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For personal use only Evolution MINING QUARTERLY REPORT - For the period ending 30 June 2021 JUNE 2021 QUARTER HIGHLIGHTS Operating cash flow of A $ 212 million and net mine cash flow of A $ 100 million Group gold production of 169,146 ounces All - in Sustaining Cost ( AISC ) 1 of A $ 1,239 per ounce ( US $ 954 / oz ) ² Commitment to “ Net Zero " emissions by 2050 and 30 % reduction in emissions by 2030 MSCI ESG rating upgrade to sector leading ' AA ' Drilling identified new high - grade gold zone at Cue Joint Venture Completion of Battle North Gold acquisition to accelerate growth at Red Lake FY21 SUMMARY Sector leading cash generation " • Mine operating cash flow of A $ 937 million Net mine cash flow of A $ 555 million Group cash flow of A $ 327 million Sustainability • COVID - 19 proactively managed with no material impact to operations Improved performance in ESG rating assessments by MSCI , ISS and S & P Global Operational ■ performance Group gold production of 680,788 ounces - within original guidance of 670,000 - 730,000 ounces and -2 % below the bottom end of the revised guidance of 695,000 - 710,000 ounces issued in April 2021 AISC of A $ 1,215 per ounce ( US $ 907 / oz ) ² - below original guidance of A $ 1,240 - A $ 1,300 per ounce and within revised guidance range of A $ 1,190 – A $ 1,220 per ounce Sustaining capital of A $ 105 million - below guidance of A $ 113 - A $ 138 million Major capital of A $ 274 million - within guidance of A $ 260 - A $ 290 million Delivering significant growth pipeline • Board approval of Cowal Underground development – pathway to deliver in excess of 350kozpa Red Lake transformation plan accelerated by Battle North Gold acquisition 200kozpa gold production at an AISC below US $ 1,000 / oz by 2023 on schedule A clear and defined pathway to gold production of over 350kozpa Group Mineral Resources increased 74 % year - on - year ( YOY ) to 26.4Moz ; Ore Reserves increased 49 % YOY to 9.9Moz ( at 31 December 2020 ) 4 This announcement is authorised for release by Evolution's Board of Directors . Consolidated production and sales summary Units Sep Qtr Dec Qtr Mar Qtr Jun Qtr FY21 2020 2020 2021 2021 Gold produced OZ 170,021 180,305 161,316 169,146 680,788 By - product Silver produced OZ 164,069 126,294 146,370 213,534 650,268 By - product Copper produced t 5,552 5,450 5,013 5,347 21,361 C1 Cash Cost A $ / oz 889 814 949 878 879 All - In Sustaining Cost¹ A $ / oz 1,198 1,166 1,268 1,239 1,215 All - In Cost³ A $ / oz 1,663 1,583 1,760 1,794 1,696 Gold sold OZ 172,759 176,668 160,115 167,608 677,150 Achieved gold price A $ / oz Silver sold OZ 2,533 173,909 2,416 118,451 2,227 135,612 2,286 2,369 209,099 637,071 Achieved silver price A $ / oz 35 32 33 35 34 Copper sold t 5,598 5,373 4,941 5,320 21,232 Achieved copper price A $ / t 9,668 9,973 12,137 13,098 11,172 1 . 2 . 3 . 4 . Includes C1 cash cost , plus royalties , sustaining capital , general corporate and administration expense . Calculated per ounce sold Using the average AUD : USD exchange rate of 0.7702 for the June 2021 quarter and 0.7466 for FY21 Includes AISC plus growth ( major project ) capital and discovery expenditure . Calculated per ounce sold See Appendix 1 of this release for information on Evolution's Mineral Resources and Ore Reserves Evolution Mining Limited Quarterly Report June 2021 1