EVOLUTION MINING LIMITED — Interim / Quarterly Report 2013

Feb 20, 2013

Evolution Mining

2013 Half Year Financial Results For the six month period ending 31 December 2012

==> picture [101 x 67] intentionally omitted <==

21 February 2013 Tim Churcher – VP & Chief Financial Officer

Disclaimer

==> picture [108 x 70] intentionally omitted <==

• 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, undue 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 forwardlooking 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.

2

H1 FY13 Highlights

==> picture [108 x 70] intentionally omitted <==

• Group gold production of 196,110 ounces – exceeding guidance

• Group average cash costs of A$749/oz – within guidance

• Underlying EBITDA increased by 151% to $135.5M

• Net profit increased by 327% to $40.7M

• Strong balance sheet with cash of $49.2M and debt of $81.8M

(7% gearing at 31 December 2012)

• Gold-linked dividend policy of 2% of gold production announced

Note: All $ figures refer to A$ unless otherwise stated.

3

Financial Summary – H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Reported Net Profit of A$40.7 million

6 months ending 31 Dec 2012 31 Dec 2011 % Increase	6 months ending 31 Dec 2012 31 Dec 2011 % Increase	6 months ending 31 Dec 2012 31 Dec 2011 % Increase	6 months ending 31 Dec 2012 31 Dec 2011 % Increase
A$’000 $’000 (Decrease)
Total Revenue	321,642	154,615	108%
Underlying EBITDA(1)	135,468	54,066	151%
Underlying EBIT(1)	63,600	23,887	166%
Underlying Net Profit(1)	40,687	14,134	188%
Business combination costs(2)	0	(29,427)
Fair value uplift of 30% Cracow(3)	0	8,097
Other tax effected amounts	0	(10,750)
Reported Net Profit	40,687	(17,946)

(1) Underlying EBITDA, EBIT and Net Profit are non-IFRS financial information and are not subject to audit.

(2) The estimate of expenses relating to the acquisition of Conquest Mining Limited and the Newcrest mine assets. This expense was revised to $19.96M at 30 June 2012.

(3) The estimate of the fair value uplift of Evolution’s existing 30% interest in the Cracow Gold Mine. This estimate was revised to $1.93M at 30 June 2012.

4

Production and Cost - H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Group production 196,110oz (a 98% increase) at $749/oz cash cost

250,000

Cash cost $749/oz

Mt Rawdon 200,000 Pajingo Cracow 150,000 53,107oz Edna May Cash cost $732/oz 39,991oz 100,000 12,367oz 21,229oz 54,324oz 50,000 28,444oz 37,089oz 46,687oz 0

H1 FY12 H1 FY13

Delivering on guidance

5

Sales Revenue – H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Revenue from gold and silver sales increased by 108% to $321.6M

150,000 1,750 125,000 1,700 100,000 $88,847 $85,113 $81,220 75,000 $66,462 Edna May Crushing Circuit 1,650 50,000 $1,633/oz $1,628/oz $1,628/oz $1,633/oz 1,600 25,000 0 1,550 Cracow Mt Rawdon Edna May Pajingo

Very strong financial position

6

Mine EBITDA – H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Underlying Mine EBITDA was $152.4M (pre corporate & exploration)

Contribution to Mine EBITDA

60,000 32% 26% 23% 19% A$48,567 A$39,270 40,000 A$35,111 A$29,458 20,000 0 Mt Rawdon Cracow Edna May Pajingo

7

Mine D&A – H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Depreciation & Amortisation (D&A) charge of $71.5M ($364/oz)

==> picture [570 x 321] intentionally omitted <==

----- Start of picture text -----

Asset base
500
(PP&E + Mine Development)
400 A$382M
D&A
Charge in
H1 FY13
300
A$256M
A$202M
200 A$172M
A$163M
$28.5M
$536/oz $13.6M
100 $339/oz $19.7M
$362/oz $9.7M
$199/oz
0
Mt Carlton Mt Rawdon Pajingo Cracow Edna May
Charge
Asset Base (A$M) and D&A
----- End of picture text -----

8

Mine EBIT – H1 FY13

==> picture [108 x 70] intentionally omitted <==

 Underlying mine EBIT of $81.0M (pre corporate & exploration)

Contribution to Mine EBIT

==> picture [545 x 283] intentionally omitted <==

----- Start of picture text -----

31% 25% 24% 20%
30,000
$25,401
$20,076
$19,582
20,000
$15,895
10,000
0
Edna May Mt Rawdon Cracow Pajingo
Underlying mine EBIT(A$'000)
----- End of picture text -----

8

==> picture [108 x 70] intentionally omitted <==

Group Cash Flow – H1 FY13

Cash Flow – six months to 31 December 2012

==> picture [701 x 328] intentionally omitted <==

----- Start of picture text -----

500
450
400
350
$167.0
300
$37.2
$16.1
$21.4
250
200
$322.8
150
$218.7
100
50
$141.7 $45.0 $49.2
0
A$ million
----- End of picture text -----

==> picture [346 x 94] intentionally omitted <==

==> picture [262 x 65] intentionally omitted <==

9

Balance Sheet – 31 Dec 12

==> picture [108 x 70] intentionally omitted <==

 $213M of mine capital additions

• 51% related to Mt Carlton

H1 FY13 Mine capital Investment Total $213M

• Remainder predominantly on accelerated mine development at operations

 Strong balance sheet

• Net assets of $1,098M

• Cash of $49.2M

• Debt drawn to $81.8M

• 7% gearing at 31 Dec 2012

==> picture [243 x 239] intentionally omitted <==

----- Start of picture text -----

$30.0M
$17.0M
$109.6M
$34.2M
$22.6M
----- End of picture text -----

• Undrawn debt capacity $118M

Mt Carlton Cracow Pajingo Edna May Mt Rawdon

10

Evolution Mining

==> picture [192 x 125] intentionally omitted <==

• Translated predictable operating performance into predictable financial performance

• Delivered profit, operating cash flow and investment in growth

• Have reached peak funding with minimal gearing

• Introduced gold-linked dividend policy to enhance shareholder returns

• Financially in the right place at the right time

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

11