Evolution Mining (“Evolution” or the “Company”) has entered into...

Evolution Mining (“Evolution” or the “Company”) has entered into a binding agreement to acquire an 80%
interest in the Northparkes Copper-Gold Mine (“Northparkes” or “Northparkes JV”) from CMOC Group Limited
(“CMOC”) (the “Transaction”).
Evolution will acquire Northparkes, located in New South Wales, for total cash consideration of up to US$475
million, comprised of:
i. upfront cash consideration of US$400 million; and
ii. contingent consideration of up to US$75 million (“Contingent Consideration”).

Contingent Consideration
The Contingent Consideration is a copper price-linked payment structure with a revenue share under the
following key terms:
 3-year term, commencing 1 July 2024 and ending 30 June 2027 (inclusive).
 Payments made annually to CMOC based on three incremental pricing thresholds:
o Threshold 1: 25% of incremental revenue per pound of payable copper at prices at or above
US$4.00/lb but less than US$4.25/lb; plus
o Threshold 2: 35% of incremental revenue per pound of payable copper at prices at or above
US$4.25/lb but less than US$4.50/lb; plus
o Threshold 3: 45% of incremental revenue per pound of payable copper at prices at or above
US$4.50/lb.
 Contingent cash Consideration to be capped at US$75 million.


As at 31 December 2022, reported Mineral Resources (excluding Ore Reserves) for Northparkes were estimated
at 526.9 million tonnes grading 0.55% copper, 0.19g/t gold and 1.87g/t silver and Ore Reserves were estimated
at 101.4 million tonnes grading 0.53% copper, 0.27g/t gold and 1.87g/t silver. Investors should note that the
reporting of Mineral Resource and Ore Reserve estimates for the Northparkes Mine ("CMOC's estimates") are
not reported in accordance with the JORC Code 2012