Annual Report for EL 26595, 16 August 2018 to 6 July 2019

Abstract

EL 26595 was acquired by Evolution Tennant Creek Pty Ltd through a restructure of the TCMF JV with Emmerson Resources Limited. EL 26595, originally 39 blocks, has now been subdivided. EL 26595 is now only 2 blocks which will form the tenement to be transferred to EVN. The remaining 37 blocks now forms a new EL (EL 31832) and will remain under ownership of ERM. 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 26595 during the reporting period from 16th August 2018 to the 6th July 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 26595 during the reporting period totalled $575 and is attributed to data compilation, data review and overheads. This expenditure is less than the current covenant of $16,250. This is attributed to Evolution's security of tenure and ability to get on the ground during the extended transfer period.