Evolution Mining — company, asset and project record

Evolution Mining Limited (ASX: EVN) is an Australian-headquartered gold miner with copper exposure. This record covers the five financial years ended 30 June 2021 through 30 June 2025 (FY21–FY25). Amounts are Australian dollars unless a source states otherwise. Production and financial information is Evolution's reported share unless otherwise stated. The company described its principal activities as exploration, mine development, mine operations, and sales of gold and gold-copper concentrate in Australia and Canada.

The operating portfolio changed materially during the period. FY21 described Cowal, Ernest Henry, Red Lake and Mungari as cornerstone assets, alongside Mt Rawdon and Mt Carlton. By FY25 the listed operating mines were Cowal and Northparkes in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario. Mt Carlton was divested in FY22; Northparkes entered the group in December 2023; and Mt Rawdon had finished mining in FY25 but continued stockpile processing. This is an operating and ownership map, not a statement that each asset made an equivalent contribution in every year.

Portfolio and transaction timeline

• FY21: Evolution completed Battle North on 19 May 2021, acquired Crush Creek during the year, and obtained Board approval for Cowal Underground. It disposed of Cracow, with A$57.0m cash proceeds recorded in FY21 investing cash flow. After the 30 June 2021 reporting date it agreed, then on 18 August 2021 completed, the Kundana package transaction.
• FY22: The Kundana acquisition established the reported interests in Kundana Operations, EKJV, Carbine and WKJV. Evolution completed purchase of the remaining Ernest Henry interest on 6 January 2022, economically effective 1 January 2022. Mt Carlton was divested effective 1 October 2021; the report separately records a December 2021 sale close, so it should not be represented as a full-year FY22 continuing operation.
• FY23: The first full year of Ernest Henry ownership was reported. The portfolio was funding/advancing Cowal Underground, Red Lake development, Mungari expansion studies and the Ernest Henry extension feasibility process. The Board approved A$250m for the Mungari 4.2 processing expansion.
• FY24: Evolution acquired 80% of Northparkes from CMOC, completed 15 December 2023. Cowal Underground reached commercial production in April 2024. The company also entered October Gold and Cloncurry North earn-ins, and divested its Cue JV interest.
• FY25: Northparkes became a full-year reported operation. Mt Rawdon mining concluded in the September quarter; the company reported stockpile processing continuing into FY26. Cowal Open Pit Continuation received regulatory and Board approvals; the project was described as future work rather than FY25 production. Corella was acquired from Rio Tinto Exploration as a regional copper-gold tenure addition.

Reporting and measurement boundaries

The annual reports mix statutory financial statements with company-defined operational measures. EBITDA, EBIT, C1 cost, AISC, AIC, sustaining capital, major capital and gearing are non-IFRS/non-GAAP measures; Evolution states that they are not standardised and that the non-IFRS measures were not audited or reviewed by the external auditor. AISC also has changing portfolio scope: FY22 excluded Mt Carlton from 1 October 2021 and included 100% Ernest Henry from 1 January 2022; FY25 highlights reported continuing-operations AISC excluding Mt Rawdon after mining ceased, whereas the full key-results table stated group AISC of A$1,653/oz. Those labels and boundaries are retained rather than converted into a single comparable series.

FY2021 — year ended 30 June 2021

Evolution reported 680,788 oz gold production at AISC of A$1,215/oz (US$907/oz using its FY21 average AUD:USD rate of 0.7466). It stated production and AISC were within or better than original guidance, while production was 2% below revised April 2021 guidance. Revenue was A$1,864.1m, comprising A$1,605.0m gold, A$236.9m copper and A$22.1m silver. Reported EBITDA was A$914.2m; statutory NPAT was A$345.3m, while underlying NPAT was A$354.3m. These are separately labelled statutory and underlying measures.

Operating mine cash flow was A$937.3m before total capital investment of A$379.8m, split between A$105.7m sustaining capital and A$274.1m mine development. The consolidated cash-flow statement recorded A$757.008m operating cash flow, A$724.115m investing cash outflow and A$244.787m financing cash outflow; the cash-flow statement recorded a net cash movement of negative A$211.894m; cash and cash equivalents fell A$212.530m to A$160.062m after the exchange-rate effect. A$273.4m fully franked dividends were paid; the Board proposed a final fully franked 5.0 cents/share dividend estimated at A$91.3m, payable after year end. The dividend reinvestment plan remained suspended.

Corporate changes included the 19 May 2021 Battle North acquisition: A$355.790m cash consideration, A$348.445m cash outflow after acquired cash, and A$3.9m acquisition/integration cost expensed. The initial accounting was still provisional at 30 June 2021. The annual report also finalised Red Lake acquisition accounting for the April 2020 transaction, for which it reported A$645.811m consideration. Cowal Underground gained Board approval, while the Kundana transaction was subsequent to year end. The Company reported no change to the FY21 corporate reporting period from these subsequent events.

FY2022 — year ended 30 June 2022

Gold production was 640,275 oz at AISC A$1,259/oz (US$914/oz at the stated average AUD:USD rate). Evolution reported operating mine cash flow of A$893.3m, statutory NPAT of A$323.3m, total revenue of A$2,064.9m, and A$606.4m capital investment. Revenue included A$1,556.1m gold, A$491.4m copper and A$17.4m silver. Underlying NPAT was A$274.7m. The reports state that gold sales were 641,413 oz and copper sales were 39,293 t; the copper-volume change was attributed to the full Ernest Henry ownership boundary.

Capital investment comprised A$147.1m sustaining capital and A$459.3m mine development. The report identifies Cowal Underground/integrated waste landform/drilling, Red Lake development and drilling, Mungari tailings and expansion-study work, and Mt Rawdon mine and tailings work as named uses. Fully franked dividends paid were A$146.6m. Total assets were A$6,630.1m and liabilities A$3,376.1m; the report attributed changes to acquisition funding, asset additions and rehabilitation/closure provisions as well as operations.

The company completed the remaining Ernest Henry acquisition on 6 January 2022, economically effective 1 January, for full copper, silver and gold rights. Cash paid disclosed in the cash-flow note was A$809.0m. Cash paid for Kundana was A$390.9m and cash received from the Mt Carlton disposal was A$30.3m; these cash-flow figures are distinct from transaction headline consideration and accounting purchase-price values. Mt Carlton was removed from the continuing group AISC calculation from 1 October 2021. FY23 guidance was 720,000 oz gold ±5%, AISC A$1,240/oz ±5%, sustaining capital A$190m–A$240m and major capital A$530m–A$600m; this was guidance, not FY22 delivery.

FY2023 — year ended 30 June 2023

Evolution reported 651,155 oz gold and 47,348 t copper production, group AISC A$1,450/oz and achieved gold price A$2,592/oz. The 11 April 2023 revised guidance had been approximately 660koz gold, AISC A$1,390/oz and 48kt copper. Operating mine cash flow was A$944.1m; mine cash flow before major capital A$746.0m; and reported net mine cash flow A$35.7m. The latter includes the report's stated A$16.4m Mt Rawdon water-program costs, A$71.7m Ernest Henry flooding costs and A$37.8m Cowal underground pre-production costs.

Revenue was A$2,226.9m, including A$1,679.7m gold, A$588.1m copper and A$18.1m silver. Management reported EBITDA A$844.5m, underlying NPAT A$205.0m and statutory NPAT A$163.5m. It attributed the statutory-profit decline from FY22 to weather outages/recovery, higher activity/input costs and higher finance costs, partly offset by higher gold/copper sales and gold price. Total capital investment was A$798.0m: A$198.0m sustaining and A$600.0m major capital. The report listed Cowal Underground and tailings, Ernest Henry fleet/development/extension PFS, Red Lake development/equipment, Mungari growth study/development, and Mt Rawdon access/tailings as capital uses.

Cash and equivalents declined by A$526.3m. The report attributed the movement principally to the A$200m final Ernest Henry payment, A$170m term-loan repayments, A$91.7m dividends, A$72.5m interest/borrowing-cost payments and the A$35.7m net mine cash flow. Drawn debt and facilities were disclosed separately, including a A$55m revolving facility, A$570m and A$440m term facilities, and US private placements. The Board confirmed after year end a fully franked 2.0 cents/share final dividend estimated at A$36.7m, payable 6 October 2023; that payment is a subsequent event, not FY23 cash paid.

Operationally, an 8 March 2023 weather event at Ernest Henry led to an 11 April guidance revision; operations resumed 18 April and returned to full capacity by the June quarter. At Mt Rawdon, rain and water-related geotechnical restrictions limited pit access and led to low-grade stockpile processing. The Board approved A$250m for Mungari 4.2 to expand processing from 2.0Mtpa to 4.2Mtpa; the stated commissioning timing and production/cost objectives were project targets, not FY23 results.

FY2024 — year ended 30 June 2024

FY24 payable production was 716,700 oz gold and 67,862 t copper, at AISC A$1,477/oz. Operating mine cash flow was A$1.541bn; sustaining capital A$209m; mine cash flow before major capital A$1.332bn; and major capital A$531m. Revenue was A$3,215.8m: A$2,325.4m gold, A$942.6m copper and A$36.0m silver. Statutory NPAT was A$422.3m; underlying NPAT A$481.8m; and underlying EBITDA A$1,513.4m. The statutory-to-underlying reconciliation included A$94.2m acquisition, transaction, integration and restructuring costs, including A$78.6m related to Northparkes.

The consolidated cash-flow statement recorded A$1,281.4m operating cash flow, A$1,507.9m investing outflow and A$586.6m financing inflow; net cash inflows were A$360.2m; cash and cash equivalents increased A$357.2m from A$46.1m to A$403.3m after FX. At 30 June 2024 total assets were A$8,818.8m, net interest-bearing liabilities A$1,923.6m, total provisions A$609.8m and liquidity A$928.3m. Gearing was reported at 25%, versus 33% at the preceding year end. The auditor's rehabilitation-provision key audit matter was A$492m; it is a different scope from the Directors' Report total-provisions figure and is not interchangeable with it. Dividends paid were A$76.5m; the final 5.0 cents/share dividend, estimated A$99.3m, was declared after year end.

A major portfolio event reported for FY24 was the Northparkes acquisition. Evolution acquired 80% from CMOC on 15 December 2023, with Sumitomo interests retaining 20%. Contract consideration was up to US$475m (US$400m upfront plus up to US$75m contingent consideration). The company funded the transaction with a A$525m institutional placement, a A$200m five-year term facility and a A$32m share purchase plan. The financial statements reported A$553.8m net acquisition cash outflow, A$50.9m financing stamp duty, A$684.9m mine-property addition and a A$600m Triple Flag deferred-revenue liability (A$565.2m carrying amount at 30 June after discounting/unwind). Northparkes FY24 results therefore cover only its first 6.5 months of Evolution ownership.

The company reported Cowal Underground commercial production in April 2024, and maintained the Board-approved Mungari 4.2 A$250m expansion program. It entered October Gold and Cloncurry North earn-ins and divested Cue JV. FY25 group guidance was 710–780koz gold, 70–80kt copper and AISC A$1,475–A$1,575/oz, excluding Mt Rawdon from continuing-operations AISC; these were forward-looking ranges.

FY2025 — year ended 30 June 2025

Evolution reported 750,512 oz gold, 76,261 t copper and 827,007 oz silver production, and stated the original gold and copper guidance was met. Revenue from customer contracts was A$4.351bn. Statutory EBITDA was A$2.161bn, statutory profit before tax A$1.276bn, and profit attributable to members A$926.169m. Underlying EBITDA was A$2.207bn, underlying EBIT A$1.464bn and underlying NPAT A$958.204m. The company attributed the underlying-EBITDA increase to higher gold/copper production and metal prices.

The full key-results table reported C1 cash operating cost A$1,013/oz, AISC A$1,653/oz and AIC A$2,870/oz. Separately, highlights reported continuing-operations AISC A$1,572/oz, excluding Mt Rawdon following mining cessation. Operating mine cash flow was A$2.288bn; mine cash flow before major capital A$2.065bn; major capital A$869.425m; non-operational cash costs A$160.318m; and net mine cash flow A$1.035bn. Total capital investment was A$1.092bn, including A$222.897m sustaining capital. Major spend was predominantly identified as Mungari expansion/Castle Hill haul road, Cowal OPC and Ernest Henry extension-related underground infrastructure.

The reported statutory-to-underlying pre-tax reconciliation included A$21.157m transaction/integration/restructuring cost, A$20.051m impairment on a contingent-consideration receivable, and A$4.556m non-operational costs/income net of insurance proceeds. Income-tax expense was A$349.450m. Group cash flow was A$787m and gearing 15%, compared with 25% at 30 June 2024. The Board declared a 13.0 cents/share final fully franked dividend, estimated A$260.3m and payable 3 October 2025, in addition to a 7.0 cents/share interim dividend paid in April 2025. The stated full-year dividend was 20 cents/share/A$400m; final-dividend payment is subsequent to the reporting period.

At Cowal, regulatory and Board approvals for Open Pit Continuation were obtained; Evolution described A$430m over seven years and future works beginning in FY26. At Ernest Henry, the Mine Extension Feasibility Study was completed in the June quarter and reported as confirming technical/commercial viability; it is a study finding rather than completed extension delivery. At Northparkes, the E48 L2 study and subsequent execution timetable remain future/project statements. Mt Rawdon mining concluded in the September quarter and stockpile processing was planned to finish in FY26. These are correctly separated from FY25 operating outcomes.

Asset boundary and reporting basis

Cowal is Evolution Mining Limited's 100%-owned gold operation about 350 km west of Sydney, New South Wales, on the traditional lands of the Wiradjuri people. Evolution has operated Cowal since July 2015. The annual reports describe the operating system as the E42 open pit, stockpiles, the Cowal Underground Mine and associated processing/tailings infrastructure; they also describe exploration ground around the operation. The asset has therefore not been treated here as a single open-pit reserve or as an underground-only mine.

FY2021 described Cowal as an open-pit operation; later reports record the transition to an open-pit-and-underground operation. In FY2025, following the Open Pit Continuation (OPC) approvals, Evolution reported the current operation life to 2042. That is the FY2025 reported status; earlier reports' mine-life statements are retained below as dated company statements, rather than restated retrospectively.

All production figures below are payable gold where the annual report so labels them. Dollar figures are Australian dollars. AISC is the company's non-IFRS all-in sustaining cost measure and is not treated as an audited statutory measure.

Five-year operating, production and capital record

The FY2023, FY2024 and FY2025 production records are consecutive annual records; they do not make the earlier company production objectives or later project targets achieved facts. In particular, the FY2021/FY2022 statement of a low-cost 350kozpa objective, FY2022 forecast of 320koz in FY2024, and FY2024 reference to an intended underground ramp-up were management plans at the relevant reporting dates.

E42 open pit, Stage G/H, stockpiles and the continuation sequence

FY2021 — Stage G to Stage H. Evolution reported that E42 moved from Stage G to Stage H during FY2021. It specifically attributed the period's production reduction to that planned transition and lower-grade stockpile processing. Stage H stripping was a FY2021 major-capital activity, and the company said Stage H ore would become the predominant feed in FY2022.

FY2022 — Stage H development and extension studies. The report listed Stage H development alongside underground development and IWL construction. Surface diamond drilling supported geotechnical and metallurgical work on extensions of the E42 open pit. Evolution was then at an early-stage environmental-impact-assessment phase for a proposed continuation of the open-pit plan.

FY2023 — Stage H ramp-up alongside the new mine. Evolution reported Stage H open-pit ore ramp-up and first underground production. Its FY2024 guidance stated Stage H would continue while underground ore ramped up and was blended with E42 open-pit and stockpile ore. This guidance is preserved as guidance, not reclassified as FY2023 production.

FY2024 — OPC remained a proposal. In the FY2024 report, the OPC was still described as a proposal: a potential ten-year extension to open-pit mining and a two-year extension of total mine life, from 2040 to 2042. The underlying feasibility work was reflected in the December 2023 open-pit reserve methodology, but the report did not present that as a completed regulatory extension.

FY2025 — approval and forward sequence. Evolution reported that regulatory and Board approvals for OPC were secured in FY2025. It stated that OPC extends open-pit mining by more than ten years, adds about 2Moz of future gold production and enables operations to 2042. The approved capital budget was A$430m over seven years. Major project works were stated to commence in FY2026. The annual report calls for Stage H open-pit mining to complete in FY2026, then Stage I waste stripping, with E46 open-pit development progressing concurrently; it expects a higher proportion of stockpile ore until E42 Stage I and E46 ore are accessible. These are FY2026 plans, not FY2025 operating results.

Cowal Underground — feasibility, approvals, development and operating transition

Underground, satellite and regional discovery record

The following is a chronological record of targets and zones named by Evolution. A drill programme, mineralisation observation or stated future opportunity is not presented as a Mineral Resource, Ore Reserve or mine plan unless the annual report expressly made that declaration.

FY2021 — GRE46, Dalwhinnie, Galway, Regal and early targets. Drilling at GRE46 and Dalwhinnie upgraded material from Inferred to Indicated and extended mineralisation beyond existing underground-resource outlines. Evolution reported that the work supported underground Ore Reserves above 1Moz, with mineralisation open down-plunge and along strike. Galway drilling positions were established in June 2021 to bridge the Dalwhinnie–Regal gap, seek classification upgrades/conversion and obtain grade-control information. The annual report also named E40, Nikka and the E39 copper-porphyry target as early-stage exploration prospects; it described Nikka as the continuation of E42 mineralisation around the central fault beneath the pit.

FY2022 — Galway, upper Dalwhinnie, Endeavour and E39. Underground diamond drilling ahead of production focused on Galway and upper Dalwhinnie to construct grade-controlled stopes in GRE46. Evolution said FY2022 drilling refined the interpretation of the Dalwhinnie, Galway and Endeavour zones within the GRE46 underground orebody. At E39, 5km south of E42, drilling targeted porphyry-copper-style mineralisation and returned anomalous copper intervals. Evolution said a further round was being planned for remaining prospective areas and expressly noted that grades encountered would need to be higher for economic success. No E39 resource or reserve is inferred here.

FY2023 — detailed underground and satellite-pit pipeline. Resource-definition drilling targeted Dalwhinnie, Manna and Regal, and the company said those orebodies remained open in multiple directions. It named Dalwhinnie South, Regal and the Galway–Regal Gap Zone as near-term underground opportunities; E42 expansion and E41, GRE and E46 as open-pit/satellite-pit opportunities. Talisker drilling returned narrow high-grade mineralisation about 300m east of the workings; Evolution described it as a possible future underground opportunity and planned FY2024 test work. At South Cowal, a 3km by 1.5km copper-gold air-core anomaly received gravity work and one diamond hole with broad low-grade anomalism. Evolution also continued auger work along the Western Corridor and secured a two-year option over two nearby SER tenements. These activities are retained as exploration facts, not deposit declarations.

FY2024 — production de-risking and regional continuation. Evolution said its resource-definition drilling covered Dalwhinnie, Regal and Manna for infill, extension and near-term production de-risking, while early-stage regional work continued at the South Cowal copper-gold and Western Corridor gold targets.

FY2025 — independent-zone and regional follow-up. Underground drilling focused on potential independent mining zones in the previously underexplored area between E42 and existing underground operations. Evolution reported favourable assays and geological similarity to underground orebodies then in production, and designated it for FY2026 follow-up. It also reported ongoing regional work at South Cowal and along the Western Corridor for possible large gold and gold-copper deposits within reach of Cowal. The report does not assign a formal resource/reserve to those areas.

Cowal Mineral Resources and Ore Reserves — five annual records

The following are the annual-report technical inventories. Each is a point-in-time estimate, usually at 31 December, not a 30 June operating inventory. Mineral Resources are reported inclusive of Ore Reserves. Tonnes and contained metal are rounded in the source tables; totals may not sum exactly. The table keeps the annual report's total Cowal reporting scope instead of calculating a change from rounded values.

Reported assumptions and annual movement explanations

• FY2021 / 31 December 2020: Evolution reported gold assumptions of A$2,000/oz for Mineral Resources and A$1,450/oz for Ore Reserves. It said MREs at its 100%-owned assets were constrained at the A$2,000/oz economic threshold. The annual report attributed Cowal's longer-term growth since acquisition in 2015 to its reported resource/reserve work, and FY2021 GRE46/Dalwhinnie drilling upgraded classifications and extended mineralisation. It did not supply a percentage bridge assigning every FY2020-to-FY2021 Cowal movement to individual causes.
• FY2022 / 31 December 2021: Evolution used A$2,000/oz for gold MRE and A$1,450/oz for gold Ore Reserves. It reported 2015-to-FY2022 cumulative Cowal growth of 6.2Moz of MRE and 3.0Moz of Ore Reserves. The annual report records refinement of Dalwhinnie, Galway and Endeavour geological interpretation and the underground-resource/reserve figures above; it does not support treating the reported total change as drilling-only.
• FY2023 / 31 December 2022: Evolution stated A$2,200/oz for MRE and A$1,600/oz for Ore Reserves. It said the Stage H reserve was updated for 2022 prices, modifying factors and depletion. Remaining OPC reserves were still declared from December 2021 pending the OPC feasibility-study update; Evolution said a materiality test suggested the resource-model impact should be below 10% and that no fatal flaw had been identified to date. Those are technical/status qualifications, not an approval outcome.
• FY2024 / 31 December 2023: The published tables separately show stockpiles, open pit and underground material. Evolution stated that the open-pit reserve incorporated OPC feasibility work, detailed pit design, modifying factors and economic testing. For the underground reserve it stated an A$1,800/oz optimisation assumption, testing to A$2,650/oz, and inclusion of development material at a 0.6g/t Au incremental cut-off.
• FY2025 / 31 December 2024: Cowal MRE used A$2,500/oz gold. Cowal Ore Reserve used A$1,800–2,000/oz gold in optimisation and cut-off-grade estimation. At group level Evolution described Cowal's MRE and reserve movements from December 2023 as minor decreases; the report does not give a Cowal-specific driver bridge. The annual tables' rounding means an apparent comparison of 8.998Moz/4.463Moz with 8.9Moz/4.4Moz should not be converted into a calculated depletion or model-change claim.

Asset boundary, operating method and the ownership break in the record

Ernest Henry is an underground copper-gold operation about 38 km north-east of Cloncurry, Queensland, on Mitakoodi traditional lands (described as Mitakoodi/Mayi traditional lands in FY25). The reports describe open-pit mining from 1998, the change to underground mining in 2011, and sub-level caving as the mining method. The ownership and economic boundary changes inside this five-year record; this is material to how the FY21 and later operating and technical disclosures are read.

In FY21, Glencore operated the mine. Evolution did not report a simple 100% mine ownership interest: its 2016 transaction provided rights to 100% of future gold revenue and 30% of future copper and silver revenue from the defined life-of-mine area. Outside that defined area, Evolution's interest was 49% of future copper, gold and silver revenue. It was required to contribute 30% of future production costs in the defined area. FY21 production and financial information below therefore belongs to that economic-interest reporting arrangement, not to a retrospectively assumed 100%-owned mine.

Evolution completed the acquisition of the remaining Ernest Henry interest from Glencore on 6 January 2022, economically effective from 1 January 2022. The FY22 report says the transaction added the full copper, silver and gold rights. FY23 was the first full financial year of ownership; the FY25 report describes Ernest Henry as a 100%-owned operation. The company reported a mine life to 2040 in FY25. That dated mine-life statement follows the Extension work described below; it is not a guarantee of production to that date.

Five-year operating and financial record

The report's AISC figures are Evolution's non-IFRS site measure. A negative number reflects the company’s copper by-product-credit framework; it is neither an analyst margin calculation nor a valuation conclusion. FY21 and FY22 also cannot be read as a uniform ownership-basis trend: FY21 was an economic-interest structure, whereas FY22 includes the 1 January 2022 economic-effective move to full ownership.

Mine Extension below the established mine: completed work, studies and dated life statements

The Extension is a succession of drilling, concept, pre-feasibility and feasibility stages rather than one single FY21–FY25 event.

• FY21 — Concept work completed. Evolution reported completion of the drilling programme and Concept Study below 1,200mRL. It expected to seek approval for a PFS during the December 2021 half-year. A company graphic described a potential additional three to five years of mine life and copper exposure; this was an expectation at that time, not achieved additional production or a reserve statement.
• FY22 — PFS input work. The Mine Extension PFS, spanning 1,125mRL to 775mRL, was in progress and due in December 2022. Surface holes were used where underground access constrained drill positions, with stated aims of improving drill angle, classification and depth delineation. Future underground drilling was linked to extension of the decline and access to drill positions.
• FY23 — PFS outcome and feasibility approval. Following the PFS, the Board approved the Mine Extension Feasibility Study and an associated drilling programme (the annual report gives A$7.5m for drilling; the Executive Chair's letter states a A$15m study commitment). Evolution said the PFS supported extension of the sub-level cave to at least 2040. The feasibility study was then expected in the March 2025 quarter; this was a company schedule, not a completed FY23 extension.
• FY24 — feasibility and enabling work continued. The feasibility study remained due in the March 2025 quarter and was to incorporate material resource additions and continuing drilling results. Primary ventilation, tailings-storage construction/buttressing and mine-development spending were identified among FY24 capital uses for the planned extension.
• FY25 — feasibility completed, execution not represented as complete. The company reported completion of the Mine Extension Feasibility Study in the June quarter. It said the study confirmed the technical and commercial viability of extending the mine using trucking. The annual report does not make that study result equivalent to completion of all extension works or future extension production.

Deposit-scale drilling and adjacent district activity

The company distinguishes the existing Ernest Henry mine, extension drilling and district exploration. A drill result or a mineralisation extension is not automatically a declared Mineral Resource or Ore Reserve.

Main orebody and Ernie Junior. The FY23 June resource update connected Ernie Junior to the Main orebody lower lens and expanded the Main orebody below 775mRL. Evolution also described deeper Main/Ernie Junior extensions and mineralisation outside the feasibility-study footprint between 1,125mRL and 775mRL as possible future upside, not committed production. In FY24, drilling at Ernie Junior continued. In FY25, the company stated that the Mineral Resource at the northern edge of the main orebody, including Ernie Junior, remained open and identified larger step-out/growth drilling as an FY26 focus.

Bert. In FY24, Evolution disclosed continuing Extension drilling at Bert and an intersection of 51.7 m (estimated true width 43.0 m) at 4.12 g/t Au and 1.65% Cu from 93.5 m. It described this as its highest-grade gold intercept drilled at Ernest Henry. The report characterised Bert as a possible future production target that could potentially be mined independently of the existing underground material-handling system; this remained a company description, not a mining approval or MRE declaration. FY25 described Bert as adjacent to the pit north wall, said extensional step-outs confirmed high gold/copper grades beyond previously modelled mineralisation, and set a PFS due by the end of the FY26 December quarter. That PFS timing and any independently mineable ore-source outcome remained future study work at the FY25 reporting date.

Corella and Cloncurry North. These are not Ernest Henry mine Resources or Reserves and should not be added to the mine inventory. In FY24, Evolution entered an earn-in arrangement for Cloncurry North, adjacent to Ernest Henry, with Red Fox. The FY24 report states the purpose as potential copper-gold feed for available processing capacity. In FY25, Evolution reported acquiring the Corella project from Rio Tinto Exploration: about 1,220 km² of tenure within 45 km of Ernest Henry. It characterised Corella as its second discovery transaction in 18 months after the Cloncurry North JV. FY25 drilling at Cloncurry North targeted geophysical anomalies beneath sedimentary cover. Neither description is a reported resource, reserve, mine or production result.

Mineral Resources and Ore Reserves — dated copper and gold families

The technical inventory must be read by its estimate date and ownership basis. Evolution reports Mineral Resources as inclusive of Ore Reserves. Resources and Reserves are separate technical estimate families; neither is a production forecast. Earlier economic-interest comparatives are not interchangeable with post-acquisition 100%-owned figures.

Asset boundary, ownership and acquired operating areas

Red Lake is Evolution Mining’s 100%-owned underground gold operation in north-western Ontario. The FY2025 report locates it about 535 km north-west of Thunder Bay. Evolution acquired the original Red Lake business on 1 April 2020; the acquired package included the Red Lake and Campbell underground complexes, processing facilities and Cochenour. The FY2021 annual report finalised the acquisition accounting at A$645.811m consideration (A$583.556m cash and A$62.255m contingent consideration), while also disclosing a potential additional US$100m payment for qualifying Mineral Resources outside an agreed baseline. That contingent arrangement was stated as US$20m for each additional one million ounces, up to five million ounces, over 15 years; it is a contingent-consideration term, not a resource forecast.

The portfolio boundary expanded when Evolution completed the Battle North acquisition on 19 May 2021. It paid A$355.790m cash consideration (A$348.445m cash outflow after acquired cash) and expensed A$3.9m of acquisition/integration costs in FY2021. The acquired package included the contiguous Bateman Gold Project and the Long Canyon exploration land package near the Nevada–Utah border. Initial Battle North accounting remained provisional at 30 June 2021. In the FY2021 Red Lake technical disclosure, Battle North/Bateman inventory was still reported under Canadian NI 43-101 and excluded from Evolution’s JORC Red Lake inventory pending re-estimation; its later inclusion must therefore not be treated as an FY2021 organic resource addition.

Evolution’s reported post-transformation operating-area framing was Lower Red Lake, Upper Campbell, Cochenour and McFinley, with feed intended for the Campbell, Red Lake and Bateman mills. This describes the intended consolidated operating system, not proof that every mining area or mill operated at the same rate in every year. The company’s FY2021 accelerated plan, approved after Battle North, targeted more than 350,000 low-cost ozpa by FY2026, a 2Mtpa processing-capacity target and a mine-life objective of more than 15 years. FY2022 retained the company’s broader goal of more than 300,000 low-cost ozpa and said a Mill Optimisation Study was underway to determine the preferred use of the processing facilities. These are management plans/goals reported at the time, not FY2021–FY2025 achieved production capacity.

Access, mills and transformation works

The central access project was the CYD Decline. In FY2021, box-cut construction was progressing and first development was planned for the September quarter of FY2022. Evolution described the decline as independent access to Upper Campbell and HG Young, and said those ore bodies contained 16Mt at 9.4g/t Au for 4.8Moz within Red Lake’s then 53.6Mt at 6.8g/t Au for 11.7Moz Mineral Resource. This is a subset statement from the FY2022 resource model, not a separate additional inventory.

In FY2022, CYD was nearing completion. The operation reported development consistently above 1,200m per month, first ore from MMTP and Aviation, a March record plant throughput of 90,000t, and a Campbell-mill trial record of 2,163tpd. It also reported commissioning a battery-electric loader and mining control room, while high-speed tram locomotives increased Cochenour–Reid ore-haulage capacity. In FY2023, the new Upper Campbell mining front delivered first stope ore, a tertiary crusher was installed and commissioned at the Campbell plant, and the company stated that CYD decoupled ore delivery from shaft operations and provided access to its highest-grade reserves. In FY2024, major capital was reported primarily for mine development, tailings infrastructure and upper-CYD development; sustaining expenditure included resource-definition drilling and raiseboring for ore and ventilation passes. FY2025 capital included mine development, tailings infrastructure and Upper Campbell access/infrastructure; sustaining spend included resource-definition drilling, mine infrastructure, Balmer tailings reprocessing/paste reticulation and Cochenour ore-pass replacements.

FY2021–FY2025 operating and capital record

All dollar amounts below are Australian dollars unless Evolution stated otherwise. AISC, operating cash flow and capital are the company’s reported Red Lake measures for each fiscal year; they should not be treated as a reconstructed segment profit-and-loss statement.

Mining fronts, deposits and exploration corridor

The annual reports describe several different types of Red Lake areas. The following status labels keep mine areas, resource-definition areas and early-stage targets separate.

Mineral Resources and Ore Reserves: annual technical record

The Red Lake MRE/OR statements use technical cut-off dates rather than the 30 June financial year-end. Mineral Resources are reported inclusive of Ore Reserves. All figures below are Evolution-reported gold estimates; a reported Mineral Resource is not an Ore Reserve, and a year-to-year change can result from acquisition-boundary, drilling, depletion, economic assumptions, model or method changes as well as mining.

Balmer historic tailings: a separate reprocessing study boundary

FY2025 disclosed a Balmer tailings reprocessing PFS that informed an initial tailings Mineral Resource and Ore Reserve. Evolution described Balmer material as processed ore from an Archean orogenic gold deposit that had grades above 30g/t gold when originally processed. This is historical material characterisation and a PFS-supported technical disclosure; it is not FY2025 production and it must not be added to the Red Lake operating-production figures. The annual report separately noted that an initial Balmer tailings Ore Reserve was added after the PFS, while the Red Lake MRE reduction was driven primarily by geological-domain and estimation-method changes. The sources do not support treating the Balmer addition as an offset for the overall MRE/OR movement.

First Nations, community and permitting context

Evolution identifies Red Lake as being on Wabauskang and Lac Seul First Nation traditional lands. Its FY2021 sustainability disclosure referred to active engagement with First Nation partners and included Shared Spirits with Red Lake First Nation partners among its cited community projects. The FY2023 and FY2025 reports place First Nations/community expectations and consultation within the company’s disclosed operating-risk framework: inadequate management could, in the company’s wording, affect engagement, production or exploration. This is a disclosure of the company’s risk framing, not a legal conclusion about any agreement, permitting status, consultation adequacy or compliance outcome.

The retained annual-ledger evidence does not supply a complete project-by-project Red Lake permits register or terms of individual First Nations agreements. Accordingly, this record does not infer permits, consent or legal rights from the traditional-land statement. Where FY2021–FY2025 reports refer to tailings or operating infrastructure, the facts above are confined to disclosed construction, capital or technical-study status.

Asset boundary, ownership and reporting basis

Mungari is Evolution's gold-mining and processing hub about 20 km west of Kalgoorlie, Western Australia. The annual reports describe an operating area that combines open-pit and underground mining with central processing; its ownership boundary is more detailed than a simple “Mungari 100%” label. Evolution reports its 100% Mungari Operations interest alongside approximately 51% of the East Kundana Joint Venture (EKJV). The Kundana-area transaction also comprised 100% Kundana Operations, selected 100%-owned Carbine Project tenements and a 75% West Kundana Joint Venture (WKJV) interest. The latter interests should not be treated as 100%-owned merely because their ore, exploration or tenure may be discussed under the wider Mungari hub.

The transaction was agreed after FY21 year end on 22 July 2021 and completed on 18 August 2021. Evolution reported A$400 million cash consideration, funded by an institutional placement and a share-purchase plan, and said the acquired assets lay within 8 km of Mungari. At the FY21 reporting date, their Mineral Resources and Ore Reserves had not been included in Evolution's December 2020 inventory; Evolution said they would be re-estimated using its methods. In FY22, the company described the operating configuration after the acquisition as three underground mines, an open pit and a 2 Mtpa plant, and began the “One Mungari” integration of systems, equipment and workforce. Its statements about synergies, flexibility and lower contract costs were expectations, not FY22 outcomes.

The reports identify Maduwongga and Marlinyu Ghoorlie native-title claims over most Mungari tenements and name Coolgardie and Kalgoorlie as local communities. This is a factual tenure/community context, not a conclusion about rights, consultation or compliance.

FY2021–FY2025 operating record

The table preserves the annual-report labels and does not construct a mine-level profit measure. AISC and AIC are Evolution's non-IFRS measures; they are not standardised measures and are not presented here as a valuation or comparative margin conclusion.

Mungari 4.2 — study, approval, construction and commissioning record

In FY21, Evolution said mill-expansion studies were under way for a potential 4.2 Mtpa plant and a 200 kozpa Mungari objective, with a 13-plus-year mine-life objective. These were study-stage objectives. In FY22, the Plant Expansion Feasibility Study was examining the increase to 4.2 Mtpa and the pathway to 200,000 oz per year; completion was then due in December 2022.

Following the Mungari Future Growth Feasibility Study, the Board approved A$250m in FY23 to expand capacity from 2.0 Mtpa to 4.2 Mtpa. At that date Evolution described a September-quarter FY2023 ramp-up, a 30-month construction period and commissioning by the end of the March 2026 quarter. It also described a 200 kozpa mine-life production target, estimated 18% AISC reduction and mine life to 2038. Each was an estimate, target or plan at the FY23 reporting date, not an achieved FY23 result.

In FY24, Mungari 4.2 remained under execution. Evolution said the A$250m project was on schedule and budget and retained the 2.0 Mtpa-to-4.2 Mtpa capacity target. In FY25, it reported completion ahead of schedule and under budget, with commissioning on 3 April 2025. The company described the start of commissioning as nine months ahead of schedule and 9% below the original budget. It did not report commercial production or full ramp-up as FY25 completed outcomes; those were still expected in H1 FY26. Evolution stated that the expansion was expected to support at least a 2038 mine life and a transition toward average annual production of about 200 koz in coming years, approximately 50% above the then roughly 135 koz level. Those are company expectations rather than historical production.

Kundana-district deposits, mines and exploration programmes

The five annual reports identify a changing set of operating areas, deposits and targets. They should not be collapsed into a single deposit-level Mungari resource because the published annual-resource tables report hub-level categories rather than a uniform deposit breakout.

• Frog’s Leg / Rocket / Boomer and Castle Hill: FY21 drilling below Rocket tested continuation at depth and encountered vein structures, while Evolution said the orebody narrowed at depth; Boomer strike-extension drilling diminished the opportunity. Castle Hill infill drilling confirmed modelled grade and thickness continuity. In FY23, Frog’s Leg mining ceased. In FY25, Castle Hill haulage commenced; the company stated that it would become base-load feed over the next decade.
• Xmas and Genesis: FY22 drilling 30–50 m beyond the main Xmas structure extended the Xmas Hangingwall Lode, referred to as Genesis. Evolution reported an updated 31 December 2021 Inferred Mineral Resource for that lode of 65 kt at 46.7 g/t Au for 97 koz. In FY23, Kundana drilling targeted Xmas, Genesis and Strzelecki for reserve conversion and near-mine extension. FY24 resource-definition work covered Xmas, Strzelecki and the newly identified Genesis vein. FY25 drilling returned reported high-grade results at the 2023 Genesis discovery; the FY25 resource movement discussion identifies Genesis among deposits supported by drilling and grade-control data.
• East Kundana / EKJV: FY22 Mary Fault drilling at Rubicon, Hornet and Pegasus was reported as supporting potential for a future resource; it was not described as a resource declaration. In FY23, drilling at EKJV deposits Hornet and Golden Hind targeted confidence for FY25 open-pit sequencing. FY25 saw new campaigns begin at EKJV. Ownership must remain Evolution's approximately 51% interest rather than 100% Mungari ownership.
• Paradigm: FY23 RC and diamond drilling were used for open-pit confidence and for future underground resource-conversion/growth work; capital stripping began during FY23. FY25 new campaigns began at Paradigm. Neither description establishes a separately reported Mineral Resource or Ore Reserve in the material retained here.
• Solomon and Arctic: FY25 reported high-grade drilling results at the 2023 Solomon discovery and further reported results at Arctic. These results and subsequent programmes are exploration facts, not an assertion of separately reported reserves. The company said Mungari was to receive its largest planned portfolio exploration investment in FY26.
• Carbine and WKJV: these remain distinct interests acquired with the Kundana package — 100% selected Carbine tenements and 75% WKJV — rather than evidence that all Kundana-district land was held at 100%.

Five-year Mineral Resources and Ore Reserves record

The technical dates below are the annual reports' stated 31 December technical snapshots, not 30 June fiscal-year-end estimates. Mineral Resources and Ore Reserves are separate categories; Evolution's group reporting generally states that Mineral Resources include Ore Reserves. A total must therefore not be added to the reserve total or presented as additional material.

Acquisition, ownership and comparability boundary

Northparkes is an underground and open-pit copper-gold operation 27 km north-west of Parkes, New South Wales. Evolution acquired an 80% interest from CMOC, with completion on 15 December 2023. Sumitomo Metal Mining, Sumitomo Corporation and affiliates retained 20%. The FY24 annual report records contract consideration of up to US$475m: US$400m paid upfront plus contingent consideration of up to US$75m. The financial statements report net cash outflow of A$553.8m for the acquisition, A$50.9m financing stamp duty, a A$684.9m mine-property addition and a A$600m deferred-revenue liability for the Triple Flag stream, carried at A$565.2m at 30 June 2024 after discounting/unwind. These are separate transaction/accounting disclosures, not an analyst reconstruction of purchase value.

The fiscal-year comparison requires care. FY24 operation data cover only the first 6.5 months under Evolution ownership, from 16 December 2023 to 30 June 2024. FY25 was the first full financial year of Evolution ownership. Neither period should be presented as a like-for-like year-on-year operational change without that boundary.

FY2024 acquisition-period and FY2025 full-year operation

Negative site AISC/AIC figures are retained as Evolution's reported non-IFRS copper-by-product cost measures; they do not mean the report assigns a negative economic value to the mine or provide a recommendation.

Underground and open-pit systems; E48 L2 and E22 studies

Evolution describes Northparkes as a combined underground and open-pit system. The FY24 Annual Report identifies post-acquisition E48 resource-definition drilling as work to support infill, cave geometry and mine-design decisions. In June 2024, the Board approved progression of E48 sub-level cave work to pre-feasibility; Evolution then expected the PFS by the March 2025 quarter.

In FY25, Evolution reported completion of the E48 L2 Sublevel Cave pre-feasibility study. It said the development would leverage existing underground infrastructure, had moved to execution and targeted first production in H1 FY26. That date is a target, not FY25 production. The June-quarter FY25 E22 trade-off study was also reported completed. The retained report extract does not state a resulting production or reserve outcome, so none is inferred here.

Discovery and near-mine targets

In FY24, Evolution reported discovery drilling at Major Tom and E51, approximately 4 km from the plant, with near-surface mineralised intercepts. The company prioritised further FY25 drilling to assess possible open-pit feed. In FY25, it described drilling directed at shallow, copper-rich open-pit opportunities near the plant at Major Tom and historic E51 and reported significant intercepts. Work was extended into early FY26 to test the extent and controls of mineralisation, followed by proposed resource modelling and possible pit optimisation. These are exploration and planned technical-work statements, not a declared resource, a reserve, or a completed pit project.

Mineral Resources and Ore Reserves — gold and copper family, ownership basis

Northparkes first appears in Evolution's annual-report technical record following the 15 December 2023 acquisition. Its figures are shown at Evolution's 80% interest, not 100% of the operation. The FY24 technical note says the December 2023 Northparkes Mineral Resource was exclusive of Ore Reserves, an exception to Evolution's usual group practice. The FY25 reporting says Northparkes Mineral Resources are reported inclusive of Ore Reserves, consistent with Evolution practice; the two annual snapshots therefore should not be compared as though the inclusion basis were unchanged.

8.1 Asset boundary

Mt Rawdon was a 100%-owned open-pit gold operation, 75 km south-west of Bundaberg, Queensland. Its reported operating history and its proposed post-mining energy project must be read as two different records: gold mining and stockpile processing belonged to Evolution's mine portfolio; the Mt Rawdon Pumped Hydro Project (MRPH) was a separately held, 50%-owned feasibility-stage project. Neither the MRPH storage concept nor its prospective capacity is gold production or an operating renewable-energy asset.

8.2 Five-year mine and stockpile chronology

The FY2026 stockpile-completion and TSF-lift statements are plans reported in FY2025, not evidence that either activity was completed by 30 June 2025.

8.3 Mineral Resource and Ore Reserve record — distinct from the closure project

Evolution's Mineral Resources include Ore Reserves where stated in the relevant annual report. The dates below are technical statement dates, not 30 June mine inventories.

8.4 Mt Rawdon Pumped Hydro Project (MRPH) — a separate 50% project record

These items are retained because the annual reports identify them as part of Evolution's portfolio history, transactions or exploration perimeter. They are not presented as the FY2025 operating portfolio.

Status classes: resource definition = work aimed at confidence, classification or scheduling; reserve conversion = work explicitly directed to conversion; near-mine extension = target adjacent to an operating area; regional brownfield = work within an operating district; greenfield = early-stage tenure/target; feasibility/PFS = study; execution = approved/construction/development work; tailings reprocessing = study/resource/reserve work on historic tailings; closure/repurposing = mine-end and post-mine work. A named drilling target is not a Mineral Resource or Ore Reserve unless the annual report separately says so.

Annual discovery scale and reporting boundary

This is a public factual register of names that appear in Evolution Mining's FY2021–FY2025 annual-report record. FY means the year ended 30 June. An entry records the interest reported in the relevant year; it is not a statement that the interest applied in every other year. “MRE/OR disclosure” distinguishes a declared Mineral Resource (MRE), an Ore Reserve (OR), production disclosure, and a target or study. Mineral Resources are inclusive of Ore Reserves where Evolution so states in its annual technical reporting.

Operating portfolio and principal growth projects

Historical, divested and greenfield / equity-interest register

Reading convention and non-addition controls

FY2021–FY2025 are years ended 30 June. Evolution’s related technical inventories are generally dated 31 December of the preceding calendar year; thus FY2025’s inventory is at 31 December 2024, not at 30 June 2025. This is a record of the company’s annual technical disclosure, not a production forecast, valuation or recommendation.

Evolution states that Mineral Resources are inclusive of Ore Reserves. Consequently MRE and Ore Reserve figures must not be added. Gold and copper columns for copper-gold assets are commodity presentations of the same material, not separate inventories to sum. Annual figures retain the reported ownership, technical scope and rounding. “Not separately reported” does not mean zero.

Annual method, effective-date, price and basis ledger

FY2025 site-specific assumptions: Red Lake and Mungari MRE used A$3,300/oz gold; Cowal and Mt Rawdon MRE A$2,500/oz. Red Lake/Mungari OR used A$3,000/oz; Cowal OR A$1,800–A$2,000/oz; Mt Rawdon OR A$2,000/oz. Marsden was historically disclosed at A$1,800/oz Au and A$9,000/t Cu for MRE, and A$1,350/oz Au and A$6,000/t Cu for OR. These assumptions are not interchangeable between assets or years.

Five-year group technical inventory

Gold Mineral Resources

Gold Ore Reserves

Copper Mineral Resources and Ore Reserves

Reported movement ledger

• 31 December 2020: Evolution attributed group gold growth to its maiden

Red Lake JORC inventory and continuing Cowal growth. The annual report identified 929koz gold mining depletion in the MRE comparison and 920koz in the OR comparison. Bateman and Kundana were not yet in its JORC group tables.

• 31 December 2021: Evolution reported 576koz Au / 21kt Cu in-situ MRE

depletion and 520koz Au / 21kt Cu OR depletion. Portfolio additions and the Ernest Henry boundary change prevent this being treated as a geology-only bridge from 2020.

• 31 December 2022: Evolution reported net of FY2022 depletion +724koz gold

and +322kt copper MRE, while gold OR was -360koz and copper OR +21kt. These are company-reported changes, not a recalculated reconciliation.

• 31 December 2023: Evolution stated the OR position allowed for 884koz gold

and 48kt copper mining depletion. Northparkes’ 80% acquisition changed group scope; it is not a five-year EVN-operated-mine comparison.

• 31 December 2024: Evolution reported MRE gold movements of Mungari

+1.3Moz, Ernest Henry +0.4Moz, Northparkes +0.4Moz, Red Lake -4.5Moz, a minor Cowal decrease and Mt Rawdon depletion. Copper MRE rose 0.3Mt, with equal additions at Ernest Henry/Northparkes. Gold OR movements were Mungari +0.5Moz, Ernest Henry +0.1Moz and Northparkes +0.1Moz, offset by Red Lake -0.8Moz, minor Cowal decrease and Mt Rawdon depletion; copper OR rose 0.1Mt from Ernest Henry and Northparkes additions.

Asset and deposit register

Cowal — gold

Evolution described the December 2024 Cowal movement as a minor decrease; its rounded annual totals do not establish that any entire difference is depletion.

Ernest Henry — gold and copper

Evolution attributed the December 2024 MRE increase of 0.37Moz Au and 130kt Cu to depth/lateral drilling and Bert extension drilling. Gold and copper columns are not additive; both describe the same copper-gold material.

Red Lake — gold and Balmer tailings

Evolution said the FY2025 MRE decrease was primarily from refined geological domains and estimation method aligned with drilling/reconciliation; Upper Campbell and Cochenour footwall were major affected areas. The 0.8Moz OR decrease was separately reported alongside the initial Balmer tailings OR after a PFS. Neither statement supports calling the MRE change pure depletion.

Mungari, Kundana and EKJV — gold

Evolution attributed the 1.3Moz December 2024 MRE increase to price/cost optimisation, mainly open-pit additions, and drilling/grade-control data, including Genesis and Solomon. It reported a 0.51Moz OR increase after 0.15Moz mining depletion and LOM cost/modifying-factor updates. Genesis and Solomon are contributors to Mungari, not additional Mungari totals.

Mt Rawdon — gold

Mt Rawdon Pumped Hydro is a distinct 50%-owned post-mining project, excluded from mine Resources and Reserves.

Mt Carlton — historical, while held

Northparkes — attributable gold and copper after acquisition

Northparkes has no FY2021–FY2023 Evolution-owned mine series. Its gold and copper tables are different views of copper-gold material and cannot be added.

Marsden — separately reported copper-gold project

Exception and double-count checklist

Reporting boundary and how to read this record

Evolution’s sustainability disclosures are company disclosures for a changing operating portfolio, not a single like-for-like dataset. FY2021 includes Cowal, Ernest Henry on the then-reported economic-interest basis, Red Lake, Mungari, Mt Rawdon and Mt Carlton. The remaining Ernest Henry interest was acquired in FY2022; Mt Carlton was divested in FY2022; and Northparkes entered the portfolio on 15 December 2023, so its FY2024 information covers only Evolution’s post-acquisition period. Sustainability reporting may use an operated-site boundary that is different from a financial ownership percentage. These changes need to be kept in mind when reading the annual trend below.

The record reports metrics and management statements as Evolution presented them. A lower incident rate, a completed action, a disclosed assurance activity or a company statement that no material adverse incident was known does not demonstrate that every hazard, impact, compliance obligation or future outcome was eliminated.

Health, safety and wellbeing

Evolution’s FY2021 report also described COVID-19 risk-management arrangements, including travel restrictions, distancing, changes to transport and site access/screening, flexible work and vaccination support. It said COVID-19 had not had a material operational impact to that date, while FY2022 recorded high absenteeism from regulatory isolation requirements and continued use of site and Group protocols.

The FY2024 annual report disclosed two ongoing work-health-and-safety enforcement matters: a contractor arm fracture after a guarding breach at Mungari, and an enforceable undertaking concerning a Northparkes worker-burn/empty-IBC small-fire event that occurred before Evolution acquired Northparkes. FY2025 still described those two matters as ongoing and stated that there was no other significant government enforcement action in that year, excluding matters under investigation. This is a disclosure of status in those annual reports; it is not a finding on responsibility or outcome.

People, culture and workforce

In FY2021 Evolution reported 87% employee retention, against an 87% target, and described graduate, apprentice and vacation pathways. In FY2022, 30% of graduate hires were female and 72% of employment across operations was local. FY2023 reported 100% completion of mandatory employee training requirements, 18.4% female representation and 6% Indigenous employee representation. FY2024 reported 19% female employees and 6.8% Indigenous employee representation.

For FY2025, Evolution reported 89% employee retention; women represented 21% of employees, which the company described as 10% above FY2024; Board female representation was 37.5%; and Executive Leadership Team female representation was 33% at the reporting date. Its workforce disclosures encompass wellbeing and mental health, fatigue and transport safety, hazardous chemicals, inclusion, attraction and retention, training, graduate and mentoring programmes, employee relations and non-discrimination. These descriptions record programmes and reported participation measures, not an independent assessment of effectiveness.

Community, First Nations, cultural heritage and supply chain

Evolution identified local community and First Nations relationships as material to its social licence. Its FY2021 report described engagement with First Nation partners and cultural-heritage management/review processes, seven new Shared Value projects, and A$129.8 million contribution to local/regional businesses and organisations, including A$100.4 million direct local-organisation spend. Named FY2021 examples included work with Wiradjuri Condobolin Corporation/Galari Agricultural Company and Shared Spirits activity with Red Lake First Nation partners.

FY2022 reported A$3.5 million direct community investment, 9% above FY2021, and A$2.38 million committed to six Shared Value projects. It named the Galari Agricultural Company and Gidarjil Murra Wolka Creations Indigenous Art business as First Nation Partner Shared Value Projects. The Mt Perry Summit Walk upgrade was reported to have provided training to 15 Gidarjil Indigenous trainees, with four trainees engaged for a two-year Certificate of Agriculture. The same annual report reported A$2.03 billion contribution to Australian and Canadian economies, A$164 million to local/regional businesses and organisations, and A$133 million direct local spend.

FY2023 reported zero reportable cultural-heritage incidents, A$261 million in taxes and royalties, and A$1.75 billion in payments to 3,629 active suppliers. Evolution said it issued 125 human-rights/modern-slavery questionnaires to medium- and high-risk suppliers; disclosed assessments had not identified modern-slavery practices, while ongoing monitoring continued. It also described grievance mechanisms and whistleblower protections at operations.

FY2024 reported A$2.7 billion contribution to Australian and Canadian economies and A$419 million to local/regional businesses and organisations, including A$353 million direct local-organisation spend. It described systems for cultural heritage, Indigenous outcomes, reconciliation, land and resource rights, consultation, community investment, grievances and local employment/procurement. Its stakeholder-perception work returned a “High Approval” social-licence result according to the company; this is Evolution’s stated result, not an external conclusion reproduced by this report.

FY2025 reported A$3.7 billion contribution to Australian and Canadian economies, A$505 million to local/regional businesses including A$455 million direct local-organisation spend, A$5.3 million direct community investment, and A$262 million in taxes and royalties to Australian and Canadian governments. The company stated that group and site functions supported First Nations and social responsibility, with cultural-heritage and community-engagement principles, policies and procedures, and that it committed to implement a Reconciliation Plan. Its Directors identified inadequate management of First Nations and local-community expectations as a risk that could lead to dissatisfaction, reputational harm and disruption to consultation, production or exploration. That is a risk disclosure, not a statement that such disruption occurred.

Red Lake-specific agreements, consultation and permitting matters are retained in the Red Lake section of this report only when disclosed there. This sustainability section does not convert community-engagement processes into a conclusion about consent, rights, legal status or social impact.

Climate, energy and emissions

In July 2021, Evolution announced a commitment to reduce Scope 1 and 2 greenhouse-gas emissions 30% by 2030 and to reach net zero by 2050, using FY2020 as the stated baseline. These are company commitments, not results achieved in FY2021. The company referenced NGER and NPI reporting for Australian operations, equivalent Canadian reporting, and GRI- and TCFD-aligned reporting.

FY2022 reported a 7% improvement in carbon-emissions intensity per tonne mined from the FY2020 baseline. FY2023 reported an 11% reduction in absolute Scope 1 and 2 emissions versus FY2020 and described Cowal’s long-term power purchase agreement as a pathway toward the stated 2030 target. The annual report also described TCFD and GRI use, a TNFD v0.4 gap/alignment exercise, NGER/NPI reporting for Australian operations, Canadian reporting, and assurance for NPI and GHG submissions alongside environmental and social audits.

FY2024 contains two different group-emissions progress figures: the overview referred to a roughly 12% reduction against the adjusted FY2020 baseline, while the Directors’ Report referred to approximately 14.3%, subject to external validation and delivery of the complete FY2024 dataset. The figures are retained as disclosed rather than reconciled here. The company attributed stated FY2024 progress to Cowal’s solar-farm PPA and energy-efficiency measures, while its sustainability discussion covered Scope 1–3 reporting, renewable sourcing, the Safeguard Mechanism, electrification/efficiency and planned emissions pathways.

FY2025 reported an estimated market-based Scope 1 and 2 reduction of about 17% against FY2020 after later inclusion of corporate/exploration data and a full assessment; the Directors’ Report gave a preliminary figure of about 16%. Evolution said much of the Scope 2 reduction related to Cowal’s NSW solar-farm PPA, and that a similar PPA began at Northparkes in FY2025. It also disclosed voluntary large-scale generation certificate allocation/surrender to correct a previously identified market-based emissions miscalculation for FY2023 and FY2024. The FY2025 metric is not a Scope 3 result.

The FY2025 report described qualitative climate risk/opportunity scenario work at Ernest Henry and Northparkes and a portfolio exposure assessment. It identified extreme weather, water/resource shortage, rainfall and storm-pattern change, and policy/economic/market transition factors as exposure categories. Planned FY2026 work remains a plan, not an FY2025 outcome. Evolution also stated that it had reported GRI-aligned ESG information since FY2021 and TCFD-aligned information since FY2020, undertook FY2025 ASRS assurance-readiness work with PwC, and planned to transition climate references toward IFRS/ASRS disclosures.

Water, tailings, waste, biodiversity, rehabilitation and closure

Water management is material across the portfolio. Evolution reported a 25% increase in water reuse in FY2021. In FY2022, the annual-report achievement page reported freshwater demand per dry tonne milled down 42% versus FY2020 while the sustainability snapshot reported a 43% reduction. The source discrepancy is preserved; it is not silently normalised. FY2025 reported freshwater-use intensity improved by about 28% versus FY2020.

The annual reports identify environmental management covering air, water, noise, land, waste, tailings, flora/fauna, biodiversity, rehabilitation and closure. FY2021 reported 323 hectares rehabilitated; FY2022 reported 752 hectares; and FY2025 reported management of 1,025 hectares of rehabilitated land. These annual figures are reported measures, not a harmonised cumulative total. FY2024’s audited financial-report discussion recorded a A$492 million rehabilitation provision, while the Directors’ Report recorded A$609.8 million total provisions; the reports give different scopes and the amounts are not interchangeable.

Evolution reported nine tailings facilities globally in FY2021. Cowal IWL construction and Mt Rawdon tailings-storage-facility buttress/lift activity were named capital items that year. FY2023 identified tailings management as material and named Cowal’s IWL tailings facility as a capital project. FY2024 reported management approaches for tailings, waste/effluents, air quality, water, biodiversity/land use, closure and rehabilitation. FY2025 stated that all operations used tailings-management approaches based on GISTM, ANCOLD 2019 and CDA 2013 guidance, including climate change, stakeholder engagement, emergency management, communities, receiving environment, dam safety and post-mine land use. These are reported management frameworks, not a certification by this report.

The FY2025 record identifies Mt Rawdon as an operational closure transition. Gold mining concluded in the September quarter of FY2025; stockpile processing continued and was scheduled for completion in FY2026. The Mt Rawdon Pumped Hydro proposal remains a separate 50%-owned feasibility/FID-stage project, not an operating renewable-energy asset or a completed mine-closure outcome. Earlier annual reports also discussed pumped-hydro and post-mining transformation only as studies/case disclosures, subject to approvals, funding, partners and construction.

Environmental compliance, governance, assurance and disclosed risk record

FY2023’s Directors’ Report stated that the Directors were not aware of an environmental incident with material adverse impact on the overall business. Separately, it disclosed one Level III environmental event: a Mt Rawdon penalty infringement notice exceeding US$10,000, connected with non-compliance during extended unseasonal rainfall late in 2022. Evolution stated that no environmental harm resulted and that no other formal enforcement action occurred in FY2023. The report also noted one Level III environmental event in FY2022, four in FY2021/FY2020, eight in FY2019 and nine in FY2018. This historical series is reported disclosure, not a conclusion on the severity or adequacy of controls.

The FY2024 Directors’ Report stated that directors were not aware of sustainability incidents with materially adverse impact on the overall business. In FY2025, the company reported zero bribery/corruption cases and two whistleblower complaints, all investigated and addressed. It described its sustainability-assurance programme as completed on time/to plan for all scheduled operations, applying first-, second- and third-line-of-defence processes and a third-party review of methodology/approach. Evolution also stated that 20% of annual STIP was linked to specified sustainability goals, including safety/risk KPI outcomes and decarbonisation-related strategic imperatives, and that sustainability-metric data for STIP would receive third-party audit validation.

Across the five reports, Evolution described Board Risk and Sustainability Committee oversight, management review, internal audit, Audit Committee and external auditor review. FY2025 described site performance monitoring at least monthly, leadership review monthly, committee review at least three times a year and Board review as required. Governance descriptions, audit activity and assurance-readiness work do not make this report an audit or assurance engagement.

The Directors’ disclosed risk set includes environmental and industrial incidents; unusual geology; equipment/material availability; pit-wall failure; rock bursts; seismic events; cave-ins; floods, fire and weather; uncertainty in production/cost estimates; permits and regulatory compliance affecting safety, environment, human rights, heritage, water, waste, rehabilitation and biodiversity; climate transition and physical risks; and First Nations/community relationships. Evolution’s reports state that controls do not guarantee the absence of an incident, fine or civil liability. These are company-disclosed risks, not predictions or allegations by MII Research.

Five-year financial and operating ledger

This table preserves the labels used by the annual reports. Statutory profit is not interchangeable with underlying profit, and operating-mine cash flow is not the same measure as consolidated operating cash flow. AISC is non-IFRS and portfolio scope changed during the period.

Consolidated balance-sheet and cash-flow disclosures retained in the annual-report record

The entries marked as not reproduced are source-boundary statements: they do not mean that the audited financial statements omitted the information, only that this report section does not invent values absent from the retained annual-report ledger used for this assembly.

Capital allocation, liquidity and distributions

• Acquisitions and divestments: FY21 Battle North cash consideration was A$355.790m; FY22 cash-flow disclosures show A$390.9m paid for Kundana, A$809.0m for the remaining Ernest Henry interest and A$30.3m received for Mt Carlton. FY24 Northparkes financial-statement disclosures include A$553.8m net cash outflow, A$50.9m financing stamp duty and a A$684.9m mine-property addition. These figures arise from different transaction/accounting views and are not summed here as a common purchase-price series.
• Debt and liquidity: At FY21, Evolution disclosed A$145m drawn on a A$360m revolving facility, a A$570m fully drawn term loan and A$440m undrawn term loan. FY23 disclosures listed A$55m drawn on Facility A, A$570m Facility B, A$440m Facility E and several US private-placement instruments. At FY24, net interest-bearing liabilities were A$1,923.6m and liquidity A$928.3m. FY25 reported gearing at 15%, but the retained annual-report ledger does not state a matching FY25 cash/debt balance in the cited summary; it should not be inferred from gearing alone.
• Cash-flow distinction: FY21 consolidated operating cash flow was A$757.008m, versus A$937.3m operating mine cash flow. FY24 consolidated operating cash flow was A$1.2814bn, versus A$1.541bn operating mine cash flow. The different figures are reported under different definitions and should remain distinct.
• Rehabilitation and other provisions: FY21 liabilities increased partly because of recognition of Ernest Henry/Battle North rehabilitation obligations. FY22 reported rehabilitation/closure provisions among balance-sheet drivers. FY24 Directors' Report total provisions were A$609.8m, including Northparkes rehabilitation recognition; the auditor's A$492m rehabilitation-provision key-audit-matter figure was a different scope. No legal conclusion about sufficiency is drawn from these disclosures.
• Dividends: FY21 paid A$273.4m and proposed a subsequent 5.0 cents/share final dividend. FY22 paid A$146.6m. FY23 declared after year end a 2.0 cents/share final dividend estimated A$36.7m. FY24 paid A$76.5m and declared after year end a 5.0 cents/share final dividend estimated A$99.3m. FY25 declared a full-year 20 cents/share/A$400m distribution, including a 13.0 cents/share final dividend payable after year end. The company stated an intention, where possible, to target dividends around 50% of group cash flow; that statement is policy, not a guaranteed distribution formula.
• Hedging / selling-price disclosure: FY21 specified delivery commitments at fixed prices in Australia and Canada. FY25 disclosed 50,000 hedged gold ounces at A$3,140/oz, alongside achieved selling prices A$4,300/oz gold, A$50/oz silver and A$14,470/t copper. These are annual-report disclosures, not price forecasts or an assessment of hedging performance.

Company-disclosed risks — not predictions

The Directors' Reports describe the following risk categories. Their inclusion does not assert that a loss, breach or adverse event occurred in FY21–FY25.

• Metal prices and currency: gold, silver and copper price and exchange-rate movements may affect revenue, margins, project feasibility and the timing/continuity of exploration or development.
• Mineral Resources and Ore Reserves: estimates depend on geological interpretation and sampling. Actual geology/production can differ; resources may not convert to reserves; and price/cost changes can affect economic status.
• Reserve replacement and exploration: reserve replacement depends on exploration, expansion, delineation, discovery and acquisitions. Exploration is described as speculative and may not succeed.
• Operating, technical and insurance hazards: disclosures name environmental incidents, unusual geological conditions, equipment/material availability, pit-wall failures, rock bursts, seismic events, cave-ins, weather, flood and fire. The reports state that insurance may not cover every loss.
• Production and cost variability: stated inputs include grade, tonnage, dilution, metallurgy, mine sequencing, mine-plan changes, weather/water/flood, labour availability/industrial action, waste-to-ore ratios, consumables, inflation and foreign exchange.
• Permitting, regulation and closure: requirements may cover safety, environment, human rights, heritage, stakeholders, water, waste, rehabilitation and biodiversity. The company states that delays or compliance failures could affect operations.
• Climate and transition: disclosed exposure areas include energy/emissions, water security, extreme weather/health events and transition conditions such as law, reputation, technology, market change and shareholder activism.
• Community, First Nations and cultural heritage: the Directors identify inadequate management of First Nations/local-community expectations as capable of affecting consultation, production or exploration. This is a disclosed risk statement, not a finding about any particular community relationship.
• Forward-looking statements: the FY25 report says forward-looking statements carry known and unknown risks including prices, foreign exchange, input costs/demand, exploration/development, permitting, reserve/grade, political/social/regulatory settings, weather, workforce/industrial relations and litigation. It says it does not undertake to update them except as legally required.

Primary documents and links are consolidated in the terminal Section sources and primary documents block. Evolution Mining’s official Reports Centre presents and downloads the annual-report files; this report does not expose delivery-host identifiers. Elsewhere, the report uses compact section-level citations so readers can locate the relevant annual-report title, printed page range and heading without exposure to private provenance. A citation identifies the document location from which a statement was derived; it does not make the statement independently audited by MII Research.

Active and extensive AI use

MII Research actively and extensively used AI systems in the research and production process, including evidence extraction from public filings, comparison across reporting periods, organisation of source facts, calculation checking, drafting, translation and explanatory visual preparation where used. Human review was directed at source selection, chronology, numerical presentation, public wording and the separation of reported facts from plans, targets, studies and risks. AI use is not concealed and is central to the scalable production of this company-research record.

Scope, limitations and no-advice notice

This is a factual, descriptive company-research record for general informational and educational use. It is not financial, investment, legal, tax or accounting advice; not an offer, solicitation or recommendation to buy, sell or hold a security; and not a valuation, target-price, earnings forecast, investment thesis or suitability assessment. It does not assess whether any security is appropriate for any person.

Information is drawn from public sources that were considered reliable as of the report’s stated date. Public documents can be amended, superseded, incomplete, ambiguous, differently scoped or affected by later events. Despite reasonable review, AI-system and source-material limitations can leave errors, omissions, transcription mistakes, translation issues, classification mistakes, numerical inconsistencies or contextual gaps. Historical comparison can also be distorted by changes in ownership, reporting perimeter, accounting, methodology, technical-estimate dates or restatements. Readers should open the primary sources, check current company disclosures and obtain independent professional advice before making any decision.

MII Research does not audit, assure, certify or independently verify Evolution Mining, its subsidiaries, its operations, the cited reports, technical estimates, sustainability metrics, accounting information or legal compliance. No representation or warranty, express or implied, is made about accuracy, completeness, reliability, currency, availability, merchantability, fitness for a particular purpose or the absence of error. This material must not be the sole basis for a business, investment or other decision.

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Corrections and transformative-use note

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This report is a transformative analytical summary: it selects, organises, compares and explains reported facts across five annual-report periods in original language and structure. It does not reproduce annual reports as a substitute for the source documents. Report titles, company names, short source labels and factual references are used for attribution and reader verification. Copyright in the underlying source documents remains with the relevant rights holders.