EVOLUTION MINING LIMITED — Interim / Quarterly Report 2012

Jan 24, 2012

Quarterly Results December 2011

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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 forward-looking 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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December Quarter Highlights

Corporate

• Completion of merger and asset acquisition

• Successful integration; people & processes

• Creation of fourth largest ASX-listed gold producer

• Group gold production and costs in line with FY2012 guidance

Production

• Total gold production; 89,812oz (74,095oz attributable)

• Cash cost; A$760/oz (attributable)

• Effective cost reduction; Pajingo total production; 26,068oz (21,229oz attributable; cash cost A$535/oz)

Financials

• Strong financial platform

• Cash position of A$167M (31 Dec 2011) plus A$19.8M unsold gold and silver

Growth

• Mt Carlton construction commenced; first production Dec 2012

• Discovery of new gold zone at Pajingo (4.6m at 44.9 g/t Au) potential new gold zone at Cracow (11m at 6.7 g/t Au)

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Dec Quarter Production Summary

	Units	December Quarter 2011	FY2012 Year to Date
Total gold produced	oz	89,812	165,708
Attributable gold produced1	oz	74,095	99,130
Total silver produced	~~Update~~ oz	45,972	122,020
Attributable silver produced1	oz	39,320	48,227
Attributable Cash Cost2	A$/oz	760	819
Attributable Total Cost3	A$/oz	1,035	1,084
Achieved gold price	A$/oz	1,632	1,656

 Excellent performance; 18% increase in production Q on Q

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

Cracow

• Continued strong safety performance; no LTIs

• Consistent gold production 25,724oz (20,492oz attributable)

• Attributable cash cost of A$637/oz

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40,000 800
A$637
30,000 600
26,507oz 25,724oz
20,000 400
10,000 200
0 0
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Cracow Exploration

• Commitment to Exploration

• Sustainability – new discovery and consistent resource conversion

• 2.03m[1] grading 7.59g/t Au

• 11.02m[1] grading 6.76g/t Au

• 1.74m[1] grading 5.47g/t Au

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Schematic longitudinal section illustrating new target along strike of Kilkenny North

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1. Estimated true width

Edna May

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
Improved safety performance; no LTIs

20,006oz of gold at a cash cost of A$1,044/oz

Production marginally below guidance due to
lower than expected plant throughput; impacting
unit cash costs

Prioritisation of plant throughput improvement
initiatives has delayed underground trial mining
40,000 1,200
A$1,174
Edna May Crushing Circuit
1,100
30,000
A$1,044
1,000

Approval gained for construction of A$9.2M
20,000
20,006oz 900 process water borefield increasing water
17,083oz
security
10,000
800
0 700
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Edna May Exploration Underground opportunity and exploration

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• Results demonstrate potential for resource growth at depth and along strike

• EMD053: 1.40m grading 34.57g/t gold

• EMD055: 1.70m grading 29.45g/t gold

• EMD062: 4.65m grading 56.19g/t gold

• UG Mineral Resource update Mar 2012 quarter

 Expanded resource definition and exploration program planned March quarter 2012

Edna May Underground Mineral Resource Location

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Mt Rawdon

Stable, significant production

 Strong safety culture; no LTIs

• Gold production 18,014oz (12,367oz attributable)

• Attributable cash cost of A$893/oz

 Production below expectation due to lower gold feed grades associated with mining delays and unscheduled maintenance to the process plant.

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40,000 1,000
A$893 900
30,000
800
20,000
18,551oz 18,014oz 700
10,000
600
0 500
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
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Mt Rawdon Exploration

• Resource definition drilling confirms broad zones of mineralisation in line with expectation:

• MRRC203815-3: 35.38m[1] grading 1.19g/t Au

• MRRC203815-4: 17.14m[1] grading 1.89g/t Au

• MRRC203815-5: 12.86m[1] grading 2.09g/t Au

• Update of Mineral Resource and Ore Reserve to be completed March quarter 2012

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Mt Rawdon operation
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1. Estimated true width

Pajingo Significant growth and expansion

 Outstanding performance

• 26,068oz of gold at a cash operating cost of A$535/oz: (CQT: Sept 2011 qtr: 14,049oz at A$889oz)

• Strong resource development and excellent exploration results

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60,000 1,000
50,000
800
40,000
600
A$535
30,000
26,068oz 400
20,000
200
10,000 14,090oz
0 0
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Total oz Attributable Cash Cost
Cost AS/oz
Production (oz)
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Pajingo Demonstrates performance excellence

0 10,000 20,000 30,000 40,000 50,000											0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs	0 250 500 750 1000 1250 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Cost A$/oz cash costs
	Mar 2008 Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 ounces produced

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Pajingo Exploration Sustainable growth

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• New gold zone identified adjacent to Sonia East; 4.6m at 44.9g/t gold

• At Moonlight prospect mineralisation identified along 190m strike length, 1.5km from mine infrastructure

 At Starlight Corridor IP survey identified a large geophysical target contiguous with recent drill results

Schematic longitudinal section of Sonia East Extension

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Mt Carlton Next step in growth pipeline

• Construction commenced and on schedule

• 12 year mine life

• Mining lease granted

• Project to produce

• 800k ounces of gold

• 17.3M ounces of silver

• 34,000t of copper in concentrate

 Cash cost estimate A$600/oz

• SAG shell delivery to site

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SAG shell at Port Alma, Qld for delivery to site
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Camp construction
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Mt Carlton Exploration

• Jasper Ridge and Silver Ridge prospects continue to return encouraging nearsurface results

• Exploration program for 2012 will test targets:

• Adjacent to V2 and A39 deposits

• Extensions to V2 East

• Porphyry copper target at Capsize

• High grade, low sulphidation mineralisation at Ortiz

• Further drilling at Boundary and Glenking prospects

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Evolution Mining

4[th] largest ASX-listed gold producer

 Proven management team

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• Strong financial position

 Excellent quarter of operational performance

• Strong growth being delivered

The new, leading Australian gold producer

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Appendix - Production Summary

December 2011 Quarter	Units	Cracow	Edna May	Mt Rawdon	Pajingo	Total/ Average
UG ore mined	000' t	116	-	-	92	207
UG mined grade	g/t	6.50	-	-	8.81	7.52
OP ore mined	000' t	-	617	1,194	52	1,863
OP mined grade	g/t	-	1.13	0.75	3.09	0.94
Total ore production	000' t	116	617	1,194	144	2,071
Total tonnes treated	000' t	133	623	811	133	1,700
Head grade	g/t	6.44	1.11	0.76	6.57	1.79
Gold recovery	%	93.3	90.1	91.0	96.0	92.9
Total gold produced	oz	25,724	20,006	18,014	26,068	89,812
Attributable gold produced1	oz	20,492	20,006	12,367	21,229	74,095
Total silver produced	oz	n/a	5,108	12,765	28,099	45,972
Attributable silver produced	oz	-	5,108	11,996	22,216	39,320
Attributable Cash Cost2	A$/oz	637	1,044	893	535	760
Attributable Total Cost3	A$/oz	1,023	1,268	1,030	831	1,035
Achieved gold price	A$/oz	1,646	1,573	1,659	1,642	1,632
Attributable Cash Cost2	US$/oz	647	1,060	906	543	772
Attributable Total Cost3	US$/oz	1,038	1,287	1,045	844	1,051
Achieved gold price	US$/oz	1,670	1,597	1,683	1,667	1,656

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

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.

	Name of Competent Person
Result/Resource/Reserve		Employer	Institute
			Australian Institute of Mining and Metallurgy
Cracow exploration results	Adrian Pelliccia	Evolution Mining Limited
			Australian Institute of Mining and Metallurgy
Edna May exploration results	Luke Cox	Evolution Mining Limited
Mt Carlton exploration results	David Hewitt	Evolution Mining Limited	Australian Institute of Geoscientists
			Australian Institute of Mining and Metallurgy
Mt Rawdon exploration results	Tim Murphy	Evolution Mining Limited
Pajingo exploration and resource developmentresults
	Brentan Grant	Evolution Mining Limited	Australian Institute of Geoscientists

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