EVOLUTION MINING LIMITED — Interim / Quarterly Report 2015

Apr 19, 2015

Quarterly Results March 2015

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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.

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March 2015 uarter hi hli hts q g g

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Production

• Group production in line with guidance at 103,305 gold ounces (pre-released on 8 April 2015)

• C1 cash cost of A$736 per ounce (US$579/oz[1] ) and AISC[2] of A$1,024 per ounce (US$806/oz[1] ) – both below the lower end of FY15 guidance

• FY15 production guidance of 400,000 to 440,000 ounces gold equivalent maintained and costs expected to be at or below the lower end of guidance (C1 cash costs A$750 – A$820/oz; AISC A$1,050 – A$1,130/oz)

Corporate

• Record quarterly free cash flow of A$26.9 million

• A$35 million debt repayment made – debt under credit revolver facility reduced to A$91.8 million

• Cash balance at 31 March 2015 of A$32.5 million plus unsold dore and concentrate of A$5.5 million

• Cash dividend (post-DRP) of A$5.6 million returned to Evolution shareholders

Discovery

• Drilling at Pajingo (Camembert) continues to extend mineralisation towards existing resources

• Positive results from drill testing of Edna May Underground . First drilled hole (EMRCD002) returned multiple significant intersections including 4.8m (e.t.w.) grading 12.49g/t from 268m.

• Using an average AUD:USD exchange rate for the March 2014 quarter of 0.787

• 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 produced basis

Record free cash flow generated during the quarter

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March uarter roduction q p

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	Units	Jun quarter FY14 Sep quarter FY15 Dec quarter FY15 Mar quarter FY15
Gold produced1	oz	111,899 107,165 113,280 103,305
By-product silver produced	oz	68,729 132,808 122,641 115,832
C1 cash cost2	A$/oz	747 728 692 736
All-in sustaining cost3	A$/oz	1,057 1,083 990 1,024
Gold sold	oz	97,058 94,208 117,359 103,211
Achieved gold price	A$/oz	1,422 1,431 1,428 1,562
Silver sold	oz	932,540 797,548 130,315 110,659
Achieved silver price⁴	A$/oz	20 23 8 22

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 1:65.6 for the June quarter 2014 and 1:62.7 for the September quarter 2014

3. 1. Before royalties and after by product credits

4. Includes C1 cash cost, plus royalty expense, plus sustaining capital, plus general corporate and administration expense. Calculated on per ounce produced basis

5. December quarter 2014 silver price affected by accounting adjustments post final settlement of A39 silver concentrate shipments

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Operations

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Cracow

• March 2015 quarter gold production of 20,112oz

• C1 cash cost of A$834/oz and an AISC of A$1,162/oz

• Higher unit costs due to mining lower grade stopes during the quarter

• FY15 YTD cost saving initiatives include:

• Surface contract (dust management and ore haulage) A$132k

• Shotcrete reduction A$450k

• Power contract A$160k

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Production drilling at Cracow
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834
821
801
670
Jun Qtr 2014 Sep Qtr 2014 Dec Qtr 2014 Mar Qtr 2015
23,376oz
23,280oz
21,804oz
20,112oz
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Production gold (oz) C1 Cash Cost (A$/oz)

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Pa in o j g

• Improved March quarter with production increasing by 29% to 18,151oz

• C1 costs reduced by 11% to A$758/oz; AISC reduced by 16% to A$1,068/oz

• Planned higher grade stopes contributed to higher gold production and good site cash flow generation

• Recovery increased to 94.8% with new sensors improving the control of the thickener

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Gold pour at Pajingo
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853
780 758
717
Jun Qtr 2014 Sep Qtr 2014 Dec Qtr 2014 Mar Qtr 2015
Production gold (oz) C1 Cash Cost (A$/oz)
18,067oz 18,151oz
16,495oz
14,118oz
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Edna Ma
y

Another strong quarter with
production of 25,267oz

C1 cash cost of A$663/oz; AISC of
A$825/oz
To update

Continued positive reconciliation of
mined grade at 1.18g/t

24-hour mining recommenced in
mid-February
 Stage 1 and 2 – March 2015
Evolution’s highest gold producer
and lowest cost mine YTD in FY15
945 934
663
535
Jun Qtr 2014 Sep Qtr 2014 Dec Qtr 2014 Mar Qtr 2015
Production gold (oz) C1 Cash Cost (A$/oz)
29,906oz
25,267oz
22,035oz 21,310oz
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Mt Rawdon

• March quarter production of 21,315oz

• C1 cash of A$680/oz and AISC of A$864/oz

• Operation briefly interrupted due to ex-cyclone Marcia. Access to high grade ore on pit floor temporarily restricted. Production has since returned to normal

• Nine day plant shutdown also occurred during the period which has set Mt Rawdon up for a strong June quarter

• YTD mining costs of A$3.60/t compared to A$4.69/t in prior corresponding period of FY14

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Mt Rawdon open pit looking north
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698 680
594
533
Jun Qtr 2014 Sep Qtr 2014 Dec Qtr 2014 Mar Qtr 2015
Production gold (oz) C1 Cash Cost (A$/oz)
29,800oz 27,066oz
26,540oz
21,315oz
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Mt Carlton

• Gold production consistent at 18,460oz

• C1 cash costs reduced by 8% to A$773/oz and AISC reduced by 15% to A$921/oz

• Optimisation projects are well advanced to maximise plant efficiencies for V2 ore

• Board approved purchase of Force mining fleet and move to ownermaintainer during the June 2015 qtr – expected costs savings in excess of A$3.0M pa over 3 years

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Mt Carlton V2 deposit – March 2015
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837
773
737
615
Jun Qtr 2014 Sep Qtr 2014 Dec Qtr 2014 Mar Qtr 2015
Production gold (oz) C1 Cash Cost (A$/oz)
20,193oz
19,443oz 18,909oz 18,460oz
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Exploration

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Hi hli hts g g

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• Target drilling in seismic cubes at Cracow and Pajingo

• Eight new intersections into Camembert vein at Pajingo

• 1.6m @ 16.66g/t Au from 364m (JMRD 3984)

• 2.9m @ 6.07g/t Au from 448m (JMRD 3985)

• Tennant Creek JV – 18,000m drill programme commenced which will follow up positive Billy Boy results

• Edna May underground resource drilling

• 4.8m @12.49 g/t Au from 268m

Note: Details of March quarter’s exploration results are provided in ASX release 20 April 2015 “March 2015 Quarterly Report”

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Pajingo: Drilling in seismic cube intersects four veins and strong alteration over 100m along Lynne-Steph-Jump Up structures

Application of new technology and science is starting to deliver

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Financials

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Record free cash flow

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• Record quarterly free cash flow of A$26.9 million

• Cash flow from operations of A$39.4 million – on par with December’s record site cash flow despite sales volume being 12% lower (Dec 2014 qtr: $A39.9 million)

• A$35.0 million debt repayment made during the quarter reducing debt under revolving credit facility by 28% to A$91.8 million

• Cash balance at 31 March 2015 of A$32.5 million plus unsold dore and concentrate of A$5.5 million

• Cash dividend (post-DRP) of A$5.6 million returned to Evolution shareholders

• Capital expenditure decreased to A$35.5 million (Dec qtr: A$41.1 million)

• Total forward sales at quarter end of 327,275 ounces at an average price of A$1,539

• per ounce

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Summar y

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• Strong margin expansion sees record cash flow generation

• Another consistent quarter of meeting production guidance and continued improvements to cost base

• Operational stability and predictability delivered through a portfolio of five mines

• Strong financial position – all sites generating cash, debt reduced by A$35.0 million to A$91.8 million

• FY15 production guidance maintained and costs expected to be at or below the lower end of guidance

• Shareholder returns – A$5.6 million cash dividend (post-DRP) returned to Evolution shareholders during the quarter

• Discovery strategy progressing well – application of new technology and science is starting to deliver

We Say, We Do, We Deliver

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Production summar y

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March Quarter FY15	Units	Cracow	Pajingo	Edna May	Mt Rawdon	Mt Carlton	Group
UG lateral development - capital	m	630	548	0	0	0	1,178
UG lateral development - operating	m	722	759	0	0	0	1,481
Total UG lateral development	m	1,352	1,307	0	0	0	2,659
UG ore mined	kt	131	89	0	0	0	221
UGgrade mined	g/t	4.96	6.71	0.00	0.00	0.00	5.67
OP capital waste	kt	0	0	1,989	1,908	356	4,253
OP operatingwaste	kt	0	0	83	368	181	632
OP ore mined	kt	0	0 776		962	148	1,887
OPgrade mined	g/t	0.00	0.00 1.18		0.86	3.37	1.19
Total ore mined	kt	131	89	776	962	148	2,107
Total tonnesprocessed	kt	136	90	683	783	193	1,885
Gradeprocessed	g/t	4.96	6.61	1.24	0.94	4.06	1.93
Recovery	%	93	95 93		90	88	91
Goldproduced	oz	20,112	18,151	25,267	21,315	18,460	103,305
Silverproduced	oz	9,558	14,281	4,308	32,449	55,237	115,832
Copperproduced	t	0	0	0	0	270	270
Gold sold	oz	20,644	18,087	23,569	22,714	18,198	103,211
Achievedgoldprice	A$/oz	1,557	1,550	1,567	1,549	1,589	1,562
Silver sold	oz	9,558	14,281	4,308	32,449	50,064	110,659
Achieved silverprice	A$/oz	22	21	22	21	22	22
Copper sold	t	0	0	0	0	260	260
Achieved copperprice	A$/t	0	0	0	0	6,067	6,067
Cost Summary
Mining	A$/oz	502	432	97	235	207	283
Processing	A$/oz	219	231	503	439	356	360
Administration and sellingcosts	A$/oz	109	116	103	103	303	142
Stockpile adjustments	A$/oz	14	(5)	(36)	(65)	64	(9)
By-product credits	A$/oz	(10)	(17)	(4)	(33)	(156)	(41)
C1 Cash Cost	A$/oz	834	758	663	680	773	736
Royalties	A$/oz	101	75	67	84	124	89
Sustainingcapital1	A$/oz	228	236	95	100	24	119
Administration costs	A$/oz						80
All-in Sustaining Cost	A$/oz	1,162	1,068	825	864	921	1,024
Majorproject capital	A$/oz	65	56	350	338	178	210
Discovery	A$/oz						36
All-in Cost	A$/oz	1,227	1,124	1,175	1,202	1,099	1,269
Depreciation & Amortisation2	A$/oz	349	252	321	368	370	333

1. Group Sustaining Capital includes A$0.92/oz of Corporate capital expenditure

2. Group Depreciation and Amortisation includes Corporate Depreciation and Amortisation of $2.95/oz

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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
Pajingo exploration results	Andrew Engelbrecht	Australasian Institute of Miningand Metallurgy
Edna Mayexploration results	GregRawlinson	Australasian Institute of Miningand Metallurgy