EVOLUTION MINING LIMITED — AGM Information 2010

Nov 22, 2010

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23 November 2010

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

ASX Code: CAH

Total number of shares on issue: 162,776,842

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

• Chairman’s letter

Share Price Current:

$1.96 (22 November 2010)

• Managing Directors Presentation

• ENDS

12 month range: $2.27 (high) - $1.18 (low)

Board of Directors

Mr Peter Maloney: Mr Bruce McFadzean: Mr John Rowe: Mr Barry Sullivan: Mr Graham Freestone: Mr Murray Pollock: Mr Graham Anderson: Mr Leonard Math:

Non Exec Chairman Managing Director Non Exec Director Non Exec Director Non Exec Director Non Exec Director Company Secretary Company Secretary

Senior Management

Erik Palmbachs CFO Stuart Pether COO Nick Winnall Adrian Pelliccia John Winterbottom John Fraser

Manager Exploration Manager Bus Dev Manager Geology General Manager - Edna May

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Chairman’s Address to Annual General Meeting

11.00am 23[rd] November 2010 City West Receptions

Dear Shareholders

The 2010 Financial Year was one of important achievements for your company.

The two most significant were the acquisition of 30% of the Cracow project in Queensland effective in December 2009, and the construction and commissioning of the Edna May Project.

The Cracow acquisition established Catalpa as a gold producer, with approximately 30,000 low cost ounces a year generating cash flow in a strong gold market. The merger transaction to acquire Cracow also eliminated the 47% shareholding in the company held by Lion Selection, which had been a supportive shareholder for many years, with the shares issued in the merger being distributed to Lion’s shareholders, who we welcome to the company and their first AGM. Cracow has performed well since we acquired it. With the acquisition of 30% of this project, we also acquired a pre-emptive right over Newcrest’s 70% interest should Newcrest ever decide to sell its interest. This puts us in a strong position to participate in any possible transaction.

The second major achievement was the commencement of construction in July 2009 and the commissioning in May this year of our Edna May project, on time and on budget. Commissioning any project requires skill and hard work, but where a company has no prior existing operating activities, presents extra challenges to management. Within a year your senior management team, who had themselves only been recently recruited, appointed contractors, recruited a team of technical professionals, including mining engineers, metallurgists, geologists, plant operators and so on, put in place a range of mining, environmental and other approvals, negotiated complex agreements for supply of a whole range of services, established systems and procedures for efficient and safe operation, and established an effective operating culture. The single most important achievement was that Edna May was built and commissioned without one lost time injury. These achievements reflect their, skill, focus and dedication.

We have also had a strong focus on establishing and maintaining the best possible community relations in the Westonia district. Anyone who was lucky enough to attend the formal opening of Edna May in August would have noticed not only the great community we are fortunate to work in but also the support we enjoy. We don’t take this for granted and nurturing this relationship will always be a highest priority for us. On behalf of all stakeholders, I thank the Westonia District community for their welcome and support, and we look forward to many years of contributing to that community.

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There are many other developments worthy of mention. They include the very encouraging exploration results we have had at Golden Point, Greenfinch, and most significantly, underground at Edna May, the subject of this morning’s announcement, and at Cracow. In each case they have led to expansion of our resource base, which for the first time now exceeds 2 million ounces. This provides a basis for longer life at our two assets and, at Edna May, increased production and lower costs into the future.

During the year we have been successful in broadening our shareholder base by attracting a number of institutional investors from both Australia and offshore to our share register. We welcome this support for our people, assets and strategies.

I would now like to look to the current year. Clearly we have had more challenges in ramping up and settling production at Edna May than we anticipated which have reduced gold production to date. Recently the board and management completed a very thorough review of our progress to date at Edna May, the nature of those challenges, the causes of them, and how effectively they are being addressed.

The review established clearly that wear problems with the SAG mill have been primarily responsible for the production shortfall, along with a breakdown of the mill. Given the issues we have had with the SAG, the strong gold price and the risk mitigation we achieve by reducing our reliance on it, we expect to bring forward the installation of a secondary crusher, planned in the BFS to be installed in year 2 for year 3, after a period of SAG optimization. The modeling for the BFS is presently being updated and detailed design is about to commence.

There have been other problems, which individually did not impact much in ounces produced but together have had some impact. They include an unexpected geotechnical issue associated with the failure of the north wall of the pit which required the bringing forward of the cutback of this pit wall. This delayed access to ore from the pit and forced us to treat lower grade stockpiled ore for approximately three months longer than planned. All ore has been sourced from the pit for the last eight weeks and we believe this issue is now behind us. Other problems have been interruptions to electricity supply, short term breakdowns of the ball mill and other parts of the plant, interrupted water supply, waste timber in ore, and so on. We believe these issues which are considered normal commissioning issues are now largely behind us.

As a result of this review your directors and management remain very positive about the outlook for both the company’s gold producing assets. We are also positive on the outlook for the gold industry, where all the factors which have been responsible for the gold price increase appear to remain in place.

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All shareholders will be aware that during the year the Federal Government proposed a so called Super Profits Tax on the Resources Industry. This extraordinary proposal, which came without any prior consultation, revealed a disturbing lack of understanding by politicians and bureaucrats of its potential detrimental effects on the Australian Mining Industry and investment into it. Catalpa, like most of our peers, strongly opposed the tax in defense of our shareholders’ interests and their investment in the company. Under the proposed legislation Catalpa will not be affected by this tax.

On shareholders behalf I would like to thank our management team, employees and directors. As I outlined earlier it was a tough year for the management team, but they responded with unfailing commitment, hard work and enthusiasm. I especially thank Bruce for his leadership drive and total commitment to the company. Our team on site at Edna May has responded exceptionally well to the challenges of bringing Edna May on stream.

Finally I thank my fellow directors, who have great mixture of strong and successful business experience and professional skills. I would like to especially thank John Rowe who stepped down from Chairman in December but thankfully remains a director. John took on the chairman’s role when the company was virtually friendless, and without the impact of his management and geological expertise during his period as chairman, it is not clear where we would be today. I would also like to express our appreciation to Nigel Johnson who stepped down from the board at the same time. Nigel’s financial skills and management expertise were highly valued by the company.

Thank you for attending.

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Peter Maloney Chairman

AGM Presentation

23 November 2010

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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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Presentation Agenda Catalpa – A Company on the Move Edna May Gold Project Production & Guidance Edna May – A Platform for Growth 5Year Strategic Plan

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A Company on the Move

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Unloved Reserve A$20M No Mine
Asset 540,000 oz Market Cap
Apply new Reserve A$320M
strategy 1,020,000 oz Market Cap 2 Mines
2 Year Share Price Growth
$2 . 50
$2.00
5 Year
$1.50 Strategic
$1.00
Plan
$0.50
$-
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Source - IRESS

A Company on the Move.... ...................2 years of delivering on commitments

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Funding Finalised
Board Approval ●
Mining Permit Awarded ●
Appointment of Contractors ●
Desi g n and En g ineerin g
Construction Phase
Commissioning
Mining Pre Strip
First Gold Poured ●
-
Production Ramp Up
Full Production
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010
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A Company on the Move

Edna May Gold Project Mineral Resource Upgrade Path

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High Grade
UG resource
2,500,000
Re-optimise Cracow
at A$1,250 Merger
2,000,000 Addition of ~700,000 Oz
Greenfinch 50% Growth
1 , 500 , 000
Meas Oz
Ind Oz
1,000,000
Inf Oz
500,000
0
Feasability Greenfinch Edna May Merger - Golden Point Addition of High Grade
update 2006 Mineral Mineral Cracow Dec Mineral Surface Underground
Resource Mar Resource 2009 Resource Mar Stockpiles Mineral
2009 Update Dec 09 2010 Resource Nov
2010
Ounces
Gold Resource
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A Company on the Move

Edna May Gold Project Ore Reserve Upgrade Path

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1,200,000
1,000,000
520,000 Oz
95% Growth
800,000
600,000
Prob Oz
Prov Oz
400,000
200,000
-
Feasability Upgrade to Upgrade to Greenfinch Edna May Cracow Into Golden Point Surface
update 2006 EMG Ore EMG Ore Ore Reserve Ore Reserve Portfolio Ore Reserve Stockpiles
Reserve Oct Reserve Nov Mar 2009 Update Dec Mar 2010
2008 2008 09
Ounces
Gold Reserve
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Edna May Gold Project

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Edna May, Golden Point & Greenfinch Open Pit

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Greenfinch
8% Reserve
ozs
Edna May
88% Reserve
ozs
Golden Point
4% Reserve
ozs
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Surface Expression of Edna May, Greenfinch & Golden PointGneiss and new pit design

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Resources & Reserves, and Edna May Flythrough

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Cracow 30%
Resources 30% 0.2M ozs
Edna May 100% Reserves 30% 0.1M ozs
Resources 2.0 M ozs
Reserves 1.1M ozs
Catalpa Attributable
Resources 2.2M ozs
Reserves 1.1M ozs
Note: Due to rounding small discrepancies may exist
10
Depleted as at 30 June 2010
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Edna May – Site Flyover

Large 2.8 Mt plant 80-90 kozs FY2011 2:1 waste ore ratio Maiden Underground Resource @ 9.1 g/t

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Production & Guidance

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Production Trends and SAG Mill Impact Continued production growth since commissioning SAG liner wear impact reducing, new liner system last week Plant very reliable, SAG wear issues being resolved SAG sole plate damage had significant impact in September 2010 Considering converting SAG to closed circuit and secondary crushing

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Guidance Update

SAG mill liner impact and delayed mine access has impacted Edna May guidance Cracow guidance unchanged

Catalpa C1 cost guidance A$677 – A$ 745 per ounce

1. C1 – cash costs represents the cost for mining, processing and administration, including accounting movements for stockpiles and gold-in-circuit. It does not include capital costs for exploration, mine development or processing mill capital works. It includes net proceeds from by-products credits. It does not include the cost of royalties.

Edna May Growth Opportunities Edna May Greenfinch Golden Point Regional Opportunities

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Edna May – Maiden Underground Resource

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Design pit
outline
Existing
decline
Ex st ng i i
Open Pit
Resource
Maiden
UG
Resource
Open
down dip
& plunge
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660,000 t @ 9.1 g/t for 195,000 contained ounces

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Underground Oblique Section - Drill Intercepts & Flyover

Current drilling targeting high grade underground zones

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Edna May Underground Target Surface Drilling

Stage 1 9 holes complete

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Edna May Underground Target Surface Drilling

Stage 1 9 holes complete

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Greenfinch Targets

27 m @ 5.2 g/t

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Greenfinch Targets

11m @ 3.5 g/t

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Underground Oblique Section – Golden Point Opportunities
1m @
6.8g/t
7.5m @
4.9g/t
Open at
Depth
Ore below 300 metres is not included in Resource
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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

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Cracow - Large 2M ounce epithermal system
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30% - JointVenture with Newcrest Safe and productive mine Significant exploration upside Phoenix drill results positive Resource and Reserve upgrade in 2010

Phoenix Drilling PHU007: 6.2m (6.1m) @ 24.1g/t Au from 89.8m PHU010: 6.1m (5.3m) @ 10.6g/t Au from 102.3m PHU011: 10.7m (8.1m) @ 14.9g/t Au from 130.7m PHU014: 5.0m (3.6m) @ 18.0g/t Au from 136.5m PHU017: 4.4m (3.2m) @ 14.3g/t Au from 138.6m PHU018: 3.6m (2.3m) @ 14.5g/t Au from 143.3m

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

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5 Year Strategic Plan

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Catalpa’s Vision “Catalpa will be a safe, significant and successful gold company focusing on delivering rational growth, cash generation and stakeholder rewards”

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Values & Objectives – 5 Year Strategic Plan

Company values and culture

Value to shareholders

• Safe, focused and successful

• Bold, considered and agile

• • Open and honest

• Accountable and results orientated

• 20% annual returns to shareholders

• • Market cap of $AUD 2-3 billion

• • Organic and JV/acquisition growth from cashflow

Substantial gold producer

Reputation

• Producing over 500,000 oz pa

• • Cost focused

• Operational control of long life projects

• Market recognition

• Corporate governance

• Superior performance in safety, environmental, technical and operational management

• Talented, motivated and engaged workforce

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5 Year Strategic Growth Plan

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Time 2010 2010 2011 2012 2013 2013 2014 2015
Existing
Asset
Growth 500,000
JV and
400,000
Acquisition
Growth
300,000
200,000
100,000
-
vered ounces
Reco
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Near term organic growth from existing assets Acquisition growth from significant cashflow

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The Edna May Strategic Objective

Edna May is a long life cash generation platform Add high grade Edna May underground feed Add high grade regional feeds Increase grade towards 2.0g/t Increase ounces towards 160,000 ozs pa Lower unit costs towards A$600/oz Increase mine life from 10 years to 15 years

Company Metrics Against Peers?

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Company Metrics Against Peers?

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Target $/share $2.50 $2.50 $2.17 $2.50 $2.42 $2.02 $2.20
450
$407
400 $388 $384 $384 Avg = A$375M = $2.30 ps
$364
$353
$346
350
300
Present
250
Market Cap
200
150
100
50
-
Austock RCR Investec RBC Capital ERA Hartleys Foster
Markets
30 July 2010 13 July 2010 26 July 2010 27 July 2010 1 June 2010 27 July 2010 27 July2010
illion)
m
NPV (A$
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Thank You

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COMPETENT PERSONS

The reported Edna May Underground Mineral Resource has been compiled by Mr Daniel Guibal. Mr Guibal is a Member of the Australian Institute of Geoscientists and an employee of SRK Consulting Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2004 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Guibal consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The reported exploration results have been compiled by Mr John Winterbottom (Manager Geology), who is a Member of the Australian Institute of Geoscientists (AIG) and a full-time employee of Catalpa Resources Limited. He 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 Winterbottom 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 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 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 Ore 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.

The reported Cracow Mineral Resource and Ore Reserve are based on a Competent Persons Statement provided by Newcrest Mining Limited on behalf of the Cracow Gold Joint Venture. Cracow is an unincorporated joint venture between Catalpa (30%) and Newcrest (70%). Further details on CGJV Mineral Resources and Ore Reserves are available on the Newcrest website

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Appendix 1 - A Strong and Experienced Board

PETER MALONEY, Non-Executive Chairman

Mr Maloney, aged 59, has broad commercial, financial and management expertise and experience. In a long career with WMC Resources, he held the positions of Treasurer, Executive Vice President Americas, and Manager Commercial and Marketing –WA. He has also been Executive General Manager, Finance at Santos and Chief Financial Officer at FH Faulding. Mr Maloney has also been a director of several companies and organizations including Indophil Resources and Barra Resources, and was chairman of Southern Health, the largest healthcare provider in Victoria. He has been Chief Financial Officer of Lion Selection (and its predecessor companies) since 2003.

BRUCE MCFADZEAN, Managing Director/CEO

Mr McFadzean, a mining engineer, FAusIMM, 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.

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.

JOHN ROWE, Non-Executive Director

John Rowe brings a wealth of geological and business development skills to the Company. Mr Rowe has 35 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.

GRAHAM FREESTONE, Non Executive Director

Graham Freestone has over 30 years experience in the finance and natural resources industry in Australia and internationally. He has a broad based finance, corporate and commercial background obtained from various senior finance positions with the Shell Group, Acacia Resources and AngloGold. Graham was comprehensively involved in the float of the Shell Group’s mineral interests through Acacia Resources Limited.

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.

Appendix 2 - Management Team – Mining, Operational & Start-up Experience

BRUCE MCFADZEAN Managing Director/CEO JOHN FRASER Mining Experience 32 years Processing Experience Operations Experience 27 years Operations Experience Project Start up 6 Project Start up ADRIAN PELLICCIA ERIK PALMBACHS Chief Financial Officer Mining Experience Finance Experience 29 years Operations Experience Mining Experience 17 years Project Start up Project Start up 3 NICK WINNALL STUART PETHER COO Mining Experience 20 years Exploration Experiencexploration Experience Operations Experience 15 years In-field Experience Project Start up 1

JOHN FRASER GM Edna May Processing Experience 25 years Operations Experience 25 years Project Start up 1 ADRIAN PELLICCIA Manager Geology Mining Experience 11 years Operations Experience 6 years Project Start up 2 NICK WINNALL Exploration Manager Exploration Experiencexploration Experience 35 years In-field Experience 30 years

Hand picked management team Sound blend of skills in engineering, geology, metallurgy & finance

Significant Technical and Operating expertise Experienced start-up team