EVOLUTION MINING LIMITED — Investor Presentation 2010

Apr 26, 2010

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Khandaker Investor Conference, Broker & Investor Presentation New York, Boston and Toronto 26 – 30 A 2010 pr

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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, performance or achievements to differ materially from those expressed, implied or projected in any forward‐looking statements.

C ata pa l di sc a ms any l i i ntent or o bli gat on to up i d ate pu bli c y any l f orwar d ‐ oo l ki ng statements, w h et h er 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 comm tment i or i nvestment d ec s on i i re at ng l i to any secur t es i i i n C ata pa. l A ny d ec s on i i regar di ng any proposed subscription for securities in Catalpa must be made solely on the basis of information on Catalpa that is publicly available.

The Catalpa 2009 Growth Story All currencies in Australian dollars (A$)

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Project A$39M Merger 30,000 oz Mid Tier Gold Debt Equity Commences Producer Producer May A$68M Raised 2010 July 2009 March 2010 Hedge Construction Merger Construction First Gold 350,000 oz Commences Finalised Complete Imminent A$1,557/oz

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Current Structure – Catalpa set for growth

Cata pa l Resources Limited (CAH) Edna May Cracow Joint Cracow Pre‐ Target Operations Pty Venture (30%) emptive Right Acquisition Ltd (100%) 100k oz/yr production[(1)] 30k oz/yr production (30%) Catalpa is targeting to Reserves 954k oz Reserves 70k oz (30%) grow production towards Resource 1.66M oz Resource 250k oz (30%) 270,000 recovered gold 1st gold pour May 2010 Operating mine ounces per year >9 y ear mine life ~6 y ear mine life Market Cap[(2)] A$240million Shares[(3) ] 161 million Options 16 million Cash[(3) ] A$28 million Debt A$49 million Largest shareholder ~7.0% Avg annual cash operating margin[(1)] ~A$80 million

(1) When Edna May is at full production and including 30% share of Cracow (2) As at ASX market close 19 April 2010

(3) Post entitlement offer and debt restructure at 31 March 2010

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A Strong and Experienced Board (post merger)

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, 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 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

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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.

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Management Team – Mining, Operational & Start‐up Experience

BRUCE MCFADZEAN Managing Director/CEO Mining Experience 31 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

BRUCE MCFADZEAN Mining Experience Operations Experience Project Start up

JOHN FRASER Resident Manager Processing Experience 25 years Operations Experience 25 years Project Start up 1 ADRIAN PELLICCIA Manager Geology Mining Experience 11 years Operations Experience 6 years Project Start up 2 NICK WINNALL Exploration Manager Exploration Experience 35 years In‐field Experience 30 years

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

SignificantTechnical and Operating expertise Experienced start‐up team

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Favourable Valuation Metrics

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EV/Reserve [(1)] EV/Resource [(1)]
300
600
250
500
Weighted average
EV/ Reserve Oz 200
400
Weig h te d average
300 150 EV/ Resource Oz
200 100
100 50
0 0
Kingsgate Dominion Avoca Catalpa Resolute St Barbara Kingsgate Dominion Avoca Catalpa Resolute St Barbara
Catalpa production estimate compared to
selected 2008/9 [(2)] Australian gold producers
350
300
250
200
150
100
50
0
Resolute St Barbara Kingsgate Avoca Catalpa Dominion
Market Cap
(A$m) 376 498 860 483 240 306
15 Feb 2010
(1) Calculated based on share price 15 February 2010
(2) Production figures are total of previous 4 quarters per Company announcements 7
Source: Austock research
'000 Oz Au
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Favourable Cash Margin

Catalpa offers above average operating cash margins relative to its peers

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Cash Margin (Cash cost* vs Spot Gold @ A$1,225/oz)

Market Cap A$ $559m $1158m $860m $240m $430m $483m $560m $306m $376m $498m $301m @ 15/2/10 1,200.0

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1,000.0
800.0
Average Cash Operating Margin
600.0
400.0
200.0
‐
Medusa Andean Kingsgate Catalpa Oceana Gold Avoca Perseus Dominion Resolute St Barbara Allied
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*source: Company announcements taking into account any hedged positions

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A Diversified Australian Mid Tier Gold Producer

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(1)
Edna May 100% Cracow 30% [(1)]
Type Open Pit Type Underground
Annual Production
Annual Production 100k oz [(a)]
- 100% 100k oz
Processing Capacity 2.8 Mtpa -
30% 31k oz [(2)]
Reserve 954k oz Process Capacity 0.44 Mtpa
Reserve
Resource 1.66m oz
- 30% 70k oz [(3) ]
Cash Cost (pre royalty) A$636/oz
Resource
Annual avg cash operating margin A$72m pa [(b)] - 100% 840k oz [(3)]
-
30% 250k oz [(3)]
Hedging:
Cash Cost A$<600/oz [(4)]
352,317 Oz @ A$1,557.5/oz
Unhedged
(a) In construction, 1 st gold pour May 2010 (1) Cracow is 70% owned and o p erated b y NCM
(b) based on A$1383/oz gold price post royalty Cairns (2) figures taken from NCM Annual Report 2009
(3) LST Scheme Booklet, 12 October 2009
(4) Based on NCM reports
Brisbane
Ka goorl lie
Perth
Sydney
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Edna May & Cracow Mineral Resources and Edna May Flyover

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Edna May – Commissioning Update & Site Layout Flyover

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2. 8 M t p ant l Commissioning advanced
2:1 waste ore ratio Project ahead of schedule and within budget
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Catalpa – Project and Drilling Timeline
2010 2011
Q1 Q2 Q3 Q4 Q1 Q2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Construction
Commissioning
First Gold
Pre‐strip
Production Ramp Up
Full Production
Golden Point Drilling
Golden Point Reserve
Regional RAB Drilling
Surface Stockpile Drilling
Edna May Open Pit Resource Definition Drilling
U/G Resource Definition Drilling Phase 1
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Edna May Gold Project Reserve Growth Target

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Edna May Gold Project Target Ore Reserve Upgrade Path
1.58M
1,600,000
1,400,000
1,200,000
1,000,000 2011 Reserve
Growth Path
800,000 2010 Reserve Growth
Path
600,000 2009 Reserve
Growth Path
400,000
200,000
0
unces
o
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Notes: Edna May Target Ore Reserve Upgrade Path is based on projected growth and conversion of existing Mineral Resources and assumed regional exploration success and or acquisition

Circled area represents the Golden Point , Stockpile and Regional drilling programs commencing in Jan/Feb 2010

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Open Pit and Underground Potential Flyover
Design pit
outline
Existing
decline
Existing
Resource
ends here
Drilling
Phase 1
2010
Significant
grade
intercepts
Open
down dip
& plunge
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Underground Potential – Section & Flyover

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9m @
12.8g/t
18m @
7.6g/t
33m @
7.8g/t
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Ore below 300 metres is not included in Resources

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Golden Point Open Pit and Underground Potential

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Greenfinch
10% ozs
Edna May
90% ozs
Golden Point
Reserve May
2010
Surface Expression of Edna May & Golden Point Gneiss and Inferred Resource Pit Optimisation outline
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Golden Point Open Pit Potential

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Further Regional Targets Flyover

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RAB arge t t s a ong greens l t one e b lt w ithi n 15 km of plant

Untested historical workings Magnetic lows – Edna May look‐alikes

Untested auger anomalies

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Cracow ‐ Unhedged Large Epithermal System

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• 30% JointVenture

• Newcrest ‐ 70% and sound operator

• Large 2M oz epithermal system

• Low cash cost producer <$550/oz

• E xp ora l ti on grow th – new s t ruc t ures an d ex t ens ons o i f structures

• 80 year production history

• 850,000 rec ozs from historical UG & OP mining events

• 460,000 rec ozs mined from present mining event

• Consistent production of >100,000 ozs pa for >4 years ~

• P ro d uc ti on 440 kt pa, recover es i 92 % , d ry an d s t a bl e mining environment

• South West Qld well located for stable workforce

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Cracow ‐ Strong Growth History, Producing Mine
2005 – Discovered
Kilkenny Structure 2009
1995 – Newcrest and 2001 – Discovered 2002 – E ncouragemenalong strike t
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
1931 – Payable gold
1875 – First Gold 1932‐92: Sporadic discovery
discovered (Golden Plateau)
Discovered and production of 850koz,
mainly from Golden Plateau
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Catalpa Growth Strategy

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Catalpa's Annual Strategic Growth Target
300,000
250,000
200,000
150,000
100,000
50,000
Edna May Edna May Edna May Cracow Cracow 3rd or Total
U/G Regional 30% Growth Other
30% Project
Edna May open pit [(1)] Cracow 30% [(4)]
Edna May underground [(2)] Cracow throughput upgrade 30% [(5)]
Edna May regional [(3)] Next project [(6)]
Recovered Oz’s
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• (1) Existing JORC compliant Ore Reserve

• (2) Estimated underground mineralisation presently not JORC compliant Mineral Resource

• (3) Potential regional deposits from CAH tenement exploration and other potential regional opportunities

• (4) Existing Cracow mining inventory 30%

• (5) Potential process plant throughput increases 30%

• (6) Potential 3[rd] project or potential acquisition of 70% of Cracow which may become available conditional on a reasonable valuation and desire to sell

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Why Invest in Catalpa

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An Australian gold producer – 2[nd] project producing May 2010 Excellent hedge book delivering high operating margins Significant exploration upside at both Edna May and Cracow

Att rac ti ve va ua l ti on me t r cs i An experienced, skilled & aligned Board and management team D emonstrate d trac k recor d ‐ Ed na M ay a h ea d o f sc h e d u e an l d within budget

cash flows to at Edna Cracow & Strong support growth May , beyond

Clear and sim le ath for rowth p p g

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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 b ase d on s n hi i f orma ti on n i th e orm an f d con t ex t n w i hi c h appears. it

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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