Earnings release
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Record cash flow momentum continues with consistent delivery tracking to Group guidance ▪ Stable safety performance continues with low TRIF1 of 5.8. ▪ Record operating mine cash flow2 of $1.1B3 ($5,469/oz), a 57% increase on the September quarter. ▪ Record net mine cash flow4 of $727M ($3,759/oz), operations delivering improvements between 55-140%. ▪ Record group cash flow of $412M ($2,130/oz) and underlying Group cash flow of $541M ($2,797/oz). ▪ On track to deliver FY26 production at lower than original cost guidance5 with December quarter production of 191koz gold, 18kt copper and sector-leading All-in Sustaining Cost (AISC) of $1,275/oz.6 ▪ Cash balance of $967M, an increase of $187M with gearing improving to 6% (11% as at 30 September 2025 and 33% as at 31 December 2023). No debt payments due until November 2028. Operational performance ▪ Cowal maintains its position as a world class operation with $284M of net mine cash flow at $3,564/oz. ▪ Mungari delivered record production of 50koz placing it on track for the 200kozpa target rate for the expanded mill, having achieved commercial production in October and an annualised processing rate of 4.1Mtpa for the quarter. ▪ At the end of the quarter Ernest Henry received ~300mm of rainfall in a 24-hour period, resulting in water ingress to the underground mine and a temporary suspension of the operation. All personnel were safely accounted for and no injuries reported. Recovery activities are progressing well, with only short-term operational impacts expected. The projected impact on Ernest Henry’s FY26 production is 7-8koz of gold and 4-5kt of copper. FY26 Group guidance ▪ Group production guidance remains 710koz to 780koz of gold and 70kt to 80kt of copper. Group copper production is expected to be towards the low end of guidance due to the weather event at Ernest Henry. ▪ Group AISC guidance is updated to $1,640/oz to $1,760/oz,7 a 6% improvement on original guidance reflecting continued cost control and higher by-product credits, partially offset by the Ernest Henry weather impact. The updated Group guidance further entrenches Evolution as one of the lowest cost producers in the industry. Projects ▪ Cowal Open Pit Continuation (OPC) - on plan and budget with good progress on key surface infrastructure. ▪ Northparkes E22 and Ernest Henry Bert studies are complete and due for assessment by the Board during the March 2026 quarter. The column charts below highlight FY26 potential cash flows based on first half actual performance, FY26 production guidance at the mid-point and current spot prices.8 Group gold production Operating mine cash flow ($B) Mine cash flow before major capital ($B) ASX Announcement 21 January 2026 Quarterly Report | December 2025 1Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Commenting on the quarter, Managing Director and Chief Executive Officer, Lawrie Conway, said: “Evolution delivered another consistent quarter representing eight consecutive quarters of delivery to plan. Delivering to plan in a rising metal price environment with minimal hedging has generated record cash flow and sector-leading cost performance. Our teams continue to safely demonstrate operational discipline while also successfully progressing key growth projects. Mungari’s expanded plant and new mining hub is fully commissioned and already generating strong return on investment via record high cash flows. We continue to bank the benefits of higher metal prices, which is ultimately delivering value for shareholders.” Sustainability The Group’s total recordable injury frequency (TRIF) 12-month moving average as at 31 December 2025 was 5.8 (30 September 2025: 4.9).1 TRIF - 12 month moving average 9.0 7.7 5.4 5.0 4.9 5.8 31 December 2330 June 24 31 December 2430 June 25 30 September 2531 December 25 Group summary Mine cash flow ($M)9 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 361 (9) 352 (68) 284 — 284 Ernest Henry 203 (13) 191 (37) 154 (1) 153 Northparkes10 132 (6) 126 (12) 113 (18) 95 Red Lake 140 (9) 131 (51) 80 — 80 Mungari 210 (20) 190 (32) 158 (54) 104 Mt Rawdon 12 — 12 — 12 — 12 Dec Qtr FY26 1,058 (57) 1,001 (201) 800 (73) 727 Sep Qtr FY26 676 (54) 622 (205) 416 (50) 366 FY26 YTD 1,733 (111) 1,622 (406) 1,216 (123) 1,093 Non-operational costs relate to ▪ Northparkes gold and silver stream deliveries, including a positive adjustment relating to finalisation of stream deliveries for current and prior periods; and ▪ Mungari expansion project commissioning and costs associated with third party ore purchased during the quarter as a part of ramp-up testing of the processing plant. Details of the ore purchase are included in the Mungari section of this Report. 2 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Group production Gold produced Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Cowal koz 81 75 71 80 151 Ernest Henry koz 18 18 17 16 33 Northparkes10 koz 13 12 9 7 16 Red Lake koz 28 32 30 33 63 Mungari koz 32 39 40 50 89 Mt Rawdon koz 7 8 6 5 12 Group total koz 180 182 174 191 365 Copper produced Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Ernest Henry kt 12 12 11 11 22 Northparkes10 kt 7 7 7 7 14 Group total kt 19 19 18 18 36 Group sales Financials Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Sales - gold koz 186 178 175 193 368 Sales - copper kt 19 19 19 19 38 Achieved gold price $/oz 4,512 4,996 5,193 6,206 5,726 Achieved copper price $/t 15,544 14,787 15,073 19,218 17,167 The G roup achieved gold price increased by 20% to $ 6,206/oz. The current spot gold price of ~$6,900/oz is ~$700/oz or 11% higher than the December quarter average. Importantly, Evolution achieved 98% of the average gold spot price after delivery of 10k hedged ounces at an average price of $3,223/oz. Outstanding hedging is only 28koz to be delivered at $3,277/oz over the balance of FY26. There is no copper hedging in place. Group cash flow The Group achieved r ecord group cash flow of $412M, an increase of 110% for the quarter. Underlying Group cash flow was $541M (up 176%) when taking into consideration the FY25 annual tax payment made during the quarter of $172M. This delivered cash flow at a rate of $2,130/oz (reported) and $2,797/oz (underlying) and was achieved at a gold price that was $700/oz below current spot price. The cash balance for the quarter increased to $967M (up 24%), after payment of the FY25 final dividend on 3 October of $116M (post Dividend Reinvestment Plan) and debt repayment of $110M. There are no debt repayments due until FY29. Group net mine cash flow was a record at $727M, an increase of ~100% from the prior record and includes record contributions from Cowal, Red Lake, Mungari and Northparkes. All operations delivered positive net mine cash flow for the quarter. Capital expenditure was in line with the previous quarter with s ustaining capital being $57M compared to $54M for prior quarter and major capital being $201M compared to $205M for prior quarter. Working capital movements for the quarter were mostly driven by increased receivables related to revaluation of open concentrate shipments at Ernest Henry and Northparkes. Gearing improved to 6% as at 31 December 2025, from 11% at 30 September 2025, continuing to build balance sheet flexibility. Total liquidity is currently ~$1.5B. This includes the undrawn $525M revolving credit facility that is available until 2028. 3 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Group cash flow ($M) Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 Operating mine cash flow $M 600 697 676 1,058 Sustaining capital $M (61) (53) (54) (57) Mine cash flow before major capital $M 539 644 622 1,001 Major capital $M (194) (288) (205) (201) Non-operational costs $M (3) (19) (18) (55) Stream delivery $M (40) (39) (33) (18) Net mine cash flow $M 303 298 366 727 Corporate and discovery11 $M (29) (41) (26) (31) Net interest expense $M (29) (22) (14) (14) Other income $M 6 3 5 3 Working capital movement $M (16) 98 (101) (66) Income tax payment $M (29) (29) (33) (207) Group cash flow $M 207 308 196 412 Dividend payment $M — (62) — (116) Debt drawdown $M — — — — Debt repayment $M (60) (145) (170) (110) Transaction & integration costs $M (6) (3) (6) — Net Group cash flow $M 141 98 21 186 Opening cash balance 1 July 2025 $M 760 Closing cash balance 30 September 2025 780 Closing Group cash balance $M 661 760 780 967 Undrawn revolving credit facility $M 525 525 525 525 Total liquidity $M 1,186 1,285 1,305 1,492 Balance sheet Balance sheet deleveraging remains a key focus and the trend has accelerated in recent periods. 1,829 1,829 1,814 1,609 1,3291,638 1,425 1,293 849 362 191 403 520 760 96730% 25% 23% 15% 6% Net debt ($M) Cash ($M) Gearing - ND/(ND+E) (%) 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 4 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Operations Cowal (100%, New South Wales) Cowal Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 81 75 71 80 151 AISC $/oz 1,992 1,587 2,314 2,136 2,219 Operating mine cash flow $M 268 251 215 361 577 Sustaining capital $M (16) (3) (8) (9) (17) Mine cash flow before major capital $M 253 249 208 352 560 Major capital $M (42) (126) (74) (68) (142) Net mine cash flow $M 210 123 134 284 418 Cowal delivered excellent cash flows with a record net mine cash flow of $ 284M, up 112% quarter-on-quarter, supported by a 7% reduction in mine operating costs. Underground operations continue to perform reliably, delivering higher gold grade of 2.22g/t (Sep qtr: 1.92g/t) and record gold recovery of 88%, a 16% improvement on the previous quarter. The mill processed more than 2Mt of ore in the quarter, with ~40% comprising high grade underground ore. Open pit mining of Stage H is expected to continue in the second half of FY26, before transitioning to lower grade stockpiles in FY27. The bi-annual planned processing plant shutdown is scheduled for the March 2026 quarter. The Open Pit Continuation (OPC) project achieved a major milestone with the northern protection bund now structurally complete, which is key enabler to the development of E46. The project is progressing on schedule and within budget. Major capital included investment in the integrated waste landform ($7M), OPC project ($19M) and accommodation village expansion ($7M). Ernest Henry (100%, Queensland) Ernest Henry Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 18 18 17 16 33 Copper produced kt 12 12 11 11 22 AISC $/oz (2,992) (2,673) (1,926) (5,040) (3,468) Operating mine cash flow $M 149 164 135 203 338 Sustaining capital $M (13) (15) (14) (13) (28) Mine cash flow before major capital $M 136 150 121 191 312 Major capital $M (36) (50) (33) (37) (70) Net mine cash flow $M 100 98 87 153 240 Net mine cash flow rose 76% quarter-on-quarter, supported by favourable metal pricing and a 162% improvement in AISC. Key infrastructure works supporting future production in the main cave, including ventilation system upgrades, have now been completed. The December quarter saw increased trucking performance, with eight trucks operating to assist with ore movement. At the end of the quarter Ernest Henry received ~300mm of rainfall in a 24-hour period, resulting in water ingress to the underground mine and a temporary suspension of production. The underground mine was evacuated, with all personnel safely accounted for and no injuries reported. Recovery activities are progressing well, with only short-term operational impacts expected. The bi-annual planned shutdowns of the mine and concentrator have been brought forward to earlier in the March quarter to mitigate the impact on the operation. Overall, the projected impact of the event on FY26 production is 7-8koz of gold and 4-5kt of copper. The Bert Pre-Feasibility Study was completed in the quarter as planned, supporting future production growth. The results are scheduled to be assessed by the Board during the March 2026 quarter. 5 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Northparkes (80%, New South Wales) Northparkes10 Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 13 12 9 7 16 Copper produced kt 7 7 7 7 14 AISC $/oz (3,356) (2,665) (2,993) (11,206) (6,378) Operating mine cash flow $M 88 80 99 132 231 Sustaining capital $M (5) (7) (4) (6) (11) Mine cash flow before major capital $M 83 72 94 126 220 Major capital $M (6) (10) (7) (12) (19) Stream & integration costs $M (40) (39) (33) (18) (51) Net mine cash flow $M 37 23 55 95 151 Record net mine cash flow of $95M in the quarter brings Northparkes’ total net cash flow to $331M under Evolution ownership. Record low AISC of $(11,206)/oz was driven by favourable metal prices, a 7% improvement in mine operating costs and a higher copper-to-gold production mix. Total ore mined increased 22% quarter-on-quarter, underpinned by improved mining rates at E26. Information about financial disclosures relating to the Northparkes stream, including key accounting entries, are outlined in Appendix 3 of this Report. During the quarter a positive adjustment relating to finalisation of stream deliveries for current and prior periods resulted in lower net stream delivery costs. Mungari (100%, Western Australia) Mungari12 Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 32 39 40 50 89 AISC $/oz 2,926 2,534 1,982 2,119 2,052 Operating mine cash flow $M 38 96 123 210 332 Sustaining capital $M (17) (19) (17) (20) (37) Mine cash flow before major capital $M 22 77 105 190 296 Major capital $M (72) (59) (46) (32) (78) Non-operational costs $M (3) (17) (16) (54) (70) Net mine cash flow $M (53) 1 43 104 147 Mungari delivered record net mine cash flow of $ 104M, an improvement of 142% for the quarter, equivalent to 49% of capital invested in the plant expansion project. The operation has now achieved four consecutive quarters of production growth. Commissioning of the Mungari plant expansion is complete, and during the quarter operated at an annualised processing rate of 4.1Mtpa, representing an 11% increase in throughput quarter-on-quarter. Gold recovery improved 1.5%. Total ore mined increased 54% compared to the prior quarter, along with 13% and 15% increases in gold grade mined from underground and open pit sources respectively. During the ramp up period, an opportunity was taken to fully test the expanded plant with third party ore with different grade, hardness, and mineralogy compared to the lower grade transitional ore being mined in the early stages at Castle Hill. The third party ore was purchased on a profit-share basis. This resulted in 127kt of ore being processed which produced ~9koz of gold. The ore performed well confirming the processing capability of the upgraded plant. The associated costs and ounces of the purchased ore are excluded from the AISC. The Castle Hill haul road is now fully sealed which will deliver lower ongoing operating and maintenance costs as well as ensuring all-weather haulage. The works were strategically deferred until after the winter period to ensure the highest quality of the road. Mungari experienced intermittent power outages but less than last quarter. Redundancy measures in place help ensure essential aspects of the operation stay functional during power outages. Capital expenditure related prim arily to the sealing of the Castle Hill haul road ($14M), underground mine development ($11M) and open pit mine development ($6M). 6 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Red Lake (100%, Ontario, Canada) Red Lake Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 28 32 30 33 63 AISC $/oz 3,454 2,767 2,703 2,644 2,673 Operating mine cash flow $M 40 90 93 140 233 Sustaining capital $M (10) (9) (8) (9) (17) Mine cash flow before major capital $M 29 81 85 131 216 Major capital $M (38) (43) (46) (51) (97) Net mine cash flow $M (8) 38 39 80 119 Mt Rawdon Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 FY26 YTD Gold produced koz 7 8 6 5 12 AISC $/oz 3,140 3,666 5,562 6,253 5,890 Operating mine cash flow $M 17 16 10 12 22 Sustaining capital $M (1) (1) (3) — (3) Mine cash flow before major capital $M 17 15 8 12 21 Net mine cash flow $M 17 15 8 12 21 Mt Rawdon maintained gold production and delivered a 49% lift in quarterly net mine cash flow, bringing total net mine cash flow under Evolution ownership to $412M. The operation will continue to process low grade stockpiles through the remainder of FY26. 7 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025 Red Lake delivered record net mine cash flow of $80M and has now generated $201M in net mine cash flow in the past 18 months. AISC improved further to $2,644/oz, representing three consecutive quarters of reducing AISC. Quarter-on-quarter production gains in the first half of FY26, including a 14% increase in throughput and improved mill utilisation, position the operation for higher output in the second half. A key milestone was also achieved with the Cochenour decline breakthrough and completion of the associated ventilation upgrade, improving access to the mine. Major capital investment increased modestly with the tailings lift and water treatment plant - key projects that enhance long-term sustainability - moving into commissioning phase. Mt Rawdon (100%, Queensland)
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Projects Operation Project Status Cowal OPC project Execution remains on track, with the northern bund successfully completed in the December quarter. Capital investment budget remains unchanged at $430M over the next seven years. Ernest Henry Bert Pre-Feasibility Study The Bert Study was completed in the quarter as planned, supporting future production growth. The outcomes will be assessed by the Board in the March 2026 quarter. Northparkes E22 Study Study works on all options for the E22 deposit were completed and the outcomes will be assessed by the Board in the March 2026 quarter. Exploration Group exploration spend was $10M in the December quarter, including ongoing discovery drilling at Northparkes, Cowal, Mungari, and Ernest Henry. Subsequent to the end of the December quarter, Evolution consolidated additional exploration ground in proximity to Ernest Henry Operations via the acquisition of subsidiary Isa Tenements Pty Ltd from GBM Resources Limited. This is consistent with the Group’s strategy to identify options to utilise the latent milling infrastructure capacity at Ernest Henry. This acquisition follows two prior additions in the region; the Corella Project 13 and the Cloncurry North JV,14 consolidating a highly prospective exploration tenement package. 8 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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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 2025
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ABN 74 084 669 036 Board of Directors Jake Klein Chair Lawrie Conway Managing Director and Chief Executive Officer Peter Smith Lead Independent Director Jason Attew Non-executive Director Thomas McKeith 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 (AU) Limited Level 41 161 Castlereagh 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 the code EVN. Issued share capital At 31 December 2025 issued share capital was 2,030,621,365 ordinary shares. Conference call Lawrie Conway (Managing Director and Chief Executive Officer) will host a conference call to discuss the December 2025 quarterly results at 10.30am AEDT on Wednesday 21 January 2026. Mr Conway will be joined by Matt O’Neill (Chief Operating Officer). Shareholder – live audio stream A live audio stream of the conference ca n be accessed at the following link: https://webcast.openbriefing.com/evn-qtr2-2026/. 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 and 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/10048081-36er79.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 2025
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Appendix 1 December 2025 quarter production and cost summary15 December Qtr FY26 Units Cowal Ernest Henry Northparkes (80%) Red Lake Mungari16 Group (continuing operations) Group UG lat dev - capital m 1,623 1,321 474 2,073 1,491 6,983 UG lat dev - operating m 1,976 755 703 1,029 1,391 5,853 Total UG lateral development m 3,599 2,076 1,177 3,102 2,882 12,836 UG ore mined kt 555 1,494 1,183 222 176 3,629 UG gold grade mined g/t 2.22 0.43 0.13 4.80 4.14 1.05 UG copper grade mined % Cu — 0.79 0.69 — — 0.75 OP capital waste kt 1,694 — — — 1,608 3,302 OP operating waste kt 277 — — — 2,309 2,586 OP ore mined kt 1,131 — — — 1,128 2,260 OP gold grade mined g/t 0.97 — — — 0.98 0.98 Total ore mined kt 1,686 1,494 1,183 222 1,305 5,889 Total tonnes processed kt 2,001 1,491 1,536 243 1,024 6,294 Gold grade processed g/t 1.42 0.43 0.21 4.78 1.81 1.08 Copper grade processed % Cu — 0.79 0.59 — — 0.69 Gold recovery % 87.7 80.2 70.0 88.4 94.3 84.7 Copper recovery % — 95.1 82.2 — — 88.5 Gold produced oz 80,141 16,037 6,943 33,026 49,581 185,728 191,215 Silver produced oz 74,828 47,717 60,051 2,236 7,411 192,243 207,263 Copper produced t — 10,742 7,115 — — 17,858 17,858 Gold sold oz 79,747 16,276 6,533 33,631 51,432 187,618 193,408 Achieved gold price $/oz 6,317 6,495 6,488 6,352 5,788 6,200 6,206 Silver sold oz 74,828 48,290 69,188 2,236 7,411 201,953 216,974 Achieved silver price $/oz 86 100 100 102 97 95 95 Copper sold t — 10,892 8,064 — — 18,957 18,957 Achieved copper price $/t — 19,249 19,175 — — 19,218 19,218 Cost Summary Mining $/prod oz 944 3,105 3,073 1,260 1,353 1,377 Processing $/prod oz 507 1,626 3,653 513 416 713 Administration & selling costs $/prod oz 184 1,744 2,736 473 204 484 Stockpile adjustments $/prod oz 165 (23) 148 379 (555) 22 By-product credits $/prod oz (80) (13,376) (23,266) (7) (18) (2,171) C1 Cash Cost $/prod oz 1,720 (6,924) (13,656) 2,619 1,400 426 C1 Cash Cost $/sold oz 1,728 (6,822) (14,513) 2,572 1,339 421 Royalties $/sold oz 223 811 932 — 208 257 Metal in circuit & other adjustments $/sold oz 39 76 1,373 (252) 73 45 Sustaining capital $/sold oz 115 779 978 255 446 312 Reclamation and other adjustments $/sold oz 30 116 24 70 53 51 Corporate G&A17 $/sold oz — — — — — 189 All-in Sustaining Cost $/sold oz 2,136 (5,040) (11,206) 2,644 2,119 1,275 Major capital $/sold oz 853 2,267 1,907 1,520 759 1,124 Discovery $/sold oz 19 10 89 48 86 57 All-in Cost $/sold oz 3,007 (2,763) (9,210) 4,212 2,964 2,455 Depreciation & amortisation $/prod oz 604 2,091 2,974 1,576 858 1,074 1,101 11 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Appendix 2 FY26 YTD production and cost summary15 UG lat dev - capital m 3,143 2,587 717 4,038 2,961 13,446 UG lat dev - operating m 3,904 1,821 1,626 2,170 3,035 12,556 Total UG lateral development m 7,047 4,408 2,344 6,207 5,996 26,002 UG ore mined kt 1,083 3,060 2,150 441 317 7,051 UG gold grade mined g/t 2.07 0.44 0.14 4.98 3.93 1.04 UG copper grade mined % Cu — 0.78 0.69 — — 0.74 OP capital waste kt 1,694 — — — 3,712 5,406 OP operating waste kt 719 — — — 3,903 4,623 OP ore mined kt 2,539 — — — 1,833 4,371 OP gold grade mined g/t 1.01 — — — 0.94 0.98 Total ore mined kt 3,622 3,060 2,150 441 2,149 11,422 Total tonnes processed kt 3,984 3,032 3,106 456 1,942 12,520 Gold grade processed g/t 1.38 0.44 0.24 4.93 1.76 1.05 Copper grade processed % Cu — 0.78 0.59 — — 0.68 Gold recovery % 85.9 80.2 70.5 87.8 93.6 83.2 Copper recovery % — 95.4 83.2 — — 89.2 Gold produced oz 151,360 32,889 16,065 63,428 89,349 353,092 364,936 Silver produced oz 143,393 101,950 121,277 4,273 12,663 383,557 414,365 Copper produced t — 21,662 14,396 — — 36,058 36,058 Gold sold oz 149,986 32,870 15,853 65,408 91,623 355,739 367,941 Achieved gold price $/oz 5,833 6,001 5,846 5,856 5,324 5,722 5,726 Silver sold oz 143,393 101,773 137,219 4,273 12,663 399,321 430,130 Achieved silver price $/oz 74 82 83 84 83 79 79 Copper sold t — 21,642 15,892 — — 37,533 37,534 Achieved copper price $/t — 17,035 17,346 — — 17,167 17,167 Cost Summary Mining $/prod oz 1,025 3,071 2,960 1,318 1,271 1,423 Processing $/prod oz 623 1,650 3,238 532 253 740 Administration & selling costs $/prod oz 197 1,716 2,398 520 221 510 Stockpile adjustments $/prod oz 141 (45) 1,002 84 (336) 42 By-product credits $/prod oz (70) (11,462) (17,864) (6) (13) (1,965) C1 Cash Cost $/prod oz 1,915 (5,069) (8,266) 2,448 1,396 749 C1 Cash Cost $/sold oz 1,933 (5,072) (8,377) 2,374 1,358 744 Royalties $/sold oz 198 732 678 — 198 233 Metal in circuit & other adjustments $/sold oz (51) (11) 617 (31) 26 6 Sustaining capital $/sold oz 111 776 681 259 432 305 Reclamation and other adjustments $/sold oz 28 107 23 71 39 46 Corporate G&A $/sold oz — — — — — 160 All-in Sustaining Cost $/sold oz 2,219 (3,468) (6,378) 2,673 2,052 1,493 Major capital $/sold oz 945 2,121 1,224 1,482 946 1,171 Discovery $/sold oz 12 13 79 47 105 58 All-in Cost $/sold oz 3,176 (1,334) (5,075) 4,202 3,104 2,722 Depreciation & amortisation $/prod oz 582 2,006 2,886 1,630 730 1,055 1,077 FY26 YTD Units Cowal Ernest Henry Northparkes (80%) Red Lake Mungari16 Group (continuing operations) Group 12 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Appendix 3 Northparkes - stream accounting summary This information is provided for the purpose of highlighting key accounting entries pertaining to the half year and full year financial accounts. Northparkes stream information Cash/non-cash FY24 FY25 1H FY25 1H FY26 Financial account note Northparkes segment Amortised deferred revenue Non-cash 34.8 79.7 35.5 23.4 Note 1: Segment information LOM extension - change to amortisation rate Non-cash (23.2) Note 12: Deferred revenue (Note 22 in full year accounts) Corporate segment Revenue (gold and silver) Cash 53.9 150.6 72.1 78.0 Note 1b: Segment information and Note 2: Revenue Costs Cash 48.1 144.3 57.1 77.6 Note 2: Costs of stream obligation Non-cash interest expense Non-cash 19.4 38.4 18.8 18.3 Note 2: Finance costs - Interest accretion on the streaming arrangement with Triple Flag Appendix 4 The above sensitivities are for a full year. When taking into consideration the 1H FY26 actual results, the cash flow sensitivities will be approximately 50-55% of the above for the remaining six months of FY26. Appendix 5 C1 cost per copper lb produced This information is provided for comparison purposes only. C1 Costs Units Mar Qtr FY25 Jun Qtr FY25 Sep Qtr FY26 Dec Qtr FY26 Ernest Henry US$/lb Cu prod 0.5 0.2 0.3 (0.2) Northparkes US$/lb Cu prod 0.1 0.7 1.3 0.7 Ernest Henry A$/lb Cu prod 0.8 0.3 0.5 (0.3) Northparkes A$/lb Cu prod 0.2 1.1 2.0 1.1 13 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025
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Endnotes 1. Total recordable injury frequency (TRIF): the frequency of total recordable injuries per million hours worked. 2. Operating mine cash flow is defined as: revenue, less cash operating costs (excluding inventory movements). 3. All amounts are expressed in Australian dollars unless stated otherwise. 4. Net mine cash flow is defined as: revenue, less cash operating costs (excluding inventory movements), total mine capital costs , non-operational costs and stream delivery costs. 5. For more information on Evolution's original FY26 Guidance see ASX Announcement titled, 'FY25 Full Year Results Presentation' dated 13 August 2025 and available to view at www.evolutionmining.com.au. 6. AISC calculated for continuing operations excluding Mt Rawdon, which ceased mining 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. 7. Updated FY26 Group AISC guidance is based on a copper price of $17,500/t and a gold price of $6,200/oz. 8. Second half FY26 cash flows anticipated to be 25% higher than the first half based on commodity price increases. FY26 cash flow guidance as at 21 January used the following spot prices: gold $6,800/oz, copper $19,000/t. For more information on FY26 Group production guidance see the ASX announcement titled 'FY25 Full Year Results Presentation' dated 13 August 2025, available to view on our website www.evolutionmining.com.au. 9. Data in the tables in this Report may not sum precisely due to rounding. 10. All Northparkes metrics including cash flow, mining and processing tonnages, gold and copper produced are reported as Evolution's 80% attributable share. 11. Corporate and discovery includes exploration expenditure of $10.2M during the December 2025 quarter. 12. All Mungari operating metrics are reported on a 100% basis with the exception of gold production and financials, which are reported as Evolution's attributable share. 13. See ASX announcement titled ‘Exploration Success Driving Future Growth Options’ dated 22 January 2025, available to view at www.evolutionmining.com.au 14. See ASX announcement titled ‘Exploration Success Continues at Cowal and Ernest Henry’ dated 17 January 2024, available to view at www.evolutionmining.com.au 15. All metal production is reported as payable. 16. Mungari produced 49,581oz of gold in the December quarter, which includes 9,075oz from 126,676t of purchased ore. Purchased ounces and non-operational costs associated with purchasing and processing of this ore are not included in the AISC calculations for Mungari and Group for the quarter. 17. Includes share based payments. 14 Evolution Mining Limited (ASX: EVN) Quarterly Report December 2025