Annual Report for EL 31249, 1 June 2018 to 31 May 2019

Abstract

EL 31249 was acquired by Evolution Tennant Creek Pty Ltd through a restructure of the TCMF JV with Emmerson Resources Limited. EL 31249, originally 37 blocks, has now been subdivided. EL 31249 is now 2 blocks, the remaining 35 blocks now forms a new EL (EL 31833) which remains under ownership of Emmerson Resources. The EL is part of a contiguous block of EL's through the Gecko - Goanna - Orlando Corridor and collectively labelled Evolution Tennant Creek Project Area. The project area is prospective for Tennant Creek style iron oxide copper gold deposits. This report records the exploration work completed on EL 31249 during the reporting period from 1 June 2018 to 31 May 2019. During the reporting period exploration activities were limited to data compilation and review as the transfer of the EL was only completed towards the end of the reporting period. Total expenditure on the EL 31249 during the reporting period totalled $575 and is attributed to data compilation and data review. This expenditure is less than the current covenant of $18,500. This is attributed to Evolution's security of tenure and ability to get on the ground during the extended transfer period.