EVOLUTION MINING LIMITED — Investor Presentation 2010

Dec 1, 2010

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2 December 2010

CATALPA RESOURCES LIMITED PRESENTATION TO INSTITUTIONAL INVESTORS – RBS MORGANS

ASX Code: CAH

Shares on issue: 162,831,088

Share Price Current: $1.84 (1 December 2010)

CATALPA RESOURCES LIMITED (CAH) provides the opportunity review the presentation to RBS Morgans Institutional Investors by Bruce McFadzean, Managing Director & CEO .

12 month range:

$2.27 (high) - $1.18 (low)

Board of Directors

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

Senior Management

CFO

Erik Palmbachs: CFO Stuart Pether: COO Nick Winnall: Manager Exploration Adrian Pelliccia: Manager Bus Dev John Winterbottom: Manager Geology John Fraser: General Manager – Edna May

For further enquiries contact:

Bruce McFadzean Managing Director & CEO Catalpa Resources Limited Tel +61 8 9321 3088

Adrian Pelliccia Manager Business Development Catalpa Resources Limited Tel +61 8 9321 3088

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ABOUT CATALPA RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 100% interest in the 100, 000 ounces per annum Edna May Gold Project in Western Australia and a 30% interest in the 100, 000 ounces per annum Cracow Gold Project in Queensland (70% Newcrest Mining Limited).

Catalpa’s flagship Edna May Project boasts an impressive forward sold position of 325,000 ounces of gold at A$1,557.50 per ounce.

With a combined Mineral Resource of 2.2 million ounces of gold and a combined Ore Reserve of more than one million ounces of gold, (refer announcement dated 27 May 2010 and 23 November 2010), the Cracow and Edna May Operations will provide a sustainable long life cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both Cracow and Edna May offer further Reserve and Resource growth potential, with ongoing exploration programs at both operations. In parallel, the Company continues to proactively identify and assess other production growth opportunities.

The Company has a motivated and technically accomplished management team and a highly‐experienced and supportive Board, committed to realising shareholder value from the Company’s growing asset portfolio.

Catalpa strives for best practice standards across all its activities, including health and safety, environmental management, corporate governance and social responsibility.

EDNA MAY OPERATIONS (100%)

Catalpa’s wholly‐owned Edna May Gold Project is conveniently positioned just two kilometres from the infrastructure of Westonia, on the eastern edge of WA’s Wheatbelt region. The mine is half way between Perth and Kalgoorlie and ideally situated to be serviced by either of these major mining centres.

With its robust economics, geologically and metallurgically well defined ore‐body, high Ore Reserve confidence and excellent recovery rate of more than 90%, Catalpa’s Edna May Gold Project offers an attractive, long‐term platform to grow a mid tier gold producer.

Catalpa’s mine and processing schedule demonstrate average gold production at Edna May in excess of 100,000 ounces per annum for a life of mine of more than nine years, with the first gold poured in April 2010.

CRACOW GOLD OPERATIONS (30%)

Catalpa owns 30% of the Cracow Gold project in Queensland with a pre‐emptive right over Newcrest’s 70% stake in the asset. The Cracow Gold Project is well managed and operated by Newcrest, allowing Catalpa to remain focused on the ramp up to full production of the Edna May Gold Project.

The Cracow Gold Project has a history of steady gold production of over 100,000 ounces per annum for the past four years and it is considered to have considerable exploration upside.

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RBS Morgans Institutional Investor Presentation - Perth

1 D ecem b er 2010

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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 , p erformance or achievements to differ materiall y from those ex p ressed , im p lied 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.

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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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Presentation Agenda

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Catalpa – A Company on the Move Edna May Gold Project Production & Guidance Edna May – A Platform for Growth 5Year Strategic Plan

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The Catalpa Snapshot – Aust Dollars

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Two operating gold mines

100% Edna May 100k oz pa 30% Cracow 100k oz pa

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ASX 300 ASX:CAH Cash & Bullion[(3)] A$39M Market Cap[(1)] A$300M Debt[(3) ] A$62M Sh are r ce P i (1) A$1.8 5 Largest Shareholder ≈4.6% Shares 163M Board and Mgmt ≈3% Options[(2)] 13M F orwar d o S ld 320koz @ A $1,557 oz/

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(1) As at ASX 1 December 2010 (2) Exercise price A$0.82 – A$1.25 (3) As at 30 September 2010

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A Company on the Move

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Unloved Reserve A$20M No Mine
Asset 540,000 oz Market Cap
Apply new Reserve A$300M
strategy 1 020 000, , oz Market Cap 2 Mines
2 Year Share Price Growth
5 Year
Strategic
Plan
Source – IRESS
As at 26 November 2010
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A Company on the Move.... ...................2 years of delivering on commitments

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Funding Finalised
Board Approval ●
Mining Permit Awarded ●
Appointment of Contractors ●
Desi g n and En g ineerin g
Construction Phase
Commissioning
Mi n ng re i P St r p i
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 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010
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A Company on the Move Edna May oG ld P ro ectj Mineral Resource Upgrade Path

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High Grade
UG resource
2,500,000
Re‐optimise Cracow
at A$1,250 Merger
2 , 000 , 000 Additi on o f ~ 700 , 000 Oz
Greenfinch 50% Growth
1 , 500 , 000
Meas Oz
Ind Oz
1,000,000
Inf Oz
500,000
0
Feasibility Greenfinch Edna May Merger ‐ Golden Point Addition of High Grade
update 2006 Mineral Mineral Cracow Dec Mineral Surface Underground
Resource Mar Resource 2009 Resource Mar Stockpiles Mineral
2009 Update Dec 2010 Resource Nov
2009 2010
es
e Ounc
esourc
Gold R
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A Company on the Move
Edna May Gold Project
Ore Reserve Upgrade Path
1,200,000
1 ,000,000
520,000 Oz
95% Growth
800,000
600,000
Prob Oz
Prov Oz
400,000
200 , 000
‐
Feasibility Upgrade to Upgrade to Greenfinch Edna May Cracow Into Golden Point Surface
update 2006 EMG Ore EMG Ore Ore Reserve Ore Reserve Portfolio Ore Reserve Stockpiles
Reserve Oct Reserve Nov Mar 2009 Update Dec Mar 2010
2008 2008 2009
s
Ounce
eserve
Gold R
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Edna May Gold Project

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Edna May, Golden Point & Greenfinch Open Pit

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Greenfinch
8% Reserve
ozs
Edna May
88% Reserve
ozs
Golden Point
4% Reserve
ozs
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Surface Expression of Edna May, Greenfinch & Golden Point Gneiss and new pit design

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Resources & Reserves, and Edna May Fly‐through

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Cracow 30%
Resources 30% 0.3M ozs
Edna May 100% Reserves 30% 0.1M ozs
Resources 1.9 M ozs
Reserves 1.1 M ozs
Catalpa Attributable
Resources 2.2M ozs
Reserves 1.1M ozs
Note: Due to rounding small discrepancies may exist
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Depleted as at 30 June 2010
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Edna May – Site Flyover

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Large 2.8 Mt plant 80‐90 kozs FY2011
2:1 waste ore ratio Maiden Underground Resource @ 9.1 g/t
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Production & Guidance

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Edna May Production Trends

Continued production growth since commissioning Newly designed SAG liner system installed last week Plant reliability inline BFS with assumptions of 94% Plant recoveries in line with BFS assumption of 91.6% recovery Grade control drilling in line with Resource model estimate

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Guidance FY2010‐11

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Catalpa Group guidance 105,000 – 120,000 ounces Catal p a C1 cost g uidance A$6 77 –A$ 745 p er ounce

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1. C1 – cash costs represents the cost for mining, processing and administration, including accounting movements for stockpiles and gold-in-circuit. It does not include capital costs for exploration, mine development or processing mill capital works. It includes net proceeds from by-products credits. It does not include the cost of royalties.

Edna May Growth Opportunities

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Edna May Greenfinch Golden Point Regional Opportunities

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Edna May – Maiden Underground Resource @ 9.1 g/t
Design pit
outline
Existing
decline
Ex st ng i i
Open Pit
Resource
Maiden
UG
Resource
Open
down dip
& plunge
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660,000 t @ 9.1 g/t for 195,000 contained ounces

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Underground Oblique Section ‐ Drill Intercepts & Flyover

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Current drilling targeting high grade underground zones

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Edna May Underground Target Surface Drilling

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Stage 1 9 holes complete

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The Edna Ma Under round O ortunit – Indicative Timetable y g pp y

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An indicative timeline to high grade ore production Ram in Edna Ma to 1 0 000+ oz a and be ond p g y 4 , p y

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Greenfinch Targets ‐ Open at Depth 27 m @ 5.2 g/t Safe & Successful

Greenfinch Targets ‐ Open at Depth

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11m @ 3.5 g/t

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Underground Oblique Section – Golden Point Opportunities
1m @
6.8g/t
7.5m @
4 9g/t.
Open at
Depth
Two holes drilled below 150m
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Further Regional Targets Flyover

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RAB tar ets alon reenstone belt within 1 g g g 5 km of plant

Untested historical workin g s Magnetic lows – Edna May look‐alikes

Untested auger anomalies

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Cracow

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Cracow ‐ Large 2M ounce epithermal system

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0% ‐ JointVenture with Newcrest 3 Safe and productive mine Significant exploration upside Phoenix drill results p ositive Resource and Reserve upgrade in 2010

Phoenix Drilling PHU007: 6.2m (6.1m) @ 24.1g/t Au from 89.8m PHU010: 6.1m (5.3m) @ 10.6g/tAu from 102.3m PHU011: 10.7m (8.1m) @ 14.9g/t Au from 130.7m PHU014: 5.0m (3.6m) @ 18.0g/tAu from 136.5m PHU017: 4.4m (3.2m) @ 14.3g/t Au from 138.6m PHU018: 3.6m (2.3m) @ 14.5g/t Au from 143.3m

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Cracow ‐ Strong Discovery History
2005 – Discovered
Kilkenny Structure 2009
2002 – Encouragement
1995 – Newcrest and 2001 – Discovered along strike
Sedimentary form 70/30 JV to Discovered
Sovereign, 2008 Kilkenny (south) of Kilkenny
explore Cracow Field Crown Shoot
Empire & Resource Resource – New
targeting epithermal 1999 – Phoenix (200,000oz Shoot ??
mineralisation
Discovered Royal Structures inferred)
Shoot
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1931 – Payable gold 1875 – First Gold discovered (Golden Plateau)[1932‐92: Sporadic discovery ] Discovered and production of 850koz, mainly from Golden Plateau

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5Year Strategic Plan

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Catalpa’s Vision

“Catalpa will be a safe, significant and success l ld fu go company focusing on delivering rational growth, cash generation and

stakeholder rewards”

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Values & Objectives – 5 Year Strategic Plan

Company values and culture

Value to shareholders

• Safe, focused and successful

• Bold, considered and agile

• Open and honest

• Accountable and results orientated

• 20% annual returns to shareholders

• • Market cap of $AUD 2‐3 billion

• • Organic and JV/acquisition growth from cashflow

Substantial gold producer

Reputation

• Produc ng over 500,000 oz pai

• • Cost focused

• Operational control of long life projects

• Market recognition

• Corporate governance

• Superior performance in safety, environmental technical and , operational management

• Talented, motivated and engaged workforce

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5 Year Strategic Growth Plan
Time 2010 2010 2011 2012 2013 2013 2014 2015
Existing
Asset
Growth 500,000
JV and
400,000
Acquisition
Growth
300,000
200,000
100,000
‐
Near term organic growth from existing assets
h f f icant cas hfl ow
JV/Acquisition growt rom signi
vered ounces
Reco
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The Edna May Strategic Objective

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Edna May is a long life cash generation platform Add high grade Edna May underground feed Add high grade regional feeds Increase grade towards 2.0g/t

Increase ounces towards 160,000 ozs pa L ower un it cos t s owar t d s $ A 6 00 oz / Increase mine life from 10 y ears to 1 5 y ears

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Analysts DCF Valuations
Target $/share $2.50 $2.50 $2.17 $2.50 $2.42 $2.02 $2.20
450
$407
400 $388 $384 $384 Avg = A$357M
$364
$353
$346
350
Present
Market Cap
300
250
200
150
100
50
-
Austock RCR Investec RBC Capital ERA Hartleys Foster
Markets
30 July 2010 13 July 2010 26 July 2010 27 July 2010 1 June 2010 27 July 2010 27 July2010
$ million)
A
NPV (
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Source: Broker consensus estimates

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COMPETENT PERSONS

The reported Edna May Underground Mineral Resource has been compiled by Mr Daniel Guibal. Mr Guibal is a Member of the Australian Institute of Geoscientists and an employee of SRK Consulting Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2004 (“JORC Code”) as prepared by the Joint Ore R eserves omm C itt ee o f th e us A t ra as an ns l i I tit u t e o f Mi n ng an i d M e t a ll urgy, th e us A t ra li an ns I tit u t e o f eosc en G i ti s t s an d th e Mi nera s l Council of Australia. Mr Guibal consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The reported exploration results have been compiled by Mr John Winterbottom (Manager Geology), who is a Member of the Australian Institute of Geoscientists (AIG) and a full ‐ time employee of Catalpa Resources Limited. He 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 Winterbottom 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 Ore 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 st y le of mineralisation and t yp e of de p osit under consideration and to the activit y which he is undertakin g to q ualif y as a Com p etent 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.

The reported Cracow Mineral Resource and Ore Reserve are based on a Competent Persons Statement provided by Newcrest Mining Limited on behalf of the Cracow Gold Joint Venture. Cracow is an unincorporated joint venture between Catalpa (30%) and Newcrest

(70%). Further details on CGJV Mineral Resources and Ore Reserves are available on the Newcrest website

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Appendix 1 ‐ A Strong and Experienced Board

PETER MALONEY, Non‐Executive Chairman

Mr Maloney, aged 59, has broad commercial, financial 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. Mr Maloney has also been a director of several companies and organizations including Indophil Resources and Barra Resources, and was chairman of Southern Health, the largest healthcare provider in Victoria. He has been Chief Financial Officer of Lion Selection (and its predecessor companies) since 2003.

BRUCE MCFADZEAN, Managing Director/CEO

Mr McFadzean, a mining engineer, FAusIMM, brings over 30 years of management, mining, processing and project "start up" experience to the or g anisation , half of which was g ained in the em p lo y of g lobal 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.

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.

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.

Appendix 2 ‐ Management Team – Mining, Operational & Start‐up Experience

BRUCE MCFADZEAN Managing Director/CEO JOHN FRASER GM Edna May Mining Experience 32 years Processing Experience 25 years Operations Experience 27 years Operations Experience 25 years Project Start up 6 Project Start up 1 ADRIAN PELLICCIA Manager Bus Dev ERIK PALMBACHS Chief Financial Officer Mining Experience 11 years Finance Experience 29 years Operations Experience 6 years Mining Experience 17 years Project Start up 2 Project Start up 3 STUART PETHER COO NICK WINNALL Exploration Manager Mining Experience 20 years Exploration Experience 35 years Operations Experience 15 years In‐field Experience 30 years Project Start up 1

Hand picked management team

Sound blend of skills in engineering, geology, metallurgy & finance

Significant Technical and Operating expertise Experienced start‐up team