Transformational acquisition of Cowal Gold Mine and announcement of pro rata entitlement offer to raise a$248 million

Evolution Mining Limited (”Evolution”) is pleased to announce that it has entered into an agreement with Barrick (Australia Pacific) Pty Limited (“Barrick”) to acquire the Cowal gold mine through the purchase of 100% of the shares in Barrick (Cowal) Pty Limited for a price of US$550 million1 (the “Transaction”). The Cowal gold mine in New South Wales is one of Australia’s most attractive gold assets. It is a highly sought after, large scale, long life operation with estimated annual production of 230,000 – 260,000 ounces at an AISC2 of A$850 – A$900 per ounce.

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