JUNE QUARTER AND FY23 HIGHLIGHTS
Evolution Mining Limited Quarterly Report June 2023
FY23 has set up FY24 for material increase in cash flow and returns
- Improved safety performance with a 19% reduction in TRIF1 year-on-year to 8.6
- FY23 gold production of 651,155 ounces, ~1% from updated FY23 Guidance (11 April 2023)
- FY23 AISC2 of $1,450 per ounce (US$976/oz)3
- FY23 operating mine cash flow of $944 million & mine cash flow before major capital of $747 million
- Impact of weather event at Ernest Henry was approximately $160 million on cash flow
- Liquidity of $516 million available and forecast to improve in FY24 in line with expected cash flow Operational highlights – Improving trends plus consistency and stability
- Record annual production at Cowal of 276,314 ounces with a further ~15% increase guided in FY24
- transitioning back to a period of significant cash flow generation
- Ernest Henry production returned to full capacity by the end of June post the weather event on 8 March
- Mungari continued to deliver stable and consistent quarter-on-quarter production, exceeding plan for six consecutive quarters
- Red Lake production increased 12% to 31,562 ounces and a record quarter of mine development at 4,173 metres
Project highlights – Growing high margin production
- Cowal successfully completed the Underground Mine Project
- Mungari mill expansion project approved which will extend the mine life to 2038 and increase production to ~200,000 ounces per year average for at least the first five years4
- Ernest Henry Mine Extension Pre-Feasibility Study extends mine life to at least 20405 Discovery – Extending mine life
- Ernest Henry Ore Reserve doubled previous estimate to 77.4 million tonnes, contained copper of 589 thousand tonnes and contained gold of 1.1 million ounces5
- New drilling results at Ernest Henry confirm encouraging extensions to mineralisation within the Mine Extension Feasibility Study footprint and are expected to drive further growth of the Mineral
Resource within and outside of the Feasibility Study footprint – update in September quarter 20236
Consolidated production and cost summary
Units Sep Qtr FY23 Dec Qtr FY23 Mar Qtr FY23 Jun Qtr FY23 FY23
Gold produced oz 161,098 166,404 163,910 159,743 651,155
Copper produced t 14,469 15,483 9,668 7,728 47,348
All-In Sustaining Cost2 A$/oz 1,513 1,099 1,291 1,912 1,450
All-In Cost A$/oz 2,498 2,085 2,278 2,832 2,420
All-in Cost Margin A$/oz (84) 466 361 (63) 172
Operating mine cash flow $M 206.3 270.4 269.7 197.6 944.0
Mine cash flow before major capital $M 161.8 227.0 233.8 124.5 747.1
1 TRIF: The frequency of total recordable injuries per million hours worked. Results above are based on a 12-month moving average
2
Includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense. Calculated per ounce sold
3 Using the average AUD:USD exchange rate of 0.668 for the June quarter, 0.673 for the 12 months of FY23 and 0.65 for FY24 Guidance
4 See ASX announcement titled “Mungari Mine Life Extended to 15 Years at 18% Lower AISC and higher production” dated 5 June 2023
5 See ASX announcement titled “Ernest Henry Mine Life Extended to 2040 - Ore Reserve Doubled” dated 5 June 2023 and Appendix 3 of this
release
6 See ASX announcement titled “Mineralisation Extensions at Ernest Henry and Cue Joint Venture Maiden Mineral Resource” dated 20 July 2023

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