EVOLUTION MINING LIMITED — AGM Information 2009

Nov 24, 2009

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ASX Code: CAH

25 November 2009

Total number of shares on issue: 1,171,852,429

ANNUAL GENERAL MEETING – CHAIRMAN’S LETTER AND MANAGING DIRECTORS PRESENTATION

Please note the following attachments presented at today’s Annual General Meeting.

Share Price Current: $0.155 (24 November 2009)

12 month range: $0.18 (high) - $0.019 (low)

• Chairman’s letter

• Managing Directors Presentation

ENDS

Board of Directors

Mr John Rowe: Non Exec Chairman Mr Bruce McFadzean: Managing Director Mr Murray Pollock: Non Exec Director Mr Barry Sullivan: Non Exec Director Mr Nigel Johnson: Non Exec Director Mr Graham Anderson: Company Secretary Mr Leonard Math: Company Secretary

Senior Management

For further enquiries contact:

Bruce McFadzean Warrick Hazeldine/Annette Ellis Managing Director Media and Investor Relations Catalpa Resources Limited Purple Communications Tel (08) 9321 3088 Tel: (08) 9485 1254

Erik Palmbachs CFO Stuart Pether GM Operations Nick Winnall Exploration Manager Adrian Pelliccia Geology Manager

Major Shareholders

Major Shareholders
Auselect Limited	46.86%
HSBC Custody Nominees	6.65%
National Nominees Limited	3.36%
ANZ Nominees Limited	3.19%
Reneagle Pl	1.62%
Goldrich Holdings Pty Ltd	1.37%
Nefco Nominees Pty	1.14%
Bennett Robert W + D G	0.92%
Springtide Capital	0.85%
Prospect Cust Ltd	0.78%

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Chairman’s Address to Annual General Meeting

10:30am 25 November 2009 Hyatt Regency – Perth

Dear Shareholders

No doubt 2010 will be remembered in Catalpa’s history as the year in which the Company achieved first gold production at its flagship Edna May Gold Operations in Westonia, WA. It should be recorded however that it is the remarkable achievements in 2009 that have set Catalpa on a clear course to becoming one of Australia’s leading mid-tier gold producers.

FY2009 began with this vision clearly in our sights. With the re-naming of the Company as Catalpa Resources we set out to advance the Edna May Gold Operations towards production by mid-2010.

Certainly the Australian gold price which traded between A$1,100 an A$1,500 per ounce for much of the year, was in our favour, and combined with the positive feasibility study completed in January 2009 for a very profitable six-year operation, provided the alchemy to turn Catalpa’s Edna May Gold Operations from vision to reality.

The combination proved equally attractive to the market, and, against the most challenging economic backdrop in several decades, Catalpa secured a A$67.5 million project finance facility, including an unprecedented forward sold gold price of A$1,557.50 for 352,317 ounces over its first five years of production.

The debt facility was rapidly followed by A$31.4M Share Placement, and a well supported Share Purchase Plan for an additional A$7.5M, which all together raised more than A$106M, ensuring the $92M Edna May Gold Project construction program is fully funded to production in 2010.

By the end of the financial year, just two months after the successful funding process, considerable progress had been made on the project; the major project contractors were appointed and the accommodation village was constructed and is occupied by contractors undertaking the early earthworks, and process plant refurbishment activities on site.

Likewise, Catalpa recorded some significant exploration and resource optimisation achievements in 2009. During the year the Edna May Project Reserve was increased by more than 50% from 544, 000 ounces to 817,000, some 61% of which is in the highest confidence, JORC ‘Proven’ category.

Catalpa has a clear strategy to increase the Edna May Reserve to more than a million ounces by 2010, and further extend the life of mine beyond ten years. Exploration activities during 2009 underpin this potential.

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The Edna May Underground Project yielded encouraging results from all six drill holes aimed at confirming the continuation of the Edna May high grade reef structure at depth, supporting Catalpa’s view that the project is prospective for an underground operation in the future.

Exploration and resource definition drilling at the Greenfinch deposit, along strike of the existing Edna May open pit, resulted in a maiden ore Reserve of 79,000 ounces as announced to market in April 2009. The Greenfinch ounces contribute to the 50% increase in the Edna May Project Reserve referred to previously and extend the project mine life beyond seven years, providing a significant boost to project cash operating margins.

In addition, a regional (infill) auger geochemical sampling programme has yielded positive results within 10 kilometres of Edna May and provide a number of exciting targets for follow up RAB drill testing. Towards the end of the financial year, a RAB drilling programme further extended the known strike of the Edna May Gneiss, the host rock for the gold mineralisation, to the West of the Greenfinch deposit.

We remain confident that the Edna May Gold Operations provides Catalpa with a significant platform for growth, not only through exploration but also by delivering early cash flows to repay debt and fund potential acquisitions.

During the year the opportunity arose to negotiate mutually attractive merger terms with Catalpa’s largest shareholder, Lion Selection. Essentially, the merger will amalgamate Catalpa’s 100,000 ounces pa Edna May Gold Operation (in which Lion Selection have a 46.9% shareholding) and Lion Selection’s 30% ownership of the Newcrest-managed +100,000 ounces pa Cracow Gold Project in Queensland, under Catalpa’s existing management.

Since announcing the merger in June, the market has responded extremely positively, with shares in both Catalpa and Lion Selection increasing by more than 50%. The implied market support echoes the unanimous conviction of Catalpa and Lion Selection directors. The merger process has now progressed with the shareholders of both companies voting in favour of the merger at the respective shareholder meetings.

This transaction is an innovative means to unlock value for both sets of shareholders. When finalised in early December 2009 the 30% stake in Cracow will yield Catalpa an immediate production and cash flow profile.

One of the consequences of the merger process is the re-shaping of the Catalpa Board of Directors. Nigel Johnson, one of our current Non-Executive Directors will be standing down. Myself and my fellow Directors sincerely thank Nigel for his valuable contribution to Catalpa.

But for now, Catalpa’s experienced Board and management team remain focussed on achieving first gold production at Edna May, on schedule and within budget.

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For the admirable progress towards this goal in the past year, I commend Catalpa’s board of directors, its management team, under the excellent leadership of Bruce McFadzean and each and every one of Catalpa’s employees and contractors, who without exception have risen to the challenge and workload wrought by our transition from explorer to producer.

Thank you also to our shareholders, long-standing and new, for your support as we progress, rapidly, towards a productive and profitable, mid-tier gold company.

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John Rowe Chairman

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Annual General Meeting Presentation to Shareholders 25 November 2009

Disclaimer

The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. It does not constitute an offer. Catalpa Resources Limited (Catalpa) gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values , p erformance or achievements to differ materiall y from those ex p ressed , im p lied or projected in any forward-looking statements.

Catalpa disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

This presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in Catalpa nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating to any securities in Catalpa. Any decision regarding any proposed subscription for securities in Catalpa must be made solely on the basis of information on Catalpa that is publicly available.

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Mid Tier Gold
The Catalpa Growth Story
Producer
Approvals
Finalised
A$39M
Construction
Equity
Complete
Raised
Project
Merger
Debt
Finalised
A$68M
Catalpa
Name Construction
Change Commences
Additions Merger
Hedge
to Board Announced
350,000 oz
A$1,557/oz
Feasibility
Study
Finalised
50%
Increase
Reserves
Feasibility
Study
Commences
3
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AN EXPERIENCED BOARD

JOHN ROWE, Non-Executive Chairman

John Rowe brings a wealth of geological and business development skills to the Company. Mr Rowe has 38 years experience within the Nickel and Gold industries of Western Australia. He has held a variety of positions in mine management, exploration and business development and was previously employed as an executive of Lion Ore in Australia. Mr Rowe is also a Non Executive Director of Panoramic Resources Limited (PAN)

BRUCE MCFADZEAN, Managing Director

Mr McFadzean, 51, a mining engineer, brings over 30 years of management, mining, processing and project "start up" experience to the organisation, half of which was gained in the employ of global resources brands, Rio Tinto and BHP Billiton. Mr McFadzean has broad commodity experience in gold, iron ore, diamonds and nickel/cobalt and in a wide range of roles including corporate, managerial, technical and operational. Mr McFadzean is a non-executive director of Venture Minerals Limited.

NIGEL JOHNSON, Non-Executive Director

Mr. Johnson is a Charted Accountant with stron g finance and mana g ement ex p erience attained over a p eriod of 36 years in both publicly listed and private companies and within a number of industries. Mr Johnson has significant expertise in financial management, equity and debt raisings, treasury and financial risk management and strategic and business planning. Most recently, Mr. Johnson was Chief Financial Officer for Straits Resource Limited, responsible for the financial, commercial and treasury activities of the Straits Group. Mr Johnson is also a non-executive director of Matrix Composites and Engineering Limited.

BARRY SULLIVAN, Non-Executive Director

Mr. Sullivan is an experienced and successful mining engineer with a career spanning 40 years. His initial mining experience was gained in the South African gold mining industry, followed by more than 20 years with Mount Isa Mines. In the final 5 years of his tenure with MIM, Mr Sullivan was Executive General Manager responsible for the extensive Mount Isa and Hilton operations. More recently, Mr Sullivan has been working with a number of smaller exploration and mining companies. Presently Mr Sullivan is a non-executive and Chairman of Exco Resources Limited, Non-Executive Director of Lion Selection Limited and a non-executive Director of Sedimentary Holdings.

MURRAY POLLOCK, Non-Executive Director

Murray Pollock is a businessman with 40 years experience within the mineral resource sector, principally in drilling. Mr Pollock is a drilling and mine management services consultant for several companies.

Management Team – Mining, Operational & Start-up Experience

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|||||||||
|---|---|---|---|---|---|---|---|
|BRUCE MCFADZEAN|Managing Director (Engineer)|
|Mining Experience|30 years|
|Operations Experience|27 years|
|Project Start up|6|
|ERIK PALMBACHS|Chief Financial Officer (CA)|
|Finance Experience|29 years|
|Mining Experience|17 years|
|Project Start up|3|
|STUART PETHER|General Manager Operations (Engineer)|
|Mining Experience|20 years|
|Operations Experience|15 years|
|P|ro ec|j|t St|ar|t|up|1|
|JOHN FRASER|Resident Manager (Metallurgist)|
|Processing Experience|25 years|Mining Experience|103|
|Operations Experience|25 years|
|Project Start up|1|
|Operations Experience|83|
|ADRIAN PELLICCIA|Manager Geology (Geologist)|
|Mining Experience|11 years|
|Operations Experience|6 years|
|Project Starts|13|
|Project Start up|2|
|NICK WINNALL|Exploration Manager (Geologist)|
|Exploration Experience|35 years|
|In-field Experience|30 years|

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Post Merger Structure – Catalpa set for growth

Catalpa Resources Limited (CAH)

Edna May Cracow Joint Cracow PreTarget Operations Pty Cash Venture (30%) emptive Right Acquisition Ltd (100%) 100k oz/yr production 31k oz/yr production Cash ~A$14M[(1)] Catalpa is targeting Reserves 817k oz Reserves 53k oz to grow production Resource 1.5M oz Resource 211k oz towards 250,000 1st gold pour Q2 2010 Operating recovered ounces 8 year mine life ~6 year mine life per year

Current Market Cap A$180 million Shares (fully paid) 145 million Options 16 million Largest shareholder ~9.0% Avg annual cash operating margin[(2)] ~A$80 million

(1) As at September 2009

(2) When Edna May is at full production

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Creates a Diversified Australian Mid Tier Gold Producer

(1)

Edna May 100%

Cracow 30%

Type Open Pit Annual Production 100k oz[(a)] Reserve 817k oz Resource 1.5m oz Cash Cost (pre royalty) $636/oz Annual avg cash operating margin $75m pa[(b)] Hedging: 352,317 Oz @ $1,557.5/oz

Type Annual Production - 100% - 30% Reserve - 100% - 30% Reso u rce - 100% - 30% Cash Cost Unhedged

Underground 107k oz[(2)] 31k oz[(2)] 176k oz[(3)] 53k oz[(3) ] 704k oz[(3)] 211k oz[(3)] $<600/oz[(4)]

(a) In construction, 1st gold pour 2Q10

(b) based on $1400/oz gold price post royalty

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Cairns
Brisbane
Kalgoorlie
Perth
Sydney
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• (1) Cracow is 70% owned and operated by NCM

(2) 07/08 figures taken from LST Annual Report 2008

(3) LST Annual Report 2008

• (4) Based on Lion’s last 4 quarterly reports

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Favourable Valuation Metrics

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EV/Reserve [(1)]
EV/Resource [(1)]
1000 400
900 350
800
300 Weighted average
700
EV/ Resource Oz
250
600 Weighted average
500 EV/ Reserve Oz 200
400
150
300
100
200
100 50
0 0
Avoca Kingsgate Dominion Sino Gold Catalpa St Barbara Resolute Avoca Sino Gold Kingsgate Dominion Catalpa St Barbara Resolute
(post merger) (post merger)
C ata pa pro l d uct on est mate compare i i d to
selected 2008/9 [(2)] Australian gold producers
350
300
250
200
150
100
50
0
Market Cap Resolute St Barbara Sino Avoca Catalpa Kingsgate Dominion
(post merger)
(A$m) 335 538 2,244 490 902 412
11 Nov 2009
EV$/Reserve Oz EV$/Resource Oz
'000 Oz Au
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(1) Calculated based on proposed merger ratio and last traded Catalpa share price prior to date of announcement (2) Production figures are total of previous 4 quarters per Company announcements Source: Austock research

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Favourable Cash Margin

Catalpa offers above average cash margins relative to its peers

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Cash Margin
(Cash cost vs Spot Gold @ A$1,242/oz)
Market Cap
$658m $1,045m $899m $490m $483m $274m $404m $336m $538m $201m
@ 11/11/9
1,200
1,000
800
Average
600
400
200
-
Medusa Andean Kingsgate Avoca Catalpa Perseus Oceana Dominion Resolute St Barbara Allied Gold
(post merger) Gold
A$/oz
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*source: Company announcements taking into account any hedged positions

9

Edna May Mineral Resources and Ore Reserves Flyover

10

Edna May – Construction Update &Site Layout Flyover

Tanks & Steel well advanced Mills on plinths Nov 2009

Mining has commenced Plant on schedule and within budget

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Catalpa – Key Dates & Project Timeline

2009 2010 Q3 Q4 Q1 Q2 Q3 Q4 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Construction Commissioning First Gold - Pre strip Production Ramp Up Full Production Merger Finalised Cracow Cashflow

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Edna May Gold Project Reserve Growth Potential

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Edna May Gold Project - Ore Reserve Upgrade Path
1,400,000
1.25M
1,200,000
1,000,000
800,000
2009/12 Reserve Growth Path
600 , 000
400,000
2008/09 Reserve Growth Path 50%
200,000
-
Ounces
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Planned Ore Reserve growth to 1.25M ounces in year 2

Reserve growth projected to twice Edna May’s historical production of 630,000 ounces

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Open Pit and Underground Potential Flyover

14

Open Pit and Underground Potential Flyover

Ore below 300 metres is not included in Resources

15

Further Regional Targets Flyover

RAB targets along greenstone belt within 15 km of plant Untested auger anomalies

Untested historical workings Magnetic lows – Edna May look-alikes

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Cracow - Proven Growth, Unhedged Producing Mine

• 80 year production history

• 850,000 ounces recovered from historical UG & OP mining events

• 460,000 ounces mined from present mining event

• Consistent production of approximately 100,000 ounces pa for over 4 years

• Production 440kt pa, recoveries 92%, dry and stable mining environment

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Cracow - Proven Growth, Unhedged Producing Mine

30% - JointVenture

Newcrest - 70% and sound operator Large 2M oz epithermal system

2 <A$500/oz cash cost producer for qtr & 3 this calendar year

– Exploration growth story new structures and extensions of structures

South West QLD well located for stable workforce

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workforce
2005 – Discovered
2009
1995 – Newcrest and 2001 – Discovered 2002 – Kilkenny Structure Encouragement along strike
Sedimentary form 70/30 Discovered
Sovereign, 2008 Kilkenny (south) of
JV to explore Cracow Field Crown Shoot Empire & Resource Kilkenny
targeting epithermal 1999 – Phoenix (200,000oz Resource – New
mineralisation Discovered Structures inferred) Shoot ??
Royal Shoot
1932-92: Sporadic
1931 – Payable gold discovery and production
1875 – First Gold
discovered (Golden of 850koz, mainly from
Discovered
Plateau) Golden Plateau
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Catalpa Growth Strategy

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Targeted Recovered Ounce Profile
200,000
180,000
160,000
140,000
120,000
100 , 000
80,000
60,000
40,000
20,000
-
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
Edna May Reserve Edna May Upside Cracow Inventory Cracow Upside Edna May UG Potential
d ounces
e
Recover
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Edna May Underground potential

Note: Edna May Underground mineralisation is not drilled to sufficient density to be included in a JORC compliant Mineral Resource

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Why Invest in Catalpa Successful growth story Experienced and skilled management team Successful merger planned for December 2009 Attractive valuation metrics Robust operating margins Strong and experienced Board Strong exploration upside from both operations Edna May is on time and within budget Clear vision for growth beyond Edna May & Cracow Strong cash flows to support our growth vision

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COMPETENT PERSONS

The exploration data have been supplied according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Mr Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the ac ti v it y w hi c h h e s un i d er t a ki ng o qua t lif y as a ompe C t en t P erson as e d fi ne d i n th e 2004 e diti on o f th e ‘A us t ra as an o l i C d e or f Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to mineral reserves is based on work completed by Mr Harry Warries, who is a Member of the Australian Institute of Geoscientists. Mr Warries is a full time employee of Coffey Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Warries consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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