EVOLUTION MINING LIMITED — Investor Presentation 2009

Mar 15, 2009

CATALPA RESOURCES AN EMERGING GOLD PRODUCER March 2009

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 of future capital expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and the 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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DEBT STRONG CASH
PLAN TO
RIGHT
FUNDING FLOW
PRODUCE BY
PEOPLE
AGREED GENERATION
2Q10
WELL NEAR TERM FEASIBILITY PROCESS
DEFINED RESOURCE STUDY PLANT ON
RESOURCE UPSIDE COMPLETE SITE
CAH value proposition
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CATALPA OVERVIEW

1,500 koz Resource / 738 koz Reserve (64% proven) Targeting 100,000 oz pa production

First gold pour for June Qtr 2010

Initial 7 year mine life based on current Reserve

Ability to generate strong operating cash flow – A$90m pa (post royalty) Resource/Reserve upgrades planned – Greenfinch upgrade expected early April 09 Capex of A$92m (including pre-strip) A$67.5m project finance facility agreed with Macquarie Bank Catalpa’s major shareholder (Lion Selection) has indicated it will contribute A$15m in any equity raising

CORPORATE SNAPSHOT

(As at 12 March 2009)

522M shares 211M listed options

• 38m @ 10 cents 2010

• 173m @ 10 cents Oct 2011

� 23m unlisted options @ 6 – 14 cents Market cap $45M @ 8.6cps Market cap/Resource oz $31 Market cap/Reserve oz $61

CAH share price (June 08 – March 09)

Strong supportive shareholder base 78% takeup in recent rights issue Lion Selection to commit A$15m to funding

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 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. 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, 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 experienced 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.

STRONG MANAGEMENT TEAM

NICK WINNALL, Geologist Exploration Manager

Mr Winnall holds a BSc (Hons) in Geology and is a Member of Australasian Institute of Mining and Metallurgy. Mr Winnall has 30 years of experience in his field, with 20 years experience as exploration manager in Western Australian. Notably, Mr Winnall headed up the team in Meekatharra that found in excess of 3 million resource ounces of gold between 1992 and 1998. Mr Winnall is equally experienced in greenfield exploration and orebody extension, using numerous geophysical and geochemical techniques.

REBECCA HAINES, Office Administrator

Miss Haines has six years experience in office administration and support, and is currently completing a diploma in Business Administration. Ms Haines provides executive secretarial support to Catalpa’s management and Board and administrative support for the Company’s public relations, human resources and procurement functions.

Catalpa Fly-through

Flyover\Catalpa Voice 120209.wmv

CURRENT RESOURCE & RESERVE

A$1,025 gold price used in modelling

738,000 oz Reserve (64% proved)

194,000 oz Reserve growth since Oct 2008

Greenfinch Reserve will increase mine life – update on schedule to be finalised in April 2009

EDNA MAY RESOURCE

Extensive drilling and mineralisation within the Edna May Gneiss @ 0.3 g/t cut off grade

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 2:1 strip ratio • 19 Mt ore 6.3 years

• • processing 39 Mt waste 4 stage cutback

PROCESS PLANT UPDATE

SABC FF circuit Mine to Mill strategy Reduced SAG feed size Reduced pebble crush size

Increase gravity circuit capacity

60% increase in leach/absorption capacity

OPEN PIT & UNDERGROUND POTENTIAL

Open pit expansion to…..

Underground potential expanding on out 2008 drilling success

FAVOURABLE VALUATION METRICS

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Ev/Oz Au Reserves and Resources
A$
700
600
500
400
300
200
100
0
Avoca Dominion Andean Sino Gold 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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Market Cap 173 545 1,448 57 541 45 388 83
(A$m)
12/3/09
Source: Production for 12 months ended 31 December 2008
Catalpa estimate
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FAVOURABLE GOLD PRICE ENVIRONMENT

The Australian gold price has been above A$1,400/oz for 2 months Today the Australian Gold Price is over A$1,400/oz

PROJECT FINANCING

Capex of A$92M (including pre-strip)

A$67.5M project finance facility agreed

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 (Represents 24% of Edna May’s Resource before Greenfinch upgrade

• Macquarie to be issued up to $10M of options with an exercise price of 125% of the placement price. If the mezzanine facility is not drawn only half options will be issued

Balance of funding to be raised from equity

• Lion prepared to commit A$15m to the raising

• Austock Corporate Finance engaged to manage the equity component

PROJECT TIMELINE – NOW ................................. SEPTEMBER 2010

PROJECT TIMELINE

Funding Finalised
Board Approval		●
Mining Permit Awarded				●
Appointment of Contractors				●
Construction Phase
Commissioning
First Gold Poured																●
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 2009 2010 Q2 Q3 Q4 Q1 Q2 Q3 Commence construction May 2009 Commissioning April 2010 First gold May 2010	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

CATALPA VALUE PROPOSITION

Experienced team with track record of delivering projects Favourable valuation metrics Well defined and understood resource – upside potential Feasibility Study completed and assumptions conservative Debt financing agreed Supportive major shareholder (Lion Selection @ 51.05%) prepared to commit A$15M of equity Favourable environment to negotiate capital 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

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 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.