EVOLUTION MINING LIMITED — Investor Presentation 2012

Feb 27, 2012

Investor Presentation February 2012

==> picture [101 x 67] intentionally omitted <==

Disclaimer

==> picture [142 x 101] intentionally omitted <==

• 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.

==> picture [720 x 79] intentionally omitted <==

Snapshot

Corporate Information
ASX Code	EVN
Shares	707.1M
Last Price1	$1.90ps
Market Capitalisation	$1.3B
Cash2	$167.5M
Debt2	$38.5M
Forward Sales2	255,333oz at A$1,573/oz
Major Shareholder	Newcrest 33%
Management Team
Executive Chairman	Jake Klein
CFO	Tim Churcher
VP Operations	Mark Le Messurier
VP Development	Stuart Pether
VP Business Development	Aaron Colleran

1. As at 23 February 2012

==> picture [142 x 101] intentionally omitted <==

==> picture [377 x 284] intentionally omitted <==

Average daily turnover of US$1.9M

2. As at 31 December 2011. Does not include gold and silver yet to be sold of $19.8M

Company Position

 Fourth largest ASX-listed gold producer by production

 Fifth largest ASX-listed gold producer by market capitalisation

==> picture [702 x 383] intentionally omitted <==

----- Start of picture text -----

2,500
Market Capitalisation ASX-Listed Gold Producers Decrease
Increase
12 Months Ago
2,000
1,500
1,000
500
-
As at 17 Feb 2012
27,662 2,565
1,915
1,405
1,375 1,358
1,188
1,158
820 817
751 736 735
651
Market Capitalisation (A$M)
591
536
512
474 452 432 409
385 384 382 380
302 290 286
241 220
178 155
124 106 92 74 71
Newcrest Alacer Regis Resolute Evolution Perseus Medusa Kingsgate St Barbara Silver Lake Gold One Intrepid CGA OceanaGold Endeavour Beadell Integra Gryphon Saracen Troy Northern Star Ramelius Azimuth Allied Kingsrose PMI Gold Ampella Red 5 Focus Tanami Norton Gold Road Kula Sihayo Citigold Crescent Unity
----- End of picture text -----

As at 17 Feb 2012 Source: Factset

Overview

• 335 – 375koz forecast FY2012 production[1]

• 410 – 465koz forecast FY2013 production

• 3.5Moz Ore Reserves[2]

• 7.1Moz Mineral Resources[2]

• Excellent exploration potential

• All assets 100% owned

• Defined growth profile

Notes: Calculation of Pajingo and Cracow mine life inclusive of Mineral Resources. Pajingo Mineral Resources inclusive of Twin Hills. Refer to Statement of Reserves and Resources at end of presentation for detailed assumptions on Reserve and Resource calculations.

1. Pro forma asset level production assuming 100% ownership for the full year. Actual FY2012 production will be less than this given Asset acquisition occurred on 2 November 2011

2. Ore Reserves and Mineral Resources as at 30 June 2011 (Edna May Underground Mineral Resource updated 27 February 2012).

Cracow

• December quarter total production of 25,724oz (20,492oz attributable) at a C1 cash cost of A$637/oz

==> picture [720 x 432] intentionally omitted <==

----- Start of picture text -----

25,724oz (20,492oz attributable) at a C1
Stage Producing
cash cost of A$637/oz
Mine Type Underground

History of reliable production and reserve
Minerals Gold and silver
replacement
Mineralisation type Low-sulphidation epithermal

Commitment to exploration; recent
discovery north along strike of Kilkenny Throughput 600ktpa
40,000 800 Average grade 7g/t gold
Recovery 92%
A$637
30,000 600
FY12 cash cost
$670-$740/oz
26,507oz 25,724oz forecast
20,000 400
Mine Life 5 years
10,000 200 Ore Reserves 0.24Moz gold
0 0 Mineral Resources 0.9Moz gold
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
----- End of picture text -----

Cracow Exploration

• History of discovery and consistent resource conversion

• New discovery along strike from Kilkenny North

• 2.03m[1] grading 7.59g/t Au

• 11.02m[1] grading 6.76g/t Au

• 1.74m[1] grading 5.47g/t Au

• Fully funded regional exploration program designed to identify transformational new discoveries and deliver lower cost production

• Near mine exploration to continue to focus on poorly tested targets that have potential to supplement the mill in near term

==> picture [429 x 283] intentionally omitted <==

Schematic longitudinal section illustrating new target along strike of Kilkenny North

• FY2012 Discovery budget A$5M

• Estimated true width

Pajingo

• December quarter total production of 26,068oz (21,229oz attributable) at a C1 cash cost of A$535/oz. Lower production expected this quarter

==> picture [720 x 430] intentionally omitted <==

----- Start of picture text -----

(21,229oz attributable) at a C1 cash cost of
Stage Producing
A$535/oz. Lower production expected this
Mine Type Open pit and underground
quarter
 Minerals Gold
Sustainable turnaround underway – target
reliability and consistency of Cracow Mineralisation type Low-sulphidation epithermal

Improved equipment availability
Throughput 650ktpa

New areas of the orebody being developed
Average grade 5.1g/t gold
50,000 800
Recovery +95%
40,000
600 FY12 cash cost
$800/oz
A$535 forecast
30,000
400 Mine Life 5 years
26,068oz
20,000
Ore Reserves 0.14Moz gold
200
10,000
14,090oz Mineral Resources 0.7Moz gold (excl. Twin Hills)
0 0
Sep Qtr 2011 Dec Qtr 2011
Attributable oz Total oz Attributable Cash Cost
Cost A$/oz
Production (oz)
----- End of picture text -----

Pajingo Exploration

==> picture [392 x 366] intentionally omitted <==

• History of high resource to reserve conversion

• Excellent and demonstrable exploration upside

• New gold zone identified adjacent to Sonia East

• 4.6m at 44.9g/t gold

• Moonlight Prospect ; ore grade mineralisation identified along 190m strike length, 1.5km from mine infrastructure

• Regional exploration program underway

• FY2012 Discovery budget A$6M

Schematic longitudinal section of Sonia East Extension

==> picture [720 x 79] intentionally omitted <==

Mt Rawdon

December quarter total production of 18,014oz (12,367oz attributable) at a C1 cash cost of A$893/oz Focus on improving mine scheduling Access to higher grade areas from mid-2012 On track to consistently produce 25,000oz per quarter from June 2012 Current cut-back completed mid-2013 18,551oz 18,014oz A$893 500 600 700 800 900 1,000 0 10,000 20,000 30,000 40,000 Sep Qtr 2011 Dec Qtr 2011 Cost A$/oz Production (oz) Attributable oz Total oz Attributable Cash Cost	Stage	Producing
	Mine Type	Open pit
	Minerals	Gold and silver
	Mineralisation type	Volcanic hosted
	Throughput	3.5Mtpa
	Average grade	0.9g/t gold
	Recovery	90%
	FY12 cash cost forecast	$760-$870/oz
	Mine Life	8 years
	Ore Reserves	0.9Moz gold
	Mineral Resources	1.0Moz gold

Mt Rawdon Exploration

• Resource definition drilling confirms broad zones of mineralisation in line with expectation:

• 35.38m[1] grading 1.19g/t Au

• 17.14m[1] grading 1.89g/t Au

• 12.86m[1] grading 2.09g/t Au

• Update of Mineral Resource and Ore Reserve to be completed March quarter 2012

==> picture [352 x 220] intentionally omitted <==

----- Start of picture text -----

Mt Rawdon operation
----- End of picture text -----

• Regional prospectivity and exploration review underway

• Estimated true width

==> picture [720 x 79] intentionally omitted <==

Edna May

==> picture [720 x 447] intentionally omitted <==

----- Start of picture text -----


December quarter production of 20,006oz of
Stage Producing
gold at a C1 cash cost of A$814/oz [1]
Mine Type Open pit

Focus on reducing costs including improving
Minerals Gold and silver
plant availability to achieve steady-state
2.8Mtpa nameplate capacity Reef structures and gold
Mineralisation type
stockwork

Commitment to underground trial mining
Throughput 2.8Mtpa
deferred
Average grade 1.1g/t gold
40,000 1,000
A$936
Recovery 91%
Edna May Crushing Circuit
A$814
30,000 700 FY12 cash cost
$890-$990/oz
forecast
20,000 400 Mine Life 9 years
20,006oz
17,083oz
Ore Reserves 0.9Moz gold
10,000 100
Mineral Resources 1.8Moz gold
0 -200
1.C1 cash cost has been restated from A$1,044/oz to A$814/oz
Sep Qtr 2011 Dec Qtr 2011
following change in accounting treatment of overburden mining costs
Attributable oz Attributable Cash Cost
Cost A$/oz
Production (oz)
----- End of picture text -----

Edna May Exploration

• Successful resource drilling has increased the underground Mineral Resource by 70% (from 160koz to 270koz Au)

==> picture [368 x 263] intentionally omitted <==

• Results demonstrate potential for further resource growth at depth and along strike

• 1.40m grading 34.57g/t Au

• 1.70m grading 29.45g/t Au

• 4.65m grading 56.19g/t Au

• FY2012 Discovery budget of A$1.9M targeting oxide mill feed and potential for higher grade, lower cost ounces

• Opportunity for growth through exploration success and regional consolidation within multi million ounce gold province

Edna May Underground Mineral Resource Location

==> picture [720 x 79] intentionally omitted <==

Mt Carlton

• Mining lease granted

• Construction commenced and on schedule for commissioning in December quarter 2012

• Concrete foundations poured

• SAG shell delivered to site

• Strong cashflow generated by high-grade A39 silver deposit

• Near surface

• 470kt grading 552g/t Ag (8.3Moz Ag)

==> picture [206 x 123] intentionally omitted <==

----- Start of picture text -----

SAG shell at Port Alma, Qld
----- End of picture text -----

==> picture [191 x 123] intentionally omitted <==

----- Start of picture text -----

Foundations for SAG mill
----- End of picture text -----

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. A39 open pit – 552g/t silver
Target production	95kozpa gold equivalent
Avg. Cash Cost forecast	A$600/oz gold equivalent
Mine Life	12 years
Ore Reserves	1.3Moz gold equivalent
Mineral Resources	2.1Moz gold equivalent

==> picture [720 x 79] intentionally omitted <==

Mt Carlton Exploration

• A new discovery – discovered in 2006

• Mineralisation styles range from porphyry Cu-Mo through to high-sulphidation and lowsulphidation epithermal systems.

• Mt Carlton represents a significant mineralised system. Major controls to mineralisation are re-activated NNW basin margin structures and E to NE regional cross cutting structures (similar to Cracow)

• FY2012 Discovery budget of A$5.5M to aggressively test regional targets for high value supplementary mill feed and new standalone opportunities.

==> picture [720 x 181] intentionally omitted <==

Peer Group

Global Intermediate Gold Companies Production vs Market Capitalisation

• Premium rating achievable through:

• Delivery to promise

==> picture [448 x 311] intentionally omitted <==

----- Start of picture text -----

1,200
IAG
1,000
GOLD
POG
CG
800 ABG
NGD
AUQ
OSK
600
ASR
EVN RSG
400
GSS CEE
OGC
KCN SMF FNV
AGI
200 TGZ
ARZ
0
0 2,000 4,000 6,000 8,000 10,000 12,000
Market Capitalisation (US$'000)
2013 Forecast Production ('000oz)
----- End of picture text -----

• Quality of production

• Meaningful growth

==> picture [720 x 79] intentionally omitted <==

Evolution Mining

4[th] largest ASX-listed gold producer

==> picture [173 x 112] intentionally omitted <==

• Proven management team

• Strong financial position

• Excellent quarter of operational performance

 Strong growth being delivered

The new, leading Australian mid-tier gold producer

==> picture [720 x 79] intentionally omitted <==

==> picture [173 x 112] intentionally omitted <==

Appendices

==> picture [720 x 79] intentionally omitted <==

Production Summary – Dec Quarter

December 2011 Quarter	Units	Cracow	Edna May	Mt Rawdon	Pajingo	Total/ Average
UG ore mined	000' t	116	-	-	92	207
UG mined grade	g/t	6.50	-	-	8.81	7.52
OP ore mined	000' t	-	617	1,194	52	1,863
OP mined grade	g/t	-	1.13	0.75	3.09	0.94
Total ore production	000' t	116	617	1,194	144	2,071
Total tonnes treated	000' t	133	623	811	133	1,700
Head grade	g/t	6.44	1.11	0.76	6.57	1.79
Gold recovery	%	93.3	90.1	91.0	96.0	92.9
Total gold produced	oz	25,724	20,006	18,014	26,068	89,812
Attributable gold produced1	oz	20,492	20,006	12,367	21,229	74,095
Total silver produced	oz	16,995	5,108	12,765	28,099	62,967
Attributable silver produced	oz	12,916	5,108	11,996	22,216	52,236
Attributable Cash Cost2	A$/oz	637	1,044	893	535	760
Attributable Total Cost3	A$/oz	1,023	1,268	1,030	831	1,035
Attributable Cash Cost2	US$/oz	647	1,060	906	543	772
Attributable Total Cost3	US$/oz	1,038	1,287	1,045	844	1,051

1. Includes increased interest in Cracow from 30% to 100% on 2 November 2011, 100% of Mt. Rawdon from 2 November 2011, and 100% of Pajingo from 18 October 2011.

2. Before royalties and after silver credits

3. Includes cash costs, depreciation, amortisation, royalties and exploration

Mineral Resources and Ore Reserves

(as at 30 June 2011)

Mineral Resource Statement	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Measured	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Indicated	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Inferred	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Inferred	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Total
Edna May Operations Openpit Edna May Operations Underground Cracow Operations Underground Mt Rawdon Operations Openpit Pajingo Operations Openpit Pajingo Operations Underground Twin Hills Mt Carlton Operations1*	20.6 1.1 690 0.3 9.7 86 0.2 1.1 8 0.2 5.4 35 0.5 4.1 71	20.2 0.9 612 0.6 7.2 145 1.0 7.7 258 36.3 0.9 1,015 0.3 3.0 30 2.5 4.7 375 2.7 2.3 205	10.6 0.9 296 0.6 6.9 127 3.1 5.5 548 0.2 0.6 4 0.1 1.0 0.3 2.4 3.8 288 1.4 2.8 123		51.4 1.0 1,598 1.2 7.0 273 4.4 6.3 893 36.7 0.9 1,026 0.3 3.0 30 5.0 4.3 698 4.6 2.7 398
	(Mt) Gold Eqv AuE(koz)	(Mt) Gold Eqv AuE(koz)	(Mt) Gold Eqv AuE(koz)		(Mt) Gold Eqv AuE(koz)
	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
Ore Reserve Statement		Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Proved		Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Probable	Tonnes Gold Grade Ounces (Mt) (g/t) Au(koz) Total
Edna May Operations Edna May Operations Cracow Operations Mt Rawdon Operations Pajingo Operations Pajingo Operations Mt Carlton Operations1	Openpit Underground Underground Openpit Openpit Underground Openpit	15.2 1.1 532 0.2 8.1 61 0.2 1.1 8 0.1 5.7 10		12.4 1.0 394 0.8 6.8 182 31.8 0.9 912 0.3 2.8 30 0.5 6.6 100	27.5 1.1 927 1.1 7.0 244 32.0 0.9 920 0.3 2.8 31 0.5 6.5 110
		(Mt) Gold Eqv AuE(koz)		(Mt) Gold Eqv AuE(koz)	(Mt) Gold Eqv AuE(koz)
		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

• Note 1 : Mt Carlton Total gold grades and ounces are reported on a gold equivalent basis for combined V2 and A39 deposits.

• 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

Competent Person Statement

The information in this report 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 as defined by the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). 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.

Resource/Reserve	Name of 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	Formerly – Evolution	Australasian Institute of Mining and Metallurgy
Twin Hills Mineral Resource	Peter Brown	Evolution	Australian Institute of Geosciences
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	Formerly – Evolution	Australasian Institute of Mining and Metallurgy
Mt Rawdon Mineral Resource	Tim Murphy	Formerly – Evolution	Australasian Institute of Mining and Metallurgy
Mt Rawdon Ore Reserve	Nick Spicer	Newcrest	Australasian Institute of Mining and Metallurgy

==> picture [720 x 79] intentionally omitted <==