EVOLUTION MINING LIMITED — Interim / Quarterly Report 2012

Apr 25, 2012

Quarterly Results March 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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March Quarter Highlights

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Production

• Total gold production of 84,122oz

• Average cash cost of A$809/oz

• In line with guidance

Corporate

• Strong cashflow from operations

• Cash at bank increased to A$171M

• Capital expenditure of A$70M Corporate

Growth

• Mt Carlton on schedule for commissioning in the December quarter 2012

• Cracow confirms new discovery at Coronation

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March Quarter Production

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	Units	March Quarter 2012	December Quarter 2011	FY2012 Year to Date
Total gold produced	oz	84,122	89,812	249,830
Attributable gold produced1	Update oz	84,122	74,095	183,253
Total silver produced	oz	89,327	69,511	249,616
Attributable silver produced1	oz	89,327	52,599	163,438
Attributable Cash Cost2	A$/oz	809	7604	768
Attributable Total Cost3	A$/oz	1,132	1,0354	1,079
Achieved gold price	A$/oz	1,604	1,632	1,622

• 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, and corrected silver production from the December 2011 quarterly report

• 2.Before royalties and after silver credits

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

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

Operations

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Cracow

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
Consistent gold production 24,119oz

Attributable cash cost of A$707/oz

A number of initiatives commenced to improve mine
productivity levels
40,000 800
A$707
A$637
30,000 600
26,507oz
25,724oz 24,119oz
20,000 400
10,000 200
0 0
Sep Qtr 2011 Dec Qtr 2011 Mar Qtr 2012
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Pajingo

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 17,588oz of gold at a cash operating cost of A$832/oz

• Gold production in line with expectations

• Production for FY2012 now planned to approach 80,000oz - a 174% increase on FY2011 production of 45,889oz

• Encouraging resource definition drilling at Sonia and Sonia East vein

• Acquisition of pastoral leases providing long term security of access to mine infrastructure and potential future discoveries

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60,000 1,000
50,000 A$832
750
40,000
A$535
30,000 500
26,068oz
20,000
17,588oz 250
10,000
14,090oz
0 0
Sep Qtr 2011 Dec Qtr 2011 Mar Qtr 2012
Cost A$/oz
Production (oz)
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Attributable oz Total oz Attributable Cash Cost

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Edna May

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• 16,312oz of gold at a cash cost of A$988/oz

• Improvements to plant reliability remains the focus

• Mine-to-Mill strategies for improving fragmentation are in progress

• Construction of process water borefield and pipeline nears completion (June quarter)

• Underground Resource upgraded to 1.2Mt at 7.0g/t gold for 270,000oz following additional drilling

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

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• Gold production 26,104oz at a cash cost of A$776/oz

• Record monthly production of 11,865oz in March

• Stage 2 cutback has accessed central, higher grade ore sources

• Production in the June quarter is forecast to increase

 Mill feed grade is forecast to average higher than 1.00g/t for the remainder of FY2012

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40,000 1,000
A$893
800
A$776
30,000
26,104oz 600
20,000
18,551oz 18,014oz 400
10,000
200
0 0
Sep Qtr 2011 Dec Qtr 2011 Mar Qtr 2012
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Mt Rawdon Pit April 2012
Production (oz)
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Mt Carlton

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• Project is on schedule for commissioning (December quarter 2012)

• Total Expenditure A$41M (commencement to end of March quarter 2012)

• Project capital cost is forecast to be A$145M (previously A$127M) – increases due to:

• Scope changes to reduce operational risk and allow for throughput capacity

• Increased approval and compliance costs for environmental conditions

• Increased construction costs

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SAG travelling to Mt Carlton site
SAG mill footings and plinth
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Exploration

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Cracow Exploration

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• Coronation - discovery of new gold shoot confirmed

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• 250m north of mining operations

• Mineralisation remains open both up and down plunge and along strike

 Golden Mile South – reconnaissance exploration identified new structures exhibiting prospective epithermal quartz vein textures

• Rockchip samples up to 17.30g/t Au

Schematic longitudinal section of Coronation

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Pajingo Exploration

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• –

• Moonlight additional excellent drill results :

• 19.35m @ 4.71g/t Au

• 7.30m @ 5.67g/t Au

• 14.00m @ 3.22g/t Au

• Mineralisation remains open along strike to the northwest and southeast

• –

• Starlight B successful drill testing of geophysical anomaly

• 6.0m at 2.32g/t Au

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Schematic longitudinal section of Moonlight

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Exploration

Mt Rawdon

• Drilling at Mt Shamrock intersected 10.0m at 0.82g/t Au

• Drilling south of the mine returned low-level anomalous results

Edna May

• Drilling extended strike and dip extent of the Greenfinch gneiss

• Resource definition drilling program to commence Corporate in June quarter

• Mt Carlton

• Drill testing targets to northeast of V2 and north of A39 has commenced

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Financials

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Financials

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• Cash in bank increased by A$3.4M to A$170.9M at 31 March 2012 (A$167.5M at 31 Dec 2011)

• Attributable gold and silver revenue was A$136.9M during the quarter

• 83,708oz of gold at an average price of A$1,604/oz was sold and comprised of

• 78,510oz of gold sold at an average spot price of A$1,607/oz (spot market)

• 5,198oz delivered into the Edna May gold hedge book at an average price of A$1,556/oz

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Financials

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• Cash movements include:

• Expenditure of A$40.0M on capital and exploration at existing operations and the acquisition of Pastoral Leases at Pajingo

• A$30.6M on capital at the Mt Carlton development

• A$6.1M corporate costs

• A$5.1M inflow from the exercise of options

• A$4.5M debt repayment and working capital movements

• A$34.0M of debt (31 March 2012) relating to the Edna May Project Finance Facility and A$44.2M in drawn Performance Bond Facilities relating to various site environmental performance obligations

• The Edna May hedge book at 31 March 2012 was 240,397oz of gold at an average deliverable price of A$1,573/oz

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Evolution Mining 4[th] largest ASX listed gold producer

 Proven board and management team

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 Strong balance sheet to fund growth

 Diverse portfolio of producing assets

• Investing in efficiency gains across all operations

• Current growth projects being delivered

• Early results demonstrate exploration potential of assets

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

March 2012 Quarter	Units	Cracow	Pajingo	Edna May	Mt Rawdon	Total/ Average
UG ore mined	000' t	103	65	-	-	169
UG mined grade	g/t	6.92	10.15	-	-	8.17
UG development	m	1,339	1,154	-	-	2,492
OP ore mined	000' t	-	26	723	1,016	1,765
OP mined grade	g/t	-	1.18	1.07	0.88	0.96
OP waste mined	000' t	-	318	1,279	3,230	4,827
Total ore production	000' t	103	91	723	1,016	1,934
Total tonnes processed	000' t	125	111	541	895	1,672
Head grade	g/t	6.37	5.11	1.05	1.00	1.69
Gold recovery	%	94.0	96.8	89.5	90.5	92.6
Total gold produced	oz	24,119	17,588	16,312	26,104	84,122
Total silver produced	oz	17,117	30,846	5,711	35,654	89,327
Achieved gold price	A$/oz	1,609	1,606	1,595	1,605	1,604
Cost Summary
Mining	A$/oz	471	503	289	578	510
Processing	A$/oz	156	238	654	334	290
Admin and selling costs	A$/oz	84	88	141	47	84
Deferred waste and stockpile adjustments	A$/oz	18	59	-88	-143	-44
Silver credits	A$/oz	-22	-54	-7	-39	-31
Cash Cost	A$/oz	707	832	988	776	809
Royalties	A$/oz	87	91	76	75	82
Depreciation & Amortisation	A$/oz	341	267	163	178	241
Total Cost	A$/oz	1,135	1,191	1,227	1,030	1,132

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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	Adrian Pelliccia	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, mine lease and exploration results	Luke Cox	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Edna May underground Mineral Resource	John Winterbottom	Evolution Mining Limited	Australian Institute of Geologists
Mt Rawdon exploration results	Michael Bartholomaeus	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Mt Carlton mine lease and exploration results	David Hewitt	Evolution Mining Limited	Australian Institute of Geoscientists

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