HIGHLIGHTS
Evolution Mining Limited Quarterly Report June 2022 1
JUNE 2022 QUARTER AND FY22 HIGHLIGHTS
FY22 result in line with Business Update of 27 June 2022
? Group gold production increased 16% to 172,722 ounces in the June 2022 quarter (March quarter:
148,787oz)
? All-in Sustaining Cost (AISC)1 of $1,290 per ounce (US$922/oz)2
for the quarter
? FY22 Group gold production of 640,275 ounces
? FY22 AISC of $1,259 per ounce (US$914/oz)3
continues to place Evolution as one of the lowest cost global
gold producers
Exceptional contribution from Ernest Henry after six months of 100% ownership
? Generated over $435 million of net mine cash flow in FY22 at an AISC of negative $1,680 per ounce
? Updated Mineral Resource estimate to be released on 1 August 2022 with additional drilling expected to
extend the copper-gold footprint
Red Lake operating consistently at FY23 required rates
? Gold production 17% higher than the previous quarter at 38,620 ounces (March quarter: 33,056oz)
? Ore tonnes processed increased by 8% to a record quarter of 258,000 tonnes (March quarter: 239,000t)
? Grade processed 8% higher than the previous quarter at 5.11g/t (Mar qtr: 4.74g/t)
Cowal Underground Project remains on schedule and budget
? All material contracts have now been awarded
? First stope ore on schedule for June quarter 2023
FY23 GUIDANCE AND FY24 OUTLOOK (released 27 June 2022)
? Group gold production to grow by 25% over next two years: Guidance for FY23 is an increase of 12% to
around 720,000 ounces +/- 5%, with FY24 outlook increasing a further 11% to 800,000 ounces +/- 5%
? Group AISC guidance for FY23 and outlook for FY24 at $1,240 per ounce +/- 5% (~US$870/oz2
) for both
years maintains Evolution’s low-cost position
? Sustaining capital guidance for FY23 and outlook for FY24 of $190 – $240 million per annum
? Major capital guidance for FY23 of $530 – $600 million and outlook for FY24 of $330 – $380 million
Consolidated production and sales summary3

Units Sep Qtr 2021 Dec Qtr 2021 Mar Qtr 2022 Jun Qtr 2022 FY22
Gold produced oz 170,682 148,084 148,787 172,722 640,275
By-product Silver produced oz 200,511 93,919 125,552 122,990 542,972
By-product Copper produced t 6,062 4,119 13,352 15,301 38,834
C1 Cash Cost $/oz 1,007 947 716 779 864
All-in Sustaining Cost1 $/oz 1,413 1,348 990 1,290 1,259
All-in Cost4 $/oz 2,038 2,149 1,732 2,266 2,045
Gold sold oz 163,046 155,287 162,015 161,066 641,413
Achieved gold price $/oz 2,364 2,378 2,464 2,491 2,425
Copper sold t 6,000 4,126 13,439 15,728 39,293
Achieved copper price $/t 12,867 14,199 13,989 10,758 12,546

1
Includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense. Calculated per ounce sold
2
Using the average AUD:USD exchange rate of 0.7146 for the June 2022 quarter, 0.7258 for the 12 months of FY22, and 0.70 for FY23 guidance and FY24
outlook
3
Excludes Mt Carlton from 1 October 2021 due to divestment, and includes 100% ownership of Ernest Henry from 1 January 2022
4
Includes AISC plus growth (major project) capital and discovery expenditure. Calculated per ounce sold

Sustainability Performance was delivered to target or better across all key metrics of safety, environment, water, emissions, community, progress on Net Zero and close out of actions.
Two Shared Value Projects were approved this quarter. At Mt Rawdon the Murra Wolka Art Project involved construction of infrastructure to enable our
First Nation Partners, the Gidarjil Development Corporation, to take ownership of Murra Wolka Creations, a 100% Indigenous owned and operated enterprise. The second Shared Value Project was a partnership with the Burnett Mary Regional Group to develop the Elliot Heads Wetlands, Research Centre and Seagrass Nursery, a project focused on sustainable development. In partnership with the
Wiradjuri Condobolin Corporation, the Galari Agricultural Company was launched to operate a sheep livestock and wool production business, whilst also providing training and employment opportunities. The official launch events for the
Galari Agricultural Company and Murra Wolka Creations were held during NAIDOC week, celebrating Indigenous business success.
Group gold production for the June 2022 quarter was 16% higher than the prior quarter at 172,722 ounces (Mar qtr: 148,787oz). AISC was $1,290 per ounce
(Mar qtr: $990/oz). As noted in the Business Update released on 27 June 2022 the AISC was higher than the previous quarter largely due to a lower realised
copper price with an average of four month’s material open at any point in time. The closing copper price at 30 June was A$11,965/t (Mar qtr closing price
A$13,815/t). This was 13% lower than the March quarter which resulted in the lower achieved copper price for the quarter.
Mine operating cash flow remained strong at $228.0 million (Mar qtr: $268.9M). Additional sales from higher production this quarter were offset by the
higher sales last quarter relating to the termination of the Ernest Henry economic interest after acquiring 100% of the operation. Other drivers to the change in operating cash flow were higher costs associated with increased tonnes mined and processed and the lower copper price. Net mine cash flow was lower at
$39.1 million (Mar qtr: $124.5M) due to the lower operating cash flow and planned higher capital investment of $188.7 million (Mar qtr: $143.6M)
reflecting the planned ramp-up in investment activity at Cowal and Red Lake.

As at 30 June 2022, Evolution had cash balance of
$572.4 million and net debt5
of $1,210.5 million.
Group gold production is guided at 720,000 ounces
+/-5% for FY23 with production in the September
quarter to be around 170,000 ounces.
Ernest Henry has now completed six months under
full Evolution ownership. This contributed to an
exceptional $474.2 million of operating mine cash
flow and $435.4 million of net mine cash flow in FY22
at an AISC of negative $1,680 per ounce. The Prefeasibility Study on a mine extension continues as
planned with an updated Mineral Resource estimate
to be released on 1 August 2022.
The Red Lake transformation focused on operational
improvements during the quarter and the operation
is now consistently achieving the key metrics
required to deliver the FY23 guidance. Consistent
mining performance contributed to the Campbell and
Red Lake plants achieving a record for quarterly ore
processing at 258,000 tonnes. This, along with an
8% higher processed grade, lifted production 17%
from the prior quarter to 38,620 ounces.
Cowal overcame the effects of further significant
rainfall in April to increase material movements and
ore tonnes mined which lifted production back over
60,000 ounces for the quarter. The Underground
Project is tracking on budget and schedule and
achieved a major milestone during the quarter with
the award of the primary mining contract. All material
contracts for the project have now been awarded.
Mungari production rose 7% to over 35,000 ounces
this quarter. Pleasingly, progress in the integration of
the Kundana assets enabled the operation to
mitigate impacts from COVID-related absenteeism,
allowing people and equipment to be moved
between operating areas to complete priority tasks.
For the third consecutive quarter Mt Rawdon has
experienced extreme weather. Work done to
manage instability in the North Wall enabled access
to higher grade ore in the pit which resulted in an
improved performance this quarter.
The Mt Rawdon 2GW Pumped Hydro Electricity
Project continues to progress with the Feasibility
Study due for completion in June 2023.
see & read more on
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