EVOLUTION MINING LIMITED — AGM Information 2014

Nov 25, 2014

Evolution Mining AGM Presentation

26 November 2014

Jake Klein – Executive Chairman Mark Le Messurier – Chief Operating Officer Roric Smith – Vice President Discovery

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Forward looking statement

• These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

• Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

• Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

• Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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Australian mid-tier old roducer g p

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ASX Code EVN Shares 714.9M Market capitalisation¹ A$400M Daily turnover[2 ] A$1.42M Cash and unsold doré[3 ] A$44.9M Debt[3 ] A$126.8M Forward sales[3 ] 143,185oz at A$1,600/oz Dividend policy 2% of gold revenue Newcrest 32.3% Major shareholders Van Eck 10.5% Allan Gray 8.6%

1. At 24 November 2014 (share price A$0.56) 2. 3 month average to 24 November 2014 3. At 30 September 2014

FY15 Guidance: 400koz – 440koz AuEq AISC A$1,050/oz – A$1,130/oz

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Hi hli hts g g

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3 straight years of achieving guidance

Development of Mt Carlton

FY14 production of 427,703oz AuEq

Strong financial position

Exciting exploration pipeline

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Growin roduction g p

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Gold Production FY11 – FY14

427,703 oz

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392,886 oz
346,979 oz
302,842 oz
FY11 FY12 FY13 FY14
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• Assumes pro forma ownership of current assets over FY11 and FY12

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Group Gold Equivalent Production

We say, We do, We deliver

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Gold minin – a business g

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• Create shareholder value through three pillars – Operations, Discovery, M&A

• Focus on costs and productivity to drive profitability

• Disciplined approach to capital investment

• Upgrade the portfolio – through discovery and opportunistic acquisitions

• Shareholder returns – dividend linked to gold revenues

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Reliabilit and Consistenc y y

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 Evolution has consistently outperformed the ASX All Ords Gold Index since inception

Evolution (EVN) vs ASX All Ords Gold Index (XGD)

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A$/share
Index pts
2.25
9,000
2.00
8,000
1.75
7,000
1.50
6,000
1.25
5,000
1.00
4,000
0.75
3,000
0.50
0.25 2,000
0.00 1,000
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EVN XGD
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Three illars p

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Creating shareholder value

Operations

Discovery

M&A

Act like owners to maintain a cost and productivity focus over the longer term

Using science and technology to improve probability of transformational discoveries

Improve the quality of asset portfolio through opportunistic, logical, value accretive acquisitions

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FY14 O erational Hi hli hts p g g

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• Achieved best annual safety performance since creation (Group LTIFR 1.7, TRIFR 11.7)

• FY14 underlying site EBITDA of A$235.1 million

• A$91.0 million in mine operating cash flow generated – all sites cash flow positive

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70
FY14 Underlying Site EBITDA vs Capex
60
50
40
30
20
10
0
Mt Rawdon Cracow Mt Carlton Edna May Pajingo
Sustaining Capex Growth Capex Underlying site EBITDA
A$M
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• Site EBITDA is before all corporate administration costs, non-recurring items and exploration expenses

• LTIFR: Lost time injury frequency rates. The frequency of injuries involving one or more lost workdays per million hours worked based on a 12 month moving average

• • TRIFR: Total recordable injury frequency rate. The frequency of total recordable injuries per million hours worked based on a 12 month moving average

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Cracow

FY14 gold production of 95,064oz at
cash cost A$726/oz and AISC
A$1,057/oz

FY14 cost saving of A$18M (or
A$190/oz) as a result of moving to
owner-miner on 1 July 2013
 Current mine life of at least five
Ore hauling at Cracow
years based on life of mine plans 821 801 900
712

Resource definition drilling focussed 616
600
on defining and extending
25,000
mineralisation at Kilkenny, Tipperary
and Empire areas
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
24,016oz 24,321oz
23,376oz
21,804oz
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Pa in o
j g

FY14 gold production of 60,766oz at
cash cost A$894/oz and AISC
A$1,274/oz

Restructure of operation reduced
total site costs by 41% in FY14

Continued improvement in Sep
quarter with a ~10% lift in gold
production to 18,067oz
1,004
 Further cost reduction initiatives 814 900
780
25,000 717
being implemented
600
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
18,067oz
16,495oz
15,068oz
12,346oz
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Edna Ma y

• FY14 gold production of 80,165oz at cash cost A$1,017/oz and AISC A$1,205/oz

• Strong turnaround in operating performance achieved

• Improved plant throughput capacity

 Continued success on the implementation of cost reduction initiatives

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Edna May open pit: September 2014
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1,263
1,200
978
945 934
900
25,000
600
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
20,382oz 22,035oz 21,310oz
17,879oz
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Mt Rawdon

• FY14 gold production of 103,755oz at cash cost A$670/oz and AISC A$854/oz

• Shift to owner-miner 1 July 2014 – better than expected productivity and operating costs achieved to date

• Annual cost saving of ~A$5M through implementation of smarter drill and blast program

• Unit mining rates reduced to A$3.41/t in Sep quarter – a 30% reduction compared to FY14 average of A$4.91/t

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Mt Rawdon: celebrating the mine’s 40th tonne gold pour
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1,139
900
50,000
594
520 533 600
25,000
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
29,800oz
27,710oz
26,540oz
18,033oz
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Mt Carlton

 Outstanding FY14 production of 87,952oz gold equivalent at cash cost A$634/oz and AISC A$844/oz – well ahead of guidance

 Significant lift in mill throughput to 72kt per month (~860ktpa) for the Sep quarter compared to FY14 average of 57kt per month (~690ktpa) – driving for 900ktpa

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795 50,000 25,000

737 615 600 300 0

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454
0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
26,109oz
22,747oz
20,193oz
19,443oz
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Production gold (oz) C1 Cash Cost (A$/oz)

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M t Carlton V2 open pit
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“The definition of insanity is doing the same thing over and over again, but expecting a different result.”

Albert Einstein

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Discover y

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 Investing A$20.0M per year to target transformational discoveries through brownfields and greenfields exploration

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Build
competent, Innovative 3D 4D modelling Framework & Exploration
experienced Asset priority seismic Alteration and integrating proof of drilling in
team viewing geochemical geological FY15 testing
and ranking concept
structures at mapping time for better targets from
thinking like depth understanding drilling 4D studies
scientists
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Seismic u date p

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• Pajingo

• Initial processing of 3D survey completed – 1,400m long fault extending from Zed to Camembert clearly mapped

• Six holes at Camembert prospect have all intersected epithermal veins and gold mineralisation

• Cracow

• Exceptional survey – faults correspond to known orebodies

• Fault strand geometry defined in 3D

• Previously unknown faults mapped

West-east section through Cracow 3D seismic cube, with location of Royal/Klondyke and Kilkenny East orebodies shown corresponding to mapped fault zones on the section. Other previously unknown and known faults are accurately mapped. Yellow, orange and red squares denotes increasing gold in gram metres in known deposits.

Potential breakthrough to compress timeframe for new discovery

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Pajingo exploration

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 Camembert – a new vein system intersected in 6 holes

 Top of system – narrow veins with >10g/t Au assays

 1,200m of untested strike potential between Zed lode and Camembert discovery

• Further drill targets being generated from ongoing 3D seismic interpretation

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Details of exploration results are provided in the report titled "September 2014 Quarterly Report” released to the ASX on 29 October 2014 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information provided within that release.

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Tennant Creek ex loration p

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• JV agreement with Emmerson Resources over Tennant Creek gold-copper project

• Historically one of Australia’s highest grade gold and copper fields with production of 5.5Moz gold and 470,000t copper

• New technology – 2D seismic to map ironstones

• Recent results from Chariot East :

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Billy Boy
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• 2m @ 7.36g/t Au from 130m incl. 1m @ 13.5g/t Au in CHRC286

• 4m @ 11.8g/t Au from 111m incl. 2m @ 22.7g/t Au in CHRC287

• 7m @ 3.14g/t Au from 130m incl. 1m @ 10.5g/t Au in CHRC288

Full details of exploration results are provided in the report titled “High grade gold & copper at Chariot East” released by Emmerson Resources to the ASX on 15 September 2014 and available to view at www.emmersonresources.com.au

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Portfolio mana ement g

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• Create value through logical, opportunistic acquisitions

• Leverage off strong operational performance to upgrade the quality of the portfolio over time

• Make geological calls – backing our discovery team

• Divest underperforming assets if a fair price can be achieved

• Exercise discipline and patience

Source: KPMG M&A Global Research Report 1999

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FY15 outlook

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Guidance FY15	Gold equivalent production	C1 cash costs	All-in sustaining costs
	(oz)	(A$/oz)	(A$/oz)
Cracow	90,000 – 95,000	660 – 730	1,000 – 1,080
Pajingo	65,000 – 72,500	700 – 770	1,050 – 1,120
Mt Rawdon	100,000 – 110,000	660 – 730	880 – 950
Edna May	80,000 – 90,000	980 – 1,060	1,120 – 1,200
Mt Carlton	65,000 – 72,500	760 – 840	1,020 – 1,100
Corporate	-	-	50
Group	400,000 – 440,000	750 – 820	1,050 – 1,130

Consistency, reliability, productivity

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The Evolution value ro osition p p

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• Low risk – First World jurisdiction

Australia

• Second largest gold producer globally

• Globally competitive on costs – and improving

• Delivering on guidance since creation

Delivery

• Delivering a significant growth project

• Delivering on exploration upside

Gold dividend

 Dividend linked to gold production and gold price

Growth

 Exploration funded through strong cash flow

• Opportunistic, logical acquisitions

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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