Evolution Mining Limited (ASX:EVN) entered into a definitive arrangement agreement to acquire Battle North Gold Corporation (TSX:BNAU) for approximately CAD 350 million on March 14, 2021. Under the terms of agreement, Evolution acquire all of the issued and outstanding shares of Battle North at a price of CAD 2.65 per common share. The transaction will be funded from Evolution's current cash balance and available credit facilities. In case of termination by Battle North due to a certain events including superior proposal, Battle North will pay a termination fee of CAD 14.8 million to Evolution. The Transaction is subject to the approval of approximately 66% of Battle North shareholders, the number of Battle North Shares held by the Battle North's Shareholders that have validly exercised Dissent Rights (and not withdrawn such exercise) shall not exceed 10% of Battle North Shares, approval of the Supreme Court of British Columbia and other customary conditions for a transaction of this nature. The hearing in respect of the Final Court Order is expected to take place on or about May 17, 2021. The board of directors of Battle North has unanimously approved the transaction. The Transaction is not subject to any regulatory approvals or a financing condition, and no vote is required from the Evolution shareholders. The shareholder meeting of Battle North is currently expected to be held in May 2021. The annual General and special Meeting of holders of common shares of Battle North Gold Corporation to be held on May 11, 2021. As of May 12, 2021, Battle North shareholders approved the transaction. Approximately 65% of the issued capital of Battle North was voted on with 99.8% voting in favour. AS on May 17, 2021, the transaction was approved by the Supreme Court of British Columbia and all of the conditions to the completion of the arrangement have now been satisfied or waived. The transaction is expected to close in the second calendar quarter of 2021. The transaction is expected to be completed on May 19, 2021.

Canaccord Genuity Corp. acted as financial advisor and James R. Brown, Lynne Lacoursiere, Patrick Marley, Kaeleigh Kuzma, Richard King, Patrick Welsh, Jon Marin and Brett Anderson of Osler, Hoskin & Harcourt LLP acted as legal advisor to Battle North. Canaccord Genuity Corp. and Cormark Securities Inc. provided fairness opinion to the board of directors of Battle North. TD Securities Inc. acted as financial advisor and Eva Bellissimo, Dan Bornstein, Robin Mahood, Patrick Deutscher, Raj Juneja,Patrick Pengelly, Deron Waldock and Jason Gudofsky of McCarthy Tétrault LLP acted as legal advisor to Evolution. Computershare Investor Services Inc. served as transfer agent, registrar and Depository of Battle North Gold Corporation. Shorecrest Group Ltd served as proxy solicitor for Battle North Gold Corporation. Shorecrest will receive a fee of up to CAD 50,000, plus reasonable out-of-pocket expenses.