EVOLUTION MINING LIMITED — Investor Presentation 2010

Oct 25, 2010

European Road Show

25-29 October 2010

Safe & Successful

Disclaimer

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, performance or achievements to differ materially from those expressed, implied 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.

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.

Safe & Successful

Background

Unloved Reserve A$20M No Mine Asset 540,000 oz Market Cap Apply new Reserve A$350M strategy 1,100,000 oz Market Cap 2 Mines

==> picture [175 x 12] intentionally omitted <==

----- Start of picture text -----

2 Year Share Price Growth
----- End of picture text -----

$2.50 $2.00 $1.50 $1.00 $0.50 $-

5 Year Strategic Plan

3

Source - IRESS

Catalpa’s Vision

“Catalpa will be a safe, significant and successful gold company focusing on delivering rational growth, cash generation and stakeholder rewards”

4

Safe & Successful

Values & Objectives – 5 year 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 acquisition growth from significant cashflow

Substantial gold producer

Reputation

• Producing over 500,000 oz pa

• • 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

5

Safe & Successful

5 Year Strategic Growth Plan

==> picture [534 x 319] intentionally omitted <==

----- Start of picture text -----

Time 2010 2010 2011 2012 2013 2013 2014 2015
Existing
Asset
Growth 500,000
Acquisition
400,000
Growth
300,000
200,000
100,000
-
Recovered ounces
----- End of picture text -----

Near term organic growth from existing assets Acquisition growth from significant cashflow

6

Safe & Successful

Edna May Long Section – Discovery & Mining History

Greenfinch Edna May Golden Point Resource Resource Resource Historical Stoping: 356k Oz ACM Pit: 270k Oz ACM UG Stoping: 2k Oz 2010 Edna May: 1,460k Oz 2010 Greenfinch: 130k Oz 2010 Golden Point: 60k Oz Future UG: 100, 200, 500k oz?? Total System: 2,279k oz + ??? oz

Source - historical Mines Department Records Source – ACM mining records Source – present JORC Mineral Resources Source – Interpreted from deeper drilling and continuity evident from deepest drill holes

The Catalpa Edna May Strategy

Edna May is a long life cash generation platform Add high grade underground feed Add high grade regional feeds Increase grade towards 2.0g/t Increase ounces towards 160,000 ozs pa Lower unit costs below A$600/oz Increase mine life from 10 years to 15 years

8

The Catalpa Snapshot – Aust Dollars

Two operating gold mines 100% Edna May 100k oz pa 30% Cracow 100k oz pa ASX 300 ASX:CAH Market Cap[(1)] A$350M Share Price[(1)] A$2.14 Shares 163M Options[(2) ] 13M Cash & Bullion[(3)] A$39M Debt[(3) ] A$62M Largest Shareholder � 4.6% Board and Mgmt � 4% Forward Sold 330koz @ A$1,557/oz

Catalpa Quarterly Gold Production

==> picture [334 x 218] intentionally omitted <==

----- Start of picture text -----

25,000
20,000
15,000
10,000
5,000
0
March 2010 June 2010 September 2010
Edna May Cracow
Ounces
----- End of picture text -----

• (1) As at ASX market close 19 October 2010

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

9

Favourable Valuation Metrics EV/Reserve Ounce A$/ounce

==> picture [345 x 278] intentionally omitted <==

----- Start of picture text -----

700
2000
1800
600
1600
500
1400
1200
400
1000
300
800
600
200
400
100
200
0
0
----- End of picture text -----

EV/Resource Ounce A$/ounce

(1) Calculated based on share price October 2010 (2) Production figures are total of previous 4 quarters per Company announcements Source: CAH research

10

Safe & Successful

Analysts DCF Valuations

==> picture [677 x 368] intentionally omitted <==

----- Start of picture text -----

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
$346
350
Present
Market Cap
300
250
200
150
100
50
-
Austock RCR Investec RBC Capital ERA Hartleys Foster
Markets
30 July 2010 13 July 2010 26 July 2010 27 July 2010 1 June 2010 27 July 2010 27 July2010
NPV (A$ million)
----- End of picture text -----

Source: Broker consensus estimates

==> picture [709 x 12] intentionally omitted <==

----- Start of picture text -----

Safe & Successful
----- End of picture text -----

16

Resources & Reserves, and Edna May Flythrough

==> picture [697 x 445] intentionally omitted <==

----- Start of picture text -----

Cracow 30%
Resources 30% 0.2M ozs
Edna May 100% Reserves 30% 0.1M ozs
Resources 1.7M ozs
Reserves 1.1M ozs
Catalpa Attributable
Resources 1.9M ozs
Reserves 1.1M ozs
Note: Due to rounding small discrepancies may exist
12
----- End of picture text -----

==> picture [709 x 12] intentionally omitted <==

----- Start of picture text -----

Safe & Successful
----- End of picture text -----

Edna May – Site Flyover

Large 2.8 Mt plant 2:1 waste ore ratio

90-97 kozs FY2011 Underground target drill commenced Safe & Successful

13

Edna May, Golden Point & Greenfinch Open Pit

==> picture [488 x 350] intentionally omitted <==

----- Start of picture text -----

Greenfinch
8% Reserve
ozs
Edna May
88% Reserve
ozs
Golden Point
4% Reserve
ozs
----- End of picture text -----

Surface Expression of Edna May & Golden Point Gneiss and new pit design

14

Safe & Successful

Edna May Open Pit and Underground Potential

==> picture [644 x 350] intentionally omitted <==

----- Start of picture text -----

Design pit
outline
Existing
decline
Existing
Resource
Area of
ends here
potential
Resource
Drilling
growth
Phase 1
2010
Open
down dip
& plunge
----- End of picture text -----

15

Safe & Successful

==> picture [680 x 462] intentionally omitted <==

----- Start of picture text -----

Underground Oblique Section - Drill Intercepts & Flyover
9m @
12.8g/t
17m @
6.1g/t
36m @
6.2g/t
----- End of picture text -----

Ore below 300 metres is not included in Resource

16

Safe & Successful

Edna May Underground Target Surface Drilling

Stage 1 drilling commenced

10,000 metres stage 1

Updated Resource Dec 2010 Stage 2 Q3-4 2010/11

17

Safe & Successful

Edna May Underground Target Surface Drilling

Stage 1 5 holes complete

18

Safe & Successful

Edna May Underground Target Surface Drilling

Stage 1 5 holes complete

19

Safe & Successful

Further Regional Targets Flyover

RAB targets along greenstone belt within 15 km of plant

Untested historical workings Magnetic lows – Edna May look-alikes

Untested auger anomalies

20

Safe & Successful

==> picture [441 x 24] intentionally omitted <==

----- Start of picture text -----

Cracow - Large 2M ounce epithermal system
----- End of picture text -----

Phoenix Drilling

30% - JointVenture with Newcrest Safe and productive mine Significant exploration upside Phoenix drill results positive Resource and Reserve upgrade in 2010

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

21

Safe & Successful

==> picture [608 x 138] intentionally omitted <==

----- Start of picture text -----

Cracow - Strong Discovery History
2005 – Discovered
Kilkenny Structure 2009
1995 – Newcrest and 2001 – Discovered 2002 – Encouragement 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
----- End of picture text -----

1931 – Payable gold 1875 – First Gold discovered (Golden Plateau)[1932-92: Sporadic discovery ] Discovered and production of 850koz, mainly from Golden Plateau

==> picture [709 x 12] intentionally omitted <==

----- Start of picture text -----

Safe & Successful
----- End of picture text -----

22

Why Invest in Catalpa?

Clear 5 year strategic growth plan Significant organic growth from existing assets Excellent exploration upside at both operating assets Self funded growth from significant cash flow Excellent hedge book delivering high operating margins (30% Reserve hedged)

Attractive valuation metrics

An experienced, skilled & aligned Board and management team Demonstrated track record

23

Safe & Successful

24

Safe & Successful

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 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 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.

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 www.newcrest.com.au

25

Safe & Successful

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 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.

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 Sullivanhas been working with a number of smallerexplorationand 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 developmentand 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 drillingand mine management services consultant for several companies.

26

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

BRUCE MCFADZEAN Mining Experience Operations Experience Project Start up

BRUCE MCFADZEAN Managing Director/CEO Mining Experience 32 years Operations Experience 27 years Project Start up 6 ERIK PALMBACHS Chief Financial Officer Finance Experience 29 years Mining Experience 17 years Project Start up 3 STUART PETHER GM Operations Mining Experience 20 years Operations Experience 15 years Project Start up 1

ERIK PALMBACHS Finance Experience Mining Experience Project Start up

JOHN FRASER Processing Experience Operations Experience Project Start up

Resident Manager 25 years 25 years 1 Manager Geology 11 years 6 years 2

ADRIAN PELLICCIA Mining Experience Operations Experience Project Start up

NICK WINNALL Exploration Manager Exploration Experiencexploration Experience 35 years In-field Experience 30 years

Exploration Experiencexploration Experience In-field Experience

Hand picked management team Sound blend of skills in engineering, geology, metallurgy & finance

Significant Technical and Operating expertise Experienced start-up team

27