Slide 1: Red Lake Site Visit
For personal use only RED LAKE SITE VISIT 14 and 15 September 2022
Slide 2: Forward Looking Statement
F O RWAR D L O O K I N G S TAT E M E N T These materials prepared by Evolution Mining Limited (“Evolution” or “the Company”) include 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”, “e
Slide 3: The Vision for Red Lake
THE VISION FOR RED LAKE For personal use only Restoring Red Lake to a premier long-life, low-cost Canadian gold mine A world-class, High-quality Increased Significant high-grade leadership and margin resource and gold system in workforce and through higher exploration a Tier 1 a strong production an
Slide 4: Contents
CONTENTS For personal use only 1 WELCOME 2 FY23 AND FY24 PLAN DELIVERY 3 FY25 AND BEYOND 4
Slide 5: Welcome
For personal use only 1 WELCOME 5
Slide 6: Land Acknowledgement
LAND ACKNOWLEDGEMENT For personal use only I would like to acknowledge the land where we gather today. This is Treaty No.3 territory, the traditional lands of Lac Seul First Nation and Wabauskang First Nation, our partners here at the Lac Seul First Nation Red Lake Operation & Wabauskang First Natio
Slide 7: Sustainability
SUSTAINABILITY Delivering long-term stakeholder value through safe, reliable, low-cost gold production in an environmentally and For personal use only socially responsible manner In field leadership Environmental and strong stewardship and Net reporting culture Zero commitment Collaboration Strong l
Slide 8: Site Leadership Team
SITE LEADERSHIP TEAM For personal use only Jason David Anton Tyler James Cyr Gelderland Kruger Cole Russell Operations Maintenance Integrated Projects Sustainability Manager Manager Planning Manager Director Manager Kirsty Liddicoat Jamie Monique Daniel Maria Dan General Coad Boucha Hosfeld Harris M
Slide 9: People and Culture
PEOPLE AND CULTURE For personal use only Right team in place Alignment at all levels of the organisation High-quality leadership team Act Like an Owner (ALO) program Workforce right sized to ~900 (pre-Evolution ~1,2001) Development programs (Gold and Silver Individual Leadership) 79% resid
Slide 10: Red Lake Overview Video
RED LAKE OVERVIEW VIDEO For personal use only Click here to view the video on our website 10
Slide 11: FY23 and FY24 Plan Delivery
For personal use only 2 FY23 AND FY24 PLAN DELIVERY 11
Slide 12: Production Guidance and Outlook
PRODUCTION GUIDANCE AND OUTLOOK FY23 guidance Production (koz) tonnes milled For personal use only and grade: 200 (+/-5%) ~1.1Mt at FY23 YTD1 Production lifting to 200koz as 160 (+/-5%) ~5.1g/t2 Upper Campbell ore accessed 115 25 FY22 FY23 FY24 Guidance Outlook Higher grade areas driving increased p
Slide 13: Improved Orebody Knowledge
IMPROVED OREBODY Upper Campbell Resource Model at 7g/t gold cut-off KNOWLEDGE For personal use only Higher tonnage mining, higher productivity and efficiency Lower cost The right team, mining the right areas efficiently, optimising the mills operating model Mineral Resource cut-off grade: Legend 6.9
Slide 14: Resource Models Reconciling Well
RESOURCE MODELS RECONCILING WELL Tonnes Reconciliation (kt) - July & August 20222 For personal use only Resource models reconciling well after adjusting for mining Resource Mining performance performance reconciliation +6% +1% 3 Declared Ore Mined to Ore Reserve1 Ounces Reconciliation (koz) - July &
Slide 15: Consolidation of Mining Fronts
CONSOLIDATION OF MINING FRONTS Jan 2020 For personal use only Consolidated to fewer, larger, Scaled to focused mining fronts fit slide Improved utilisation of resources – reduced handling of material and removed redundancy of personnel, Multiple, spatially dispersed fleet and services mining fronts
Slide 16: Ore Sources
ORE SOURCES Stockpiles Red Lake Campbell Any excess ore to mill mill stockpiles For personal use only Cochenour shaft CYD Reid decline Balmer (#3) shaft shaft Upper Red Lake Cochenour HW7 Campbell R zone Lower Sulphides Aviation 16
Slide 17: Moving into Higher Grade Ore Sources
MOVING INTO HIGHER GRADE ORE SOURCES For personal use only Increasing ore contribution Upper from higher-grade areas Campbell 10% 20% Cochenour Lower 30% 30% 30% 40% 30% Existing Workings Mineralisation Red Lake 30% 30% 30% 20% Ore Reserve ~% Ore Mined Area Gold Grade1 FY22A FY23 Guidance FY24 Outlo
Slide 18: Mining Reconciliation Improvements
MINING RECONCILIATION IMPROVEMENTS For personal use only Implementing drill alignment Ore tracking enabling better Improving drilling and blasting technology and QAQC on stope identification of mill feed sources design and execution drilling to improve accuracy and to improve stope reconciliation re
Slide 19: Increasing Mined Tonnes and Grade
INCREASING MINED TONNES AND GRADE Increased tonnes and development Newer modern equipment and bigger Higher grades from reduced dilution, For personal use only rates, improved stope turnover and drill fleet and drive sizes improving improved reconciliation and access to and blast practices efficienc
Slide 20: Achieving Record Mill Throughput
ACHIEVING RECORD MILL THROUGHPUT For personal use only Underutilised mills now full, processing at record rates, and maintaining recoveries >90% Campbell mill achieving record throughput >2,000tpd Red Lake mill at record throughput >1,100tpd through after refurbishment, approval now granted for 2,20
Slide 21: Increased Efficiencies Drive Lower Costs
INCREASED EFFICIENCIES DRIVE LOWER COSTS For personal use only Cost savings Mining unit Campbell mill Contractor Costs reduce Six new units with contract costs lower as optimisation management with improved of fleet allows renewals put Upper improves with improved productivity 13 old units to out to
Slide 22: Capital Guidance
CAPITAL GUIDANCE For personal use only Significant reinvestment since acquisition Capital guidance Sustaining capital: Sustaining capital ($M) Major capital - ex CYD ($M) 50% maintaining/sustaining performance CYD capital ($M) 50% on mine development 10 Investing for new Upper Campbell mine 8 4 9 Re
Slide 23: FY25 and Beyond
For personal use only 3 FY25 AND BEYOND 23
Slide 24: FY25 and Beyond
FY25 AND Significant Significant growth operating leverage upside BEYOND to reduce costs Clear For personal use only as production pathway to increases 300koz+ pa goal from Multiple options to FY27 expand milling Lifting mining rates to >1.8Mtpa Substantial Mineral Continued cost Resource base r
Slide 25: New High-Grade Mine at Upper Campbell
NEW HIGH-GRADE MINE AT For personal use only Breakthrough to UPPER CAMPBELL 3L in July 2022 Ramping up to >1Mtpa of 11L high-grade ore development underway Access via CYD decline unconstrained by shaft Larger drive sizes and right sized FY23 FY24 equipment for higher productivity FY25+ stopes Comple
Slide 26: Multiple Mill Options to Support Growth
MULTIPLE MILL OPTIONS TO SUPPORT GROWTH For personal use only Mill optimisation study underway with multiple options to increase milling to 1.8Mtpa+ Campbell and Red Lake mills previously constrained at 0.9Mtpa - milling improvements since acquisition have increased capacity to 1.1Mtpa 0.9Mtpa 1.1Mt
Slide 27: Immense Exploration Potential
IMMENSE EXPLORATION POTENTIAL For personal use only Significant resource conversion 11.7Moz Mineral Resource base – potential increased from 7Moz at acquisition Potential to discover another Near mine targets provide high-grade High-Grade Zone (HGZ) potential to come into the mine plan Regional pote
Slide 28: Significant Resource Conversion Potential
SIGNIFICANT RESOURCE CONVERSION POTENTIAL For personal use only Long section of Upper Campbell with Life of Mine stopes coloured by Mineral Resource category Resource category Indicated Red Lake resource categories: Inferred ~60% Indicated ~40% Inferred Near term focus on significant resourc
Slide 29: Near Mine High-Grade Targets
NEAR MINE HIGH-GRADE TARGETS Large mineral system CAMPBELL RED LAKE characterised by For personal use only discrete A A’ ‘bonanza’ grade shoots Plan view schematic of geological controls on high-grade shoots at Red Lake – Campbell with current Discovery targets (modified from Dube et al., 2001) Key
Slide 30: Regional Potential for a 'Game Changer'
REGIONAL POTENTIAL FOR A ‘GAME CHANGER’ FY23 Regional For personal use only District endowment of 46Moz and growing - 37Moz on Evolution ground1 Discovery Budget $6-8M Two drill rigs active McFinley Cochenour Red Lake - Campbell Largest landholder in the district Regional potential for Dixie-sty
Slide 31: Sonic Ice Drilling – Key Discovery Tool
SONIC ICE DRILLING – KEY DISCOVERY TOOL Sonic drill results from winter 2021/22 with gold grain counts from till McFinley For personal use only Orebody Bateman +28% of active Red Lake tenure covered by Mill lakes along with extensive glacial cover Winter 2021/22 sonic ice drilling over McFinley
Slide 32: Key Takeaways
KEY TAKEAWAYS Premier gold mine in a Tier 1 For personal use only jurisdiction FY23 and FY24 delivery on track Clear pathway to goal of 300koz+ per annum Immense geological upside 32
Slide 33: Evolution Mining
For personal use only Evolution MINING
Slide 34: Site Leadership Team
SITE LEADERSHIP TEAM Kirsty Liddicoat • Commenced with Evolution in 2020 General Manager • 17 years experience in the mining industry For personal use only including senior roles as General Manager Geoservices and Mine Planning at Suncor and Manager Production Coal – Mt Arthur at BHP Jason Cyr • Com
Slide 35: Site Overview
SITE OVERVIEW For personal use only Ownership 100% Evolution Land 727km2 (Incl. JVs) package Ontario, Canada – approximately Location 535km north-west of Thunder Bay Operator Owner-Miner Minerals Gold, Silver Mineralisation type Orogenic gold deposit (Vein and sulphide replacement hosted) Mining met
Slide 36: Red Lake – 70+ Years of Mining
RED LAKE – 70+ YEARS OF MINING For personal use only 1949 1991 1996 2002 2006 2012 2020 Mining McEwen Four year labour Discovery of the Dickenson and Cochenour Evolution acquires commences restructures strike begins Deep Sulphide Campbell mines haulage drift Red Lake complex in the companies to zone
Slide 37: Mining Infrastructure
N MINING INFRASTRUCTURE Bateman mill For personal use only Cochenour shaft Reid shaft 1,000m Service shaft to Cochenour Primary ore hoist from Lower mine Campbell and Cochenour CYD decline Red Lake Surface portal and decline in development Primary access to Upper Campbell and HG Young McKenzie Islan
Slide 38: Processing Infrastructure
PROCESSING INFRASTRUCTURE Bateman Mill Bateman mill For personal use only Crushing and grinding, gravity concentration and CIL 0.45Mtpa expandable to 1Mtpa Flotation/concentrate handling Paste plant Red Lake Mill Conventional crushing, grinding, Red Lake gravity conc., CIP Flotation/concen
Slide 39: Mine Geology
MINE GEOLOGY Balmer basalt – main host to ore For personal use only Multiple styles and ages of mineralisation present in the camp McFinley Mineralised lodes structurally controlled on faults and in fold Cochenour hinges Red Lake/Campbell Generally, vein style mineralisation dominant shallow
Slide 40: Mineralisation Styles
MINERALISATION STYLES For personal use only 1 Banded iron formation replacement and quartz-actinolite veining C44205 at 22 m, 913 g/t 2 Quartz-carbonate-sulphide veins 3 Silica-sulphide replacement 4 Late-stage visible gold infiltration (High-Grade Zone) 1 2 3 4 40
Slide 41: Upper Campbell Drill Update
UPPER CAMPBELL DRILL UPDATE No previous mining from A- Six diamond drill holes for 1,776m - Zone footwall – mineralised For personal use only readily accessible intercepts confirm from current CYD and advance the CYD development model Development CYD Development DS1797 5.9m (2.95etw) @ 33.82g/t L Zo
Slide 42: Mobile Equipment Overview
MOBILE EQUIPMENT OVERVIEW Mining Contractor Owner-operator and contractor mining (Byrnecut) For personal use only 3 x Single Boom Sandvik DD311 (1 spare) 2 x Twin Boom Epiroc Boomer 282 Decommissioned 42 pieces Jumbos 1 x Twin Boom Sandvik 6-240 1 x Twin Boom Sandvik DD420-40 of old equipment 1 x Tw
Slide 43: Processing Flow Sheet
PROCESSING FLOW SHEET For personal use only CAMPBELL MILL RED LAKE MILL BULLION 43
Slide 44: Tailings Storage Facility Overview
TAILINGS STORAGE FACILITY OVERVIEW For personal use only Bateman TSF Inactive Two active TSFs Rehab of historic facilities in line with standards Future tailings to be Cochenour TSF centralised at Red Lake Industry leading governance processes Dewatering storage and (Independent Tailings Review
Slide 45: Red Lake Quarterly Financials
RED LAKE QUARTERLY FINANCIALS PRODUCTION AND COST SUMMARY1 Quarter Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 For personal use only Period Ended On Units 06/30/2020 09/30/2020 12/31/2020 03/31/2021 06/30/2021 09/30/2021 12/31/2021 03/31/2022 06/30/2022 Production Summary UG lat dev – capi
Slide 46: Tax Balances
TAX BALANCES For personal use only Corporate tax rate 25% Tax losses as at 30 June 2022 A$M1 Significant tax loss position acquired from Battle North acquisition Recognised tax losses 521 Tax pools are deducted from taxable income over a four-year period Battle North exploration expenses in
Slide 47: Evolution Dec 2021 Gold Mineral Resources
EVOLUTION 31 DEC 2021 GOLD MINERAL RESOURCES ( W I T H E R N E S T H E N R Y 3 0 J U N E 2 0 2 2 M I N E R A L R E S O U R C E U P D AT E ) Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold CP6 Tonnes Tonnes Tonnes Tonnes Project Type Cut-O
Slide 48: Evolution Dec 2021 Gold Ore Reserves
EVOLUTION 31 DEC 2021 GOLD ORE RESERVES For personal use only Gold Proved Probable Total Reserve Tonnes Gold Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Gold Metal CP7 Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) (g/t) (koz) (Mt) Grade (g/t) (koz) Cowal1 Open pit 0.45 23.9 0.46 356 99.7
Slide 49: Evolution Dec 2021 Copper Resources & Reserves
EVOLUTION 31 DEC 2021 COPPER RESOURCES & RESERVES ( W I T H E R N E S T H E N R Y 3 0 J U N E 2 0 2 2 M I N E R A L R E S O U R C E U P D AT E ) Group Copper Mineral Resource Statement For personal use only Copper Measured Indicated Inferred Total Resource Copper Copper Copper Copper CP3 Tonnes Copp
Slide 50: Drill Hole Information Summary
DRILL HOLE INFORMATION SUMMARY A-Footwall Zone For personal use only . Hole Easting NAD83 Elevation Hole Length Dip Azimut Interval1 Hole ID Northing NAD83 (m) h From (m) ETW (m) Au (g/t) Type (m) (m) (m) NAD83 (m) NAD83 DS1797 DDH 5656848.4 448178.7 381.8 356 -53 266 144.05 2.15 1.50 6.80 DS1797 DD
Slide 51: Drill Hole Information Summary – Sonic Drilling
DRILL HOLE INFORMATION SUMMARY Sonic Drilling Hole . Hole ID For personal use only Northing Easting Dip Azimuth Till Interval ETW Au grains Hole Type Elevation (m) Length Till Interval (m) NAD83 (m) NAD83 (m) NAD83 NAD83 From (m) (m) (-2mm) (m) GPS0001 Sonic 5662710 447365 356 18.0 -90.0 0.0 10.50 5
Slide 52: Drill Hole Information Summary – Sonic Drilling
DRILL HOLE INFORMATION SUMMARY Sonic Drilling Hole . Hole ID For personal use only Northing Easting Dip Azimuth Till Interval ETW Au grains Hole Type Elevation (m) Length Till Interval (m) NAD83 (m) NAD83 (m) NAD83 NAD83 From (m) (m) (-2mm) (m) GPS0026 Sonic 5663138 448551 356 10.6 -90.0 0.0 6.4 1.6
Slide 53: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA (Criteria in Section 1 apply to all succeeding sections) Red Lake Section 1 Sampling Techniques and Data For personal use only Criteria Commentary Sampling techniques • Sampling of gold mineralisation at Red Lake was undertaken using diamond core (sur
Slide 54: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA Red Lake Section 1 Sampling Techniques and Data Criteria Commentary For personal use only Sub-sampling • The sample preparation has been conducted by commercial laboratories. All samples are oven dried (60°C), jaw crushed to 90% passing <2mm and riffl
Slide 55: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA Red Lake Section 1 Sampling Techniques and Data Criteria Commentary For personal use only Verification of • No adjustments or calibrations have been made to the final assay data reported by the laboratory. sampling and • The Sonic drill program and co
Slide 56: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA (Criteria in Section 2 apply to the preceding Section) Red Lake Section 2 Reporting of Exploration Results For personal use only Criteria Commentary Mineral tenement • Drilling at A-Footwall zone was undertaken on the following mining claims: Cochenou
Slide 57: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA Red Lake Section 2 Reporting of Exploration Results Criteria Commentary For personal use only Data aggregation • Where aggregate intercepts incorporate short lengths of high-grade and longer lengths of low-grade results, a weighted average of the valu
Slide 58: JORC Code 2012 Assessment and Reporting Criteria
JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA Red Lake Section 2 Reporting of Exploration Results Criteria Commentary For personal use only Other substantive • A substantial Exploration and Resource Definition program is on-going at Red Lake. exploration data Further work • Further Exploration, N
Slide 59: Evolution Mining
For personal use only Evolution MINING