EVOLUTION MINING LIMITED — Investor Presentation 2009

May 12, 2009

CATALPA RESOURCES LIMITED AUSTRALIA’S NEXT MID TIER GOLD PRODUCER RUI Conference - Sydney 13 May 2009

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DISCLAIMER

Presentation (in this projected form and as verbally presented) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Presentation contains "forward-looking statements". All statements other than those of historical facts included in the Presentation are forward-looking statements including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates of future cash costs; (iv) estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimates o f f u t ure cap it a l expen dit ures; an d ( v i) es ti ma t es o f reserves, an d s t a t emen t s regar di ng f u t ure exp ora l ti on resu lt s an d th e replacement of reserves.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

THE CATALPA STORY

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METALLURGICALLY TECHNICALLY &
WELL DEFINED & STRONG CASH FLOW
CONSISTENT OPERATIONALY
DRILLED RESOURCE GENERATION
RECOVERY 92% SKILLED TEAM
NEAR TERM > 100,000 STRONG CASH POURING GOLD IN
RESERVE RECOVERED OPERATING MARGIN JUNE QTR 2010
UPGRADES OUNCES/YEAR (APPROX $75M pa)
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CAH value proposition

CATALPA OVERVIEW

1.5M oz Resource / 817,000 oz Reserve (61% proven) Targeting >100,000 oz pa production First gold pour for June Qtr 2010 Greater than 7 year mine life based on current Reserve Ability to generate strong operating cash flow – A$75m pa (based on A$1,400/oz gold price post royalty) Resource & Reserve upgrades planned Project capital funded Construction commencing current quarter

SOCIAL, ECONOMIC & LOCATION BENEFITS

Two kilometres from Westonia town site

Westonia community very supportive of Project Drive in/drive out roster

• 3 hours by road from Perth

• 3 hours drive from Kalgoorlie

• Less for local residents

• 4 hours by train from Perth or Kalgoorlie

Employment

• 180 peak construction (commence in May 09)

• 110 full time operational jobs (mid 2010)

• Source 30 – 60 % of workers from local region

Committed to our local communities

CORPORATE SNAPSHOT (As at 4 April 2009[1] )

Capital Structure

1,113M shares Options:

• 38m listed @ 10 c, expire June 2010

• 173m listed @ 10 c, expire Oct 2011

• 23m unlisted @ 6 – 14 c, various expiries

• Up to 133.3m unlisted @ 7.5c, expire Mar 2014[2]

Market cap A$94M @ 8.4cps (11[th] May 09)

Market cap/Resource oz A$63

Market cap/Reserve oz A$114

Supportive Shareholder Base

• Lion Selection supportive A$39.0M (pre costs) raised via:

• Placement $31.4m; and

• Share Purchase Plan ≈A$7.6M

• Placement has resulted in the

• introduction of a number of long term supportive shareholders – both domestic and offshore

• SPP finalised today

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CAH share price (June 08 – May 09)
$0.10
$0.09
$0.08
$0.07
$0.06
$0.05
$0.04
$0.03
$0.02
$0.01
$0.00
Source: IRESS
Jun-08 Jun-08 Jul-08Aug-08 Aug-08 Sep-08 Oct-08 Oct-08 Nov-08 Dec-08 Dec-08 Jan-09 Feb-09 Mar-09 Mar-09 Apr-09
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• 1 Assumes 450.2m shares issued under the second tranche of placement announced on 30 March 2009 (subject to shareholder approval). Also assumes that a minimum of $4m is raised under the SPP representing the underwritten amount

• 2 To be issued to Macquarie Bank in conjunction with a $10m mezzanine finance facility (Facility). Half of the options are to be issued by 15 May 2009 with the other half only issued if funds are drawn down under the Facility

AN EXPERIENCED BOARD

JOHN ROWE, Non-Executive Chairman

John Rowe brings a wealth of geological and business development skills to the Company. Mr Rowe has 38 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. Mr Rowe is also a Non Executive Director of Panoramic Resources Limited (PAN)

NIGEL JOHNSON, Non-Executive Director

Mr. Johnson is a Charted Accountant with strong finance and management experience attained over a period of 36 years in both publicly listed and private companies and within a number of industries. Mr Johnson has significant expertise in financial management, equity and debt raisings, treasury and financial risk management and strategic and business planning. Most recently, Mr. Johnson was Chief Financial Officer for Straits Resource Limited, responsible for the financial, commercial and treasury activities of the Straits Group . Mr Johnson is also a non - executive director of Matrix Composites and Engineering 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. Presently Mr Sullivan is a non-executive and Chairman of Exco Resources Limited, Non-Executive Director of Lion Selection Limited and a non-executive Director of Sedimentary Holdings.

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.

STRONG MANAGEMENT TEAM

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.

ERIK PALMBACHS, Chief Financial Officer

Mr Palmbachs is an ex p erienced CFO and holds an MSc in Mineral Economics and a Bachelor of Business (Accounting). He is a member of the Australian Society of Accountants (AASA, CPA) and has an impressive resume with over 30 years hands-on experience, much of which was gained in the resources sector.

STUART PETHER, General Manager - Operations

Mr Pether is an experienced Mining Engineer and holds a BEng (Mining) with an impressive resume with over 20 years hands-on and technical experience in the resources sector. Mr Pether has worked in various operational, managerial, technical and corporate roles in Australia and Canada in his career covering several commodities predominately in gold, nickel and zinc. Mr Pether is equally skilled in both open pit and underground mining environments.

Flyover

Catalpa Voice 120209.wmv

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CURRENT RESOURCE & RESERVE

	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Mineral Resource Statement Reported to 0.5g/t Au cut-off
	Measured			Indicated			Total Measured & Indicated			Inferred			Total Measured, Indicated & Inferred
	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces
Greenfinch	0.71	1.26	29	2.03	1.15	75	2.74	1.18	104	0.45	1.2	17	3.19	1.18	121
Edna May	16.56	1.15	615	13.32	1.13	484	29.88	1.14	1,099	8.36	1.0	267	38.24	1.11	1,366
TOTAL	17.27	1.16	644	15.35	1.13	559	32.62	1.14	1,203	8.81	1.0	284	41.43	1.11	1,487

	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off	Edna May Gold Project Ore Reserve Statement Reported to 0.5g/t Au cut-off
	Proved			Probable			Total Proved & Probable
	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces
Greenfinch	0.6	1.29	26	1.4	1.18	53	2.0	1.22	79
Edna May	12.30	1.19	471	6.8	1.23	267	19.1	1.20	738
TOTAL	12.9	1.19	497	8.2	1.21	320	21.1	1.20	817

A$1,025 gold price used in modelling (EM) A$1,250 (GF) 817,000 oz Reserve (61% Proved)

273,000 oz or 50% Reserve growth since Oct 2008

FEASIBILITY STUDY UPDATE

Average production of more than 100,000 oz/pa 91.6% recovery rate Mill on site ready to construct Processing 2.8 Mtpa of ore ramping up to 3.2 Mtpa LOM Cash operating cost of A$636/oz (pre-royalty) LOM Cash operating margin totals A$343M at A$1,200/oz gold price A$92M capex (including pre-strip) Government Approvals imminent and infrastructure available

2008 FEASIBILITY STUDY – EDNA MAY PIT

58 Mt mined

• 58 Mt mined 2:1 strip ratio • 19 Mt ore 6.3 years

• • processing

• 39 Mt waste 4 stage cutback

PROCESS PLANT UPDATE

CIL circuit

Mine to Mill strategy Reduced SAG feed size Reduced pebble crush size Increase gravity circuit capacity

60% increase in leach/absorption capacity

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OPEN PIT DESIGNS AND SITE LAYOUT

Greenfinch now included in LOM plan Greenfinch and Edna May Reserve growth positive Further drilling planned for 2009/10

OPEN PIT & UNDERGROUND POTENTIAL

Open pit expansion to…..

Underground potential expanding on 2008 drilling success

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
600,000
2009/12 Reserve Growth Path
400,000
2008/09 Reserve
200,000 Growth Path 50%
-
Planned Ore Reserve growth to 1.25M ounces
Reserve growth projected to twice Edna May’s historical production of 630,000 ounces
Ounces
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FAVOURABLE VALUATION METRICS

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A$ Mkt Cap/Oz Au Reserves and Resources
700
600
500
400
300
200
100
0
Avoca Sino Gold Andean Kingsgate Allied St Barbara Catalpa Norton Red 5 Integra Navigator
Ev/ Oz Au Reserves Ev/ Oz Au Resources
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• Proforma adjusted for A$92M Edna May funding

FAVOURABLE VALUATION METRICS

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Catalpa production estimate compared to
selected 2008 Australian gold producers
350
307
300
250
202
200
151
150
130
107
100+
100
66
58
50
0
Resolute St Barbara Sino Norton Dominion Catalpa Kingsgate Troy
Market Cap
(A$m) 211.6 418.3 1,593 65.1 540.7 87.0 575.6 93.2
30/4/09
'000 Oz Au
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Source: Production for 12 months ended 31 December 2008 Catalpa estimate

PROJECT FINANCING

Capex of A$92M (including pre-strip) A$67.5M project finance facility in place Comprising

• A$55M secured loan

• Up to A$10M mezzanine facility

• A$2.5M performance bond faculty

• Gold hedge at A$1,544 per ounce for 352koz of gold (Re p resents 2 4 % of Edna Ma y Gold Pro j ect Mineral Resource )

• Macquarie to be issued up to $10M of options with a 7.5 c exercise price. If the mezzanine facility is not drawn only half options will be issued

≈A39.0M raised from equity

• $31.4M placement announced 31 March 2009

• Lion committedA$15m to placement & A$2m of SPP underwriting

• SPP finalised for ≈A$7.6M

• Austock Corporate Finance managing the equity raising

PROJECT TIMELINE – MILESTONES TO MONITOR

FundingFinalised Board Approval			●
MiningPermit Awarded			●
Appointment of Contractors Construction Phase				●
Commissioning First Gold Poured Pre-strip																	●
Production Ramp-Up Full Production	Mar	Apr	May		Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep
	Q1	Q2				Q3				Q4		Q1				Q2		Q3
	2009															2010

Commence construction May 2009 Commissioning April 2010 First gold June 2010

CATALPA UPSIDE FROM FEASIBILITY STUDY

Reduced capital

Reduced operating costs

Greenfinch Open Pit

• Reserve in April 2009

• Further drilling to west 2009

• Further drilling at depth 2009/10

Edna May Open Pit

• Final pit re-optimised at higher gold price June quarter 2009

• – Further drilling below FS pit in 2009/10

Underground opportunity

• Continued geological review of underground mineralisation

• – Plan for further drilling 2009/10/11

Conclusion

• Growth of Reserves in 2009 & 2010

• Improved Feasibility Study production profile from 2010

CATALPA VALUE PROPOSITION

Experienced team with track record of delivering projects Well defined and understood resource – upside potential Favourable valuation metrics Debt and Equity funding complete Feasibility Study completed and assumptions conservative Supportive major shareholder (Lion Selection) Favourable environment to negotiate capital & operating costs Plant on site and most permits issued Grid power and town infrastructure adjacent to the project Strong cash margin provides a platform for growth

CONTACT

Bruce McFadzean Managing Director Catalpa Resources Limited Tel (08) 9321 3088 Warrick Hazeldine Investor Relations P urp e l C ommun ca i ti ons Tel (08) 9485 1254 www.catalparesources.com.au

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.