EVOLUTION MINING LIMITED — Investor Presentation 2009

Feb 8, 2009

Catalpa Resources Limited

Investors Presentation 4–6 February 2009

Disclaimer

Presentation (in this projected form and as verbally presented) is provided on the basis that none of the Company nor itsrespective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make anyrepresentation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained inthe 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 Presentationcontains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known orunknown 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 thePresentation are forward-looking statements including, without limitation, (i) estimates of future earnings, and the sensitivity ofearnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates offuture cash costs; (iv) estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimatesof future capital expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and thereplacement of reserves.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief isexpressed 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 orimplied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currencyfluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well aspolitical and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligationto release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of thePresentation, 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 withrespect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision ofthe Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection withthe Presentation is, or should be taken as, constituting the giving of investment advice to any person.

The Catalpa Story

• •Our People
• •Our Company
• •Our Resources
• •The Feasibility Study
• •The Process Plant
• •Our Market Position
• •The Upside
• •The Gold Outlook
• •The value

New Board

Strong corporate, technical and operationally experienced Board

John Rowe Non-executive Chairman

Bruce McFadzeanManaging Director

Murray Pollock Non-executive Director

Barry Sullivan Non-executive Director

Nigel Johnson Non-executive Director

Graham AndersonJoint Company Secretary

Leonard MathJoint Company Secretary

•Growing Senior Management Team

Stuart Pether – Mining EngineerGeneral Manager - Operations

Erik Palmbachs - CFOChief Financial Officer

Nick Winnall - GeologistExploration Manager

Rebecca HainesOffice Administrator

Dennis McDeedRegistered Manager

Overview

• •518M shares
• • 211M listed options
• 38k 10 cents 2010

• 173k 10 cents Oct 2011

• •Market cap \$23M @ 4.4cps

• •Market cap/Resource oz \$16
• •Market cap/Reserve oz \$31

T S h h l d 1 0 o p a r e o e r s
S G L i l i t o n e e c o n r o u p L i i d t m e	5 1. 0 5
G l d i i h H l d i o r c o n g s	3 0 9
Z N i e r o o m n e e s	1. 7 1
S D d h M t r u m m o n a y a r g a r e	1. 1 6
P k N i a r r a n g e o m n e e s	1. 1 4
U B S W l h M t t e a a n a g e m e n	0 9 5
C h l I t t a r e m a n g e n v e s m e n s	0 8 8
A N Z N i L i i d t o m n e e s m e	0 6 9
C l l i t a o n	0. 5 6
C l b F i d i N i o e r n c a r o m n e e u y	0. 6 5

Catalpa Vision

• •Move Edna May into construction by June qtr 2009
• •Produce gold in June quarter 2010
• •Produce >100kozpa consistently
• •Create a sound 'cash margin' operation
• •Utilise the Edna May location to advantage
• •Grow Resources and Reserves
• •Low corporate overheads
• • Utilise Edna May Gold Project to grow a mid-tier gold company

Current Resource & Reserve

T l R E i t t t o a e s o r c e s m a e u
C O f f t u G d ra e	M d e a s re u			In d ic d t a e		To l M d & t a e a s u re In d ic d t a e		In fe d rr e			To l M d, t a e a s u re In d ic d & In fe d t a e rr e
	M i l l io n To nn es	Go l d / t g	0 O '0 0 un ce s	M i l l io n To nn es	Go l d / t g	0 O '0 0 un ce s	M i l l io n To nn es	Go l d / t g	0 O '0 0 un ce s	M i l l io n To nn es	Go l d / t g	0 O '0 0 un ce s	M i l l io n To nn es	Go l d / t g	0 O '0 0 un ce s
0. 0 5	6. 6 1	1. 1 5	6 2 1	1 5. 5	3 1. 1	6 5 5	3 2. 1	1. 1 4	1, 1 7 7	9. 0	0 1.	2 9 1	4 1. 1	1. 1 1	6 9 1, 4

Edna May Reserve Estimate

C O f f t u G d r a e		P d r o e v			P b b l r o a e		T l P d & P b b l t o a r o e r o a e v
	M i l l i o n T o n n e s	G l d / t o g	'0 0 0 O u n c e s	M i l l i o n T o n n e s	G l d / t o g	'0 0 0 O u n c e s	M i l l i o n T o n n e s	G l d / t o g	'0 0 0 O u n c e s
0 0 5	2 3 1	9 1. 1	4 7 1	6 8	2 3 1.	2 6 7	9 1 1	2 0 1.	3 8 7

• •738,000 ounces Reserve
• •A\$1,025 gold price
• •194,000 additional Reserve ounces since Oct 2008
• •64% Proved category
• •7 year mine life
• •Greenfinch Reserve in June qtr 2009 to increase mine life

Edna May Resource

• Illustrates extent of drilling and mineralisation within the Edna May Gneiss @ 0.3 g/t cut off grade

Feasibility Study Update

• •738,000 ounce Ore Reserve (64% Proved)
• •>100,000 average recovered oz/yr
• •91.6% recovery
• •Mill on site ready to construct
• •Processing 2.8 Mtpa ramping to 3.2 Mtpa
• • Cash Operating Costs of A\$636 per ounce (LOM & pre-royalty)
• • Cash Operating Margin (LOM) of A\$343M at A\$1,200/oz
• •Cap A\$92M inclusive of pre-strip & working capital
• •Approvals imminent and infrastructure available

• •58 Mt total tonnes
• •19 Mt ore

• •39 Mt waste

• •2:1 strip ratio

• •6.3 years processing
• •4 stage cutback strategy

2008 FS -Edna May Pit Cut Back Design

• •4 stage cutback strategy
• •Based on optimised shells at A\$600, A\$800 & A\$1,025/oz
• •Diligent design and scheduling

Process Plant Update

• •2.7Mt year 1
• •2.8Mt year 2
• •3.2Mt year 3 onward
• •SABC FF circuit

• •Mine to Mill strategy

• •Reduced SAG feed size

• •Reduced pebble crush size
• •Increased gravity circuit capacity
• • 60% increase in leach/absorption capacity

Estimated Position if in Production

•Estimated Catalpa position if in production

Source: Mike Chester – June Qtr 2008 Benchmarking Analysis

Greenfinch RC Drill Programme

• • ^≈5,000 mtrs of RC drilling in Greenfinch to convert Inferred Resource into Indicated Resource & Indicated into Measured Resource
• •Drilling will be completed in current quarter
• •Reserve in June quarter 2009

Open Pit & Underground Potential

Gold Price 2008

• •The A\$ gold price is hovering around \$1,200/oz for 3 months
• •Today the Gold Price is over A\$1,400/oz

Outlook

• • Continue drilling to grow Reserves and Resources at Edna May and Greenfinch
• • We have commenced detailed discussions with several banks to provide funding
• • The Edna May Gold Project provides significant cash flows at today's gold price
• • Finance discussions continuing with the view of commencing construction at Edna May in June quarter 2009
• •Target to produce gold in June qtr 2010

The Catalpa Value Proposition

• •Advanced funding discussions
• • At a gold price of A\$1,400/oz CAH has strong cash annual average operating margin of
• –>A\$700/oz (post Royalty)
• –>A\$470M (LOM & pre-capex post Royalty)
• –^≈A\$75Mpa (LOM annual average post Royalty)
• •Project location
• •Grid power and town infrastructure adjacent to the project
• •Approvals and permits imminent
• •Ability to repay debt early
• •Supportive major shareholder in Lion Selection Limited
• •Anticipate funding to be complete in June quarter 2009
• •Ability to produce gold by June quarter 2010

Catalpa Value Proposition Summary

• •We have the experienced and capable people
• •We have high confidence in our Resource
• •We have a metallurgically consistent Resource
• •We have sound & conservative Feasibility Study
• •We have the buoyant gold outlook
• •We have a cost reduction environment
• •We have a plant, most permits and infrastructure
• •We have upside and mine life
• •We can underpin our growth with sound cash flow
• •We have a platform to grow a mid-tier producer
• • We are undervalued and have significant growth potential in our share price

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.