EVOLUTION MINING LIMITED — Investor Presentation 2010

Aug 23, 2010

Gold Investor Road Show Melbourne & Sydney - 24 2 5 ugust A 2010

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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 actua l v a l ues, pe rf o rm a n ce o r ac hi e v e m e n ts to d iff e r m ate ri a ll y fr o m t h ose e x p r essed, im p li ed o r 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.

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Background

Unloved Reserve A$20M No Mine Asset 540,000 oz Market Cap Apply new Reserve A$260M strategy 1,100,000 oz Market Cap 2 Mines

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2 Year Share Price Growth
$2 . 00
$1.80
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$-
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5 Year Strategic Plan

Source - IRESS

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Catalpa’s Vision

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

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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

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5 Year Strategic Growth Plan

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Time 2010 2010 2011 2012 2013 2013 2014 2015
Existing
Asset
Growth 500,000
Acquisition
Growth 400,000
300,000
200,000
100,000
-
vered ounces
Reco
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Near term organic growth from existing assets Acquisition growth from significant cashflow

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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 to w ards 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

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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$260M Share Price[(1)] A$1.62 Shares 163M Options[(2) ] 13M Cash & Bullion[(3)] A$41M Debt[(3) ] A$65M Largest Shareholder ≈4.6% Board and Mgmt ≈4%

Gold Production June Quarter 2010

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10,000
8,000
6,000
4,000
2,000
0
Apr-10 May-10 Jun-10
Edna May Cracow
Ounces
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(1) As at ASX market close 20 August 2010 (2) Exercise price A$0.82 – A$1.25 (3) As at 30 June 2010

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Favourable Valuation Metrics
EV/Reserve Ounce EV/ Resource Ounce
1600.0 A$/ounce A$/ounce
700
1400.0
600
1200.0
500
1000.0
400
800 . 0
300
600.0
200
400.0
200.0 100
0.0 0
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(1) Calculated based on share price July 2010 (2) Production figures are total of previous 4 quarters per Company announcements Source: CAH research

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Analysts DCF Valuations

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Target $/share $2.50 $2.50 $2.17 $2.50 $2.42 $2.02 $2.20
450
$407
400 $388 $384 $384 Avg = A$375M = $2.30 ps
$364
$353
$346
350
300
Present
250
Market Cap
200
150
100
50
-
Austock RCR Investec RBC Capital ERA Hartleys Foster
Markets
30 July 2010 13 July 2010 26 July 2010 27 July 2010 1 June 2010 27 July 2010 27 July2010
(A$ million)
NPV
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Source: Broker consensus estimates

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Resources & Reserves, and Edna May Flythrough

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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
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Note: Due to rounding small discrepancies may exist

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Edna May – Site Flyover

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Large 2.8 Mt plant 90-97 kozs FY2011
2:1 waste ore ratio Underground target drill commenced 12
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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 & Golden PointGneiss and new pit design

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Edna May Open Pit and Underground Potential
Design pit
outline
Existing
decline
Area of
Existing
potential
Resource Resource
ends here
growth
Drilling
Phase 1
2010
Open
down dip
& plunge
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Underground Oblique Section - Drill Intercepts & Flyover

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9m @
12.8g/t
17m @
6.1g/t
36m @
6.2g/t
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Ore below 300 metres is not included in Resource

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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

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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

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Cracow - Large 2M ounce epithermal system

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/t Au from 89.8m PHU010: 6.1m (5.3m) @ 10.6g/t Au from 102.3m PHU011: 10.7m (8.1m) @ 14.9g/t Au from 130.7m PHU014: 5.0m (3.6m) @ 18.0g/t Au 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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Why Invest in Catalpa?

Clear 5 year strategic growth plan Significant organic growth from existing assets Self funded growth from significant cash flow Excellent hedge book delivering high operating margins (33% Reserve hedged)

Attractive valuation metrics

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

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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

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