AGM PRESENTATION 28 NOVEMBER 2019

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.

CLEAR AND CONSISTENT STRATEGY

A portfolio of 6 to 8 assets generating superior returns with an average mine life of at least 10 years

Open to all quality gold, silver and copper-gold value accretive investments

Inspired people creating Australia's Premier gold company Build a reputation for sustainability, reliability and transparency

An active pipeline of quality exploration and development projects

Embed financial discipline across the business

SUSTAINABILITY PRINCIPLES

The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner

Be an employer of choice attracting the most talented people and foster a safe, diverse and inclusive workplace

Demonstrate robust risk management and safety leadership

Contribute positively to local, regional and national sustainability efforts by achieving an outstanding level of environmental stewardship

Actively manage climate related risks and opportunities including improving energy efficiency and the responsible management of water

Be transparent at all levels of Corporate Governance, comply with applicable laws and regulations and operate at the highest standards of financial and ethical behaviour

Protect and enhance our reputation as a trusted partner and provide community benefits that endure beyond the life of our mines

Relentlessly drive for operational excellence through an innovative culture and inspired people delivering to plan

Advance the outcomes for indigenous peoples and protect their cultural heritage

Respect the human rights of all our stakeholders

OUR VALUES: SAFETY EXCELLENCE ACCOUNTABILITY RESPECT 4

OUR PEOPLE

Right people, right roles - focus on excellence

Increased role clarity and accountability for our people with our 'right level' approach to achieve operational excellence
Delivering a sustainable talent pipeline with annual Graduate and Vacation programs
50% female graduate and 39% female vacation intake
Targeting 50/50 gender representation in FY20
Developing our internal talent with 33% of career opportunities awarded to our people
Recognising and rewarding our people for innovation
Act Like an Owner Program
Explorathon
Real time 'pulse' feedback to enhance engagement
Enhancing our approach to diversity and inclusion
Continued flexible work arrangements offering
Women in Mining mentoring and networking forums

Inspired people creating Australia's premier gold mining company

SNAPSHOT

ASX code	EVN
Market capitalisation(1)	A\$6.6B
Average daily turnover(2)	A\$60M
Net cash(3)	A\$92M
New dividend policy	Payout of 50% of free cash flow
FY20 production guidance(4)	725 – 775koz
FY20 AISC guidance(4)	A\$940 – A\$990/oz
Mineral Resources(5)	21.5Moz
Ore Reserves(5)	9.4Moz
Reserve life(5)	~10 years
Reserve price assumption	A\$1,350/oz
Major shareholders(5)	Van Eck 12.8% La Mancha 8.9% BlackRock 6.9%

Cumulative Dividends (A\$M) and cents per share declared

(1) Based on share price of A\$3.90 per share on 26 November 2019

(2) Average daily share turnover for one month through to 26 November 2019

(3) As at 30 September 2019

(4) Excludes any FY20 production contribution from Red Lake
(5) See Appendix for details on Evolution Mineral Resources and Ore Reserves at December 2018. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

ACQUISITION OF RED LAKE GOLD COMPLEX

High grade, long life, underground gold mine in Canada's most prolific gold district
Under-capitalised asset with significant turnaround opportunity
Outstanding exploration potential with historical head grades of +20g/t Au
Tier-1 mining friendly jurisdiction
Transaction fully funded via 100% debt
Reserves, Resources and production per share accretive

Mineral Resources¹ of 19.4Mt grading 11.2g/t for 7.0Moz Au Ore Reserves¹ of 9.2Mt grading 7.0g/t for 2.1Moz Au

7 1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

HIGH-GRADE ASSET IN ONE OF CANADA'S MOST PROLIFIC GOLD DISTRICTS

Investment phase required to rejuvenate operations and transform into cornerstone asset

Evolution's aim is for Red Lake to become a cornerstone asset with annual production in excess of 200koz per annum at an All-in Sustaining Costs (AISC) below US\$1,000 per ounce
Under-investment in development and exploration in recent years
Committed three year US\$100 million investment phase to recapitalise asset, increase mining rates, reduce costs and restore asset to profitable production
Low production and elevated AISC during three year turnaround

RED LAKE OVERVIEW

Current ownership	▪ Newmont Goldcorp 100%
Location	▪ North western Ontario, Canada
Tenement package	~460km2 ▪
Commencement year	▪ Mining operations commenced in 1949
Production	▪ Gold
Plant capacity	▪ 1.1Mtpa
CY2018A production and AISC	▪ 276koz @ US\$988/oz
CY2019F production and AISC	▪ 150 – 160koz @ ~US\$1,600/oz
FY2020F Evolution attributable production and AISC1	▪ 30 – 35koz @ A\$2,250 – A\$2,400/oz
Current Life of Mine	▪ 2032
Reserves (as at 30 June 2018)2	▪ 9.2Mt @ 7.0g/t for 2.1Moz Au
Measured & Indicated Resources (as at 30 June 2018)2	▪ 19.4Mt @ 11.2g/t for 7.0Moz Au

Three months attributable production to Evolution in FY2020 assuming Red Lake transaction completion on 31 March 2020. Group FY20 guidance will be updated post completion of transaction.

Per million hours

Strong safety culture – Total Recordable Injury Frequency (TRIF)³

KEY OPPORTUNITIES TO UNLOCK VALUE

Improve drill and blast practices to increase mining recovery and reduce dilution
Improve mining fleet efficiency and effectiveness
Rationalisation of material movement
Improve geological data management

Optimise processing plants by consolidating processing facilities
Install and commission Acacia reactor to improve gold recovery
Strategic blending of mill feed
Improve utilization of existing plant capacity
Potential introduction of ore sorting technology

▪ Significant near mine targets identified at Red Lake, Campbell and Cochenour

Large Mineral Resource with potential to increase conversion to Ore Reserves
Longer term regional exploration and consolidation opportunities

IMMENSE REGIONAL EXPLORATION UPSIDE

Historic production of over 25Moz at +20g/t

One of the largest, highest grade gold camps in North America with a 457km²land package in a highly prospective district
Mineral Resource¹ : 19.4Mt at 11.2g/t Au for 7.0Moz
Ore Reserve¹ : 9.2Mt at 7.0/t Au for 2.1Moz
Commitment to a US\$50 million exploration expenditure over three years with a planned drill program of 100,000 metres per annum
Significant upside identified at Red Lake Campbell and Cochenour complexes along with excellent long term regional potential to grow the current Resource base
Highest priority targets include:
Cochenour Upper Main Zone, INCO
Red Lake Aviation Complex
HG Young
Strong potential to find additional high-grade ore bodies as a result of very small geometric footprint of this style of mineralisation

^1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it recertifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

STRONG BALANCE SHEET MAINTAINED

Red Lake transaction funded by new debt tranche
5-year term loan of A\$600 million
3-year performance bond facility of C\$125 million
Existing facilities renewed for 3-years
Revolver facility of A\$360 million
Performance bond facility of A\$175 million
Continued strong support from banking syndicate of company with improved terms and unsecured facilities
Modest level of gearing of ~13% expected at completion of Red Lake transaction
Ernest Henry term loan facility to be fully repaid upon completion of transaction (A\$250 million)
Liquidity in excess of A\$600 million expected at completion
Red Lake funding allows for unchanged dividend policy
Payout based on group cash flow before debt

Red Lake facility amortisation schedule (A\$M)

Evolution historic gearing ratio (%)

DIVERSIFIED PORTFOLIO IN TIER 1 JURISDICTIONS

	Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Red Lake3
Gold Reserves (Moz) 1	3.88	0.63	0.62	0.57	0.19	0.75 Au, 136kt Cu	2.05
Gold Resources (Moz) 1	7.42	2.51	0.82	1.00	0.45	1.47 Au, 387kt Cu	6.97
Reserve Grade (Au g/t) 1	0.85	1.80	4.00	0.70	5.10	0.54 Au,1.05% Cu	6.95
FY19A Au production (koz)	252	121	107	95	81	97koz Au, 21kt Cu	276 (CY18)
FY20F Au 2 production (koz)	255-265	115-125	95-105	85-90	82.5-87.5	87.5-92.5	150-160 (CY19F)
FY20F AISC (A\$/oz)2	930-980	1,230-1,280	800-850	1,490-1,540	1,200-1,250	(590)-(540)	~US\$1,600 (CY19F)

Ernest Henry

Mungari

Cowal

Mt Carlton

Cracow Rawdon

Source: Data sourced from company reported figures and guidance where avaialable

1. This information is extracted from the report entitled "Annual Resources and Ore Reserves Statement" released by Evolution to the ASX on 17 April 2019 and is available to view on www.asx.com.au
1. This information is extracted from page 22 of the report entitled Citi Australia Conference Presentation released to the ASX on 16 October 2019 and is available to view on www.asx.com.au
1. Mineral Resources and Ore Reserves of Red Lake were originally extracted from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018 and have been prepared using the Canadian NI 43-101 Standards. Mineral Resources are reported inclusive of Ore Reserves. Low grade stockpiles of 0.16Moz are excluded from these estimates. Mineral Resources and Ore Reserves are non-JORC compliant and are expected to be revised lower using Evolution's JORC compliant estimation methodology and to allow for mining depletion

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EVOLUTION MINING LIMITED AGM Information 2019

64885_rns_2019-11-27_30203ee4-fd1b-4500-bef7-f7da73f0a21a.pdf

AGM PRESENTATION 28 NOVEMBER 2019

FORWARD LOOKING STATEMENT