EVOLUTION MINING LIMITED — Investor Presentation 2012

Aug 5, 2012

Evolution Mining Diggers and Dealers Forum 2012

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6[th] August 2012 Jake Klein – Executive Chairman

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 forward-looking 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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Who we are

Corporate Information

ASX Code EVN Index S&P ASX200 Shares 707.6M Last Price[1] A$1.56ps Market A$1.1B Ca italisation p Daily Turnover[2] A$1.7M Cash[3] A$142.0M Debt[3] A$31.5M 224,177oz at Forward Sales[3] A$1,573/oz Major Shareholder Newcrest 33%

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Mt Carlton
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Cracow
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Cracow Gold Plant, Queensland
Pajingo
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Edna May
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Mt Rawdon
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1. As at 27 July 2012

2. 3 month average as at 27 July 2012 3. As at 30 June 2012.

Gold

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$2,000
Still in a gold bull market
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12
Source: IRESS
Spot Gold Price (US$/oz)
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Gold shares have underperformed

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$2,000 1.80x
$1,800
1.60x
$1,600
1.40x
$1,400
1.20x
$1,200
1.00x
$1,000
0.80x
$800
Producer P/NAV At Spot Gold
$600 0.60x
Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12
Camp construction
Investor frustration and anxiety is palpable
Gold (US$/oz)
P/NAV at Spot Gold
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Source: FactSet, Bloomberg, Stifel Nicolaus

Access to capital Precious Metals Mining Equity Financings

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16.0
14.0
TSX ASX
12.0
10.0
8.0
6.0
4.0
2.0
-
2009 2010 2011 2012 YTD
Camp construction
Capital has been cheap and easy
US$ billions
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Source: Thomson Reuters, CIBC World Markets

What is weighing gold stocks down?

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Resource Nationalism

Capital Blowouts

Failure to Meet Guidance

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The new normal

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Political Risk

• Will be more accurately priced

• Australia to be re-rated favourably

Capital Discipline

• Key focus

• Capital less freely available and more expensive

Dividends

• More focus on returning money to shareholders

Consolidation

• Will be more difficult and expensive to fund single asset companies

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Australian Gold Sector

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Market Cap (A$M)

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000	Change is required and is coming Single asset company Multiple asset company 17,978 Newcrest Regis Alacer Evolution Perseus Medusa Resolute Gold One CGA Kingsgate Silver Lake Endeavour OceanaGold Beadell St Barbara Nthn Star Troy Kingsrose Integra Allied Saracen Gryphon Norton PMI Gold Tanami Focus Ramelius Red 5 Azimuth Ampella Intrepid Sihayo Citigold Gold Road Unity

Where do you want to be?

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Last 5 years relative price performance

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900
800
Mid-tier producers have
700 delivered best returns
600
500
400
315%
272%
300
200 143%
100
37%
-
Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
Global Senior Producers Global Mid-tier Producers Global Developers Gold Price
Indexed price
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Global Senior Producers: Barrick Gold Corp., Newmont Mining Corp., Newcrest Mining Ltd., Goldcorp Inc., AngloGold Ashanti Ltd. and Gold Fields Ltd.

Global Mid-tier Producers: Evolution Mining, Semafo Inc., Randgold Resources Ltd., IAMGOLD Corp., African Barrick Gold PLC, Teranga Gold Corp., Avocet Mining PLC, Avion Gold Corp., Perseus Mining Ltd. and Resolute Mining Ltd. Global Developers: Keegan Resources Inc., Ampella Mining Ltd., Orezone Gold Corp., Banro Corp., Chalice Gold Mines Ltd. and Volta Resources Inc.

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Source: Credit Suisse
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Australia’s newest mid-tier producer

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• All assets 100% owned

 Excellent exploration potential

 3.5Mozeq Ore Reserves

 7.1Mozeq Mineral Resources

 Defined growth profile

Evolution FY13 Production Outlook 370koz – 410koz AuEq

Australia’s newest mid-tier producer

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Evolution created 2 November 2011

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Dec Q 2011 – 89,812oz at A$698/oz

Mar Q 2012 – 84,122oz at A$809/oz Jun Q 2012 – 97,149oz at A$762oz

FY2012 total production of 346,979oz – within guidance FY2012 average cash cost of A$771/oz – below guidance

Notes:

Production represents total production i.e. assumes 100% asset ownership at all dates. Ownership interest in Cracow increased from 30% to 100% on 2 November 2011, 100% of Mt Rawdon acquired 2 November 2011, and 100% of Pajingo acquired 18 October 2011.

Cash costs are before royalties and after silver credits.

Cracow

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• Consistent production – operating since 2004

• Produced 102,565oz at a cash cost of A$678/oz in FY12

• FY13 outlook of 90,000 – 100,000oz at a cash cost of A$780 – A$820/oz

120,000 101,724oz 102,565oz 90,000-100,000oz 100,000 80,000 60,000 40,000 20,000 0 FY2011A FY2012A FY2013F Production ounces Guidance Range

Mine Type	Underground
Minerals	Gold and silver
Mineralisation type	Low-sulphidation epithermal
Throughput	550ktpa
Average grade	6g/t gold
Recovery	93%
FY13 production outlook	90,000 – 100,000oz
FY13 cash cost outlook	A$780 – A$820/oz
Mine Life	5 years
Ore Reserves	0.24Moz gold
Mineral Resources	0.9Moz gold

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Pajingo

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• Field has produced 2.6Moz since 1996 – and excellent, demonstrable exploration upside remains

• Produced 75,747oz at a cash cost of A$780/oz in FY12; a 165% increase on FY11

• FY13 outlook of 85,000 – 90,000oz at a cash cost of A$730 – $780/oz

100,000 85,000-90,000oz 80,000 75,747oz 60,000 45,889oz 40,000 20,000 0 FY2011A FY2012A FY2013F Production ounces Guidance Range

Mine Type	Open pit and underground
Minerals	Gold
Mineralisation type	Low-sulphidation epithermal
Throughput	650ktpa
Average grade	6.2g/t UG and 3.6g/t OP
Recovery	95%
FY13 production outlook	85,000 – 90,000oz
FY13 cash cost outlook	A$730 – A$780/oz
Mine Life	5 years
Ore Reserves	0.14Moz gold
Mineral Resources	0.7Moz gold (excl. Twin Hills)

Edna May

• Turnaround underway; focus on reducing costs

• Produced 73,264oz at a cash cost of A$949/oz in FY12

• FY13 outlook of 75,000 – 80,000oz at a cash cost of A$840 – A$890/oz

• Studies to increase plant throughput to over 3Mtpa via secondary crushing completed – with positive results

100,000 75,000-80,000oz 80,000 73,264oz 65,593oz 60,000 40,000 20,000 0 FY2011A FY2012A FY2013F Production ounces Guidance Range

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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%
E FY13 production outlook	dna May Crushing Circuit 75,000 – 80,000oz
FY13 cash cost outlook	A$840-A$890/oz
Mine Life	9 years
Ore Reserves	0.9Moz gold
Mineral Resources	1.7Moz gold

Mt Rawdon

• Consistent production

• Produced 95,403oz at a cash cost of A$684/oz in FY12

• FY13 outlook of 95,000 – 110,000oz at a cash cost of A$600 – A$660/oz

• Higher production in FY13 due to access to higher grade ore sources

120,000 95,000-110,000oz 100,000 95,403oz 89,636oz 80,000 60,000 40,000 20,000 0 FY2011A FY2012A FY2013F Production ounces Guidance Range

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Mine Type	Open pit
Minerals	Gold and silver
Mineralisation type	Volcanic hosted
Throughput	3.5Mtpa
Average grade	1.0g/t gold
Recovery	90%
FY13 production outlook	95,000 – 110,000oz
FY13 cash cost outlook	A$600-A$660/oz
Mine Life	8 years
Ore Reserves	0.9Moz gold
Mineral Resources	1.0Moz gold

Mt Carlton

• Key growth project – commissioning on schedule for December quarter

• Project capital cost of A$145M is fully funded from cash and cashflow

• Mt Carlton to be the lowest cost mine in the portfolio in FY2014

• Greenfields development – discovered in 2006

• Significant exploration upside

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Stage	Construction
Mine Type	Open pit
Minerals	Gold, silver and copper
Mineralisation type	High-sulphidation epithermal
Throughput	800,000tpa
Average grade	V2 open pit – 3.7g/t gold eq.
FY13 ramp-up production outlook	25,000 – 30,000ozeq payable
Mine Life	12 years
Ore Reserves	1.3Moz gold equivalent
Mineral Resources	2.1Moz gold equivalent

10

Exploration and Discovery

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• Five projects in multi-million ounce provinces

• Strategic landholding >4,000km[2 ]

• Within the highly prospective Yilgarn Craton (WA), Drummond and Bowen Basins (Qld)

• Actively pursuing regional consolidation opportunities to leverage off existing infrastructure

• Technical expertise, critical mass and financial capacity to deliver exploration success

• Exploration strategy to deliver sustainable growth, extend mine life and concurrently explore transformational targets

FY13 exploration budget of A$28 million >100,000m drilling planned

12

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Exploration and Discovery

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Mt Carlton

• Regional exploration underway

• Highly prospective; early stage success

Pajingo

• New mineralised corridors identified

• Conceptual porphyry style targets

Mt Rawdon

• Regional exploration underway

Cracow

• New discovery at Coronation

• Exploration program to identify multi-million ounce targets in Southern Field

Edna May

• Potential near-surface resources identified

• Recent positive drilling results from Greenfinch and Perrins

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Exploration and Development Pipeline

Conceptual Preliminary Advanced Pre-Feasibility Mine Target Target Development FY13 exploration budget of A$28 million – 100,000m drilling planned V2 and A39 Edna May Coronation Underground Greenfinch Starlight Corridor Moonlight Capsize ~~Corridor~~ Mt Trend Rawdon Regional Ferneyside Aviary Mt Edna Mt Cracow Pajingo Cracow South Carlton May Rawdon Holleton

14

Meaningful Growth

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• Aggressive exploration – funded through strong balance sheet and cash flow

• A$28 million committed in FY2013

• Challenging debt and equity markets

• World-class understanding of Asia Pacific region

• Key competitive advantage

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Globally Competitive

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• Australian gold producer – alternate investment opportunity

• Operational predictability – delivering to promise

• Proven management team

• Financial strength

• Delivering meaningful growth

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Right place, right time – new Australian mid-tier gold producer

We Say, We Do, We Deliver

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Questions

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Appendix Ore Reserve Statement

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Proved Tonnes Gold Grade Ounces (Mt) (g/t) Au (koz)	Probable	Total
	Tonnes Gold Grade Ounces	Tonnes Gold Grade Ounces
	(Mt) (g/t) Au (koz)	(Mt) (g/t) Au (koz)
Edna May Open pit 15.2 1.1 532	12.4 1.0 394	27.5 1.1 927
Cracow Underground 0.2 8.1 61	0.8 6.8 182	1.1 7.0 244
Mt Rawdon Open pit 0.2 1.1 8	31.8 0.9 912	32.0 0.9 920
Pajingo Open pit	0.3 2.8 30	0.3 2.8 31
Pajingo Underground 0.1 5.7 10	0.5 6.6 100	0.5 6.5 110
(Mt) AuE (g/t) AuE (koz)	(Mt) AuE (g/t) AuE (koz)	(Mt) AuE(g/t) AuE (koz)
Mt Carlton Open pit 5.6 4.6 828	4.1 3.2 426	9.7 4.0 1,255
SUB TOTAL 21.3 2.1 1,439	50.0 1.3 2,044	71.2 1.5 3,486

Mt Carlton gold grades and ounces are reported on a gold equivalent basis for combined V2 and A39 deposits. Mt Carlton Ore Reserve on an elemental basis is 9.7Mt @ 2.6g/t Au, 55.1g/t Ag and 0.35% Cu for 812koz Au, 17.3Moz Ag and 34kt Cu

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Appendix

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Mineral Resource Statement

Measured Tonnes Gold Grade Ounces (Mt) (g/t) Au (koz)	Indicated	Inferred	Total
	Tonnes Gold Grade Ounces	Tonnes Gold Grade Ounces	Tonnes Gold Grade Ounces
	(Mt) (g/t) Au (koz)	(Mt) (g/t) Au (koz)	(Mt) (g/t) Au (koz)
Edna May Open Pit 20.6 1.1 690	20.2 0.9 612	10.6 0.9 296	51.4 1.0 1,598
Edna May **Underground ***	0.6 7.2 145	0.6 6.9 127	1.2 7.0 273
Cracow Underground 0.3 9.7 86	1.0 7.7 258	3.1 5.5 548	4.4 6.3 893
Mt Rawdon Open pit 0.2 1.1 8	36.3 0.9 1,015	0.2 0.6 4	36.7 0.9 1,026
Pajingo Open pit	0.3 3.0 30	0.1 1.0 0.3	0.3 3.0 30
Pajingo Underground 0.2 5.4 35	2.5 4.7 375	2.4 3.8 288	5.0 4.3 698
Twin Hills 0.5 4.1 71	2.7 2.3 205	1.4 2.8 123	4.6 2.7 398
(Mt) AuE (g/t) AuE (koz)	(Mt) AuE (g/t) AuE (koz)	(Mt) AuE (g/t) AuE (koz)	(Mt) AuE (g/t) AuE (koz)
Mt Carlton Operations1 14.6 2.8 1,370	11.3 2.0 727	1.5 1.3 62	27.4 2.4 2,159
SUB TOTAL 36.4 1.9 2,260	75.0 1.4 3,367	19.8 2.3 1,448	131.0 1.7 7,075

• 1: Mt Carlton gold grades and ounces are reported on a gold equivalent basis for combined V2 and A39 deposits. Mt Carlton Ore Reserve on an elemental basis is 9.7Mt @ 2.6g/t Au, 55.1g/t Ag and 0.35% Cu for 812koz Au, 17.3Moz Ag and 34kt Cu

Mt Carlton Total Mineral Resource reported on an elemental basis stands at 27.4Mt @ 1.4g/t Au, 39.9g/t Ag and 0.25% Cu for 1.24Moz Au, 34.9Moz Ag and 68.2kt Cu Mt Carlton Total Ore Reserve reported on an elemental basis stands at 9.7Mt @ 2.6g/t Au, 55.1g/t Ag and 0.35% Cu for 812koz Au, 17.3Moz Ag and 34kt Cu Mineral Resources are inclusive of Ore Reserves.

• Updated Resource stated as of February 2012

Appendix 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
Mt Carlton Ore Reserve	John Wyche	Australian Mine Design and Development Pty Limited	Australasian Institute of Mining and Metallurgy
Mt Carlton Mineral Resources	David Hewitt	Evolution	Australian Institute of Geoscientists
Pajingo Mineral Resource	Sonia Konopa	AMC Consultants Pty Ltd	Australasian Institute of Mining and Metallurgy
Pajingo Ore Reserve	Tim Benfield	Evolution (formerly)	Australasian Institute of Mining and Metallurgy
Twin Hills Mineral Resource	Peter Brown	Evolution	Australian Institute of Geoscientists
Edna May Underground Mineral Resource & Stockpile Reserve & Exploration Results	John Winterbottom	Evolution	Australian Institute of Geoscientists
Edna May Mineral Resources (other than UG Mineral Resource)	Nicolas Johnson	MPR Geological Consultants Pty Ltd	Australian Institute of Geoscientists
Edna May Ore Reserve (excluding Stockpile Reserve)	Harry Warries	Coffey Mining Pty Ltd	Australasian Institute of Mining and Metallurgy
Cracow Mineral Resource	Craig Irvine	Newcrest	Australasian Institute of Mining and Metallurgy
Cracow Ore Reserve	Justin Woodward	Evolution (formerly)	Australasian Institute of Mining and Metallurgy
Mt Rawdon Mineral Resource	Tim Murphy	Evolution (formerly)	Australasian Institute of Mining and Metallurgy
Mt Rawdon Ore Reserve	Nick Spicer	Newcrest	Australasian Institute of Mining and Metallurgy
Exploration Results (Mt Carlton, Pajingo, Cracow, Mt Rawdon and Edna May)	Adrian Pelliccia	~~Ca~~ Evolution	~~p construction~~ Australasian Institute of Mining and Metallurgy

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