Earnings release
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Sustainability • Significant improvement in safety performance with TRIF reducing to 5.44 (Sept qtr: 7.12)1 Material cash flow generation ◦ Record mine cash flows operating and net mine of $5612 million (+31% QoQ) and $263 million (+53% QoQ) ◦ Operating mine cash flow result represents a margin of 72% or $2,920 per ounce ◦ Cowal - generated net mine cash flow of $143 million ◦ Red Lake - second consecutive quarter of positive cash flow ($44 million in 1H25) • Group cash flow materially increased by 54% to $165 million (Sep qtr: $108 million). Potential improvement in the second half due to the high spot gold price • Cash balance increased to $520 million after the payment of $99 million FY24 final dividend, and scheduled $15 million debt repayment • Improvement in gearing continued - ending quarter at 22.6% (30 Sep 2024: 23.9%, 30 June 2023: 33%) Consistent operational performance • Delivering to plan - gold and copper production of 194,793 ounces and 18,554 tonnes respectively • All-in Sustaining Cost (AISC)3 of $1,543 per ounce (US$959/oz4) remains one of the lowest in the sector ▪ Mungari mill expansion ahead of schedule & under budget - early commissioning works now expected in June quarter 2025 with total capital estimated at $235 million, 6% lower than the original budget. This will bring forward major capital from FY26 of approximately $80 million ▪ Cowal Open Pit Continuation (OPC) received NSW regulatory approval to extend open pit mining operations by 10 years and overall operations to 2042 ▪ FY25 guidance on track to deliver 710,000 - 780,000oz gold and 70,000 - 80,000t copper at an AISC of $1,475 - $1,575/oz.3 March quarter 2025 is planned to be ~25,000oz lower than December quarter 2024, due to the previously announced scheduled major shut down at Cowal (28 days) and regular Ernest Henry scheduled maintenance Discovery - multiple exploration opportunities to underpin future growth5 ▪ Ernest Henry - exciting new drilling results at Bert returned significant extensions to mineralisation; acquisition of 15 exploration tenements adds early stage prospects to growth pipeline ▪ Northparkes - Major Tom continues to return significant near-surface mineralised intercepts adjacent to processing infrastructure ▪ Cowal - potential new resource target identified through follow up drilling between the E42 open pit and existing underground orebodies FY25 Key business metrics The column charts above highlight further potential cash flow upside from estimates released with the FY25 Guidance and FY24 full year results. At the FY25 guidance mid-point and current spot price, operating mine cash flow is expected to increase from $1,805 million to $2,005 million and mine cash flow is expected to increase from $1,570 million to $1,770 million. ASX Announcement 22 January 2025 Quarterly Report | December 2024 1Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Commenting on the quarter, Managing Director and Chief Executive Officer, Lawrie Conway, said: “Our cash flow materially increased by 54% in the December quarter, reflecting the safe delivery of low cost production and the benefits derived from the high metal price environment. We are on track to meet our guidance for the year, which should provide a significant step up in cash flow compared to FY24. Our growth projects have progressed very well with the Mungari expansion project now about nine months ahead of schedule and costs 6% below original budget. The excellent exploration results announced today, will serve to enhance our high margin portfolio.” Sustainability The Group’s total recordable injury frequency (TRIF) 12 month moving average as at 31 December 2024 was 5.44, a 24% improvement on the prior quarter (30 September 2024: 7.12).1 9.0 8.0 7.7 7.1 5.4 31 Dec 23 31 Mar 24 30 Jun 24 30 Sep 24 31 Dec 24 Group summary Mine cash flow ($ millions)8 Cash flow Operating mine cash flow Sustaining capital Mine cash flow before major capital Major capital Mine cash flow Non- operational costs Net mine cash flow Cowal 201 (15) 185 (42) 143 — 143 Ernest Henry 132 (10) 122 (39) 83 6 89 Northparkes9 97 (2) 95 (8) 87 (38) 49 Red Lake 65 (13) 52 (34) 18 (2) 17 Mungari 51 (20) 31 (80) (49) — (49) Mt Rawdon 17 (3) 14 — 14 — 14 Dec Qtr FY25 561 (62) 499 (202) 296 (34) 263 Sept Qtr FY25 429 (47) 383 (185) 198 (26) 172 FY25 YTD 991 (109) 882 (387) 494 (60) 435 Non-operational costs include insurance recovery at Ernest Henry net of residual flood remediation costs and Northparkes gold and silver stream commitments. Group production Gold produced Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Cowal oz 78,109 94,826 83,245 91,417 174,661 Ernest Henry oz 18,534 19,458 17,200 17,263 34,463 Northparkes9 oz 8,402 10,871 9,879 14,119 23,997 Red Lake oz 30,415 32,993 37,319 30,665 67,984 Mungari oz 32,473 34,378 32,096 31,578 63,674 Mt Rawdon oz 17,319 19,544 13,816 9,751 23,566 Group total oz 185,253 212,070 193,554 194,793 388,346 Copper produced Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Ernest Henry t 12,543 13,072 11,878 11,719 23,596 Northparkes9 t 7,366 7,246 7,181 6,836 14,017 Group total t 19,909 20,318 19,059 18,554 37,613 2 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Group cash flow Record operating and net mine cash flow of $ 561 million (up 31%) and $ 263 million (up 53%) respectively were driven by production delivering to plan and a higher gold price. Record net mine cash flow demonstrates the benefits of a low cost position in a higher metal price environment and reflects our commitment to bank the upside from higher prices. The operating mine cash flow result further highlights this upside, with the margin improving to 72% or $2,920 per ounce. Northparkes’ $49 million contribution to net mine cash flow is a record under Evolution ownership and Red Lake has continued to work on its consistency with a second consecutive quarter of positive cash flow . All operations were cash positive before major capital investment. Group cash flow was 54% higher ($57 million) to $ 165 million, increasing the cash balance to $ 520 million after capital allocation to dividends of $99 million, deleveraging of $15 million and $27 million of tax payments in line with FY24 record profits. Total available liquidity remains over $1 billion, including the undrawn $525 million revolving credit facility which is committed until October 2025. Gross debt is $1,814 million and net debt reduced to $1,293 million. Group cash flow ($M) Units Mar Qtr FY24 Jun Qtr FY24 Sep Qtr FY25 Dec Qtr FY25 Operating mine cash flow $M 384 537 429 561 Sustaining capital $M (50) (74) (47) (62) Mine cash flow before major capital $M 334 462 383 499 Major capital $M (113) (187) (185) (202) Non-operational costs $M (66) (7) (1) 4 Stream delivery $M (17) (27) (25) (38) Net mine cash flow $M 139 242 172 263 Corporate and discovery10 $M (22) (29) (28) (24) Net interest expense $M (26) (22) (27) (18) Other income $M 1 5 3 5 Working capital movement $M 2 49 9 (12) Income tax payment $M (9) (15) (22) (49) Group cash flow $M 85 230 108 165 Dividend payment $M (40) — (99) Debt drawdown $M — — Debt repayment $M — (15) Transaction & integration costs $M (60) (2) (27) (14) Acquisitions $M (33) Divestments $M — — — Equity raising $M 32 — Net Group cash flow $M 24 188 81 36 Opening cash balance 1 July 2024 $M 403 Closing cash balance 30 September 2024 $M 484 Closing Group cash balance $M 215 403 484 520 Undrawn revolving credit facility $M 525 525 525 525 Total liquidity $M 740 928 1,009 1,045 3 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Balance Sheet11 Following Ramelius Resources’ decision to place the Edna May operation on care and maintenance, the half year accounts will include a non-cash impairment of $17.3 million due to the uncertainty related to receipt of this amount in future years. Subsequent receipts, if any, will be treated as other income. Group sales Financials Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Sales - gold oz 178,251 206,598 192,632 192,120 384,753 Sales - copper t 20,438 19,915 17,561 20,757 38,318 Achieved gold price $/oz 3,171 3,512 3,681 4,069 3,875 Achieved copper price $/t 13,146 15,568 13,438 14,097 13,795 The achieved gold price increased by 11% in the quarter to $ 4,069/oz. The current spot gold price is ~ $230/oz higher at ~$4,300/oz, which will underpin higher incremental cash generation during 2H FY25. Gold sales in the quarter included deliveries into the Australia hedge book of 10,000 oz at an average price of $3,121/oz. Evolution will continue to benefit from a rising gold price with minimal gold hedging of only 75,000oz to be delivered over the next two years at A$3,230 per ounce. There is no copper hedging in place. 4 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Operations Cowal (100%, New South Wales) Cowal Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 78,109 94,826 83,245 91,417 174,661 AISC2 $/oz 1,522 1,316 1,581 1,804 1,692 Operating mine cash flow $M 151 203 165 201 366 Sustaining capital $M (12) (15) (8) (15) (23) Mine cash flow before major capital $M 139 188 157 185 342 Major capital $M (18) (28) (32) (42) (74) Cowal s et a new monthly production record under Evolution ownership of 36,062 ounces in October and generated 10% higher production for the quarter of 91,417 ounces (Sep qtr: 83,245 ounces). Exceptional cash generation was again delivered with net mine cash flow up 15% to $143 million (Sep qtr: $125 million). AISC in the December quarter was $ 1,804/oz (Sep qtr: $1,581/oz)3 reflecting the timing of gold sales (8koz lower sales than produced) and inventory movements driven by wet weather requiring use of lower grade stockpile material in December. Cowal reached an important milestone during December, receiving NSW regulatory approval to extend open pit mining operations by 10 years and overall operations to 2042. The approval confirms strong support for the project which will continue to provide long term economic benefits to the region. Major capital of $42 million included $21 million for the underground mine (including $12 million of development capital), Integrated Waste Landform ($13 million) and $5 million on property purchases intended for biodiversity offset establishment. Sustaining capital of $15 million related primarily to underground mine development ($8 million), resource definition drilling ($1 million) and other operational capital ($6 million). Ernest Henry (100%, Queensland) Ernest Henry Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 18,534 19,458 17,200 17,263 34,463 Copper produced t 12,543 13,072 11,878 11,719 23,596 AISC2 $/oz (1,842) (2,975) (1,629) (2,156) (1,904) Operating mine cash flow $M 104 150 97 132 228 Sustaining capital $M (10) (22) (9) (10) (19) Mine cash flow before major capital $M 93 128 87 122 209 Major capital $M (23) (47) (29) (39) (68) Ernest Henry production was in line with plan. Strong concentrate sales saw outstanding cash flow with net mine cash flow up 44% to $89 million (Sep qtr: $57 million). Additionally, the operation achieved favourable safety performance in the quarter with the TRIF 12 month moving average reducing to 5.5, a record under Evolution ownership.1 Total ore mined increased to 1,595kt (Sep qtr: 1,569kt) while underground development was higher at 3,060m (Sep qtr: 2,951m). Total ore processed was consistent at 1,589kt at 0.45g/t Au and 0.81% Cu (Sep qtr: 1,590kt at 0.44g/t Au and 0.81% Cu). Major capital spend of $39 million consisted primarily of mine development, TSF infrastructure and ongoing ventilation upgrades. Sustaining capital of $10 million consisted primarily of mine development. The pre-feasibility study has commenced on the Bert orebody and is due for completion in the December 2025 quarter of FY26. 5 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Northparkes (80%, New South Wales) Northparkes9 Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 8,402 10,871 9,879 14,119 23,997 Copper produced t 7,366 7,246 7,181 6,836 14,017 AISC2 $/oz (4,334) (1,146) (1,815) (2,108) (2,004) Operating mine cash flow $M 59 74 35 97 131 Sustaining capital $M (3) (11) (3) (2) (5) Mine cash flow before major capital $M 57 63 32 95 127 Major capital $M (2) (7) (9) (8) (17) Stream & integration costs $M (17) (28) (25) (38) (62) Net mine cash flow $M 37 28 (2) 49 47 Northparkes generated record net mine cash flow of $ 49 million in the period and $122 million under Evolution ownership. Gold produced increased 43% to 14,119 ounces (Sep qtr: 9,879oz) benefiting from higher grade ore from the E31 open pit. The period included eight days of unscheduled maintenance on shaft haulage which has since returned to normal operation. Major capital expenditure of $8 million was primarily driven by progress on the E48 sub level cave works, block cave (L1N) loader automation and conveyor structural upgrades. Sustaining capital was $2 million, including maintenance activities for the processing plant. Mungari (100%, Western Australia) Mungari Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 32,473 34,378 32,096 31,578 63,674 AISC2 $/oz 2,479 2,446 2,674 2,918 2,795 Operating mine cash flow $M 32 42 44 51 94 Sustaining capital $M (15) (14) (17) (20) (37) Mine cash flow before major capital $M 17 28 27 31 58 Major capital $M (29) (64) (84) (80) (164) Mungari acheived consistent gold production of 31,578 ounces (Sep qtr: 32,096oz) and improved operating mine cash flow to $51 million (up 16% vs previous quarter). During the period, stripping of the open pit (Rayjax) was completed, contributing to a higher AISC. Rayjax is expected to be a major ore contributor in the second half of FY25 at lower AISC. The plant processed total ore of 477kt at 2.64g/t Au (Sep qtr:490kt at 2.69g/t Au) while successfully completing a planned mill reline in the quarter and safely responding to above average wet weather in November. The Mungari 4.2 processing plant expansion project continued to progress with key mill infrastructure delivered to site, mining and ore haulage contracts awarded and construction of the village at Castle Hill. Early commissioning works of the mill are set to commence in the June quarter 2025, which is about nine months ahead of schedule and costs will be approximately 6% under original budget at $235 million. This will bring forward major project capital from FY26 of approximately $80 million 12 . To meet the latest project timeline, $25 million 12 of major mine development capital will also be brought forward . Major capital of $80 million for the quarter included the 4.2 mill expansion ($46 million), underground mine development ($13 million) and the Castle Hill village ($10 million). Sustaining capital of $20 million consisted primarily of underground mine development, resource definition drilling and fleet replacement. 6 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Red Lake (100%, Ontario, Canada) Red Lake Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 30,415 32,993 37,319 30,665 67,984 AISC2 $/oz 2,842 2,537 2,267 2,643 2,449 Operating mine cash flow $M 20 28 67 65 132 Sustaining capital $M (10) (12) (9) (13) (22) Mine cash flow before major capital $M 11 16 58 52 110 Major capital $M (40) (41) (31) (34) (64) Red Lake is starting to demonstrate the required consistency and incremental operational improvements underpinned by the foundations of record safety performance under Evolution ownership (TRIF 12 month moving average of 5.6 in the December 2024 quarter, a 20% improvement on the previous quarter).1 This enabled another record for ore mined of 255kt (Sep qtr: 226kt), including rebuilding a 12kt stockpile and positive net mine cash flow ($17 million) for the second consecutive quarter. Gold production of 30,665oz was in line with plan notwithstanding the planned shutdown of the processing and paste plants. Major Capital of $34 million primarily comprised tailings infrastructure and mine development. Sustaining capital of $13 million consisted of mine development, resource definition drilling, and investments in mine infrastructure, including paste reticulation at Balmer and ore pass replacements at Cochenour. Red Lake has delivered $44 million in net mine cash flow in the first half of FY25, underpinned by safe, reliable and consistent operations. Further optimisation is planned through the maximisation of efficiencies and sustaining consistent and reliable operations. Mt Rawdon (100%, Queensland) Mt Rawdon Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 FY25 YTD Gold produced oz 17,319 19,544 13,816 9,751 23,566 AISC2 $/oz 2,063 1,608 2,918 2,938 2,926 Operating mine cash flow $M 18 39 22 17 40 Sustaining capital $M — — (1) (3) (4) Mine cash flow before major capital $M 18 38 21 14 36 Major capital $M — — — — — Mt Rawdon continued to operate to plan and process remaining stockpiles. The stockpiles are performing well with total ore processed of 958kt at 0.39g/t Au (Sep qtr: 997kt at 0.53g/t Au) and are set to be exhausted by the end of FY25. The operation generated $14 million in net mine cash flow (Sep qtr: $21 million) for the quarter. As Mt Rawdon nears the end of its mine life, work continues on advancing the potential to convert the site into a significant pumped hydro clean energy generator. 7 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Projects Operation Project Status Mungari Plant expansion, Mungari 4.2 Early commissioning works in June Qtr 2025 Cowal Open Pit Continuation (OPC) Board approval to be sought soon after final regulatory approvals Ernest Henry Mine Extension Feasibility Study Due for completion in March Qtr FY25 Ernest Henry Bert Pre-Feasibility study Due for completion in the December Qtr FY26 Northparkes E48L2 Pre-Feasibility study Due for completion in March Qtr FY25 Northparkes E22 Trade off Study Due for completion in June Qtr FY25 ■ Mungari 4.2 mill expansion project - The project is ahead of schedule and under budget. Early commissioning works are expected to commence in the June quarter 2025. Project costs are estimated at $235 million which is $15 million (6%) below budget. ■ Cowal OPC - NSW Regulatory approval was received in December 2024, with Board approval to be sought in the June quarter. Project commencement is expected in FY26. ■ Ernest Henry Mine Extension Feasibility Study - to be completed in the March quarter and final outcomes to be presented to the Board in the the June quarter. ■ Northparkes production studies - the E48L2 sub level cave Pre-Feasibility Study is due to be completed in the March quarter. Early works on the project are well advanced with access to the first sub level now substantially complete. The E22 trade off study is expected to be completed during the June quarter. Exploration Group exploration spend was $7 million including ongoing discovery drilling at Northparkes, Cowal, Mungari and Ernest Henry. Work also commenced at the recently acquired Cloncurry North earn-in joint venture in Queensland with a program of diamond drilling undertaken. Further information is provided in the ASX announcement released on 17 January 2024, ‘Exploration Success Continues at Cowal and Ernest Henry’ The 2024 Mineral Resource and Ore Reserves statement is planned to be published during the June 2025 quarter. 8 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Corporate information Forward looking statements This report prepared by Evolution Mining Limited (‘the Company’ or ‘the Group’) includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’ ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, and ‘guidance’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Non-IFRS financial information Investors should be aware that financial data in this report includes ‘non-IFRS financial information' under ASIC Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC and also ‘non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. Non-IFRS/non- GAAP measures in this report include gearing, sustaining capital, major product capital, major mine development, production cost information such as All-in Sustaining Cost and All-in Cost. Evolution believes this non-IFRS/non- GAAP financial information provides useful information to users in measuring the financial performance and conditions of Evolution. The non-IFRS financial information do not have a standardised meaning prescribed by the Australian Accounting Standards (‘AAS’) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non- GAAP financial information and ratios included in this report. Reported financial information has not been subject to audit or review by the Company’s external auditor. 9 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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ABN 74 084 669 036 Board of Directors Jake Klein Executive Chair Lawrie Conway Managing Director and Chief Executive Officer Peter Smith Lead Independent Director Jason Attew Non-executive Director Thomas McKeith Non-executive Director James Askew Non-executive Director Andrea Hall Non-executive Director Victoria Binns Non-executive Director Fiona Hick Non-executive Direct or Company Secretary Evan Elstein Authorisation for release This announcement is authorised for release by Evolution’s Board of Directors. Investor enquiries Peter O’Connor General Manager Investor Relations Tel: +61 (0) 2 9696 2900 Media enquiries Michael Vaughan Fivemark Partners Tel: +61 (0) 422 602 720 Website www.evolutionmining.com.au Registered and principal office Level 24, 175 Liverpool Street Sydney NSW 2000 Tel: +61 (0)2 9696 2900 Fax: +61 (0)2 9696 2901 Share registry MUFG Corporate Markets Level 12, 680 George St, Sydney NSW 2000 Tel: 1300 554 474 (within Australia) Email: support@cm.mpms.mufg.com Stock exchange listing Evolution Mining Limited shares are listed on the Australian Securities Exchange under code EVN. Issued share capital At 31 December 2024 issued share capital was 1,989,342,740 ordinary shares. Conference call Lawrie Conway (Managing Director and Chief Executive Officer), Barrie van der Merwe (Chief Financial Officer), Matt O’Neill (Chief Operating Officer), Glen Masterman (Vice President Discovery) and Peter O’Connor (General Manager Investor Relations) will host a conference call to discuss the quarterly results at 10.30am Sydney time on Wednesday 22 January 2025. Shareholder – live audio stream A live audio stream of the conference ca n be accessed at the following link: https://webcast.openbriefing.com/evn-qtr-2025/ or on Evolution’s website www.evolutionmining.com.au under ‘Latest News’. The audio stream is ‘listen only’. The audio stream will also be uploaded to Evolution’s website shortly after the conclusion of the call and can be accessed at any time. Analysts and media – conference call details Conference call details for analysts and media includes Q & A participation. To be able to access the conference call please click on the link below. You will be required to pre-register which you will then be provided with a dial-in number, passcode and a unique access pin. This information will also be emailed to you as a calendar invite. https://s1.c-conf.com/diamondpass/10042471- s7dn1q.html Interactive Analyst CentreTM Evolution’s financial, operational, resources and reserves information is available to view via the Interactive Analyst CentreTM provided on our website www.evolutionmining.com.au under the Investors tab. This useful interactive platform allows users to chart and export Evolution’s historical results for further analysis. 10 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Appendix 1 December 2024 quarter production and cost summary13 December Qtr FY25 Units Cowal Ernest Henry Northparkes (80%) Red Lake Mungari Group (Continuing Operations) Mt Rawdon Group UG lat dev - capital m 1,680 1,474 338 2,162 1,449 7,102 — 7,102 UG lat dev - operating m 1,611 1,586 123 1,075 1,824 6,219 — 6,219 Total UG lateral development m 3,291 3,060 461 3,237 3,272 13,321 — 13,321 UG ore mined kt 466 1,595 797 255 151 3,264 — 3,264 UG gold grade mined g/t 2.35 0.45 0.13 4.38 3.74 1.10 — 1.10 UG copper grade mined % Cu — 0.81 0.75 — — 0.79 — 0.79 OP capital waste kt — — — — 735 735 — 735 OP operating waste kt 703 — 150 — 1,686 2,539 — 2,539 OP ore mined kt 1,926 — 1,619 — 327 3,872 — 3,872 OP gold grade mined g/t 1.11 — 0.82 — 1.64 1.03 — 1.03 OP copper grade mined % Cu — — 0.35 — — 0.35 — 0.35 Total ore mined kt 2,392 1,595 2,417 255 478 7,136 — 7,136 Total tonnes processed kt 2,202 1,589 1,414 244 477 5,927 958 6,885 Gold grade processed g/t 1.48 0.45 0.43 4.33 2.64 1.16 0.39 1.06 Copper grade processed % Cu — 0.81 0.58 — — 0.70 — 0.70 Gold recovery % 87.1 78.4 75.2 90.3 91.3 83.4 80.5 83.3 Copper Recovery % — 95.0 86.5 — — 91.0 — 91.0 Gold produced oz 91,417 17,263 14,119 30,665 31,578 185,042 9,751 194,793 Silver produced oz 61,224 56,125 58,720 2,207 3,923 182,200 15,877 198,076 Copper produced t — 11,719 6,836 — — 18,554 — 18,554 Gold sold oz 83,285 18,182 14,907 34,321 32,624 183,320 8,801 192,120 Achieved gold price $/oz 4,085 4,225 4,217 4,096 3,834 4,067 4,113 4,069 Silver sold oz 61,224 58,304 72,264 2,207 3,923 197,922 15,877 213,799 Achieved silver price $/oz 49 46 48 49 49 48 49 48 Copper sold t — 12,377 8,380 — — 20,757 — 20,757 Achieved copper price $/t — 14,112 14,073 — — 14,097 — 14,097 Cost Summary Mining $/prod oz 834 2,891 2,387 1,264 1,455 1,322 148 1,263 Processing $/prod oz 462 1,636 1,730 464 455 668 1,461 707 Administration & selling costs $/prod oz 143 1,962 1,727 752 304 562 230 545 Stockpile adjustments $/prod oz 43 (70) (748) (44) (13) (52) 187 (40) By-product credits $/prod oz (33) (10,275) (8,598) (3) (6) (1,632) (80) (1,555) C1 Cash Cost $/prod oz 1,450 (3,855) (3,502) 2,433 2,195 867 1,946 921 C1 Cash Cost $/sold oz 1,592 (3,660) (3,317) 2,174 2,124 875 2,156 934 Royalties $/sold oz 133 581 333 — 148 172 211 173 Metal in circuit & other adjustments $/sold oz (129) 298 723 54 38 46 (100) 40 Sustaining capital $/sold oz 185 518 143 371 591 322 59 310 Reclamation and other adjustments $/sold oz 23 107 10 44 17 33 612 60 Corporate G&A14 $/sold oz — — — — — 95 — 91 All-in Sustaining Cost $/sold oz 1,804 (2,156) (2,108) 2,643 2,918 1,543 2,938 1,607 Major capital $/sold oz 502 2,134 546 979 2,453 1,104 — 1,053 Discovery $/sold oz 7 — 55 8 100 41 — 39 All-in Cost $/sold oz 2,312 (23) (1,506) 3,630 5,472 2,688 2,938 2,699 Depreciation & Amortisation $/prod oz 527 2,602 1,303 1,214 631 914 3,069 1,022 11 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Appendix 2 FY2025 YTD production and cost summary13 UG lat dev - capital m 2,854 2,757 691 3,898 2,662 12,863 — 12,863 UG lat dev - operating m 3,381 3,253 123 2,042 3,205 12,003 — 12,003 Total UG lateral development m 6,234 6,010 814 5,940 5,867 24,865 — 24,865 UG ore mined kt 963 3,164 1,642 480 307 6,556 — 6,556 UG gold grade mined g/t 2.37 0.45 0.13 4.73 3.89 1.12 — 1.12 UG copper grade mined % Cu — 0.81 0.76 — — 0.79 — 0.79 OP capital waste kt 330 — — — 2,143 2,473 — 2,473 OP operating waste kt 1,196 — 770 — 2,922 4,888 107 4,888 OP ore mined kt 4,115 — 3,451 — 634 8,200 462 8,663 OP gold grade mined g/t 1.04 — 0.70 — 1.63 0.94 0.62 0.92 OP copper grade mined % Cu — — 0.35 — — 0.35 — 0.35 Total ore mined kt 5,078 3,164 5,093 480 941 14,756 462 15,219 Total tonnes processed kt 4,361 3,179 2,903 491 967 11,901 1,955 13,855 Gold grade processed g/t 1.44 0.45 0.37 4.71 2.67 1.15 0.46 1.05 Copper grade processed % Cu — 0.81 0.59 — — 0.70 — 0.70 Gold recovery % 86.6 78.6 72.7 91.1 91.5 83.2 81.3 83.1 Copper Recovery % — 95.2 85.9 — — 93.20 — 93.2 Gold produced oz 174,661 34,463 23,997 67,984 63,674 364,780 23,566 388,346 Silver produced oz 137,471 112,864 120,616 4,390 8,733 384,074 33,961 418,034 Copper produced t — 23,596 14,017 — — 37,613 — 37,613 Gold sold oz 167,338 34,795 23,108 70,900 65,557 361,698 23,055 384,753 Achieved gold price $/oz 3,891 4,040 4,096 3,905 3,641 3,876 3,853 3,875 Silver sold oz 137,471 113,589 120,683 4,390 8,733 384,865 33,961 418,826 Achieved silver price $/oz 46 44 48 46 46 46 47 46 Copper sold t — 23,821 14,497 — — 38,318 — 38,318 Achieved copper price $/t — 13,835 13,727 — — 13,795 — 13,795 Cost Summary Mining $/prod oz 894 3,049 2,639 1,163 1,405 1,352 405 1,295 Processing $/prod oz 513 1,676 2,133 416 443 699 1,277 734 Administration & selling costs $/prod oz 145 1,859 1,863 559 283 521 282 506 Stockpile adjustments $/prod oz (68) (23) (706) 40 (14) (76) 289 (54) By-product credits $/prod oz (36) (9,707) (8,535) (3) (6) (1,498) (67) (1,411) C1 Cash Cost $/prod oz 1,447 (3,146) (2,607) 2,175 2,111 998 2,187 1,070 C1 Cash Cost $/sold oz 1,510 (3,116) (2,707) 2,086 2,051 1,007 2,236 1,080 Royalties $/sold oz 125 577 381 — 139 163 199 165 Metal in circuit & other adjustments $/sold oz (104) (8) 103 7 42 (33) (12) (32) Sustaining capital $/sold oz 138 531 205 308 546 288 70 275 Reclamation and other adjustments $/sold oz 22 111 13 48 17 34 433 58 Corporate G&A14 $/sold oz — — — — — 98 — 92 All-in Sustaining Cost2 $/sold oz 1,692 (1,904) (2,004) 2,449 2,795 1,556 2,926 1,638 Major capital $/sold oz 442 1,960 740 906 2,496 1,070 — 1,006 Discovery $/sold oz 6 — 82 11 133 54 — 51 All-in Cost $/sold oz 2,140 56 (1,182) 3,366 5,424 2,681 2,926 2,695 Depreciation & Amortisation $/prod oz 494 2,555 1,623 1,125 657 912 2,667 1,018 FY25 Units Cowal Ernest Henry Northparkes (80%) Red Lake Mungari Group (Continuing Operations) Mt Rawdon Group 12 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only
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Appendix 3 C1 cost per copper lb produced This information is provided for comparison purposes only. C1 Costs Units Mar Qtr FY24 Jun Qtr FY24 Sept Qtr FY25 Dec Qtr FY25 Ernest Henry US$/lb Cu prod 1.1 0.8 1.3 0.8 Northparkes US$/lb Cu prod 1.8 1.1 1.5 0.2 Ernest Henry A$/lb Cu prod 1.7 1.2 1.9 1.2 Northparkes A$/lb Cu prod 2.7 1.7 2.3 0.4 Endnotes 1 TRIF: the frequency of total recordable injuries per million hours worked. 2 All amounts are expressed in Australian dollars unless stated otherwise. 3 AISC calculated for continuing operations excluding Mt Rawdon, which will cease operations in FY25. AISC includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. In line with World Gold Council guidelines. 4 Using an AUD:USD exchange rate of 0.622 5 See ASX announcement titled 'Exploration Success Driving Future Growth Options,' dated 22 January 2025 and available to view on our website at www.evolutionmining.com.au. 6 Gold production % shown is gold produced YTD as a percentage of the mid-point of the FY25 production guidance. 7 FY25 guidance midpoint at 14 August 2024 spot price: gold price $3,750/oz, copper price $13,700/t FY25 guidance midpoint is based on recent spot prices: gold price $4,300/oz, copper price $14,450/t. 8 Data in the tables in this report may not sum precisely due to rounding. 9 All Northparkes metrics including cash flow, mining and processing tonnages, gold and copper produced are reported as Evolution's 80% attributable share. 10 Corporate and discovery includes exploration expenditure of $7 million during the December 2024 quarter. 11 Gross debt of $1,829 million from 31 Dec 2023 to 30 Sep 2024; $1,814 million as at 31 December 2024 12 FY25 guidance provided see announcement titled 'FY24 Financial Results Presentation', dated 14 August 2024 and available to view on our website at www.evolutionmining.com.au. As a result of earlier commissioning, Mungari's major project and major mine development capital is guided at $190 - $210 million and $55 - 70 million respectively. All other elements of guidance remain unchanged. 13 All metal production is reported as payable. 14 Includes share based payments. 13 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2024 For personal use only