EVOLUTION MINING LIMITED — Investor Presentation 2009

Sep 20, 2009

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21 September 2009

COMPANY PRESENTATION – EXCELLENCE IN MINING AND EXPLORATION – SYDNEY SEPTEMBER 2009

ASX Code: CAH

Total number of shares on issue: 1,171,777,896

Share Price Current: $0.135 (18 September 2009)

Attached is a presentation given to the Excellence in Mining and Exploration Conference in Sydney today by Bruce McFadzean, Managing Director of Catalpa Resources Limited (ASX:CAH).

12 month range: $0.14 (high) - $0.021 (low)

The presentation can also be accessed via our web site at

www.catalparesources.com.au

Board of Directors

Mr John Rowe: Non Exec Chairman Mr Bruce McFadzean: Managing Director Mr Murray Pollock: Non Exec Director Mr Barry Sullivan: Non Exec Director Mr Nigel Johnson: Non Exec Director Mr Graham Anderson: Company Secretary Mr Leonard Math: Company Secretary

Senior Management

Erik Palmbachs CFO Stuart Pether GM Operations Nick Winnall Exploration Manager Adrian Pelliccia Geology Manager

Major Shareholders

For further enquiries contact:

Bruce McFadzean Managing Director Catalpa Resources Limited Tel (08) 9321 3088

Warrick Hazeldine/Annette Ellis Media and Investor Relations Purple Communications Tel: (08) 9485 1254

Lion Selection Group Limited 46.75%
HSBC Custody Nominees 6.49%
National Nominees Limited 4.34%
ANZ Nominees Limited 2.76%
Reneagle Pl 1.62%
Goldrich Holdings Pty Ltd 1.37%
Nefco Nominees Pty 0.87%
Springtide Capital 0.85%
Zero Nominees Pty Ltd 0.76%
Prospect Cust Ltd 0.58%

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ABOUT CATALPA RESOURCES

Perth-based Catalpa Resources Limited (ASX: CAH) is on the cusp of a new phase of development, following the successful raising of more than $106 million in debt and equity to advance its A$92 million Edna May (open-pit gold) Operations to production by July 2010.

As part of the Edna May finance facility, Catalpa has sold forward 352,316 ounces of gold at an exceptional price of A$1,557 per ounce.

Catalpa plans to utilise Edna May’s solid annual cash operating margins to fund its growth and become Australia’s next mid tier gold producer.

In keeping with this strategy, Catalpa and its largest shareholder, Lion Selection Limited (ASX:LST), signed a Merger Implementation Agreement in June 2009 to bring together Lion Selection’s 47% shareholding in Catalpa’s 100% owned and operated 100 000+ oz pa Edna May Operations in Western Australia and Lion Selection’s 30% stake in the Newcrest managed, 100 000 oz pa Cracow Gold Operations in Queensland, under Catalpa’s experienced management team. As part of the merger, Catalpa will also acquire a pre-emptive right over Newcrest’s 70% stake in Cracow.

Following implementation of the merger, expected in October 2009, Catalpa will be a cashflow positive gold producer from its 30% stake in Cracow. From mid 2010 when production commences at the Edna May Operations Catalpa will produce more than 130 000 oz pa.

Catalpa has an experienced Board and management team that is committed to realising a timely production and cash flow profile at the Edna May Operations. With a buoyant outlook on the gold price, the Board believes that Catalpa Resources presents a sound investment opportunity with significant upside potential.

Catalpa Resources has adopted best practice standards across all its activities, including its social, health and safety, environmental management and corporate governance functions.

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Excellence in Mining & Exploration Sydney 21 September 2009

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Disclaimer

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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, performance or achievements to differ materially from those expressed, implied 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
3
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Management Team – Mining, Operational & Start-up Experience

BRUCE MCFADZEAN	Managing Director
Mining Experience	30 years
Operations Experience Project Start up	27 years 6	Mining Experience	103
ERIK PALMBACHS	Chief Financial Officer
Finance Experience Mining Experience	29 years 17 years	Operations Experience	83
Project Start up	1
STUART PETHER	General Manager Operations	Project Starts	11
Mining Experience	20 years
Operations Experience	15 years
Project Start up	1
JOHN FRASER	Resident Manager
Processing 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

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Corporate Structure

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Catalpa’s corporate structure pre and post the merger is as follows:

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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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Favourable Cash Margin

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Catalpa offers above average cash margins relative to its peers

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Cash Margin

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(Cash cost vs Spot Gold @ A$1,205/oz)
Market Cap
@ 15/9/9 $572m $784m $1,119m $430m $152m $455m $352m $200m $448m $215m $253m
1,200.0
1,000.0
800.0
Average
600.0
400.0
200.0
-
Medusa Kingsgate Andean Avoca Catalpa Catalpa Dominion Perseus Oceana St Barbara Resolute Allied
(post merger) Gold
A$/oz
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*source: Company announcements taking into account any hedged positions

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Edna May Mineral Resources and Ore Reserves Flyover

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Favourable Valuation Metrics

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Catalpa offers strong potential for re-rating

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EV/ResourceEV/Resource [(1)] (1) EV/Reserve(1) [(1)]
EV/Reserve
400
1000
350
900
300
Weighted average 800
250 EV/ Resource Oz 700
200 600 Weighted average
Re-rating potential 500 EV/ Reserve Oz
150 400
Re-rating potential
100 300
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
(post merger) (post merger)
EV$/Resource Oz
EV$/Reserve Oz
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Catalpa production estimate compared to selected 2008/9(2) Australian gold producers

(post merger)

(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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Edna May – Process Plant &Site Layout Flyover

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Compact mining operation TSF infrastructure on CAH owned land

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Utilisation of existing disturbed ground Rehabilitation of previous disturbance 9

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Construction update

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Edna May Gold Project is on schedule and within budget Recent highlights include: Accommodation village and dining catering facility complete Process plant civil earthworks nearing completion Over 1,000 m[3] of concrete poured Leach/absorption tank construction commenced Refurbishment of plant mechanical components underway Reconditioning of steel continuing

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Catalpa – Key Dates & Project Timeline

Construction Commissioning First Gold Pre-strip Production Ramp Up Full Production Merger Finalised Cracow Cashflow	2009	2009	2009	2009	2009	2009	2010	2010	2010	2010	2010	2010	2010	2010	2010	2010	2010	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

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Edna May Gold Project Reserve Growth Potential

Edna May Gold Project - Ore Reserve Upgrade Path

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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 expansion to…..

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Underground potential expanding on 2008 drilling success

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Further Regional Targets Flyover

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Untested historical workings Magnetic lows – Edna May look-alikes

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

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Cracow - Proven Growth, Unhedged Producing Mine

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30% - JointVenture
Newcrest - 70% and sound operator
Large epithermal system
2M oz endowed field
–
Exploration growth story
and extensions of structures
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
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Newcrest - 70% and sound operator Large epithermal system

100koz pa producer supported by history – Exploration growth story new structures and extensions of structures

1931 – Payable gold 1875 – First Gold discovered (Golden Discovered Plateau)

1932-92: Sporadic discovery and production of 850koz, mainly from Golden Plateau

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A Strong and Experienced Board

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The board of Catalpa post the transaction will comprise

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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

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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Catalpa’s existing management remains in place

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Edna May and Cracow Growth

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Indicative Merged Entity Recovered Ounce Profile
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
Recovered ounces
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Edna May growth to 10 years and beyond Cracow growth to 10 years and beyond Significant platform for growth towards a third project

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Catalpa Corporate Growth Strategy
Time
November May/June May/June December
June 2011 June 2012
2009 2010 2010 2011
EM
Complete Commission Mid Tier Third
Resource 3 Projects
Merger Edna May Producer Project
Growth
30,000 100,000 130,000 1.25M oz +120,000 250,000
oz pa oz pa oz pa Reserve oz pa oz pa
+A$10 M +A$70 M +A$80 M Extend +A$140M Market Cap
pa pa pa Mine Life pa * >$500M
Focused on Growing Ounces, Cash Flow & Shareholder Wealth
A$ represent annualised projected cash operating margins from Cracow, Edna May and third project
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Why Invest in Catalpa Successful growth story Highly experienced and skilled management team Successful merger in November 2009 Attractive valuation metrics Strong 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.

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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 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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