EVOLUTION MINING LIMITED — Interim / Quarterly Report 2015

Oct 28, 2014

Quarterly Results September 2014

==> picture [110 x 67] intentionally omitted <==

==> picture [117 x 70] intentionally omitted <==

DISCLAIMER

Forward looking statements

• These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

• Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

• Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

• Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

2

Se tember uarter hi hli hts p q g g

==> picture [117 x 70] intentionally omitted <==

Production

• Strong start to FY15 with Sep quarter production of 107,165oz gold equivalent[1] delivered at an average cash cost of A$728/oz (US$673/oz[2] ) and AISC[3] of A$1,083/oz (US$1,002/oz[2] )

• Good progress on cost reductions

• Production and cost guidance remains unchanged

Corporate

• Cash balance of A$37.9M and unsold doré and concentrate of A$7.0M (Jun 2014 qtr: A$31.5M cash and A$9.8M unsold doré)

• All five mines generated positive cash flow after operating and capital costs

• Corporate debt under Company’s revolving credit facility remains at A$126.8M

• Gold hedge book at end of Sep 2014 quarter was 143,185oz at average A$1,600/oz

Discovery

• Narrow, high-grade intersections at Camembert prospect, Pajingo, with potential to extend toward existing resources (1,200m away) along a new fault defined by the 3D seismic

• Processing and initial interpretation of Cracow 3D seismic near completion – new drill targets defined

• Gold equivalent is defined as gold plus payable silver from the A39 deposit at Mt Carlton

• Using an average AUD:USD exchange rate for the September 2014 quarter of 0.925

• All-in Sustaining Cost includes C1 cash cost, plus royalty expense, plus sustaining capital expense, plus general corporate and administration expenses. Calculated on per ounce sold basis

A focus on higher margin ounces

3

Se tember uarter roduction p q p

==> picture [117 x 70] intentionally omitted <==

	Units	Dec quarter FY14 Mar quarter FY14 Jun quarter FY14 Sep quarter FY15
Gold equivalent produced1	oz	107,201 101,408 111,899 107,165
By-product silver produced	oz	60,388 191,827 68,729 132,808
C1 cash cost2	A$/oz	764 811 747 728
All-in sustaining cost3	A$/oz	1,053 1,079 1,057 1,083
Gold sold	oz	96,246 92,669 97,058 94,208
Achieved gold price	A$/oz	1,412 1,461 1,422 1,431
Silver sold	oz	1,016,321 696,681 932,540 797,548
Achieved silver price	A$/oz	23 23 20 23

1. Mt Carlton production recorded as payable gold production. Silver production from the A39 silver deposit at Mt Carlton is recorded as gold equivalent using a gold to silver ratio of 1:61.9 for the December quarter 2013, 1:62.5 for the March quarter 2014,1:65.6 for the June quarter 2014 and 1:62.7 for the September quarter 2014 - 2. Before royalties and after by product credits 3. Includes C1 cash cost, plus royalty expense, plus sustaining capital, plus general corporate and administration expense. Calculated on per ounce sold basis

4

Operations

==> picture [110 x 67] intentionally omitted <==

Cracow

• Consistent gold production of 21,804oz in Sep quarter

• C1 cash costs of A$801/oz and AISC of A$1,179/oz

• Resource definition drilling focussed on defining and extending mineralisation at Kilkenny, Tipperary and Empire areas

• Stoping commenced at Empire

==> picture [117 x 70] intentionally omitted <==

==> picture [331 x 223] intentionally omitted <==

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

Ore hauling at Cracow
----- End of picture text -----

==> picture [382 x 216] intentionally omitted <==

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

821 801 900
712
616
600
25,000
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
24,016oz 24,321oz
23,376oz
21,804oz
----- End of picture text -----

6

==> picture [753 x 523] intentionally omitted <==

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

Pa in o
j g

Continued improvement at Pajingo
with a ~10% lift in gold production to
18,067oz in the Sep quarter

C1 cash costs reduced by 8% to
A$717/oz compared to prior quarter
and AISC of A$1,137/oz

All key metrics met or exceeded
during the quarter

Further cost reduction initiatives
1,004
being implemented
814 900
780
25,000 717
600
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
18,067oz
16,495oz
15,068oz
12,346oz
----- End of picture text -----

7

Edna Ma y

• September quarter gold production of 21,310oz

• C1 cash cost of A$934/oz and AISC of A$1,117/oz

• Unit costs reduced due to lower operating costs

• Increased capital waste movement saw AISC increase as planned

==> picture [117 x 70] intentionally omitted <==

==> picture [303 x 207] intentionally omitted <==

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

Edna May open pit: September 2014
----- End of picture text -----

==> picture [393 x 221] intentionally omitted <==

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

1,263
1,200
978
945 934
900
25,000
600
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
20,382oz 22,035oz 21,310oz
17,879oz
----- End of picture text -----

8

Mt Rawdon

• Strong gold production of 26,540oz

• C1 cost of A$594/oz and AISC of A$947/oz

• Better than expected productivity and operating costs to date – post shift to owner-miner 1 July 2014

• Unit mining rates reduced to A$3.41/t for Sep quarter (FY14: A$4.91/t)

==> picture [117 x 70] intentionally omitted <==

==> picture [396 x 187] intentionally omitted <==

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

Mt Rawdon: celebrating the mine’s 40th tonne gold pour
----- End of picture text -----

==> picture [382 x 227] intentionally omitted <==

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

1,139
900
50,000
594
520 533 600
25,000
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
29,800oz
27,710oz
26,540oz
18,033oz
----- End of picture text -----

9

Mt Carlton

• Sep quarter gold equivalent production of 19,443oz – mainly V2 ore

 C1 cash costs and AISC decreased to A$615/oz and A$809/oz due to higher by-product credits (V2 ore) and higher than expected head grade

• Significant lift in mill throughput to 72kt per month (~860ktpa) for the quarter compared to FY14 average of 57kt per month (~690ktpa) – driving for 900ktpa

==> picture [117 x 70] intentionally omitted <==

==> picture [382 x 240] intentionally omitted <==

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

795
50,000 737
615
600
454
25,000
300
0 0
Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014
Production gold (oz) C1 Cash Cost (A$/oz)
26,109oz
22,747oz
20,193oz
19,443oz
----- End of picture text -----

10

Exploration

==> picture [110 x 67] intentionally omitted <==

Hi hli hts g g

==> picture [117 x 70] intentionally omitted <==

• Pajingo – all six holes into Camembert prospect intersected epithermal veins and gold mineralisation

• Cracow – 3D seismic interpretation and selection of targets for drilling in Dec 2014 qtr

• Tennant Creek JV – encouraging oregrade gold and copper intercepts from Chariot East

• Exploration expenditure A$4.6M (Jun qtr: A$6.0M) and 15,325m drilled

• Realising the benefits of 4D studies

==> picture [361 x 272] intentionally omitted <==

Epithermal textured - multiple crustiform banding and breccia events with adularia, chlorite and sulphosalt banding in JMRD3948 at 395m (3m @ 6.25g/t Au including 0.5m @ 18.3g/t Au)

Details of September quarter’s exploration results are provided in ASX release 29 October 2014 "September 2014 Quarterly Report.”

Application of new technology and science is starting to deliver

12

Seismic u date p

==> picture [117 x 70] intentionally omitted <==

• Pajingo

• Initial processing of 3D survey completed – 1,400m long fault extending from Zed to Camembert clearly mapped

• 3D being reprocessed to seek further improvements

• Cracow

• Exceptional survey – faults correspond to known orebodies

• Fault strand geometry defined in 3D

• Previously unknown faults mapped

==> picture [399 x 284] intentionally omitted <==

West-east section through Cracow 3D seismic cube, with location of Royal/Klondyke and Kilkenny East orebodies shown corresponding to mapped fault zones on the section. Other previously unknown and known faults are accurately mapped. Yellow, orange and red squares denotes increasing gold grade in gram metres.

Potential breakthrough to compress timeframe for new discovery

13

Pajingo exploration

==> picture [117 x 70] intentionally omitted <==

• Camembert – a new vein system intersected in 6 holes ±100m below an arsenic+antimony+mercury enriched sinter

• Top of system - narrow veins with >10g/t assays and vein morphology

 > 1200m strike potential between Zed-Camembert

• Further drill targets from ongoing 3D seismic interpretation

==> picture [462 x 262] intentionally omitted <==

==> picture [237 x 254] intentionally omitted <==

14

Financials

==> picture [110 x 67] intentionally omitted <==

Financials

==> picture [117 x 70] intentionally omitted <==

• Revenue from operations of A$155M

• Gold doré revenue of A$126M

• Concentrate revenue of A$29M

• Gold sales at an average price of A$1,431/oz

• Operating costs to plan and improving

• Total capital expenditure of A$48.4M

• Split ~50:50 between sustaining capital and major projects

• FY15 guidance unchanged at A$135.0M - $A175.0M

• Cash flow from operating activities of A$17.1M

Breakdown of Mine Contribution to Operating Cash Flow of A$17.1M

==> picture [206 x 211] intentionally omitted <==

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

Mt Carlton Cracow
18% 20%
Mt Rawdon
12%
Pajingo
21%
Edna May
29%
----- End of picture text -----

• All sites making a solid contribution

16

Ca ital disci line p p

==> picture [117 x 70] intentionally omitted <==

• Cash balance increased during the quarter

• Up to A$37.9M from $31.5M at end of June 2014

• Unsold doré and concentrate decreased to A$7.0M (30 Jun 2014: A$9.8M)

• Corporate debt under revolving credit facility

• Unchanged at A$126.8M

• Available credit of A$73.2M at 30 Sep 2014

• Gold hedge book stands at 143,185oz at average A$1,600/oz

Delivering steady, low-cost production and strong cash flow

17

Summar y

==> picture [117 x 70] intentionally omitted <==

• Operational stability and predictability with all five mines performing well

• Group production and costs within FY15 guidance

• Continued focus on cost reductions, production efficiencies and capital discipline

• Strong financial position – all sites generating cash, Group cash balance increasing

• Shareholder returns – gold revenue linked dividend declared during the quarter

• Discovery strategy progressing well

We Say, We Do, We Deliver

18

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

==> picture [110 x 67] intentionally omitted <==

Production summar y

==> picture [117 x 70] intentionally omitted <==

September 2014 quarter	Units	Cracow	Pajingo	Edna May	Mt Rawdon	Mt Carlton	Total / Average
UG lateral development - capital	m	823	583	0	0	0	1,406
UG lateral development - operating	m	806	741	0	0	0	1,547
Total UG lateral development	m	1,628	1,324	0	0	0	2,953
UG oremined	kt	133	95	0	0	0	228
UG grademined	g/t	5.47	6.09	0.00	0.00	0.00	5.73
OPcapital waste	kt	0	0	1,218	2,698	547	4,462
OPoperatingwaste	kt	0	0	347	262	186	795
OP ore mined	kt	0	0	482	930	236	1,648
OPgrademined	g/t	0.00	0.00	1.03	0.93	5.71	1.65
Totaloremined	kt	133	95	482	930	236	1,876
Totaltonnes processed	kt	139	95	656	889	216	1,994
Grade processed1	g/t	5.24	6.19	1.07	1.02	4.11	1.91
Recovery	%	93	96	95	91	83	92
Gold produced1	oz	21,804	18,067	21,310	26,540	19,443	107,165
Silver produced	oz	13,126	15,008	7,710	25,944	326,565	388,353
Copper produced	t	0	0	0	0	262	262
Gold sold	oz	22,256	17,809	21,401	25,668	7,074	94,208
Achieved gold price	A$/oz	1,384	1,408	1,554	1,384	1,437	1,431
Silver sold	oz	13,126	15,008	7,710	25,944	735,760	797,548
Achieved silver price	A$/oz	21	21	21	21	23	23
Copper sold	t	0	0	0	0	251	251
Achieved copper price	A$/t	0	0	0	0	7,330	7,330
Cost Summary
Mining	A$/oz	447	386	214	145	193	269
Processing	A$/oz	235	202	547	331	361	338
Administration and sellingcosts	A$/oz	122	124	114	94	333	152
Stockpile adjustments	A$/oz	10	23	66	44	(109)	10
By-product credits	A$/oz	(13)	(17)	(8)	(21)	(163)	(42)
C1 Cash Cost	A$/oz	801	717	934	594	615	728
Royalties	A$/oz	72	73	59	70	102	74
Sustaining capital2	A$/oz	306	346	124	283	92	238
Administration costs	A$/oz						42
All-in Sustaining Cost	A$/oz	1,179	1,137	1,117	947	809	1,083
Major project capital A$/oz 87 79 280 355 248 219
Discovery A$/oz 43
All-in Cost A$/oz 1,265 1,216 1,397 1,302 1,057 1,345

1. Gold equivalent is defined as gold plus payable silver from the A39 deposit at Mt Carlton. A39 silver production is converted to gold equivalent using a gold to silver ratio of 1:62.7 based on the average gold and silver prices during the September 2014 quarter 2. Group Sustaining Capital includes -A$5.30/oz of Corporate capital expenditure

==> picture [117 x 70] intentionally omitted <==

Competent person statement

The information in this statement that relates to the exploration results 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 Evolution Mining Limited 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 types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Each person named in the table below consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Activity	Competent Person	Institute
Cracow exploration results	Shane Pike	Australasian Institute of Miningand Metallurgy
Pajingo exploration results	Andrew Engelbrecht	Australasian Institute of Miningand Metallurgy
Mt Carlton exploration results	David Hewitt	Australian Institute of Geoscientists