Evolution Mining Limited has released extensive technical documentation detailing its updated Mineral Resource and Ore Reserve estimates as at 31 December 2024, prepared in compliance with the 2012 JORC Code. The update covers both the Mungari and Red Lake operations, with the reports outlining the rigorous sampling, drilling, logging, and quality control procedures that underpin the estimates. The documents describe in detail the use of diamond core and reverse circulation drilling techniques, extensive on‐site sampling protocols, and advanced density measurements (including both Archimedes and calliper methods) that enhance confidence in the block models and geological interpretations. For the Mungari operation, the company has incorporated new drilling data and revised dilution models to improve estimates of open pit and underground mineralisation. Mining Shape Optimiser tools, such as Deswik.SO, and geostatistical methods like Ordinary Kriging were applied to define selective mining units and determine realistic cut-off grades based on detailed cost, processing, and metallurgical recovery assumptions. The updated models reflect modifications in mining width parameters, dilution skins, and recovery factors, all calibrated with historic reconciliation data and supported by internal and external peer reviews. The capital and operating cost assumptions have been updated based on the FY25 budget and anticipated expansion of the process plant from 2.0Mtpa to 4.2Mtpa, ensuring that the economic viability remains robust despite conservative gold price assumptions. At Red Lake, the revised Ore Reserve estimate is based on a comprehensive update of the Mineral Resource model incorporating historical drilling campaigns (from 1986, 2004, and 2025) and newly acquired data for both underground deposits and tailings. The methodology features detailed domain modelling, top-cut adjustments to limit grade smearing, and adoption of dual-pass estimation techniques for block modelling. Notably, a separate reserve estimate for the Balmer tailings retreatment has been developed, which now includes an assessment of reprocessing potential using conventional dredging methods. The update outlines specific cut-off grades for different underground zones (typically in the 3.2–3.5g/t Au range) as well as economic parameters derived from current processing costs, metallurgical recoveries, and an assumed gold price of $3,000/oz. Environmental, social, and infrastructure aspects are also covered, with the company reinforcing its collaboration with local First Nations and addressing permitting milestones and capital investments for future mine expansion and tailings facility upgrades. Bullish sentiment arises from the company’s demonstrated adherence to rigorous quality assurance and resource evaluation methodologies, the robustness of its updated block models validated through external reviews, and a clear strategy to enhance recoveries and extend mine life through both Mungari and Red Lake operations. The proactive incorporation of new drilling data, improved dilution modelling, and the planned expansion of processing capacity further underpin operational confidence. Conversely, bearish factors include the inherent sensitivity of the estimates to gold price fluctuations, uncertainties related to historical data quality (particularly from older drilling campaigns), and the potential for increased seismic risk in underground environments. Additional challenges such as future permitting for tailings reprocessing and variability in orebody continuity pose risks that could affect production performance and economic forecasts.