EVOLUTION MINING LIMITED — Investor Presentation 2009

Oct 27, 2009

Mining 2009 Conference/ Investors Brisbane - 28 30 O cto b er 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

Mr McFadzean, 51, 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 gold mining industry, followed by more than 20 years with Mount Isa Mines. In the final 5 years 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|
|Mining Experience|30 years|
|Operations Experience|27 years|
|Project Start up|6|Mining Experience|103|
|ERIK PALMBACHS|Chief Financial Officer|
|Finance Experience|29 years|
|Operations Experience|83|
|Mining Experience|17 years|
|Project Start up|3|
|STUART PETHER|General Manager Operations|Project Starts|13|
|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|
|Mining Experience|11 years|
|Operations Experience|6 years|
|Project Start up|2|
|NICK WINNALL|Exploration Manager|
|Exploration Experience|35 years|
|In-field Experience|30 years|

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Corporate Structure

Catalpa/Lion Selection merger on tract to be finalised early December 2009

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PRE MERGER POST MERGER
Lion Selection Catalpa Other Lion (3) Catalpa Other
Shareholding Shareholders Shareholders Shareholders
46.9% 53.1%
60.9% [(4)] 39.1%
Option HoldingLion Selection [(1)] CATALPA Catalpa Option Holders [(2)] CATALPA 100% Catalpa Option Holders (2)
100% ~A$38m 100% 30% ~A$40m
Edna May Cash Edna May Cracow [(5)] Cash Cracow
(JV) Pre-emptive
•••• 100koz+ productionReserves 817k ozResource 1.5m oz1 [st] gold pour mid 2010 •••• 100koz+ productionReserves 817k ozResource 1.5m oz1 [st] gold pour mid 2010 •••• 31koz productionReserves 53k ozResource 211k ozOperating
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Notes

(1) Holds 129.3m options to be forfeited following merger

(2) Holds 171.2m options (~15.6m options post 1 for 11 consolidation)

(3) Lion Selection’s holding in Catalpa ceases following the merger. Lion shareholders to be issued Catalpa shares in exchange for their shares in Lion Selection

(4) Reduces to ~55% on a fully diluted basis

(5) Figures for 30% interest

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Edna May Mineral Resources and Ore Reserves Flyover

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Favourable Valuation Metrics

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EV/Resource EV/Reserve
400
900
(1) (1)
350 EV/Resource [(1)] 800 EV/Reserve [(1)]
300 700
Weighted average
250 EV/ Resource Oz 600
Weighted average
200 Re-rating potential 500 EV/ Reserve Oz
400
150 Re-rating potential
300
100
200
50
100
0
0
Avoca Dominion Sino Gold Kingsgate Catalpa Catalpa St Barbara Resolute
Avoca Kingsgate Dominion Sino Gold Catalpa Catalpa St Barbara Resolute
( pos t merger )
(post merger)
Catalpa production estimate compared to
Catalpa production estimate compared to selected 2008/9(2) Australian gold producers
350
selected 2008/9 [(2)] Australian gold producers
300
250
200
150
100
50
0
Resolute St Barbara Sino Catalpa Avoca Catalpa Dominion Kingsgate
Market Cap (post merger)
(A$m) 232.6 493.0 2126.9 435.7 199.2 425.4 822.7
7 Oct 2009
(1) Calculated based on proposed merger ratio and last traded Catalpa share price prior to date of announcement
(2) Production figures are total of previous 4 quarters per Company announcements
Source: Austock research 8
EV$/Resource Oz
EV$/Reserve Oz
'000 Oz Au
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Favourable Cash Margin

Catalpa offers above average cash margins relative to its peers

Cash Margin

(Cash cost* vs Spot Gold @ A$1,205/oz)

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Market Cap
$572m $784m $1,119m $430m $152m $455m $352m $200m $448m $215m $253m
@ 15/9/9
1,200.0
1,000.0
800.0
Average
600.0
400.0
200.0
-
Medusa Kingsgate Andean Avoca Catalpa Catalpa Dominion Perseus Oceana St Barbara Resolute Allied
Gold
(post merger)
A$/oz
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*source: Company announcements taking into account any hedged positions

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Edna May – Construction Update &Site Layout Flyover

Tanks well advanced Mill on plinths Oct 2009

Mining has commenced Plant on schedule and within budget

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Catalpa – Key Dates & Project Timeline

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 - 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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Open Pit and Underground Potential Flyover

Ore below 300 metres is not included in Resources

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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 - Proven Growth, Unhedged Producing Mine

30% - JointVenture Newcrest - 70% and sound operator Large 2M oz epithermal system

<A$500/oz cash cost producer for past 6 months

– Exploration growth story new structures and extensions of structures

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

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Projected 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
Edna May Underground potential
d ounces
e
Recover
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Why Invest in Catalpa Successful growth story Experienced and skilled management team Successful merger planned for December 2009 Attractive valuation metrics Robust operating margins Strong and experienced Board Strong exploration upside from both operations Edna May is on time 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 ac ti v it y w hi c h h e s un i d er t a ki ng o qua t lif y as a ompe C t en t P erson as e d fi ne d i n th e 2004 e diti on o f th e ‘A us t ra as an o l i C d e or f 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 mineral 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.

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