24 Aug 2026 2026 Climate Report

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# 24 Aug 2026 2026 Climate Report

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# 24 Aug 2026 2026 Climate Report
Climate Report
Contents About this Report
This Climate Report (the Report) (referred to within the
Corporations Act 2001 as a sustainability report) represents a
About this Report 2 complete set of climate-related financial disclosures for
Evolution Mining Limited (ABN 74 084 669 036) (Evolution,
About Evolution 4 the Company, we, us and our) and its subsidiaries for the year
Governance 6 ended 30 June 2026 (FY26) (the reporting period). The Report
is prepared in accordance with the Corporations Act 2001 and
Risk management 8 the Australian Accounting Standards Board (AASB) Australian
Strategy 11 Sustainability Reporting Standard (ASRS) AASB S2 Climate-
related Disclosures (AASB S2).
Metrics and targets 24 Prepared in accordance with AASB S2, this Report is
Directors' declaration 28 structured around the four core elements of governance, risk
management, strategy, and metrics and targets. It includes
Auditor's independence declaration 29 climate-related risks and opportunities, Scope 1 and 2
greenhouse gas (GHG) emissions, and the associated
Independent auditor’s report 30 processes for measurement and reporting.
Glossary and additional information 36 The Independent Auditor's Report detailing the scope and
level of assurance is provided on pages 30-34.
This Report contains voluntary climate-related disclosures to
provide a consolidated view of Evolution’s climate reporting.
These disclosures include alignment with relevant metrics and
disclosures under the Global Reporting Initiative (GRI),
International Financial Reporting Standards (IFRS) S1 and S2
which includes the Task Force on Climate-related Financial
Disclosures (TCFD). Voluntary disclosures in the Report are not
subject to AASB S2 alignment or assurance.
This Report should be read in conjunction with the 2026
Annual Financial Report.
Broader information about our approach to sustainability can
be found in our Annual and (voluntary) Sustainability Report
and Environmental, Social and Governance (ESG) Performance
Data, available on our website.
Basis of preparation
Evolution applies an operational control approach whereby it
reports 100% of Scope 1 and 2 emissions for operations under
operational control. This Report covers operations at our 100%
owned mines in Australia and Canada: Cowal in New South
Acknowledgements Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in
Western Australia and Red Lake in Ontario as well as
We acknowledge our First Nations exploration activities in Australia and Canada. It also covers
partners, Indigenous peoples and our 51% interest in East Kundana Joint Venture (EKJV) in
communities throughout Australia Western Australia and 80% share of Northparkes in New South
and Canada and pay our respects to Wales.
Elders past and present.
This Report adopts the same reporting period, scope, currency
We recognise and respect their in Australian dollars (AUD) as Evolution’s consolidated
continued connection to land, waters financial statements unless otherwise stated. Where relevant,
and culture. climate-related risks and opportunities are considered in the
preparation of the Company's consolidated financial
statements, including in the application of key estimates and
judgements. These considerations may affect asset valuations,
impairment assessments, provisions and expected cash flows.
In this first reporting period applying AASB S2, Evolution has
elected to apply the following transition reliefs to AASB S2-
aligned disclosures in this Report.
• No disclosure of comparative information.
• No disclosure of Scope 3 emissions.
• Jurisdictional authority relief - amendments made to AASB
S2 in December 2025, AASB S2025-1 Amendments to
Greenhouse Gas Emissions Disclosures, which permits
Evolution to use the National Greenhouse and Energy
Reporting (NGER) Determination 2008 to measure Scope 1
Front cover: and 2 emissions for Australian business operations subject to
Sunset at Ernest Henry Village NGER obligations. The GHG Protocol: A Corporate
Accounting Standard (2004) (GHG Protocol) has been used
Photo credit: for calculating Scope 1 and 2 emissions for operations which
Sophie Law, Mine Geologist, Ernest are not in scope under the National Greenhouse and Energy
Henry Operations Reporting Act 2007 (the NGER Act).
2 Evolution Mining Climate Report 2026
Overview
We recognise that climate change is a global issue requiring action to ensure a clean and productive environment, healthy
and just society, and positive future for our business.
This Report outlines the robust nature of Evolution's strategy, portfolio and approach to climate risk management.
Key highlights
• Evolution has strong risk management and governance processes in place to identify, manage, monitor and report on the
climate impacts for our business.
• Prioritised climate-related risks and opportunities, and their estimated potential financial effects, are well controlled with
existing and planned management approaches and systems. This includes leveraging new and emerging technologies.
• Our strategy remains resilient under climate scenario testing across short-, medium- and long-term time horizons.
• The financial effects identified through the resilience assessment are considered well within our financial capacity, with
regard to our financial position and current market capitalisation.
• In FY26, we progressed against our Scope 1 and 2 emissions reduction target of 30% reduction by 2030 and net zero by
2050 against our FY20 baseline, with a ~19% reduction (Total Scope 1 and 2 emissions: 741,336 tCO2-e).1
Judgements, assumptions and uncertainties
In preparing this Report, Evolution’s Board and Leadership Team (referred to within AASB S2 as management) considered
uncertainties and exercised judgement, including in the identification of climate-related risks and opportunities relevant for
reporting and material information. Where required, estimates or assumptions have been used for amounts that cannot be
measured directly, are related to forward-looking information or involve data limitations. As this is the first year of AASB S2
reporting, there are no changes in estimates or errors.
The following table defines judgements, assumptions and uncertainties applied regularly within this Report. Further items
are included where relevant within the Report.
Topic Description
Materiality Climate-related risks and opportunities have been determined and prioritised aligned with our risk
assessment matrix and financial materiality aligned with financial statements. Material information is
disclosed aligned with AASB S2 definitions regarding information reasonably expected to influence
decisions that primary users of general purpose financial reports make based on those reports. See
prioritised climate-related risks and opportunities in Strategy.
Scenarios Evolution has selected climate scenarios to resilience test physical and transition risks and opportunities.
The selected scenarios draw upon internationally recognised frameworks including Shared
Socioeconomic Pathways (SSPs), Representative Concentration Pathways (RCPs) and the Network for
Greening the Financial System (NGFS) Phase V scenarios. RCPs are climate modelling trajectories
developed using global climate models to represent a range of GHG concentration pathways and
associated physical climate outcomes. While RCPs provide a strong foundation for assessing physical
risks, they are complemented by assumptions on economic, policy and technological developments to
support transition risk analysis, consistent with approaches used by the Intergovernmental Panel on
Climate Change (IPCC) and other bodies including the NGFS.
These scenarios are designed in line with the expectations of AASB S2, supporting robust and
comparable climate-related financial disclosures. The outcomes of scenario analysis inform Evolution's
assessment of potential financial impacts, the resilience of its strategy and business model, and the
identification of appropriate mitigation and adaptation actions. See further detail in Risk Management.
Time horizons Evolution has elected to assess short-, medium- and long-term time horizons aligned with our strategic
planning cycle, operations’ life of mine and guided by our Integrated Risk Management Framework. See
further detail in Risk Management.
Quantitative Where reasonably available, Evolution provides quantitative information on current and anticipated
impacts financial effects of climate-related risks and opportunities which should be interpreted as directional
insights rather than precise forecasts. Where reasonable and supportable quantitative information is not
available without undue cost or effort, qualitative disclosures are provided and, where possible, with
indicative ranges or directional impacts.
Data collation Activity data informing Scope 1 and 2 emissions have been estimated where relevant due to data
and calculation availability and accuracy at the time of reporting. See further detail in Metrics and targets.
Events after the reporting period
Other than the matters listed below, no matter or circumstance has occurred subsequent to the year end that has been
determined as material information on climate-related matters requiring disclosure.
(a) Acquisition of Carnaby Resources
On 27 July 2026, the Company announced the expansion of copper growth opportunities at Ernest Henry via the acquisition
of Carnaby Resources Ltd (Carnaby). Evolution Mining will acquire 100% of Carnaby by way of a scheme of arrangement for
approximately $213 million. The completion of the acquisition will be subject to the approval by Carnaby shareholders at a
scheme meeting expected to be held in late October to early November 2026.
1
Scope 1 and 2 emissions estimated using the market-based method, including Large-scale Generation Certificates attributable to FY26.
3 Evolution Mining Climate Report 2026
About Evolution
Evolution is a leading, globally relevant gold and copper mining company formed
in November 2011. Headquartered in Sydney, New South Wales, Evolution is listed
on the Australian Securities Exchange (ASX:EVN).
In FY26, our mines produced 715koz of gold and 66kt of copper at an all-in
sustaining cost (AISC) of $1,717 per ounce of gold – continuing to place Evolution
as one of the lowest cost producers globally.2
Our purpose Our vision
To deliver long-term stakeholder value Inspired people creating a premier
through low-cost production in a safe, global gold company.
environmentally and socially
responsible way.
Our values
safety excellence accountability respect
Think before we act, We take pride in our work, It is my responsibility, We trust each other, act
every job, everyday deliver our best and I own it – good or bad honestly and consider
always strive to improve each other’s opinions
Our strategy
To create a business that prospers through the cycle, we:
2
AISC calculated for continuing operations excluding Mt Rawdon, which ceased mining operations in FY25. AISC includes C1 cash cost, plus
royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. In line with World Gold Council
guidelines.
4 Evolution Mining Climate Report 2026
Our value chain
We assess and manage risks and opportunities across our business and value chain. We recognise that risks and
opportunities can impact our value chain segments across management, community, operations, distribution, marketing and
sales.
Strategic enablers throughout the entire value chain
Management and strategy Community and partners
• Board and Leadership Team • Community and Indigenous stakeholder engagement and
• Strategy, including sustainable and local procurement investment
• Due diligence

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