Name of the Project
Ernest Henry mine extension.

Location
About 38 km north-east of Cloncurry, in Queensland, Australia, on the traditional lands of the Mitakoodi people.

Project Owner/s
Evolution Mining.

Project Description
A prefeasibility study (PFS), based on the December 2022 mineral resource estimate, has shown a compelling opportunity to extend the Ernest Henry sublevel cave operation until 2040, targeting the production of 80 000 oz/y of gold and 50 000 t/y of copper.

The PFS has evaluated options for the continuation of sublevel cave mining below the 1125 mRL, comparing conventional trucking with a crushing and conveyor system, with due consideration for future geological upside.

The PFS has determined both options are value accretive, but the crushing and conveyor option provides greater economic upside and optionality than anticipated.

It provides for about 56-million additional ore tonnes milled, 609 000 oz of additional gold produced and 343 000 t of additional copper produced.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value of between $690-million and $1.01-billion at $2 400/oz and $2 965/oz respectively, and an internal rate of return of 28% to 38%. Payback is estimated at between 1.2 years and nine months after first ore.

Capital Expenditure
Capital expenditure is estimated at between $450-million and $500-million. Based on the timings in the PFS, the majority of this capital is not required until the 2027 and 2028 financial years.

Planned Start/End Date
Not stated.

Latest Developments
Evolution has approved the project to advance to the feasibility study, which is expected to be completed in the March quarter of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Evolution Mining, tel +61 2 9696 2900.