EVOLUTION MINING LIMITED — Investor Presentation 2007

Nov 21, 2007

Mark Fitzpatrick Chairman

22 November 2007

Westonia Mines Limited

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� Westonia Gold Project status – leverage on the AUD gold price

• Exploration upside potential:

• Edna May Deeps

• Westonia Greenstone Belt

• • Programme progress

• Investment proposition

Westonia Gold Project Retrospective

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Westonia Project & A$ Gold Price
Feasibility Study
Complete
A$950 July 2006
A$900
A$850
A$800
Feasibility Study
Complete
A$750
April 2004
A$700
A$650
A$600
Increasing Costs
A$550
A$500
A$450
Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Jul-06 Nov-06 Mar-07 Jul-07
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Westonia Gold Project: Open Pit Mining Potential

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Ore Source Ore Grade Gold Source Treated (g/tonne) Recovered (tonnes) (ounces 000’s) Edna May 14 m 1.21 490 2006 Deepening Feasibility existing pit to Study 220 m approx. (ASX release 31 Jul 06)

Greenfinch: February 2007 Resource Estimate at 0.7 g/t cut-off was 84,000 ozs approx. (ASX release 27 Feb 07)

Westonia Gold Project: Open Pit Costs

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• Operating

July 2006 Feasibility Study May 2007 Update +Royalties Total

A$555/oz +10% 4.5% of Gold Price mid A$600s/oz

• Capital

July 2006 Feasibility Study May 2007 Update Assume funding (Including working capital)

$65m $75 m $80 m

Westonia Gold Project: Open Pit Economics – an example (May 2007 numbers; +40,000 oz from Greenfinch; nil debt )

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Existing Shareholders
contribute ‘project rights’
worth say AUD35m at
share price of 10¢
Net Cash Flows,
undiscounted and
IMPLEMENTATION
AUD115m pre-tax (NCF)
OF THE PROJECT
generated from
successful project’
say AUD230m
‘New’ Investors provide
AUD80m of cash to
construct the project
$80m
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Cash margin of approx. AUD440/ oz required to generate AUD230m

Westonia Gold Project: Open Pit Economics – example continued

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Open Pit Eco	Open Pit Eco	nomics – example continued	nomics – example continued
Shares on issue Raise AUD80m @10¢ Total shares		345m 800m 1145m
Cash Margin		NCF	NCF/Share
AUD/oz		AUDm	cps
100		53	4.6
200		106	9.2
300		159	13.8
400		212	18.4
500		265	23
600		318	27.6

*Cash margin = gold price – cash op costs

Westonia Gold Project: Benefits of Gearing

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Cash Margin	Funding	Funding	NCF After debt repaid**	Shares*	NCF/Share
AUD/oz	Debt AUDm	Equity AUDm	AUDm	m	cps
100	10	70	53 – 12 = 41	1045	3.9
200	20	60	106 – 23 = 83	945	8.8
300	30	50	159 – 34 = 125	845	14.8
400	40	40	212 – 46 = 166	745	22.3
500	50	30	265 – 58 = 207	645	32.1
600	60	20	318 – 69 = 249	545	45.7

*assumes an equity raising at 10 cps; ** debt repaid in 18 months

Edna May Deeps

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� Historical endowment of Edna May underground mining 575,000 t @ 19.5 g/t; 360,000 ozs (1911/22: 1935/47) � System exists down plunge for 1000m and open at depth

• Mineralisation at 700m vertical depth

• � Decline to 270m vertical depth

Edna May Deeps

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Edna May Deeps

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Edna May Deeps

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• Database review 2007:

• New GIS database

• →

• New science and thinking

• New reef interpretation based on structure and lithology

• Drilling program to test new model below 300m

• � Drilling planned for 1[st] half 2008 subject to rig availability

WGB REGIONAL POTENTIAL The Exploration Model

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WGB REGIONAL POTENTIAL Initial Gold Targets

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WGB REGIONAL POTENTIAL Hitchings – a target example

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Current Exploration Program Regional

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� RAB Drilling program of first 10 targets:

• Landholder consents in place

• Drilling commencing end of November 2007

• Auger sampling program:

• Landholder consents 50% in place

• Auger drilling planned for first quarter 2008

The Investment Proposition: leverage to gold price + upside

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1. WGP is leveraged to the AUD gold price

2. Edna May Deeps upside – fast track WGP

3. Regional exploration upside – a new mine or fast track WGP