Due to Stronger Gold and Copper Prices, We Increase Evolution's Fair Value Estimate by 13%

Evolution Mining owns 100% of four gold mines in Australia and one in Canada. In December 2023, it also bought an 80% stake in the Northparkes copper and gold mine in New South Wales. Its portfolio is the result of numerous transactions since forming in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022, and a majority stake in Northparkes in 2023. Cracow was sold in 2020.