EVOLUTION MINING LIMITED — Investor Presentation 2009

Feb 1, 2009

Catalpa Resources Limited

Westonia Community –31 January 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.

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

TBA Mar qtr 2009 - GeoGeology Superintendent

MD's View for Catalpa

• •Move Edna May into production
• •Commence project whilst strong A\$ gold price
• •Create a sound 'cash margin' operation
• •Target >A\$400 pre-capital margin per ounce
• •Generate >A\$40M annual operating margin
• •Produce ≈100kozpa consistently
• •Utilise the Edna May location to advantage
• •Lean & efficient operation with small Perth office
• •Adopt the 'KISS' principal
• •Earn our stripes in the market

Current Resources –Edna May & Greenfinch

T l R E i t t t o a e s o u r c e s m a e
C O f f t u G d ra e	M d e a s u re			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. 5 0	1 6. 6	1. 1 5	6 1 2	1 5. 5	1. 1 3	5 6 5	3 2. 1	1. 1 4	1, 1 7 7	9. 0	1. 0	2 9 1	4 1. 1	1. 1 1	1, 4 6 9
0. 6 0	2 1 4.	2 6 1.	5 7 4	2. 9 1	2 6 1.	2 0 5	2 7. 1	2 6 1.	0 9 1, 4	6. 9	1. 1	2 4 7	3 0 4.	2 3 1.	3 1, 4 1
0. 7 0	1 2. 1	1. 3 6	5 2 9	1 0. 6	1. 3 8	4 7 0	2 2. 7	1. 3 7	9 9 8	5. 4	1. 3	2 2 7	2 8. 1	1. 3 6	1, 2 2 6
0. 8 0	1 0. 2	1. 4 8	4 8 4	8. 8	1. 5 1	4 2 5	1 8. 9	1. 4 9	9 0 9	4. 3	1. 4	1 9 4	2 3. 2	1. 4 8	1, 1 0 3
0. 9 0	8. 5	1. 6 0	4 3 9	7. 3	1. 6 5	3 8 6	1 5. 8	1. 6 2	8 2 5	3. 4	1. 5	1 6 7	1 9. 2	1. 6 0	9 9 2
1. 0 0	7. 1	1. 7 2	3 9 4	6. 1	1. 7 9	3 5 0	1 3. 2	1. 7 5	7 4 4	2. 8	1. 7	1 5 3	1 6. 0	1. 7 4	8 9 7
1. 1 0	6. 0	1. 8 5	3 5 6	5. 1	1. 9 2	3 1 7	1 1. 1	1. 8 8	6 7 3	2. 3	1. 8	1 3 3	1 3. 4	1. 8 7	8 0 6
1. 2 0	5. 0	1. 9 9	3 2 3	4. 3	2. 0 6	2 8 8	9. 4	2. 0 2	6 1 1	1. 9	2. 0	1 2 2	1 1. 3	2. 0 2	7 3 2

• •32Mt and 1.2Moz of Meas & Ind Resource @ 0.5 g/t COG
• •41Mt and 1.5Moz of Meas, Ind & Inf Resource @ 0.5 g/t COG
• •42% Measured category

Current Reserve –Edna May only

E d M R E i t t n a a y e s e r v e s m a e
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

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

Edna May Reserve

• Illustrates extent of drilling, mineralisation and Edna May Gneiss inside final pit limits

Feasibility Study Update

Dec 2008 Feasibility Study Main Highlights

• •738,000 ounce Ore Reserve
• •676,000 ounces recovered
• •64% Proven Ore Reserve
• •Processing 2.8 Mtpa ramping to 3.2 Mtpa
• • Cash Operating Costs pre 4.5% Royalty of \$636 per ounce
• •Cash Operating Margin of \$343M at A\$1,200/oz
• •Capex \$92M inclusive of working capital

2008 Feasibility Study –Edna May Pit

Edna May

• •58 Mt total tonnes
• •19 Mt ore
• •39 Mt waste
• •2:1 strip ratio
• •6+ years ore
• • 4 stage cutback strategy

2008 FS -Edna May Pit Cut Back Design

• •4 stage cutback strategy
• •Based on optimised shells

Process Plant Update

• •2.7Mt year 1
• •2.8Mt year 2
• •3.2Mt year 3 onward
• • 60% increase in leach/absorption capacity
• •SABC FF circuit
• •Reduced SAG feed size
• •Decreased pebble crush size
• • Increased gravity circuit 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
• •Drilling completed in current quarter

Open Pit & Underground Potential

Edna May 2008 Drilling

Gold Price Outlook

• •The A\$ gold price is hovering around \$1,200/oz for 3 months
• •Today the Gold Price is over A\$1,450/oz

2008 & 2009

• •Disappointing finish to equity markets in 2008
• • We successfully completed a \$3.5M equity raising in the worst quarter of 2008 with the support of our major shareholder Lion Selection Limited
• • We have to capacity to continue drilling at Edna May and Greenfinch
• • We are in detailed discussions with several banks to provide funding
• • The Edna May Gold Project provides significant cash flows at today's gold prices further supporting appropriate levels of debt
• • Catalpa is seeking both debt and equity to bring the project on stream
• • We are aiming to move the project forward in the June quarter of 2009

Challenges Ahead

• •Finalise project funding
• • Further evaluate and optimise the Edna May Gold Project
• COG strategy, review surface stockpiles, improved mine design, underground opportunities, Greenfinch, other regional opportunities etc
• •Progress near mine exploration
• •Increase Resources and Reserves
• •Increase grade
• •Lower costs
• •Grow margin
• •Extend mine life
• • We will continue to report the following over the coming months
• Funding arrangements
• Continued drilling in Greenfinch
• Greenfinch Ore Reserve
• Further drilling in Edna May
• Drilling results

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.