EVOLUTION MINING LIMITED — Investor Presentation 2009

Dec 7, 2009

North American Presentation to Investors

December 2009

Disclaimer

The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. It does not constitute an offer. Catalpa Resources Limited (Catalpa) gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values , p erformance or achievements to differ materiall y from those ex p ressed , im p lied or projected in any forward-looking statements.

Catalpa disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

This presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in Catalpa nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating to any securities in Catalpa. Any decision regarding any proposed subscription for securities in Catalpa must be made solely on the basis of information on Catalpa that is publicly available.

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Mid Tier Gold
The Catalpa Growth Story
Producer
Approvals
Finalised
A$39M
Construction
Equity
Complete
Raised
Project
Merger
Debt
Finalised
A$68M
Catalpa
Name Construction
Change Commences
Additions Merger
Hedge
to Board Announced
350,000 oz
A$1,557/oz
Feasibility
Study
Finalised
50%
Increase
Reserves
Feasibility
Study
Commences
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A Strong and Experienced Board (post merger)

PETER MALONEY, Non-Executive Chairman

Peter Maloney has broad commercial, finance and management expertise and experience. In a long career with WMC Resources, he held the positions of Treasurer, Executive Vice President Americas, and Manager Commercial and Marketing – WA. He has also been Executive General Manager, Finance at Santos and Chief Financial Officer at FH Faulding. Peter has managed varied debt and equity financings, mergers, takeovers, acquisitions, divestments, joint venture negotiations, commodity sale agreements, commodity and currency hedging programs, gold and nickel sales, and has been involved in a number of IPOs.

BRUCE MCFADZEAN, Managing Director/CEO

Mr McFadzean, a mining engineer, brings over 30 years of management, mining, processing and project "start up" experience to the organisation, half of which was gained in the employ of global resources brands, Rio Tinto and BHP Billiton. Mr McFadzean has broad commodity experience in gold, iron ore, diamonds and nickel/cobalt and in a wide range of roles including corporate, managerial, technical and operational. Mr McFadzean is a non-executive director of Venture Minerals Limited.

BARRY SULLIVAN, Non-Executive Director

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Mr. Sullivan is an experienced and successful mining engineer with a career spanning 40 years. His initial mining experience was gained in the South African g old minin g industr y, followed b y more than 20 y ears with Mount Isa Mines. In the final 5 y ears of his tenure with MIM, Mr Sullivan was Executive General Manager responsible for the extensive Mount Isa and Hilton operations. More recently, Mr Sullivan has been working with a number of smaller exploration and mining companies.

JOHN ROWE, Non-Executive Director

John Rowe brings a wealth of geological and business development skills to the Company. Mr Rowe has 35 years experience within the Nickel and Gold industries of Western Australia. He has held a variety of positions in mine management, exploration and business development and was previously employed as an executive of Lion Ore in Australia.

MURRAY POLLOCK , Non-Executive Director

Murray Pollock is a businessman with 40 years experience within the mineral resource sector, principally in drilling. Mr Pollock is a drilling and mine management services consultant for several companies.

GRAHAM FREESTONE, Non Executive Director

Graham Freestone has over 30 years experience in the finance and natural resources industry in Australia and internationally. He has a broad based finance, corporate and commercial background obtained from various senior finance positions with the Shell Group, Acacia Resources and AngloGold. Graham was comprehensively involved in the float of the Shell Group’s mineral interests through Acacia Resources Limited.

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Management Team – Mining, Operational & Start-up Experience

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|||||
|---|---|---|---|
|BRUCE MCFADZEAN|Managing Director (Engineer)|
|Mining Experience|31 years|Mining Experience|103|
|Operations Experience|27 years|
|Project Start up|6|
|Operations Experience|83|
|ERIK PALMBACHS|Chief Financial Officer (CA)|
|Finance Experience|29 years|
|Mining Experience|17 years|
|Project Starts|13|
|Project Start up|3|
|STUART PETHER|General Manager Operations (Engineer)|
|Mining Experience|20 years|
|Operations Experience|15 years|
|Project Start up|1|
|JOHN FRASER|Resident Manager (Metallurgist)|
|Processing Experience|25 years|
|Operations Experience|25 years|
|Project Start up|1|
|ADRIAN PELLICCIA|Manager Geology (Geologist)|
|Mining Experience|11 years|
|Operations Experience|6 years|
|Project Start up|2|
|NICK WINNALL|Exploration Manager (Geologist)|
|Exploration Experience|35 years|
|In-field Experience|30 years|

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Post Merger Structure – Catalpa set for growth

Catalpa Resources Limited (CAH) Edna May Cracow Joint Cracow PreTarget Operations Pty Cash Venture (30%) emptive Right Acquisition Ltd (100%) 100k oz/yr production[(2)] 30k oz/yr production Cash ~A$14M[(1)] Catalpa is targeting to Reserves 954k oz Reserves 70k oz grow production towards Resource 1.66M oz Resource 250k oz 250,000 recovered gold 1st gold pour Q2 2010 Operating ounces per year 8 year mine life ~6 year mine life

Market Cap[(3)] A$230 million Shares (fully paid) 145 million Options 16 million Largest shareholder ~9.0% Avg annual cash operating margin[(2)] ~A$80 million

(1) As at September 2009

(2) When Edna May is at full production (3) As at ASX market close 7 December 2009

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Creates a Diversified Australian Mid Tier Gold Producer

(1)

Edna May 100% Cracow 30%[(1)] Type Open Pit Type Underground Annual Production Annual Production 100k oz[(a)] - 100% 107k oz[(2)] Reserve 954k oz - 30% 31k oz[(2)] Resource 1.66m oz Reserve - 100% 230k oz[(3)] Cash Cost (pre royalty) A$636/oz - 30% 70k oz[(3) ] Annual avg cash operating margin $72m pa[(b)] Reso u rce - 100% 840k oz[(3)] Hedging: - 30% 250k oz[(3)] 352,317 Oz @ $1,557.5/oz Cash Cost A$<600/oz[(4)] Unhedged

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(a) In construction, 1st gold pour 2Q10 (1) Cracow is 70% owned and operated by NCM
(b) based on $1383/oz gold price post royalty Cairns (2) 07/08 figures taken from LST Annual Report 2008
(3) LST Scheme Booklet, 12 October 2009
(4) Based on Lion’s last 4 quarterly reports
Brisbane
Kalgoorlie
Perth
Sydney
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Favourable Valuation Metrics

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EV/Reserve [(1)]
EV/Resource [(1)]
1000 400
900 350
800
300 Weighted average
700
EV/ Resource Oz
250
600 Weighted average
500 EV/ Reserve Oz 200
400
150
300
100
200
100 50
0 0
Avoca Kingsgate Dominion Sino Gold Catalpa St Barbara Resolute Avoca Sino Gold Kingsgate Dominion Catalpa St Barbara Resolute
(post merger) (post merger)
C ata pa pro l d uct on est mate compare i i d to
selected 2008/9 [(2)] Australian gold producers
350
300
250
200
150
100
50
0
Market Cap Resolute St Barbara Sino Avoca Catalpa Kingsgate Dominion
(post merger)
(A$m) 335 538 2,244 490 902 412
11 Nov 2009
EV$/Reserve Oz EV$/Resource Oz
'000 Oz Au
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(1) Calculated based on proposed merger ratio and last traded Catalpa share price prior to date of announcement (2) Production figures are total of previous 4 quarters per Company announcements Source: Austock research

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Favourable Cash Margin

Catalpa offers above average cash margins relative to its peers

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Cash Margin
(Cash cost vs Spot Gold @ A$1,242/oz)
Market Cap
$658m $1,045m $899m $490m $483m $274m $404m $336m $538m $201m
@ 11/11/9
1,200
1,000
800
Average
600
400
200
-
Medusa Andean Kingsgate Avoca Catalpa Perseus Oceana Dominion Resolute St Barbara Allied Gold
(post merger) Gold
A$/oz
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*source: Company announcements taking into account any hedged positions

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Edna May & Cracow Mineral Resources and Ore Reserves Flyover

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Edna May – Construction Update & Site Layout Flyover

Tanks at full height Mills insitu Nov 2009

Mining has commenced & on schedule Project on schedule and within budget

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Catalpa – Key Dates & Project Timeline

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2009 2010
Q3 Q4 Q1 Q2 Q3 Q4
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Construction
Commissioning
First Gold
-
Pre strip
Production Ramp Up
Full Production
Merger Finalised
Cracow Cashflow
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Edna May Gold Project Reserve Growth Potential

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Edna May Gold Project –Targeted Ore Reserve Upgrade Path
1,400,000
1.25M
1,200,000
1,000,000
800,000
2009/12 Reserve Growth Path
600 , 000
400,000
2008/09 Reserve Growth Path 50%
200,000
-
Ounces
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Planned Ore Reserve growth to 1.25M ounces Reserve growth projected to twice Edna May’s historical production of 630,000 ounces

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Open Pit and Underground Potential Flyover

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Underground Potential – Section & Flyover

Ore below 300 metres is not included in Resources

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Golden Pont Open Pit and Underground Potential

Surface Expression of Edna May Gneiss and Inferred Resource PitOptimisation outline

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Golden Point Open Pit and Underground Potential

InterpretedGolden Point Mineralization & Optimization including Inferred Resources includes Golden Point

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Further Regional Targets Flyover

RAB targets along greenstone belt within 15 km of plant Untested auger anomalies

Untested historical workings Magnetic lows – Edna May look-alikes

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Cracow - Unhedged Large Epithermal System

• 80 year production history

• 850,000 rec ozs from historical UG & OP mining events

• 460,000 rec ozs mined from present mining event

• Consistent production of >100,000 ozs pa for >4 years

• ~

• Production 440kt pa, recoveries 92%, dry and stable mining environment

• 30% - JointVenture

• Newcrest - 70% and sound operator

• Large 2M oz epithermal system

• <A$500/oz cash cost for qtr 2 & 3 this calendar year

• Exploration growth – new structures and extensions of structures

SouthWest Qld well located for stable workforce

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Cracow - Strong Growth History, Producing Mine
2005 – Discovered
Kilkenny Structure 2009
2002 – Encouragement
1995 – Newcrest and 2001 – Discovered along strike
Sedimentary form 70/30 JV to Discovered
Sovereign, 2008 Kilkenny (south) of Kilkenny
explore Cracow Field Crown Shoot
Empire & Resource Resource – New
targeting epithermal 1999 – Phoenix (200,000oz Shoot ??
mineralisation
Discovered Royal Structures inferred)
Shoot
1931 – Payable gold
1875 – First Gold
discovered (Golden Plateau) [1932-92: Sporadic discovery ]
Discovered and production of 850koz,
mainly from Golden Plateau
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Catalpa Growth Strategy

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Targeted Recovered Ounce Profile
200,000
180,000
160,000
140,000
120,000
100 , 000
80,000
60,000
40,000
20,000
-
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
Edna May Reserve Edna May Upside Cracow Inventory Cracow Upside Edna May UG Potential
d ounces
e
Recover
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Edna May Underground potential

Note: Edna May Potential Underground mineralisation is not included in the current JORC compliant Mineral Resource

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Why Invest in Catalpa Successful growth story Experienced and skilled management team Successful merger completed in December 2009 Attractive valuation metrics Robust operating margins Strong and experienced Board Strong exploration upside from both operations Edna May is on schedule and within budget Clear vision for growth beyond Edna May & Cracow Strong cash flows to support our growth vision

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COMPETENT PERSONS

The exploration data have been supplied according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Mr Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on work completed by Mr Harry Warries, who is a Member of the Australian Institute of Geoscientists. Mr Warries is a full time employee of Coffey Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Warries consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The reported Cracow Mineral Resource and Ore Reserve are based on a Competent Persons Statement provided by Newcrest Mining Limited on behalf of the Cracow Gold Joint Venture. Cracow is an unincorporated joint venture between Catalpa (30%) and Newcrest (70%). Further details on CGJV Mineral Resources and Ore Reserves are available on the Newcrest website www.newcrest.com.au

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