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ASX Codes

Shares: CAH Options: CAHOB

Shares on issue: 177,954,355

11 March 2011

PRESENTATION BY BRUCE McFADZEAN, MANAGING DIRECTOR AND CEO

Share Price Current:

A$1.62 (10 March 2011)

12 month range: A$2.27 (high) - A$1.18 (low) Market Capitalisation: A$290 million

Catalpa Resources Limited (ASX:CAH) is pleased to provide a presentation given by Bruce McFadzean, Managing Director and CEO, at the Schroeder Equities Conference, Zurich, and the Minesite Investor Forum, London, as part of the UK and European road show.

Board of Directors

Non-exec Chairman MD and CEO Non-exec Director Non-exec Director Non-exec Director Non-exec Director

Mr Peter Maloney Mr Bruce McFadzean Mr John Row e Mr Barry Sullivan Mr Graham Freestone Mr Murray Pollock

Senior Management Erik Palmbachs

Erik Palmbachs CFO & Company Secretary Stuart Pether COO Nick Winnall Manager Exploration Adrian Pelliccia Manager Bus Dev John Winterbottom Manager Geology John Fraser GM - Edna May Raelene Wyatt Manager HR

For further enquiries contact:

Bruce McFadzean Managing Director and CEO Catalpa Resources Limited Tel +61 8 6216 9700

Adrian Pelliccia

Manager Business Development Catalpa Resources Limited Tel +61 8 6216 9700

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UK & European Investor Presentation March 2011

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Growing Gold, Growing Value

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.

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.

Outline

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Item

Presenter

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Company Overview HY Dec 2010 Update Edna May Gold Project Cracow Gold Project Investment Summary Appendix

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Bruce McFadzean, Managing Director and CEO

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Company Overview

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Corporate Snapshot

ASX Code CAH ASX Top 300 ASX Market Cap[(1)] A$295 million Shares 178 million Options[(2)] 14 million Cash & Bullion[(3)] A$50 million Debt[(3) ] A$59 million Producing operations Two gold mines Forward Sales[(1)] 309,600 ounces at Register Composition A$1,557/ounce H1 2010 C1 Cash Costs[(4)] A$769/ounce Institutions and Funds Mineral Resources[(5)] 2.2 million ounces Retail Ore Reserves[(5)] 1.1 million ounces Management As at ASX market close 7 March 2011 Exercise price A$0.83 – A$1.69 As at 28 February 2011 C1 cash cost represents the cost for mining, processing and administration, including accounting movement of stockpiles and gold in circuit. It does not include costs for exploration, mine development, royalties or processing mill capital works. It includes net proceeds from by-product credits. 5

(1) As at ASX market close 7 March 2011
(2) Exercise price A$0.83 – A$1.69 (3) As at 28 February 2011

(4) C1 cash cost represents the cost for mining, processing and administration, including accounting movement of stockpiles and gold in circuit. It does not include costs for exploration, mine development, royalties or processing mill capital works. It includes net proceeds from by-product credits. (5) Depleted as at 30 June 2010

Why Invest in Catalpa?

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Long mine life (nine years)

Production growth

Significant cash operating margin Two operating gold mines

Highly prospective multi-million ounce gold belts

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Strategic investment with attractive gold production growth opportunities, delivering shareholder value

High grade underground opportunity

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Delivering Shareholder Value
FY2008 FY2010
Under-valued Apply new
Asset strategy Delivering on Five Year
Strategic Growth Plan
Reserve
Reserve
1,020,000
540,000 ounces ounces Shareholder Value
A$20 million A$295 million Two Year Share Price Growth
Market Cap Market Cap $2.50
$2.00
No Mine Two Mines
$1.50
$1.00
$0.50
$0.00
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Delivering Shareholder Value

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Source – IRESS As at 7 March 2011

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Organic Growth from Existing Assets

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Cracow growth (30%) Edna May underground opportunity Edna May mill Expansion to 3.2Mtpa Edna May high grade regional opportunities

Note: ‘Ounces per annum’ are management estimates only

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HY Dec 2010 Update

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Delivering Shareholder Value

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46,082
50,000
+ 40,000 ounce
40,000 35% growth
30,000
20,000
65%
10,000
2,904
-
HY Dec 09 HY Dec 10
Edna May Cracow (30%)
Ounces
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Record HY Dec 10 consolidated gold production of 46,082 ounces

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Delivering Shareholder Value (Cont’d)

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1. Operating Profit (A$’000s) 2. Net Profit Before Tax (A$’000s)
10,000 9,081
4,000
3,017
+ 10x
8,000
increase 2,000
6,000
0
4,000
-2,000 + A$6,856
2,000 803 increase
-4,000
0 -3,839
HY Dec 09 HY Dec 10 HY Dec 09 HY Dec 10
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Result reflects transformation from an explorer and developer into one of Australia’s fastest growing gold miners

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Delivering Shareholder Value (Cont’d)

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3. Gold Sales (A$’000s) 4. Earnings Per Share (cents)
48,060
50,000
2.00
40,000 + A$40m
increase 1.50
1.21
30,000
1.00
20,000
0.50
10,000
3,633 n.m.
0.00
0
HY Dec 09 HY Dec 10 HY Dec 09 HY Dec 10
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Commissioning of Edna May delivers substantial revenue and provides platform for growth

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Resource Growth Driven By Exploration Success

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Group Resource Growth 2,500 Annual Growth Rate: ~ 17% 2,176 2,000 1,913 1,500 1,363 1,366 Open 1,000 Open 500 0 Open FY2007 FY2008 FY2009 FY2010 Significant growth potential at under-explored historic gold operations

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High Grade, High Value

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Group Ore Reserve Growth
1,400
1,200 Annual Growth Rate: ~ 25%
1,069
1,024
1,000
800 738
600 544
400
200
0
CY2007 CY2008 CY2009 CY2010
Ounces ('000s)
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Edna May Gold Project

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Edna May – Snapshot

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Edna May Gold Production
Mine Life:
40,000
Nine years 30,561
30,000
Ramp-up Sep
Low Strip ratio:
Quarter 2010
2:1 20,000
Ore Reserves: 10,000
-
1.0m ounces
0
Not in production
Mineral Resources: HY Dec 09 HY Dec 10
1.7m ounces
Plant Capacity:
2.8mtpa
Plant Recovery:
91.5%
Location:
Western Australia
Ounces
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Edna May – Highlights

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Record half-year gold production of 30,561 ounces

Production

Production ramp-up September quarter 2011
Gold production delivered into hedge book at A$1,557/ounce

Plant Performance

Plant operating at nameplate 2.8Mtpa
3.2mtpa plant upgrade planned in-line with BFS

Reconciliation

Resource and grade control models reconcile within 0.1g/t of gold production
New high grade underground Mineral Resource of 660,000t @ 9.1g/t
for 195,000 ounces - Targeting high grade ore delivery early 2012

Resource Growth

• Resource definition drilling success - new high grade zones defined, broad high grade mineralisation identified 7.07m @ 25.5g/t gold , 4.93m @ 33.3g/t gold and 12.20m @ 7.5g/t gold

Opportunities

Tungsten recovery - potential for >A$50/ounce cost benefit through
tungsten credit and improved gold recovery
Regional acquisition and growth opportunities continue to be assessed

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Edna May Delivering Production Growth

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Resource Growth

A$5m accelerated resource expansion drill programs 2011 planned at the high potential, under-explored Edna May, Golden Point and Greenfinch gold corridors

High Grade Underground Potential

Infill drilling planned 2011 – 2 drill rigs
Mineral resource update Mar/Apr 2011
Underground mining studies commenced targeting high grade ore delivery early 2012

Plant Throughput & Reliability

A$3.9m tailings thickener and A$0.6n fine carbon screen under construction
Secondary crusher trials for planned BFS mill upgrade to 3.2mtpa underway
Plant reliability and critical spares review

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Edna May – Fast Growing, Strong Potential
2010 2011
2010
2009-2010 First Gold Underground
Commenced
Plant
Pour Studies
Construction Open Pit Mining
Commenced
Mid Tier Gold Producer
1910 2006 2009 2009 2010 2010 2010 2011 2011
Historic Edna May Greenfinch Edna May Ore First Gold Golden Maiden Underground Drilling
gold Feasibility Ore Reserve Reserve update Pour Point Underground Resource update Programs
discovery Update Resource Resource Underway
Vast Exploration Upside
Target
Target Target
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Edna May – Fast Growing, Strong Potential

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The Edna May Underground Opportunity Indicative Timetable to High Grade Ore Production

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	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable	Edna May Underground Potential - Indicative Timetable

	2010		2013 2011 2012
UG Evaluation Maiden UG Resource Stage 1 Edna May Infill Drilling Stage 2 Edna May Infill Drilling Stage 3 Edna May Infill Drilling Edna May Deeps Drilling Greenfinch Drilling Mineral Resource Udate Sept Qtr		Dec Qtr Mar Qtr	Jun Qtr Sept Qtr In Progress In Proress In Pro		Dec Qtr Mar Qtr gress	Jun Qtr	Sept Qtr	Dec Qtr	Mar Qtr
p UG Mining Study Ore Reserve Estimate Borefield Establishment Decline Rehabilitation UG Infill Drilling Trial Mining and UG Dev Ramp up UG Ore Production Full Scale Production			g In Pro	gress

Full scale production ramping Edna May output to 140,000+ ounces p.a.

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Edna May Drilling Success

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Confirmed high-grade gold continuity of mineralisation beneath Edna May open pit
Identified new high-grade zones in hanging wall of Edna May Gneiss

Accelerated • Identified broad zones of high-grade gold mineralisation Drilling including; 7.07m @ 25.5g/t gold, 12.20m @ 7.5g/t gold, 3.93 m @ 33.3g/t gold Programs

Results anticipated to improve Mineral Resource confidence to the Indicated category in a portion of target area
Mineralisation remains open at depth, down dip and along strike

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Cracow Gold Project

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Cracow – Snapshot

Mine Life: >two years

30% owned – Joint Venture with Newcrest Mineral Resources (100%): 1,000,000 ounces Ore Reserves: (100%) 230,000 ounces Plant Capacity: 550,000tpa Plant Recovery: 92%

Location: Queensland, Australia

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Cracow Gold Production (30%)

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20,000
1000
15,521
800
600
10,000
400
2,904
200
0
0
Ounces
C1 Cash Cost / Ounce
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HY Dec 09 HY Dec 10
Ounces Produced 30% C1 Cash Cost / Ounce
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Cracow – Highlights

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Consistent gold production with 15,521 ounces produced 2H2010
Production • Cash operating cost of A$518/ounce 2H2010
• Plant upgrade to 550,000tpa on schedule with practical completion
Plant Performance March qtr 2011
• Accelerated exploration programs targeting high grade epithermal gold mineralisation to increase Mineral Resource and Ore Reserves
• Exploration success with the extensions to the western epithermal
Resource Growth field by several hundred metres to the south
• Exploration success at the historic Golden Plateau mine with the intersection of 7m @ 5.9 g/t gold
• Drill results in line with expectations within Kilkenny and Empire
Resource Definition shoots with best intersections including 19m @ 13.0g/t gold and 27m @ 11.0g/t gold

Note: C1 Cash Cost represents the cost for mining, processing and administration, including accounting movements for stockpiles and gold-in-circuit. It does not include costs for exploration, mine development, royalties or processing mill capital works. It includes net proceeds from by-product credits.

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Cracow - Large 2M ounce epithermal system

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Golden Plateau Exploration Drilling 7.0m @ 5.9g/t gold from 225m in CGP023

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30% - JointVenture with Newcrest Safe and productive mine Significant exploration upside Kilkenny and Golden Plateau drill results positive

Kilkenny Resource Definition Drilling 27.4m (21.1) @ 3.8g/t gold from 340m in KKU051 19.0m (10.6) @ 13.0g/t gold from 119m in KKU054 27m (9.7) @ 11.0g/t gold from 278m in KKU062 3.0m (2.0) @ 20.0g/t gold from 101m in KKU053 6.3m (4.8)@ 7.7g/t gold from 179.7m in KKU060

Resource and Reserve upgrade in 2010

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2005 – Discovered
Kilkenny Structure 2009
2002 –
1995 – Newcrest and 2001 – Discovered Encouragement
Sedimentary form 70/30 JV to Discovered along strike
explore Cracow Field Crown Shoot Sovereign, 2008 Kilkenny (south) of Kilkenny 2010 – Golden
targeting epithermal mineralisation Discovered Royal 1999 – StructuresEmpire & Phoenix (200,000oz Resource inferred) Resource – New Shoot ?? Plateau and Kilkenny SE
Shoot exploration
success
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Cracow – Discovery History

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

mainly from Golden Plateau

2011 Drilling Programs Underway

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Investment Summary

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Why Invest in Catalpa?

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Long mine life (nine years)

Production growth

Significant cash operating margin Two operating gold mines Highly prospective multi-million ounce gold belts

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Strategic investment with attractive gold production growth opportunities, delivering shareholder value

High grade underground opportunity

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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 Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals 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.

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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 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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Appendix

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Edna May, Golden Point & Greenfinch Open Pit

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Greenfinch 8% Reserve ounces

Edna May 88% Reserve ounces

Golden Point 4% Reserve ounces

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

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Edna May, Golden Point & Greenfinch Long Section

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Comparable Company Metrics Operating Cash Margin

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$900
$800
Catalpa Forecast [3]
$700 Saracen
$600 Avoca [2] Catalpa
Dominion
Norton
$500 St Barbara
Focus
$400
$300
$200
$100
$0
0 2 4 6 8 10 12
Mine Life (yrs)
A$/ounce
1
Operating Cash Margin
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Source: Intierra, Surbiton, Company Quarterly Reports Notes

Operating Cash Margin based on a spot price of A$1400 reported company Quarterly Reports Dec '10
Avoca - has been delisted as of 21 Feb 2011 following merger with Anatolia Minerals
Catalpa cost/ounce reflects forecast production FY11 post production ramp-up

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Comparable Company Metrics Analyst NAV Valuations

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Pt/share $1.94 $2.45 $2.40 $2.50 $2.40 $2.50 $2.34 $2.14
450
$408 $408
$398
400 $381
$374
$363
$352
$342
350
Broker NAV
300
Consensus
250 CAH Mkt
Cap
200
150
Austock Bell Potter Macquarie Investec RBC Capital ERA Hartleys Foster
Feb 2011 Jan 2011 Feb 2011 Jan 2011 Jan 2011 Oct 2010 Jan 2011 Jan 2011
NPV (A$ million)
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Source: Broker Reports 1. NAV is Net Asset Valuation

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Source: Broker consensus estimates

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A Strong and Experienced Board

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PETER MALONEY, Non-Executive Chairman

Mr Maloney has significant commercial, financial and management experience, including a long career with WMC Resources, where he held the positions of Treasurer, Executive Vice President (Americas) and Manager Commercial and Marketing (WA). He has been Executive General Manager, Finance at Santos, Chief Financial Officer at FH Faulding, and Director of Indophil Resources and Barra Resources, as well as Chief Financial Officer of Lion Selection since 2003

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BRUCE MCFADZEAN, Managing Director/CEO

Mr McFadzean brings over 30 years of management, mining, processing and project "start up" experience to Catalpa, half of which was gained in the employ of Rio Tinto and BHP Billiton. He also has broad commodity experience in a wide range of roles including corporate, managerial, technical and operational. Mr McFadzean is a non-executive director of Venture Minerals Limited

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BARRY SULLIVAN, Non-Executive Director

Mr. Sullivan is an experienced and successful mining engineer with a career spanning 40 years, including 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 worked with a number of smaller exploration and mining companies

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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.

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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 finance, corporate and commercial background obtained from various senior finance positions with the Shell Group, Acacia Resources and AngloGold. Graham was involved in the float of the Shell Group’s mineral interests through Acacia Resources Limited

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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

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GM Edna May 25 years 25 years 1

JOHN FRASER Processing Experience Operations Experience Project Start up

BRUCE MCFADZEAN Mining Experience Operations Experience Project Start up

Managing Director/CEO 32 years 27 years 6

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ERIK PALMBACHS Finance Experience Mining Experience Project Start up

CFO/Company Secretary 29 years 17 years 3

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ADRIAN PELLICCIA Mining Experience Operations Experience Project Start up

Manager Bus Dev 11 years 6 years 2

Exploration Manager 35 years 30 years

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NICK WINNALL

STUART PETHER Mining Experience Operations Experience Project Start up

COO

Exploration Experience In-field Experience

20 years 15 years 1

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JOHN WINTERBOTTOM Manager Geology Mining Experience 15 years Resource Evaluation 15 years Project Start up 3 years

Hand picked management team Sound blend of skills in engineering, geology, metallurgy & finance Significant technical and operating expertise Experienced start-up team

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For more information, please contact:

Donna Kelly, Investor Relations Advisor Tel: +61 8 9321 3088 [email protected]

Level 1, 9 Havelock Street, West Perth Western Australia, 6005 Ph: +61 8 9321 3088 Fax: +61 8 9321 8804

www.catalparesources.com.au

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AI assistant

EVOLUTION MINING LIMITED — Investor Presentation 2011

64885_rns_2011-03-10_d513f67e-101a-41fb-a2bc-018b8459b6c8.pdf

ASX Codes

PRESENTATION BY BRUCE McFADZEAN, MANAGING DIRECTOR AND CEO

A$1.62 (10 March 2011)

Board of Directors

For further enquiries contact:

Disclaimer

Outline

Presenter

Company Overview

Corporate Snapshot

Why Invest in Catalpa?

Long mine life (nine years)

Production growth

Delivering Shareholder Value

Organic Growth from Existing Assets

HY Dec 2010 Update

Delivering Shareholder Value

Delivering Shareholder Value (Cont’d)

Delivering Shareholder Value (Cont’d)

Resource Growth Driven By Exploration Success

High Grade, High Value

Edna May Gold Project

Edna May – Snapshot

Edna May – Highlights

Plant Performance

Reconciliation

Resource Growth

Edna May Delivering Production Growth

Edna May – Fast Growing, Strong Potential

The Edna May Underground Opportunity Indicative Timetable to High Grade Ore Production

Full scale production ramping Edna May output to 140,000+ ounces p.a.

Edna May Drilling Success

Cracow Gold Project

Cracow – Snapshot

Cracow Gold Production (30%)

Cracow – Highlights

Cracow - Large 2M ounce epithermal system

Cracow – Discovery History

Investment Summary

Why Invest in Catalpa?

Long mine life (nine years)

Production growth

Competent Persons

Appendix

Edna May, Golden Point & Greenfinch Open Pit

Edna May, Golden Point & Greenfinch Long Section

Comparable Company Metrics Operating Cash Margin

Comparable Company Metrics Analyst NAV Valuations

A Strong and Experienced Board

PETER MALONEY, Non-Executive Chairman

BRUCE MCFADZEAN, Managing Director/CEO

BARRY SULLIVAN, Non-Executive Director

JOHN ROWE, Non-Executive Director

GRAHAM FREESTONE, Non -Executive Director

MURRAY POLLOCK , Non-Executive Director

Management Team: Mining, Operational & Start-up Experience

NICK WINNALL

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EVOLUTION MINING LIMITED Investor Presentation 2011