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Evolution MINING - For the period ending 31 March 2021 QUARTERLY REPORT - HIGHLIGHTS Continued sector leading cash generation • Mine operating cash flow of A $ 194.4 million ( FY21 year - to - date : A $ 725.5 million ) • Net mine cash flow of A $ 101.2 million ( FY21 year - to - date : A $ 455.2 million ) ■ Group cash flow of A $ 39.9 million ( FY21 year - to - date : A $ 258.0 million ) Net bank debt of A $ 166.9 million ( 30 Dec 20 : A $ 93.4M ) post FY21 interim dividend of A $ 119.6 million Sustainability " " Evolution becomes signatory to United Nations Global Compact Mt Rawdon achieves 14 months recordable injury free Operations tracking in - line with FY21 production guidance • Gold production of 161,316 ounces at an All - in Sustaining Cost ( AISC ) 1 of A $ 1,268 per ounce ( US $ 980 / oz ) ² All - in Cost ( AIC ) ³ of A $ 1,760 per ounce for an AIC margin of A $ 468 per ounce Improved FY21 cost guidance ■ • • AISC guidance improved to A $ 1,190 - A $ 1,220 per ounce ( original guidance : A $ 1,240 - A $ 1,300 per ounce ) Production guidance narrowed to 695,000 - 710,000 ounces ( original guidance : 670,000 - 730,000 ounces ) Sustaining capital guidance improved to A $ 100.0 - A $ 110.0 million ( original guidance : A $ 112.5 - A $ 137.5 million ) Major capital guidance unchanged at A $ 260.0 - A $ 290.0 million Agreement to acquire Battle North Gold Corporation • Announced agreement to acquire Battle North ( TSX : BNAU ) for approximately C $ 343 million in cash Consolidates Evolution's strategic position in Red Lake gold district For personal use only • " • Battle North shareholder vote scheduled for 11 May 2021. Evolution shareholder vote not required Delivering significant organic growth pipeline ■ Group Gold Mineral Resources increased 74 % year - on - year to 26.4 million ounces • Group Gold Ore Reserves increased 49 % year - on year to 9.9 million ounces • Red Lake commenced box cut for decline access into Upper Campbell • Cowal underground Feasibility Study progressing on schedule toward Cowal's objective of producing 350koz p.a Exploration highlights Resource definition drilling at Red Lake's Deep Sulphides : 17.0m ( 16.0m etw ) at 8.7g / t Au from 116m ( 32L487 ) Extensional drilling at Cowal's Dalwhinnie : 4.0m ( 2.8m etw ) at 24.5g / t Au from 772m ( 1535DD575 ) Consolidated production and sales summary Sep Qtr Dec Qtr Mar Qtr YTD Units FY21 FY21 FY21 FY21 Gold produced OZ 170,021 180,305 161,316 511,642 By - product Silver produced OZ 164,069 126,294 146,370 436,734 By - product Copper produced t 5,552 5,450 5,013 16,015 C1 Cash Cost A $ / oz 889 814 949 882 All - In Sustaining Cost¹ A $ / oz 1,198 1,166 1,268 1,209 All - In Cost³ Gold sold Achieved gold price Silver sold Achieved silver price Copper sold A $ / oz 1,663 1,583 1,760 1,666 OZ 172,759 176,668 160,115 509,542 A $ / oz 2,533 OZ 173,909 2,416 118,451 2,227 135,612 2,397 427,972 A $ / oz 35 32 33 34 t 5,598 5,373 4,941 15,912 Achieved copper price A $ / t 9,668 9,973 12,137 10,538 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 0.7730 for the March 2021 quarter 3. Includes AISC plus growth ( major project ) capital and discovery expenditure . Calculated per ounce sold 4. See Appendix 1 of this release for details on Evolution's Mineral Resources and Ore Reserves referenced in this document Evolution Mining Limited Quarterly Report March 2021 1