EVOLUTION MINING LIMITED — Investor Presentation 2012

Aug 5, 2012

Edna May Analyst Site Visit

5 August 2012

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Disclaimer

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• This presentation has been prepared by Evolution Mining Limited (“Evolution Mining”) and consists of slides for a presentation concerning the company. By reviewing/attending this presentation, you acknowledge and agree the following.

• This presentation includes forward-looking statements. Forward-looking statements inherently involve subjective judgement and analysis and are subject to a number of risks, uncertainties, contingencies and other factors, many of which are outside the control of, and may be unknown to, Evolution Mining. As such, actual results or performance may vary materially from those expressed or implied by forward-looking statements. The types of factors that could cause such variation in actual results or performance include (without limitation) commodity prices, operational problems and general economic conditions. Given these factors, under reliance should not be placed on forwardlooking statements, which speak only as at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Evolution Mining does not undertake any obligation to publicly update or revise any forward-looking statements contained in this presentation, including (without limitation) where Evolution Mining’s expectations change in relation to such statements and where there is a change in events, conditions or circumstances providing the basis for any such statement.

• No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability, fairness or correctness of the information contained in this presentation. To the maximum extent permitted by law, Evolution Mining and its related bodies corporate and affiliates, and each of their respective directors, officers, employees, agents and representatives, disclaim any liability or responsibility for loss or damage arising from or in connection with the use of the information contained in this presentation.

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Location

• 350km east of Perth, 45km from Merredin, 2km from Westonia, Western Australia

• 10km from Great Eastern Hwy and Trans Australia railway line

• Project development and construction 2009-2010, first gold pour April 2010

• Power: 8.5MW - grid power

• Water: In-pit bore backed up by bore field

• Drive-in-drive-out from Perth/Merredin

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• Local recruitment ~ 25%

• Accommodation village for 90 people

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Site Layout
Integrated
Waste (m)
Landform
Process (m)
Plant
Greenfinch
Edna May
Golden Point
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Edna May Crushing Circuit Stage Producing Mine Type Open pit Minerals Gold and silver Mineralisation type Reef structures and gold stockwork Throughput 2.6Mtpa Average grade 1.0g/t gold Recovery 90% FY13 production outlook 75,000 – 80,000oz FY13 cash cost outlook A$840-A$890/oz Current Mine Life 9 years Ore Reserves 0.9Moz gold Mineral Resources 1.7Moz gold	Edna May Crushing Circuit Stage Producing Mine Type Open pit Minerals Gold and silver Mineralisation type Reef structures and gold stockwork Throughput 2.6Mtpa Average grade 1.0g/t gold Recovery 90% FY13 production outlook 75,000 – 80,000oz FY13 cash cost outlook A$840-A$890/oz Current Mine Life 9 years Ore Reserves 0.9Moz gold Mineral Resources 1.7Moz gold
Stage	Producing
Mine Type	Open pit
Minerals	Gold and silver
Mineralisation type	Reef structures and gold stockwork
Throughput	2.6Mtpa
Average grade	1.0g/t gold
Recovery	90%
FY13 production outlook	Edna May Crushing Cir 75,000 – 80,000oz
FY13 cash cost outlook	A$840-A$890/oz
Current Mine Life	9 years
Ore Reserves	0.9Moz gold
Mineral Resources	1.7Moz gold

Edna May Overview

• Edna May open pit ore body:

• 200m wide, 800m long, 255m deep

 Current nine-year mine life

• Bulk mining:

• FY13F - 2.8Mtpa ore

 FY13F - 3.5Mtpa waste

 Plant throughput:

• FY11A - 2.4Mtpa

• FY12A - 2.4Mtpa

• FY13F - 2.6Mtpa

• FY13 Guidance

• 75,000 - 80,000oz

• A$840 - A$890/oz cash costs

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Edna May History

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• 1910 - Prospector Edmund Annear applied for the first mining lease in this area and named it Edna May after his aunt

• 1910 - High-grade underground mining commenced and suspended in 1922 due to underground water and ore depletion

• 1934 - High-grade underground mining commenced and was suspended in 1948 due to labour shortages due to World War II and underground water

• Gold production between 1910 and 1948 totalled 356koz grading 19.5g/t gold

• Tungsten was mined as a by-product during World War II

• 1985 - ACM commenced open pit mining and produced 274,000oz at 1.97g/t gold

• 1989 - 1992 ACM developed a decline and completed limited stoping

• 2010 - Catalpa Resources commenced bulk mining activities

• 2012 - Regional exploration and consolidation strategy commenced

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Safety

• Strong and participative safety culture

• Good track record ~10 TRIFR

• Targeting 15% improvement in FY13

• Initiatives include:

• Safety leadership training

• Major risk assessments

• Fit For Work initiative

• ERT training

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Edna May Crushing Circuit
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Performance

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Production

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100,000

75,000 - 80,000oz

80,000 73,264oz 65,593oz 60,000 40,000 20,000 0 FY2011A FY2012A FY2013F Production ounces (oz) Guidance Range

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Edna May Crushing Circuit
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• July 2012 record monthly production 8,500oz: higher than average grade, improved throughput

• 10-day planned shutdown in September quarter 2012

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FY12 Physicals

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	Units	Sep Qtr 2011	Dec Qtr 2011	Mar Qtr 2012	June Qtr 2012	FY2012
OP ore mined	000' t	508	617	723	667	2,666
OP mined grade	g/t	0.97	1.13	1.07	1.11	1.07
OP waste mined	000' t	1,123	1,573	1,279	1,496	5,470
Total tonnes processed	000' t	596	623	541	613	2,373
Head grade	g/t	1.02	1.11	1.05	1.11	1.07
Gold recovery	%	87.0	90.1	89.5	90.7	89.4
Total gold produced	oz	17,083	20,006	16,312	19,863	73,264
Total silver produced	oz	8,906	5,108	5,711	5,473	25,198

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Mining

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Cutback Outlines: Plan view
Process
F
Plant
C
B
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Cutback Outlines: Plan view

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Cutback Outlines: Section view

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• Current Final Design

• Total depth of 255m

• Pit length east to west ~1km

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B
C
F
110m below surface
155m below surface
255m below surface
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Mining Fleet

• Dry Hire Model

• 1 x EX 1900 Excavator - Primary digging

• 1 x EX 1200 Excavator - Batter and backup

• 7 x Cat 777 dump trucks

• Force Equipment: supply and maintenance of mobile equipment

• Monthly fixed cost for labour, infrastructure and overheads

• Variable cost per SMU hour for all equipment: fixed rate per hour

• Consumables - fuel, tyres, oils, lubricants at cost +10%

• Wallis Drilling: cost per metre

• Orica: bulk and initiating explosives

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Continuous Improvement

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• 6.3Mtpa Total movement FY13

• 2.8Mt Ore & 3.5Mt Waste

• Ore-bound in 3 months

• Improved fragmentation

• Improved void management

• Improved scheduling

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• Productivity and efficiency of mining fleet

• Engaging business partners for cutback fleet options (e.g. 360t digger & 180t trucks)

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Processing

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Process Plant Overview

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Conventional CIL Plant

• Refurbished plant from Big Bell

• Trio 5442 Jaw Crusher (-115mm)

• 2kW SAG and 3.7MW Ball Mill

• Gravity circuit with approx 45% recovery

• 2 x 2000m[3] leach tanks

• 6 x 1100m[3] adsorption tanks

• Pressure Zadra elution circuit

• Tailings Thickener

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Continuous Improvement

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• Plant availability

Tonnes Processed

• Maintenance systems: technical specialists support

• 84% mill utilisation targeting 90% FY13

• Critical spares

• Plant throughput

• Studies to increase plant throughput above 3Mtpa via secondary crushing to produce circa 100kozpa

• Evaluating tenders

• Construction of process water bore field and pipeline now complete

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2,650
2,600
2,600
2,550
2,500
2,450
2,400 2,373
2,350 2,316
2,300
2,250
2,200
2,150
FY11A FY12A FY13F
Tonnes (kt)
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Exploration

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Mine Geology

Geology

• Westonia Greenstone Belt

• Mafic and Ultramafic greenstone sequence

Ore Body

• High grade quartz reefs hosted in a mineralised Gneiss and halo mineralisation

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300m
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Existing open pit resource 300m below surface
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Edna May Gneiss
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Dimensions

• 200m wide x 800m along strike x 255m deep

• Amenable to bulk mining

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Exploration – Regional Consolidation

• Regionally >2.5Moz gold endowment remains in-situ; ownership of prospective greenstones is reasonably fragmented

• Potential to deliver higher grades and higher value feed to the Edna May plant

• Leverage off existing infrastructure at Edna May

• Opportunities vary from greenfield exploration targets to immediate development opportunities

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Exploration Focus

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• FY13 exploration budget of A$1.7m

• Targeting high-grade primary and oxide ore sources

• All targets are within hauling distance of the EMO process plant

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Perrins

• Within 6km of Edna May process plant

• Targeting high-grade and oxide resources

• Recent shallow drill results include:

• 8m grading 10.87g/t Au from 23m

• 7m grading 2.74g/t Au from 17m

• Follow-up drilling is planned

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Perrins
Edna May
6km
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Diamond drilling at Perrins
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Greenfinch

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• High-grade mineralisation extended 150m down-dip

• Resource update 2HFY2013 and further drilling planned

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Holleton

• Agreement to acquire from Independence Group NL signed June 2012

• Substantial ground holding; prospective for high-grade Archaean gold deposits

• Early stage: Symes Find, Brahma, Holleton Central

• Multiple untested targets; anomalous geochemistry and geophysics

• Strategic landholding to leverage off infrastructure at Edna May

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FY13 Target
Areas
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Symes Find

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• Surface gold anomaly over 1.5km, ~500m in width at >200ppb gold

• 50ppb gold contour covers an area approximately 2km x 750m

• Oxide mineralisation from surface - open along strike

• Primary mineralisation potential at depth

• Further drilling planned

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People

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People

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• Emphasis on local recruitment ~ 25% local hires

• Favourable roster: 8 days on, 6 days off

June Quarter Manning Evolution 150 Contractors 40 Total 190

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Future

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Future

• Short term (0-3 months): Resolution of plant throughput constraints

• Medium term (3-9 months):

• Increased throughput options (secondary / tertiary crushing)

• Underground development strategy

• New team in place to drive improvements

• Exploration programs

• Resource extension: Life of Mine

• Progress oxide and high-grade satellite mill feed sources: higher value

• Identify new regional deposits

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Appendix

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Process Flowsheet

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Edna May Mineral Resources

June 2011 (including Ore Reserves)

	Measured	Measured		Indicated	Indicated		Inferred	Inferred		Total Measured, Indicated & Inferred	Total Measured, Indicated & Inferred	Total Measured, Indicated & Inferred
	Million	Gold	'000	Million	Gold	'000	Million	Gold	'000	Million	Gold	'000
	Tonnes	g/t	Oz	Tonnes	g/t	Oz	Tonnes	g/t	Oz	Tonnes	g/t	Oz
Greenfinch	0.9	1.1	31	2.6	1.0	83	0.6	1.0	20	4.1	1.0	134
Edna May & Golden
Point	19.7	1.0	660	15.5	1.0	494	10.0	0.9	276	45.2	1.0	1,430
Edna May
Underground	-	-	-	0.63	7.2	145	0.58	6.9	127	1.2	7.0	273
Stockpiles	-	-	-	2.2	0.5	38	-	-	-	2.2	0.5	38
TOTAL	20.5	1.0	691	20.9	1.1	761	11.2	1.2	423	52.1	1.1	1,764

* Note: Edna May Underground Mineral Resource reported at 27 February 2012

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Edna May Ore Reserves June 2011

June 2011

		Proved			Probable	Probable	Total Proved Probable	Total Proved Probable	and
	Million	Gold	'000	Million	Gold	'000	Million	Gold	'000
	Tonnes	g/t	Oz	Tonnes	g/t	Oz	Tonnes	g/t	Oz
Greenfinch	0.8	1.1	28	1.7	1.0	58	2.5	1.1	86
Edna May & Golden
Point	14.4	1.1	504	8.5	1.1	298	22.8	1.1	803
Edna May
Underground	-	-	-	-	-	-	-	-	-
Stockpiles	-	-	-	2.2	0.5	38	2.2	0.5	38
TOTAL	15.2	1.1	532	12.4	1.0	394	27.5	1.1	927

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Competent Person Statement

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The information in this presentation that relates to exploration results, Mineral Resources or Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis by the employer named in that row and is a member of the institute named in that row. Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he or she has undertaken to qualify as a Competent Person. Each person named in the table consents to the inclusion in this report of the matters based on his or her information in the form and context in which they appear.

Result/Resource/Reserve	Competent Person	Employer	Institute
Edna May Resource Definition and Exploration Results	Luke Cox	Evolution Mining Limited	Australasian Institute of Mining and Metallurgy
Edna May underground and stockpile Mineral Resource	John Winterbottom	Evolution Mining Limited	Australian Institute of Geologists
Edna May Mineral Resources (other than UG Mineral Resource)	Nicolas Johnson	MPR Geological Consultants PtyLtd	Australian Institute of Geoscientists
Edna May Ore Reserve (excluding Stockpile Reserve)	Harry Warries	Coffey Mining Pty Ltd	Australasian Institute of Mining and Metallurgy
Edna May Stockpile Ore Reserve	John Winterbottom	Evolution Mining Limited	Australian Institute of Geologists

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