Page 1

Evolution MINING - QUARTERLY REPORT – For the period ending 31 December 2020 HIGHLIGHTS Continued sector leading cash generation • - Mine operating cash flow of A $ 258.9 million Net mine cash flow of A $ 170.5 million Group cash flow of A $ 99.3 million Net bank debt reduced by A $ 93.4 million to A $ 86.9 million Sustainability ■ 2020 Sustainability Report published and two new Sustainability Projects approved COVID - 19 continues to be proactively managed - no cases reported and no material impact on operations Maintained focus on producing high margin ounces • Gold production increased by 6 % quarter - on - quarter to 180,305 ounces All - in Sustaining Cost ( AISC ) 1 declined by 3 % to A $ 1,166 per ounce ( US $ 852 / oz ) ² All - in Cost ( AIC ) ³ declined by 5 % to A $ 1,582 per ounce for an AIC margin of A $ 834 per ounce Major projects investment remains on track to grow low - cost , high - margin production base Exploration highlights Resource definition drilling at Red Lake's Twin Otter : 1.11m ( 0.88m etw ) at 106.3g / t Au from 204m ( 44L954 ) Extensional drilling at Cowal's Dalwhinnie : 19.00m ( 13.30m etw ) at 4.4g / t Au from 575m ( 1535DD544A ) Delivering significant organic growth pipeline " Red Lake Stage 1 transformation plan targeting annual production of 200,000 ounces at an AISC of less than US $ 1,000 per ounce progressing ahead of schedule Design work commenced for new surface decline to access higher grade ore in Upper Campbell Material increase to Ore Reserve expected in March 2021 quarter Cowal • Underground Feasibility Study progressing on schedule to increase annual production to over 350,000 low cost ounces Drilling continues to indicate further growth in underground mine and opportunity to optimise grade On track to achieve FY21 Group guidance For personal use only " Year - to - date production of 350,326 at an AISC of A $ 1,182 per ounce ( US $ 854 / oz ) 4 FY21 guidance : 670,000 – 730,000 ounces at an AISC of A $ 1,240 - A $ 1,300 per ounce Consolidated production and sales summary Units Mar Qtr FY20 Jun Qtr FY20 Sep Qtr Dec Qtr YTD FY21 FY21 FY21 Gold produced OZ 165,502 218,104 170,021 180,305 350,326 By - product Silver produced OZ 118,224 233,252 164,069 126,294 290,363 By - product Copper produced t 4,832 6,684 5,552 5,450 11,002 C1 Cash Cost A $ / oz 767 761 889 814 851 All - In Sustaining Cost¹ A $ / oz 991 1,088 1,198 1,166 1,182 All - In Cost³ A $ / oz 1,584 1,562 1,663 1,582 1,622 Gold sold OZ 167,374 218,685 172,759 176,668 349,427 Achieved gold price A $ / oz Silver sold OZ 2,366 118,472 2,500 218,239 2,534 173,909 2,416 2,474 118,451 292,360 Achieved silver price A $ / oz 27 24 35 32 Copper sold t Achieved copper price A $ / t 4,801 8,174 6,585 8,192 5,598 9,668 5,373 34 10,971 9,973 9,817 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 0.7304 for the December 2020 quarter 3. Includes AISC plus growth ( major project ) capital and discovery expenditure . Calculated per ounce sold 4. Using the average AUD : USD exchange rate of 0.7227 for the December 2020 half - year Evolution Mining Limited Quarterly Report December 2020 1