EVOLUTION MINING LIMITED — Interim / Quarterly Report 2011

Jan 30, 2011

December 2010 Quarterly Update

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. Investorsshould 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, performance or achievements to differ materially from those expressed, implied 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.

Corporate Information

ASX Code	CAH
ASX Top 300
ASX Market Cap (1)	A\$275M
Shares	163M
Options (2)	14M
(3) Cash & Bullion	A\$30M
Debt(3)	A\$59M
Largest Shareholder	≈4.6%
Institutions and Funds	>50% Register
Board & Management	≈4%
Producing Operations	2
Forward Sales	318Koz @ A\$1,557/oz
Ore Reserves(4)	1.1Moz
Resources(4) Mineral	2.2Moz

(1) As at ASX market close 28 January 2011

(2) Exercise price A\$0.83 – A\$1.69

(3) As at 31 December 2010

(4) Depleted as at 30 June 2010

A Company on the Move

Source – IRESS As at 28 January 2011

Group Production - December 2010 Quarter

Record quarter of consolidated gold production - 24,942 ounces

Exploration Success, Resource Growth

Group Resource Growth (Ounces)

Growing Gold, Growing Value

Group Ore Reserve Growth (Ounces)

Year

Edna May Gold Project Snapshot

9 years

Ore Reserves: 1.0Mozs

Mineral Resources: 1.7Mozs

Gold Production (oz): June 2010 - 9,808 Sept 2010 - 13,413 Dec 2010 - 17,148

Plant Capacity: 2.8Mtpa

Plant Recovery: 91.5%

Edna May Dec 2010 Quarterly Highlights

Production	Record gold production of 17,148 ounces
	Gold production delivered into hedge book at A\$1,557/oz
Plant Throughput & Reliability	SAG liner wear issues resolved Test work commenced for 3.2Mtpa plant upgrade
Reconciliation	Resource and grade control models reconcile within 0.1g/t of gold production
Resource Growth	New high grade underground Mineral Resource of 660,000t @ 9.1g/t for 195,000 ozs - Targeting high grade ore delivery early 2012
	Resource definition drilling success - new high grade zones discovered, broad high grade mineralisation identified 7.07m @ 25.5g/t gold and 12.20m @ 7.5g/t gold
Opportunities	Tungsten recovery results indicate the potential for >A\$50/oz cost benefit through tungsten credit and gold recovery
	Regional acquisition and growth opportunities continue to be assessed

Edna May Positioned to Deliver Production Growth

Plant Throughput & Reliability

• A\$3.9M tailings thickener and A\$0.6M fine carbon screen under construction
• Secondary crusher trials for planned mill upgrade to 3.2Mtpa underway
• Plant reliability and critical spares review

High Grade Underground Potential

• Infill drilling planned 2011
• Mineral resource update Mar qtr 2011
• Underground mining studies planned Mar qtr 2011 targeting high grade ore delivery early 2012

Resource Expansion

• Accelerated resource expansion drill programs 2011 planned at the high potential, under-explored Edna May, Golden Point and Greenfinch gold corridors

Edna May Resource Definition and Expansion Success

\$A3.2M Exploration Program

Confirmed high-grade gold continuity of mineralisation beneath Edna May open pit

Identified new high-grade zones in hanging wall of Edna May Gneiss

Identified broad zones of high-grade gold mineralisation including; 7.07m @ 25.5g/t gold and 12.20m @ 7.5g/t gold

Results anticipated to improve Mineral Resource confidence to the Indicated category in a significant portion of target area

Mineralisation remains open at depth, down dip and along strike

The Edna May Underground Opportunity Indicative Timetable

Edna May Underground Potential - Indicative Timetable
		2010			2011				2012		2013
	Sept Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sept Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sept Qtr	Dec Qtr	Mar Qtr
UG Evaluation
Maiden UG Resource
Infill Drilling
Mineral Resource Update
UG Mining Study
Ore Reserve Estimate
Borefield Establishment
Decline Rehabilitation
UG Infill Drilling
Trial Mining and UG Dev
Ramp up UG Ore Production
Full Scale Production

An indicative timeline to high grade ore production

Ramping Edna May to 140,000+ oz pa

Surface Expression of Edna May,Greenfinch &Golden PointGneiss and new pit design

Edna May Underground Target Surface Drilling

16 holes complete; intersections confirm high grade continuity, broad mineralisation widths and new high grade zones

Golden Point Targets – Open at Depth

Greenfinch Targets - Open at Depth

Cracow Gold Project Snapshot

consistent, reliable, low cost

Mine Life: >2 years

Ore Reserves: (30%) 69,000ozs

Mineral Resources: (30%) 305,000ozs

Gold Production (oz) (30%): March 2010 – 6,437 June 2010 – 8,466 Sept 2010 – 7,727 Dec 2010 – 7,794

Plant Capacity: 550,000tpa Plant Recovery: 92%

Cracow Dec 2010 Quarterly Highlights

	Consistent gold production with 7,794ozs produced
Production	Cash operating Cost of A\$562/oz
	Production not materially affected by flooding in Queensland
Plant Throughput & Reliability	Plant upgrade to 550,000tpa on schedule with practical completion March qtr 2011
Resource Growth	Accelerated exploration programs targeting high grade epithermal gold mineralisation to increase Mineral Resource and Ore Reserves
	Exploration success with the extensions to the western epithermal field by several hundred metres to the south
	Exploration success at the historic Golden Plateau mine with the intersection of 7m @ 5.9 g/t gold
Resource Definition	Drill results in line with expectations within Kilkenny and Empire shoots with best intersections including 19m @ 13.0g/t gold and 27m @ 11.0g/t gold

Note: C1 Cash Cost represents the cost for mining, processing and administration, including accounting movements for stockpiles and gold-in-circuit. It does not include costs for exploration, mine development, royalties or processing mill capital works. It includes net proceeds from by-product credits.

Guidance FY2011

• Catalpa Group production guidance 105,000 120,000 ounces
• Catalpa C1 cost guidance A\$745 –A\$677 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.

5 Year Strategic Growth Plan

Near term organic growth from existing assets

Acquisition growth from significant cashflow

Growing Gold, Growing Value

• Ore body and metallurgical recoveries reconcile well
• Improvements to Edna May plant reliability underway
• Increase throughput with Edna May plant upgrade to 3.2Mtpa
• On target to deliver high grade underground mill feed
• Increase gold production driving unit costs down
• Pilot plant test work on potential tungsten credit and gold recovery >A\$50/oz cost benefit underway
• Golden opportunity for Mineral Resource/Ore Reserve Growth expansion at Edna May and Cracow Gold Projects
• Acquisition and growth opportunities continue to be assessed
• Catalpa is on track to deliver on its 5 year growth strategy

Comparable Company Metrics

Cash Margin and Mine Life

Cost per ounce based on reported Jun'10 production Catalpa cost/ounce reflects FY10/11

Analysts NAV Valuations

Source: Broker consensus estimates

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 www.newcrest.com.au.

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 Mining Experience 32 years Operations Experience 27 years Project Start up 6

• ERIK PALMBACHS Chief Financial Officer Finance Experience 29 years Mining Experience 17 years Project Start up 3

STUART PETHER COO Mining Experience 20 years Operations Experience 15 years Project Start up 1

JOHN FRASER GM Edna May Processing Experience 25 years Operations Experience 25 years Project Start up 1

Mining Experience 11 years Operations Experience 6 years Project Start up 2

ADRIAN PELLICCIA Manager Bus Dev

NICK WINNALL Exploration Manager Exploration 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