the laboratory with a
				unique submission number assigned. This then allows
				individual drill holes to be tracked.
				• An SGS West Wyalong (SGS) representative collects the
				samples from site twice daily, however, if samples are being
				sent to another laboratory a local freight company is used to
				collect the samples from site and deliver them to the laboratory.
				Upon arrival, the laboratory sorts each crate and compares the
				received samples with the supplied submission sheet. The
				laboratory assigns a unique batch number and dispatches a
				reconciliation sheet for each submission via email. The
				reconciliation sheet is checked, and any issues addressed. The
				new batch name and dispatch information is entered into the
				tracking sheet. The laboratory processes each batch separately
				and tracks all samples through the laboratory utilising the LIMS
				system. Upon completion, the laboratory emails Standard
				Industry Format (SIF) files with the results for each batch to
				Evolution personnel.
				• The assay batch files are checked against the tracking
				spreadsheet and processed. The drill plan is marked off
				showing completed drill holes. Any sample or QA/QC issues
				with the results are tracked and resolved with the laboratory.
• Audits or reviews	• The results of any audits or reviews of			• QA/QC Audits of the Primary SGS West Wyalong Laboratory
		are carried out on an approximately quarterly basis and for the
	sampling techniques and data.
			Umpire ASL Orange Laboratory approximately on a six-monthly

				basis. Any issues are noted and agreed remedial actions
				assigned and dated for completion.
				• Numerous internal audits of the database and systems have
				been undertaken by site geologists and company technical
				groups from North Ltd, Homestake, Barrick and Evolution.
				External audits were conducted in 2003 by RMI and QCS Ltd.
				and in 2011 and 2014 review and validation was conducted by
				RPA. MiningOne conducted a review of the Cowal Database in
				2016 as part of the peer review process for the Stage H
				Feasibility Study. Recent audits have found no significant issues
				with data management systems or data quality.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal Section 2 Reporting of Exploration Results

Criteria			Explanation						Commentary

Mineral tenement and		• Type, reference name/number, location			•	The Cowal Mine is located on the western side of Lake
	and ownership including agreements or				Cowal in central New South Wales, approximately 38 km
land tenure status
	material issues with third parties such as				north of West Wyalong and 350 km west of Sydney. Drilling

		joint ventures, partnerships, overriding				documented in this report was undertaken on ML1535. This
		royalties, native title interests, historical				Lease is wholly owned by Evolution Mining Ltd. and CGO
		sites, wilderness or national park and				has all required operational, environmental and heritage
		environmental settings.						permits and approvals for the work conducted on the Lease.
		• The security of the tenure held at the				There are not any other known significant factors or risks
		time of reporting along with any known				that may affect access, title, or the right or ability to perform
		impediments to obtaining a licence to				further work programs on the Lease.
		operate in the area.
Exploration done by		•	Acknowledgment and	appraisal	of			• The Cowal region has been subject to various exploration and
				drilling programs by GeoPeko, North Ltd., Rio Tinto Ltd.,
other parties		exploration by other parties.
						Homestake and Barrick.


Geology		•	Deposit type, geological	setting	and			• The Cowal gold deposits (E41, E42, E46, Galway and Regal)
				occur within the 40 km long by 15 km wide Ordovician Lake
		style of mineralisation.
							Cowal Volcanic Complex, east of the Gilmore Fault Zone

									within the eastern portion of the Lachlan Fold Belt. There is
									sparse outcrop across the Lake Cowal Volcanic Complex
									and, as a consequence, the regional geology has largely
									been defined by interpretation of regional aeromagnetic and
									exploration drilling programs.
								• The Lake Cowal Volcanic Complex contains potassium rich
									calc-alkaline to shoshonitic high level intrusive complexes,
									thick trachyandesitic volcanics, and volcaniclastic sediment
									piles.
								•	The gold deposits at Cowal are structurally hosted,
									epithermal to mesothermal gold deposits occurring within and
									marginal to a 230 m thick dioritic to gabbroic sill intruding
									trachy-andesitic volcaniclastic rocks and lavas.
								• The overall structure of the gold deposits is complex but in
									general consists of a faulted antiform that plunges shallowly
									to the north-northeast. The deposits are aligned along a
									north-south orientated corridor with bounding faults, the
									Booberoi Fault on the western side and the Reflector Fault on
									the eastern side (the Gold Corridor).
Drill hole Information		• A summary of all information material to			•	Drill hole information is provided in the Drill Hole Information
		the understanding of the exploration				Summary presented in the Appendix of this report.
		results including a tabulation of the
		following information for all Material
		drillholes:

easting and northing of the drillhole collar
elevation or RL of the drillhole collar
dip and azimuth of the hole
downhole length and interception depth
hole length.

Data aggregation		• In reporting Exploration	Results,		• Significant intercepts have nominally been calculated based
	weighting	averaging	techniques,		on a minimum interval length of 3m, max internal dilution of
methods
	maximum	and/or minimum	grade		5m and a minimum grade of 0.4g/t Au. However, some

		truncations (e.g. cutting of high grades)		intervals with sizable Au grades may be reported individually
		and cut-off grades are usually material		if appropriate. Au Grades are reported un-cut.
		and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should beshown in detail.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Cowal Section 2 Reporting of Exploration Results

Criteria			Explanation			Commentary

		• The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.

Relationship between		•	These relationships are particularly			• Mineralisation within the drilling area is bounded by large
	important in the reporting of Exploration			north-south trending structures, however it has strong
mineralisation widths
	Results.			internally oblique structural controls. Drill holes are typically
and intercept lengths
	• If the geometry of the mineralisation with			oriented to optimise the angle of intercept at the target

		respect to the drill hole angle is known, its			location. All significant intercepts are reported as down hole
		nature should be reported.			intervals unless labelled as Estimated True Widths (etw).
		• If it is not known and only the downhole
		lengths are reported, there should be a
		clear statement to this effect (e.g.
		'downhole length, true width not known')
Diagrams		•	Appropriate maps and sections (with			• Drill hole location plans for reported drilling at Cowal is
			provided below. A representative section is provided.
		scales) and tabulations of intercepts

		should be included for any significant
		discovery being reported. These should
		include, but not be limited to a plan view
		of drill hole

						Drill hole location plan

Balanced reporting	• Where comprehensive reporting of all		•	Significant intercepts reported are only those areas where
		mineralisation was identified.
	Exploration	Results	is not	practicable,
		• These assay results have not been previously reported.
	representative reporting of both low and
		•	All earlier significant assay results have been reported in
	high	grades	and/or	widths should be
			previous ASX announcements.
	practiced to avoid misleading reporting of		•
		The intercepts reported for this period form part of a larger
	Exploration Results
					drill program that was still in progress at the time of writing.

						Remaining holes are awaiting logging, processing and
						assays and future significant results will be published as
						appropriate.
Other substantive	• Other exploration	data, if meaningful		•	No other substantive data was collected during the report
		period.
exploration data	and material, should be reported including

	(but	not	limited	to):	geological

	observations; geophysical survey results;
	geochemical survey results; bulk samples

size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious orcontaminating substances.

Further work	• The nature and scale of planned further	• Results from these programs will be incorporated into current
	work (e.g. tests for lateral extensions or	models and interpretations and further work will be
	depth extensions or largescale step-out	determined based on the outcomes.
	drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information isnot commercially sensitive.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari

Mungari Section 1 Sampling Techniques and Data

Criteria

Explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g.

•

Sampling of gold mineralisation at Mungari was undertaken

cut channels, random chips, or

using diamond core (surface) and reverse circulation (RC) drill

specific specialised industry standard

•

chips.

measurement tools appropriate to the

All drill samples were logged prior to sampling. Diamond drill

minerals under investigation, such as

core was sampled to lithological, alteration and mineralisation

downhole gamma sondes, handheld

related contacts, whilst RC samples were collected at 1m

XRF instruments, etc). These

downhole intervals. Sampling was carried out according to

examples should not be taken as

Evolution protocols and QAQC procedures which comply with

limiting the broad meaning of

industry best practice. All drill-hole collars were surveyed using

sampling.

a total station theodolite or total GPS.

• Include reference to measures taken

•

The sampling and assaying methods are appropriate for the

to ensure sample representation and

orogenic mineralised system and are representative for the

the appropriate calibration of any

mineralisation style. The sampling and assaying suitability was

measurement tools or systems used.

validated using Evolution's QAQC protocol and no instruments

• Aspects of the determination of

or tools requiring calibration were used as part of the sampling

mineralisation that are material to the

•

process.

Public Report.

RC drilling was sampled to obtain 1m samples using an

• In cases where 'industry standard'

oscillating cone splitter from which 3 to 5 kg was crushed and

work has been completed this would

pulverised to produce a 30g to 50g subsample for fire assay.

be relatively simple (e.g. 'reverse

Diamond drillcore sample intervals were based on geology to

circulation drilling was used to obtain 1

ensure a representative sample, with lengths ranging from 0.2

m samples from which 3 kg was

to 1.2m. Surface diamond drilling was half core sampled. All

pulverised to produce a 30 g charge

diamond core samples were dried, crushed and pulverised (total

for fire assay'). In other cases, more

preparation) to produce a 30g to 50g charge for fire assay of Au.

explanation may be required, such as

A suite of multi elements are determined using four-acid digest

where there is coarse gold that has

with ICP/MS and/or an ICP/AES finish for some sample

inherent

sampling

problems, or

intervals.

unusual

commodities/mineralisation

types (e.g. submarine nodules).

Drilling techniques

• Drill

type

(e.g.

core, reverse

•

RC sampling was completed using a 4.5" to 5.5" diameter face

circulation, open-hole hammer, rotary

sampling hammer. Diamond holes from surface were

air blast, auger, Bangka, sonic, etc.)

predominantly wireline NQ2 (50.5mm) or HQ (63.5mm) holes.

and details (e.g. core diameter, triple or

•

All diamond core from surface core was orientated using the

standard tube, depth of diamond tails,

reflex (act II or ezi-ori) tool.

face-sampling bit or other type, whether

core is oriented and if so, by what

method, etc.).

Drill sample recovery

• Method of recording and assessing

• RC drilling sample weights were recorded for selected sample

intervals and monitored for fluctuations against the expected

core and chip sample recoveries and

sample weight. If samples were below the expected weight,

results assessed.

feedback was given promptly to the RC driller to modify drilling

• Measures taken to maximise sample

•

practices to achieve the expected weights.

All diamond core was orientated and

measured during

recovery

and

ensure

representative

processing and the recovery recorded

into the drill-hole

nature of the samples.

database. The core was reconstructed into continuous runs on

• Whether a relationship exists

a cradle for orientation marking. Hole depths were checked

between sample recovery and grade

•

against the driller's core blocks.

and whether sample bias may have

Inconsistencies between the logging and the driller's core depth

occurred due to preferential loss/gain of

measurement blocks are investigated. Core recovery has been

fine/coarse material.

acceptable. Surface drilling recoveries were generally excellent

with the exception of oxide zones however these rarely fell

below 90%.

•

Measures taken to maximise sample recovery include

instructions to drillers to slow down drilling rates or reduce the

coring run length in less competent ground.

• Analysis of drill sample bias and loss/gain was undertaken with

the Overall Mine Reconciliation performance where available.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari Section 1 Sampling Techniques and Data

Criteria

Logging

Sub-sampling techniques and sample preparation

Explanation

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean,channel etc.) photography.
The total length and percentage of therelevant intersections logged.
If core, whether cut or sawn andwhether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc and whethersampled wet or dry.
For all sample types, the nature, quality and appropriateness of thesample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximiserepresentivity of samples.
Measures taken to ensure that the sampling is representative of the in-situ material collected, including for
instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of thematerial being sampled.

Commentary

RC drill chips and diamond core have been geologically logged to the level of detail required for the Mineral Resource estimation, mining studies and metallurgical studies.
All logging is both qualitative and quantitative in nature recording features such as structural data, RQD, sample recovery, lithology, mineralogy, alteration, mineralisation types, vein density, oxidation state, weathering, colour etc. All holes are photographed wet.
All RC and diamond holes were logged in entirety from collar to end of hole.
Most diamond core drilled from surface was half core sampled and the remaining half was retained. In the oxide zone, where cutting can wash away samples, some surface holes were full core sampled.
All RC samples were split by a cone or a riffle splitter and collected into a sequenced calico bag. Any wet samples that could not be riffle split were dried then riffle split.
Sample preparation of RC and diamond samples was undertaken by external laboratories according to the sample preparation and assaying protocol established to maximise the representation of the Mungari mineralisation. Laboratories performance was monitored as part of Evolution's QAQC procedure. Laboratory inspections were undertaken to monitor the laboratories compliance to the Mungari sampling and sample preparation protocol.
The sample and size (2.5kg to 4kg) relative to the particle size (>85% passing 75um) of the material sampled is a commonly utilised practice for effective sample representation for gold deposits within the Eastern Goldfields of Western Australia.
Quality control procedures adopted to maximise sample representation for all sub-sampling stages include the collection of field and laboratory duplicates and the insertion of certified reference material as assay standards (1 in 20) and the insertion of blank samples (1 in 20) or at the geologist's discretion. Coarse blank material is routinely submitted for assay and is inserted into each mineralised zone where possible. The quality control performance was monitored as part of Evolution's QAQC procedure.
The sample preparation has been conducted by commercial laboratories. All samples are oven dried (between 85°C and 105°C), jaw crushed to nominal <3mm and if required split by a rotary splitter device to a maximum sample weight of 3.5kg as required. The primary sample is then pulverised in a one stage process, using a LM5 pulveriser, to a particle size of >85% passing 75um. Approximately 200g of the primary sample is extracted by spatula to a numbered paper pulp bag that is used for a 50g fire assay charge. The pulp is retained and the bulk residue is disposed of after two months.
Boomer diamond samples with visible gold have four 40g charges extracted from the parent pulp sample bag and fire assayed with the average used for final reporting.
Measures taken to ensure sample representation include the collection of field duplicates during RC drilling at a frequency rate of 5%. Duplicate samples for both RC chips and diamond core are collected during the sample preparation pulverisation stage. A comparison of the duplicate sample vs. the primary sample assay result was undertaken as part of Evolution's
QAQC protocol. It is considered that all sub-sampling and lab preparations are consistent with other laboratories in Australia and are satisfactory for the intended purpose.
The sample sizes are considered appropriate and in line with industry standards.

Evolution Mining Limited Quarterly Report December 2019	31

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari Section 1 Sampling Techniques and Data

Criteria

Quality of assay data and laboratory tests

Verification of sampling and assaying

Location of data points

Data spacing and distribution

Explanation

Commentary

•

The

nature,

quality

and

•

The

sampling

preparation and

assaying

protocol

used

Mungari was developed to ensure the quality and suitability of

appropriateness

of the

assaying

and

the

assaying

and laboratory

procedures

relative

the

laboratory

procedures

used

and

mineralisation types.

whether

the technique

considered

• Fire assay is designed to measure the total gold within a

partial or total.

sample. Fire assay has been confirmed as a suitable technique

• For geophysical tools, spectrometers,

for orogenic type mineralisation. It has been extensively used

throughout

the

Goldfields region. Screen

fire assay and

handheld

XRF

instruments

etc.

the

LeachWELL / bottle roll analysis techniques have also been

parameters used in determining

the

used to validate the fire assay techniques.

analysis including instrument make and

• The technique utilised a 30g, 40g or 50g sample charge with a

model,

reading

times,

calibrations

lead flux, which is decomposed in a furnace with the prill being

factors applied and their derivation, etc.

totally digested by 2 acids (HCI and HN03) before the gold

• Nature of quality control procedures

content is determined by an AAS machine.

adopted (eg standards, blanks,

•

No geophysical tools or other remote sensing instruments were

duplicates, external laboratory checks)

utilised for reporting or interpretation of gold mineralisation.

and

whether acceptable

levels

•

Quality control samples were routinely inserted into the

accuracy (i.e. lack of bias) and

sampling sequence and were also inserted either inside or

precision have been established.

around the expected zones of mineralisation. The intent of the

procedure for reviewing the performance of certified standard

reference material is to examine for any erroneous results (a

result outside of the expected statistically derived tolerance

limits) and to validate if required; the acceptable levels of

accuracy and precision for all stages of the sampling and

analytical process. Typically, batches which fail quality control

checks are re-analysed.

•

The

verification

significant

•

Independent internal

or external verification

of significant

intercepts is not routinely completed. The quality control / quality

intersections by either independent or

assurance

(QAQC)

process

ensures

the

intercepts

are

alternative company personnel.

representative for the orogenic gold systems. Half core and

• The use of twinned holes.

sample pulps are retained at Mungari if further verification is

required.

• Documentation of primary data, data

•

The twinning of holes is not a common practice undertaken at

entry procedures, data verification and

Mungari. The face sample and drill hole data with the mill

data storage (physical and electronic)

reconciliation data is of sufficient density to validate

protocols.

neighbouring samples. Data which is inconsistent with the

• Discuss any adjustment to assay data

known geology

undergoes further verification

to ensure

its

quality.

• All sample and assay information is stored utilising the acQuire

database software system. Data undergoes QAQC validation

prior to being accepted and loaded into the database. Assay

results are merged when received electronically from the

laboratory. The geologist reviews the database checking for the

correct merging of results and that all data has been received

and entered. Any adjustments to this data are recorded

permanently in the database. Historical paper records (where

available) are retained in the exploration and mining offices.

• No adjustments or calibrations have been made to the final

assay data reported by the laboratory.

• Accuracy and quality of surveys used

•

All

surface

drill holes at Mungari have

been surveyed

for

easting, northing and reduced level. Recent data is collected

to locate drillholes (collar and downhole

and stored in MGA 94 Zone 51 and AHD.

surveys), trenches, mine workings and

• Resource drill hole collar positions are surveyed by the site-

other locations

used

Mineral

based survey department or

contract surveyors (utilising a

Resource estimation.

differential GPS or conventional surveying techniques, with

• Specification of the grid system used.

reference to a known base station) with a precision of less than

0.2m variability.

• Quality and adequacy of topographic

•

Topographic control was generated from aerial surveys and

control.

detailed Lidar surveys to 0.2m accuracy.

• Data spacing for reporting

•

The nominal drill spacing for Exploration drilling is 80m x 80m

Exploration Results.

or wider and for Resource Definition is 40m x 40m or in some

• Whether the data spacing and

areas 20m x 20m. This spacing includes data that has been

distribution is sufficient to establish the

•

verified from previous exploration activities on the project.

degree of geological and grade

Data spacing and distribution is considered sufficient for

continuity appropriate for the Mineral

establishing geological continuity and grade variability

Resource and Ore Reserve estimation

appropriate for classifying a Mineral Resource.

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari Section 1 Sampling Techniques and Data

Criteria

Explanation

Commentary

procedure(s)

and

classifications

• Sample compositing was not applied due to the often-narrow

applied.

mineralised zones.

• Whether sample compositing has

been applied.

Orientation of data in

• Whether the orientation of sampling

•

Mineralisation

at Boomer is

hosted

within a steeply dipping

NNW-SSE

structure that is

vertical

or dipping steeply (~70

relation to geological

achieves

unbiased

sampling

degrees) to the west. Surface and underground drilling intersect

structure

possible structures

and the extent to

the mineralisation at an angle to minimise bias.

which

this

known,

considering

the

•

Drilling along

the

Picante Trend is

planned to intersect

the

deposit type.

structure in an orientation that does not introduce sample bias.

• If the relationship between the drilling

• Surface holes typically intersect at an angle to the mineralisation

and there

observed

bias

associated with drilling

orientation and the

orientation of key

orientation.

mineralised structures is considered to

• The relationship

between

the drilling orientation and the

have introduced a sampling bias, this

orientation of key mineralised structures at Mungari is not

should be assessed and reported if

considered to have introduced a sampling bias and is not

material.

considered to be material.

• Resource Definition and Exploration drilling is typically planned

to intersect ore domains in an orientation that does not introduce

sample bias. A small number of holes are drilled at sub-optimal

orientations to test for alternate geological interpretations.

Sample security

• The

measures

taken to ensure

• Chain of custody protocols to ensure the security of samples are

followed. Prior to submission samples are retained on site and

sample security.

access to the samples is restricted. Collected samples are

dropped off at the respective commercial laboratories in

Kalgoorlie. The laboratories are contained within

secured/fenced compound. Access into the laboratory is

restricted and movements of personnel and the samples are

tracked under supervision of the laboratory staff. During some

drill campaigns some samples are collected directly from site by

the commercial laboratory. While various laboratories have

been used, the chain of custody and sample security protocols

have remained similar.

Audits or reviews

• The results of any audits or reviews

•

Optiro completed an audit

for

the

2018 Mineral Resources

update, with no material issues identified.

of sampling techniques and data.

• The Mungari geology and drilling database was reviewed by

acQuire in December 2015 and no material issues were

identified.

• Oscillating cone splitter has been in use for RC sampling at all

prospects. Data collected has returned more consistent

duplicate sample weights than a standard static cone splitter.

Mungari Section 2 Reporting of Exploration Results

Criteria

Explanation

Commentary

Mineral tenement and

•

Type,

reference name/number,

•

Resource Definition drilling

was undertaken on the

land tenure status

location

and

ownership

including

following tenements: M15/0688, M15/1831, M16/527.

agreements or material issues with third

•

Exploration drilling was undertaken on the following

parties such as joint ventures,

tenements: M15/0688, M16/152, M16/248, M16/532,

partnerships,

overriding

royalties,

M16/141 and P27/2197.

native title interests, historical sites,

• All tenements are in good standing and no known impediments

wilderness or national park and

exist. Prospecting leases with imminent expiries will have

environmental settings.

mining lease applications submitted in due course.

• The security of the tenure held at the

time of reporting along with any known

impediments to obtaining a licence to

operate in the area.

Exploration done by

•

Acknowledgment and appraisal of

• Exploration has been carried

out

by a number

of parties

including Electrum Resources

(1985-1989),

Castle Hill

other parties

exploration by other parties.

Resources NL (1989-1996), Goldfields Exploration Ltd (2001)

and Cazaly Resources Ltd (2004-2008). The historical data and

Evolution Mining Limited Quarterly Report December 2019

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari Section 2 Reporting of Exploration Results

Criteria				Explanation			Commentary

							database have been reviewed by Cube and is deemed to be of
							acceptable quality for Mineral Resource estimation.
							• The initial discovery of Frog's Leg was made by Mines and
							Resources Australia Ltd who was a precursor company to La
							Mancha Resources Australia Pty Ltd. The deposit was
							discovered in 2000 as a result of following up on regional
							anomalism identified through rotary air blast (RAB) and aircore
							drilling. La Mancha was acquired by Evolution in August 2015.
							• Significant historical work has been performed across the
							Regional Tenement package by numerous parties since the
							original discovery of gold in the region c.1890. Recent
							exploration commenced during the 1970's onwards and has
							included exploration for base metal and gold mineralisation.
Geology		• Deposit type, geological setting and		• The Greater Picante Trend is located on the eastern margin of
		the Kintore Tonalite, NE of the Castle Hill	deposit.
		style of mineralisation.
				Mineralisation is shear hosted on the contact between the

							Kintore tonalite and an ultramafic.
							• The Boomer prospect is located in the southern portion of the
							Kundana mining area, within the Achaean Norseman-Wiluna
							greenstone belt of the Eastern Goldfields Province. The
							Kundana gold deposits are structurally related to the Zuleika
							Shear Zone, a regional NNW-trending shear zone that
							juxtaposes the Ora Banda domain to the east and the
							Coolgardie domain to the west. The Boomer prospect is
							located on the sheared contact between the Black Flag Group
							turbidites and andesites and andesitic volcaniclastic rocks of
							Black Flag Group.
Drill hole Information		• A summary of all information material		• Refer to the drill hole information table in the Appendix of this
	to the understanding of the exploration		report.

		results including a tabulation of the
		following information for all Material
		drillholes:
		o easting and northing of the drillhole
		collar
		o elevation or RL of the drillhole collar
		o dip and azimuth of the hole
		o downhole length and interception
		depth
		o hole length.
Data aggregation		• In reporting Exploration Results,		• Intercept length weighted average techniques, minimum grade
methods		weighting	averaging	techniques,		truncations and cut-off grades have been used in this report.
		maximum	and/or minimum grade		• At Boomer composite grades of > 1 g/t have been reported.
		truncations (e.g. cutting of high grades)		• Composite lengths and grade as well as internal significant
		and cut-off grades are usually material		values are reported in Appendix.
		and should be stated.			• No metal equivalent values are used.
		•	Where	aggregate	intercepts
		incorporate short lengths of high-grade
		results and longer lengths of low-grade
		results, the procedure used for such
		aggregation should be stated and some
		typical examples of such aggregations
		should be shown in detail.
		• The assumptions used for any
		reporting of metal equivalent values
		should be clearly stated.
Relationship between		• These relationships are particularly		• There is a direct relationship between the mineralisation widths
mineralisation widths		important in the reporting of Exploration		and intercept widths at Mungari.
and intercept lengths		Results.				• The assay results are reported as down hole intervals however
		• If the geometry of the mineralisation		an estimate of true width is provided in Appendix.
		with respect to the drill hole angle is
		known, its nature should be reported.
		• If it is not known and only the
		downhole lengths are reported, there
		should be a clear statement to this
		effect (e.g. 'downhole length, true width
		not known')

				Evolution Mining Limited Quarterly Report December 2019		34

APPENDIX 1 - JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Mungari Section 2 Reporting of Exploration Results

Criteria		Explanation		Commentary

Diagrams		• Appropriate maps and sections (with		• Drill hole location diagrams and representative sections of
	scales) and tabulations of intercepts		reported exploration results are provided either below or in the

		should be included for any significant		body of this report.
		discovery being reported. These should
		include, but not be limited to a plan view
		of drill hole.

Drill hole location plan at Picante Trend

Plan map of the Boomer prospect and current drill location

Balanced reporting

• Where comprehensive reporting of all

•

All Exploration and Resource Definition results have been

Exploration Results is not practicable,

reported in the Drill Hole Information Summary in the Appendix

representative reporting of both low and

of this report.

high grades and/or widths should be

practiced to avoid misleading reporting

of Exploration Results.

Other substantive

• Other exploration data, if meaningful

•

A substantial Exploration and Resource Definition program is

and material, should be reported

on-going at the Mungari site. Other works include field mapping

exploration data

including (but not limited to): geological

and geophysical surveys.

observations;

geophysical

survey

results;

geochemical

survey

results;

bulk samples - size and method of

treatment;

metallurgical

test

results;

bulk density, groundwater, geotechnical

and rock

characteristics;

potential

deleterious

contaminating

substances.

Further work

• The

nature

and scale

planned

• Further Exploration, Near Mine Exploration and Resource

further work (e.g. tests for lateral

Definition work on the Mungari tenements are planned for the

extensions or depth extensions or

remainder of FY20

largescale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.

Evolution Mining Limited Quarterly Report December 2019	35

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Evolution Mining Limited published this content on 29 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2020 22:24:05 UTC

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