EVOLUTION MINING LIMITED — Interim / Quarterly Report 2012

Jul 25, 2012

Quarterly Results June 2012

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Disclaimer

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• This presentation has been prepared by Evolution Mining Limited (“Evolution Mining”) and consists of slides for a presentation concerning the company. By reviewing/attending this presentation, you acknowledge and agree the following.

• This presentation includes forward-looking statements. Forward-looking statements inherently involve subjective judgement and analysis and are subject to a number of risks, uncertainties, contingencies and other factors, many of which are outside the control of, and may be unknown to, Evolution Mining. As such, actual results or performance may vary materially from those expressed or implied by forward-looking statements. The types of factors that could cause such variation in actual results or performance include (without limitation) commodity prices, operational problems and general economic conditions. Given these factors, under reliance should not be placed on forwardlooking statements, which speak only as at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Evolution Mining does not undertake any obligation to publicly update or revise any forward-looking statements contained in this presentation, including (without limitation) where Evolution Mining’s expectations change in relation to such statements and where there is a change in events, conditions or circumstances providing the basis for any such statement.

• No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability, fairness or correctness of the information contained in this presentation. To the maximum extent permitted by law, Evolution Mining and its related bodies corporate and affiliates, and each of their respective directors, officers, employees, agents and representatives, disclaim any liability or responsibility for loss or damage arising from or in connection with the use of the information contained in this presentation.

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June Quarter Highlights

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Production

• Record quarterly production of 97,149oz at a cash cost of A$762/oz

• Mt Rawdon all-time record of 32,734oz, up 25.4% on March quarter

 Full year production of 346,979oz (280,401oz attributable) - meeting guidance  Outstanding FY2012 production at Pajingo; 75,747oz, up 165% on FY2011  Full year attributable cash cost of A$771/oz - significantly lower than guidance

Corporate

• Strong cashflow from operations Corporate

• Capital and exploration expenditure of A$98M including A$44M at Mt Carlton

Growth

• Mt Carlton on schedule for commissioning in December 2012

• A$28M exploration budget FY2013

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June Quarter Production

	Units	June Quarter 2012	March Quarter 2012	December Quarter 2011	September Quarter 2011	FY2012
Total gold produced	oz	97,149	84,122	89,812	75,895	346,979
Attributable gold produced1	oz	97,149	84,122	74,095	25,036	280,401
Total silver produced	oz	91,846	89,327	69,511	90,778	341,462
Attributable silver produced1	oz	91,846	89,327	52,599	21,512	255,284
Attributable Cash Cost2	A$/oz	762	809	6984	833	771
Attributable Total Cost3	A$/oz	1,073	1,132	9764	1,078	1,087
Achieved gold price	A$/oz	1,590	1,604	1,632	1,608	1,613

1. Includes increased interest in Cracow from 30% to 100% on 2 November 2011, 100% of Mt Rawdon from 2 November 2011, and 100% of Pajingo from 18 October 2011

2. Before royalties and after silver credits

3. Includes cash costs, depreciation, amortisation, royalties and exploration

4. Re-stated cash cost following implementation of standardised accounting policies in line with current Australian industry practice resulting in a material impact on Edna May’s reported cash operating costs

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Operations

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Cracow

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• Consistent gold production of 26,215oz, 8.7% improvement on previous quarter

• Cash cost of A$703/oz

production guidance and lower end of cash cost guidance range

• FY2013 outlook range 90,000 – 100,000oz and cash cost range of A$780 – $820/oz

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40,000 800
A$707 A$703
A$637
30,000 600
26,507oz
25,724oz 26,215oz
24,119oz
20,000 400
10,000 200
0 0
Sep Qtr 2011 Dec Qtr 2011 Mar Qtr 2012 Jun Qtr 2012 Underground Mining at Cracow
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Pajingo

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 18,336oz of gold at a cash operating cost of A$1,013/oz due to lower ore grades

 154,397t ore treated; 40% increase on March quarter

• FY2012 production 75,747oz at average cash cost of A$780/oz; well below cash cost guidance A$867/oz; 165% increase on FY2011 production 45,889oz

• FY2013 guidance range 85,000 – 90,000oz and cash cost range of A$730 – $780/oz

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Pajingo Plant
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60,000
1,000
50,000 A$1,013
A$832 800
40,000
A$535 600
30,000
26,068oz 400
20,000 17,588oz 18,336oz 200
13,755oz
10,000 0
0 -200
Sep Qtr Dec Qtr Mar Qtr Jun Qtr
2011 2011 2012 2012
Attributable oz Total oz Attributable Cash Cost
Cost (A$/oz)
Production (oz)
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Edna May

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• Improved plant reliability, gold recovery and mine productivity lifts production to 19,863oz, up 21.7%, at a cash cost of A$990/oz

• FY2012 production 73,264oz at average cash cost of A$949/oz; below production guidance and within cash cost guidance, an 11.7% increase on FY2011 production

• Continued focus on plant reliability increases plant availability to 88.5% (Mar qtr 81.3%)

• FY2013 guidance range 75,000 – 80,000oz and cash cost range of A$840 to $890/oz

• Studies to increase plant throughput to over 3Mtpa via secondary crushing completed; positive results

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40,000 A$988 1,000
A$936
A$990
A$814
30,000 700
20,000 20,006oz Edna May Crushing Circuit 19,863oz 400
17,083oz
16,312oz
10,000 100
0 -200
Sep Qtr Dec Qtr Mar Qtr Jun Qtr
2011 2011 2012 2012
Attributable oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Mt Rawdon

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• Record quarter gold production 32,734oz, up 25.4%, at a cash cost of A$531/oz

• Higher production due to positive grade reconciliations and access to higher grade ore sources

• FY2012 production 95,403oz at average cash cost of A$684/oz; in line with production guidance and significantly below cash cost guidance of A$760/oz

• FY2013 guidance range 95,000 –110,000oz and cash cost range of A$600 – A$660/oz 60,000 A$893

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60,000 A$893 900
50,000 A$776 750
40,000 600
A$531
30,000 450
26,104oz 32,734oz
20,000 18,551oz 18,014oz 300
10,000 150
0 0
Sep Qtr Dec Qtr Mar Qtr Jun Qtr
2011 2011 2012 2012
Attributable oz Total oz Attributable Cash Cost
Cost (A$/oz)
Production (oz)
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Mt Carlton

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• Key growth project – procurement/engineering largely complete, construction approximately 50% complete; commissioning on schedule for December quarter

• Concrete works well advanced; SAG mill, flotation, regrind, and tankage areas near completion

• Majority of the mining fleet mobilised to site; mining commenced at A39 and V2 pits

• Mt Carlton to be the lowest cost mine in the portfolio in FY2014

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Construction of tailings thickener
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Flotation Tanks
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Exploration

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Cracow Exploration

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• Coronation – Drilling to convert to Inferred resource continued

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• 250m north of mining operations

• Mineralisation remains open along strike

• Inferred resource anticipated H12013

• Cracow South – Potential

• new mineral field

• Drill targets identified by mapping and gradient array survey: to be drill tested FY2013

Schematic longitudinal section of Coronation

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Pajingo Exploration

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• –

• Moonlight additional excellent drill results :

 5.3m @ 6.48g/t Au

 3.5m @ 6.05g/t Au

 2.5m @ 3.85g/t Au

 Mineralisation remains open along strike to the northwest

• Starlight C – 200m east of current UG development and open at depth:

• 4.0m @ 5.11g/t Au

Schematic longitudinal section of Moonlight

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Edna May Exploration

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• –

• Greenfinch potential to increase resources with high-grade mineralisation extended significantly down-dip 150m;

• 6.76m @ 11.47g/t Au

• 2.58m @ 28.19g/t Au

• 3.13m @ 9.07g/t Au

• 1.26m @ 93.27g/t Au

• Perrins – drilling completed to delineate an oxide resource 6km from Edna May gold operations:

• 8.0m @ 10.87g/t Au

• 7.0m @ 2.74g/t Au

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Drilling at Perrins
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• Further drilling planned to

• test potential for high grade mill feed.

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Exploration

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Mt Rawdon

• Regional prospectivity review completed, exploration targets identified; to be ranked and incorporated in future drilling programs

Mt Carlton

• Geological mapping, geochemical and geophysical data acquisition commenced to define additional drill targets

 Corporate Initial drilling of the geophysical targets has returned significant alteration and associated massive sulphide veining returning anomalous results of;

  - 5.0m @ 165g/t Ag , 0.3% Pb and 0.7% Zn from 176m

• Drilling at Glenking returned low grade gold mineralisation (7.0m @

• 0.83g/t Au, 29.5g/t Ag)

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Financials

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Financials

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• Attributable gold and silver revenue of A$161.6M from 99,900oz of gold sold at an average price of A$1,590/oz in June quarter

• Cash in bank decreased by A$29M to A$142M at 30 June 2012 (A$170.9M at 31 Mar 2012); excludes A$17M from gold sales received post quarter end

• Cash reduction of A$29M after investment of A$98M including:

• Expenditure of A$47.6M at operations:

  • Edna May mine development A$6.7M, borefield A$3.0M

  • Cracow u/g development and other capital A$11.6M

  • Pajingo u/g development A$12M, two additional loaders A$3.2M

  • Mt Rawdon capital A$8.7M

• A$44.4M at the Mt Carlton development

• A$6.1M exploration: majority at Pajingo

• The Edna May hedge book at 30 June 2012 was 224,177oz of gold at an average deliverable price of A$1,573/oz

• A$31.5M of debt (30 June 2012) relating to the Edna May Project Finance Facility

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Outlook

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FY2013 Guidance

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 Production guidance range higher than FY2012

• Cash cost guidance range lower than FY2012

Guidance FY2013 Gold Equivalent Production Cash Operating Costs (oz) (A$/oz) Cracow 90,000 – 100,000 780 – 820 Pajingo 85,000 – 90,000 730 – 780 Mt Rawdon 95,000 – 110,000 600 – 660 Edna May 75,000 – 80,000 840 – 890 Mt Carlton 25,000 – 30,000 790 – 860 Group 370,000 – 410,000 730 – 790

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Evolution Mining 4[th] largest ASX listed gold producer

 Portfolio of assets delivering operational predictability

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• Strong balance sheet to fund growth

 Investing in efficiency gains across all operations

• Current growth projects being delivered

• Exploration focus unlocking the potential across all sites

The new, leading Australian gold producer We Say, We Do, We Deliver

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Appendix - Production Summary

June 2012 Quarter	Units	Cracow	Pajingo	Edna May	Mt Rawdon	Total/ Average
UG ore mined	000' t	115	86	-	-	201
UG mined grade	g/t	7.96	5.00	-	-	6.70
UG development	m	1,503	1,472	-	-	2,975
OP ore mined	000' t	-	74	667	900	1,641
OP mined grade	g/t	-	2.89	1.11	1.23	1.26
OP waste mined	000' t	-	205	1,496	3,950	5,651
Total ore production	000' t	115	160	667	900	1,842
Total tonnes processed	000' t	136	154	613	841	1,745
Head grade	g/t	6.32	3.85	1.11	1.31	1.86
Gold recovery	%	94.6	96.0	90.7	92.2	93.2
Total gold produced	oz	26,215	18,336	19,863	32,734	97,149
Total silver produced	oz	20,816	27,311	5,473	38,246	91,846
Achieved gold price	A$/oz	1,592	1,597	1,573	1,594	1,590
Cost Summary
Mining	A$/oz	481	583	204	558	514
Processing	A$/oz	168	301	621	324	293
Admin and selling costs	A$/oz	97	109	147	55	95
Deferred waste and stockpile adjustments	A$/oz	-20	63	26	-370	-113
Silver credits	A$/oz	-23	-43	-8	-36	-28
Cash Cost1	A$/oz	703	1,013	990	531	762
Royalties	A$/oz	83	85	69	88	82
Depreciation & Amortisation	A$/oz	304	257	159	194	229
Total Cost2	A$/oz	1,090	1,356	1,218	812	1,073

1. Before royalties and after silver credits

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Competent Person Statement

The information in this report that relates to exploration results, Mineral Resources or Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by the employer named in that row and is a member of the institute named in that row. Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he or she has undertaken to qualify as a Competent Person. Each person named in the table consents to the inclusion in this report of the matters based on his or her information in the form and context in which they appear.

Result/Resource/Reserve	Competent Person	Employer	Institute
Cracow Exploration Results	Shane Pike	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Cracow Resource Definition Results	Daniel Henry	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Pajingo Exploration Results	Brentan Grant	Evolution Mining Limited	Australian Institute of Geoscientists
Pajingo Resource Definition Results	Calvin Ferguson	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Edna May Resource Definition and Exploration Results	Luke Cox	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Mt Carlton Exploration Results	David Hewitt	Evolution Mining Limited	Australian Institute of Geoscientists

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