NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Evolution Mining (“Evolution” or the “Company”) has entered into a binding agreement to acquire an 80%
interest in the Northparkes Copper-Gold Mine (“Northparkes” or “Northparkes JV”) from CMOC Group Limited
(“CMOC”) (the “Transaction”).
Evolution will acquire Northparkes, located in New South Wales, for total cash consideration of up to US$475
million, comprised of:
i. upfront cash consideration of US$400 million; and
ii. contingent consideration of up to US$75 million (“Contingent Consideration”).
Sumitomo Metal Mining and Sumitomo Corporation (and affiliates) (together “Sumitomo Group” or
“Sumitomo”) will retain their 20% interest in the Northparkes JV. Under the Transaction structure, Evolution will
acquire all the shares in CMOC’s Australian subsidiary, CMOC Mining Pty Ltd, which will not trigger any preemptive rights.
Evolution has also agreed to enter into an offtake agreement (on market equivalent terms) with IXM S.A. (“IXM”)
(a subsidiary of CMOC) under which IXM will purchase from Evolution copper concentrates produced from the
Northparkes mine equal to Evolution’s 80% attributable interest over the life of mine’s existing Ore Reserves.
In addition, Evolution will assume the obligations of CMOC Limited as guarantor under the Triple Flag Metal
Purchase and Sale Agreement (“Triple Flag Stream”), under which Evolution will deliver a percentage of its
attributable gold and silver production from Northparkes to Triple Flag over the operation. see & read more on
https://evolutionmining.com.au/wp-content/uploads/2023/12/2653124-ACQUISITION-OF-AN-80-INTEREST-IN-NORTHPARKES-COPPER-GOLD-MINE.pdf