EVOLUTION MINING LIMITED — Investor Presentation 2013

Aug 4, 2013

Evolution Mining Diggers & Dealers Forum 2013

5 August 2013 Jake Klein - Executive Chairman

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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, undue 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.

2

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Australian mid-tier gold producer

Corporate Information
ASX Code	EVN
Shares	708.1M
Market Capitalisation1	A$616M
Daily Turnover2	A$2.1M
Major Shareholders	Newcrest 33%
	Allan Gray 12%
Cash3	A$13.7M
Debt3	A$126.8M
Available Credit	A$73.2M
Forward Sales3	85,422oz at A$1,573/oz
Dividend Proposed	2% of gold production

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Production Guidance FY14
400koz - 450koz AuEq
C1 cost A$770/oz - A$820/oz
AISC A$1,080/oz - A$1,130/oz
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1. C1 cost - cost before royalties and after silver credits

2. At 31 July 2013

3. AISC (All in sustaining costs) - include C1 cash cost, plus royalty expense, plus sustaining capital expense, plus general corporate and administration expenses plus exploration expense

4. 3 month average to 31 July 2013 3. At 30 June 2013

3

Back to the future

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“Mining securities are not the thing for widows and orphans or country clergymen, or unworldly people of any kind to own.

But for a businessman, who must take risks in order to make money; who will buy nothing without careful, thorough investigation; and who will not risk more than he is able to lose, there is no other investment in the market today as tempting as mining stock.”

Charles Dow, 1879

4

Credit(ibility) crisis

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200% Underperformance of Gold Equities vs Gold Price
150%
100%
50%
0%
-50%
-100%
Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
Gold Price (US$) - GOLD % Gold Miners ETF (US$) - GDX % Aust Gold Miners Index (A$) - XGD%
Performance (%)
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5

Changing landscape

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“The Only Major Gold Discovery in a Decade, Gone, Goodbye!”

“Indonesian mine ownership disputes”

“Gold Mine or Land Mine?”

“Africa’s increasing risks scaring off mining investments: report”

“Chile blocks Pascua-Lama mine, fines Barrick Gold $16-million for serious environmental violation”

“Kinross stock hammered as gold giant walks away from $1 bln project”

“Barrick’s Pascua-Lama gold project frozen for at least 1-2 years: Chile regulator”

“Of the top 40 global mining companies, 20 are now from emerging markets.” PwC

6

The Australian opportunity

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 A$ falling

• Input costs reducing

• Productivity must improve

• Political environment will improve

• Up to 50% of production may change hands

Gold Industry C1 Cash Costs by Country Q3 2012

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US$/oz
2,000
1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
1,800
1,600
1,400
1,200
1,000
South Africa
800 Australia
China
600
US [Indonesia ]
400
Peru
200
Russia
0
0 25 50 75 100
C1 Cost Country Percentile
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7

The Australian advantage

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Gold Price (A$ vs US$)

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1,600
1,550
1,500
EVN $1.31 EVN $0.87
1,450
1,400
GOLD (US$)
1,350 GOLD (A$)
1,300
1,250
1,200
Gold Price
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“The recent decline in the exchange rate seems to make sense from a macroeconomic perspective and it would not be a major surprise if a further decline occurred over time.” Glenn Stevens, RBA

8

Mid-tier: the sweet spot

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• Traditional model under pressure

Majors

• Diseconomies of scale across multi jurisdictional operations

• Access to capital becoming more difficult

Juniors

• Development cost inflation

• Economic deposits harder to find

Mid-tiers

• Large enough to fund growth through cash flow Camp construction

• Small enough to deliver meaningful growth

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“Only when the tide goes out do you discover who’s been swimming naked.”

Warren Buffett

10

Who we are

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Edna May
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Mt Carlton
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Pajingo
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Mt Rawdon
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All five Australian assets 100% owned

Reliable and consistent gold producer

Excellent exploration potential

• 3.6 Mozeq Ore Reserve 7.7 Mozeq Mineral Resource

• 30% production growth since FY11

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

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Growing production and resources

Gold Production

Mineral Resource and Ore Reserve

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500,000
9
450,000
450,000oz 8
7
7.69
400,000
392,886oz 400,000oz 6 6.97 7.00
5
350,000
346,979oz
4
3
300,000 3.57
302,842oz 3.49 3.33
2
250,000 1
FY2011A FY2012A FY2013A FY2014F 30/06/2011 30/06/2012 31/12/2012
Production gold ounces Low End Guidance High End Guidance
Group Mineral Resource Group Ore Reserve
Production (oz)
Gold Equiv. Ounces (Moz)
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• Gold equivalent ounces for these periods

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

12

Reliability

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• Delivering on production and cash cost guidance since creation

• FY13 production of 392,920oz at C1 cash cost of A$790/oz, in-line with original guidance of 370,000 - 410,000oz at C1 cash cost of A$730 - A$790/oz

• FY12 production of 346,979oz (280,401oz attributable), in-line with original guidance of 335,000 - 375,000oz (265,000 - 300,000oz attributable) at A$771/oz - significantly below cash cost guidance of A$800 - A$850/oz

• Delivering on Mt Carlton growth project - the first gold mine opened in Queensland in over a decade

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We say, We do, We deliver

13

Consistency

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• Portfolio of five mines ensures a predictable performance

• Cracow - consistent production since 2004

• Mt Rawdon - Evolution’s cornerstone asset with consistent production since 2001

• Edna May - record production of 86,216oz achieved in FY2013

• Pajingo - ~90% increase in production since FY11 - field has produced 2.6Moz since 1996

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Cracow Production
Au (oz)
200,000
150,000
100,000
50,000
0
CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012
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Operational stability - meeting investor expectations

14

Productivity

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• Production focused on high margin ounces and disciplined capital expenditure

• Ongoing focus on cost reduction opportunities

• Cracow - changed to owner miner on 1 July 2013 with a cost benefit of ~A$50/oz

• Edna May - investment in a larger fleet to improve productivity

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New mining equipment at Edna May
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Ongoing focus on cost reduction

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Mt Carlton

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A case study on why we operate in Australia

Access to infrastructure Dealing with land owners and traditional owners

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Clear path to development

25 year mining lease

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16

Delivering on exploration upside

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• Experienced team with a successful record working towards a transformational discovery

• Highly prospective tenement holding over 6,750km²

• Recent exploration success including discovering new mineralised epithermal veins at Cracow and Pajingo

• New focus on integrating geochemical and geophysical databases to re-open regional prospectivity

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Think like scientists to increase ros ectivit p p y

17

FY14 outlook

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	Gold Eq. Production (oz)	Cash Operating Costs (A$/oz)	Capital Expenditure (A$M)
Cracow	82,500 - 90,000	840 - 890	30 - 35
Pajingo	72,500 - 80,000	800 - 850	30 - 35
Mt Rawdon	95,000 - 110,000	725 - 775	60 - 65
Edna May	85,000 - 95,000	800 - 850	25 - 30
Mt Carlton	65,000 - 75,000	700 - 750	15 - 20
Group	400,000 - 450,000	770 - 820	160- 185

A focus on disciplined capital expenditure

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The Evolution value proposition

• Low risk - First World jurisdiction

Australia

 Second largest gold producer globally  Globally competitive on costs - and improving

 Delivering on guidance since creation

Delivery

 Delivering a significant growth project  Delivering on exploration upside

Gold dividend

• Dividend linked to gold production and gold price

 Exploration funded through strong cash flow

Growth

 Opportunistic, logical acquisitions

• Newcrest relationship

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Appendix

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Cracow

• Consistent production - operating since 2004

• Changed to owner-mining on 1 July 2013 - cost benefit of ~A$50/oz expected

• FY14 outlook of 82,500 - 90,000oz at a cash cost of A$840 - A$890/oz

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120,000
101,724oz 102,565oz 102,526oz
100,000
80,000
60,000
40,000
20,000
0
FY2011 FY2012 FY2013
Production ounces
Production (oz)
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Mine Type	Underground
Minerals	Gold and silver
Mineralisation type	Low-sulphidation epithermal
Throughput	550ktpa
Average grade	6g/t gold
Recovery	94%
FY14 production outlook	82,500 - 90,000oz
FY14 cash cost outlook	A$840 - A$890/oz
Mine Life	5 years
Ore Reserves	0.27Moz gold
Mineral Resources	0.84Moz gold

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Pajingo

• Field has produced 2.6Moz since 1996

• Turnaround achieved - year on year production increase since acquisition in 2011

• FY14 outlook of 72,500 - 80,000oz at a cash cost of A$800 - A$850/oz

• 2012 drilling increased Mineral Resources by 45% - further exploration upside

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100,000
85,918oz
80,000 75,747oz
60,000
45,889oz
40,000
20,000
0
FY2011 FY2012 FY2013
Production ounces
Production (oz)
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Mine Type	Underground
Minerals	Gold
Mineralisation type	Low-sulphidation epithermal
Throughput	650ktpa
Average grade	6g/t gold
Recovery	96%
FY14 production outlook	72,500 - 80,000oz
FY14 cash cost outlook	A$800 - A$850/oz
Mine Life	5 years
Ore Reserves	0.33Moz gold
Mineral Resources	1.31Moz gold (excl. Twin Hills)

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Mt Rawdon

• Evolution’s cornerstone asset - consistent production since 2001

• Will generate significant cash flow after completion of Stage 3 cutback in 2015

• FY14 outlook of 95,000 - 110,000oz at a cash cost of A$725 - A$775/oz

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120,000
106,089oz
95,403oz
100,000 89,636oz
80,000
60,000
40,000
20,000
0
FY2011 FY2012 FY2013
Production (oz)
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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	Edna May Crushing 90%
FY14 production outlook	Circuit 95,000 - 110,000oz
FY14 cash cost outlook	A$725 - A$775/oz
Mine Life	10 years
Ore Reserves	1.0Moz gold
Mineral Resources	1.3Moz gold

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Production ounces

Edna May

• Record production of 86,216oz achieved in FY13, an 18% increase on FY12

• FY14 outlook of 85,000 - 95,000oz at cash cost of A$800 - A$850/oz - a decrease on FY13 (A$900/oz)

• Further improvements expected through move to larger fleet and cost-out program

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100,000
86,216oz
80,000
73,264oz
65,593oz
60,000
40,000
20,000
0
FY2011 FY2012 FY2013
Production ounces
Production (oz)
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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%
FY14 production outlook	85,000 - 95,000oz
FY14 cash cost outlook	A$800 - A$850/oz
Mine Life	9 years
Ore Reserves	0.71Moz gold
Mineral Resources	1.64Moz gold

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Mt Carlton

• First new gold mine opened in Queensland in over a decade

• Construction commenced only five years after discovery

• Commercial production expected in Sept 2013 quarter

• First concentrate shipment occurred in May 2013 - LOM off-take agreements are in place

• Significant exploration upside

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Mine Type	Open pit
Minerals	Gold, silver and copper
Mineralisation type	High sulphidisation epithermal
Throughput	800,000tpa
Average grade	V2 open pit - 3.7g/t gold eq.
Recovery	88% (silver), 90% (gold)
FY14 production outlook	65,000 - 75,000oz
FY14 cash cost outlook	A$700 - A$750/oz
Mine Life	12 years
Ore Reserves	1.2Moz gold equivalent
Mineral Resources	2.2Moz gold equivalent

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Mineral Resource Statement Dec 2012

Mt Raw	Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
	Pajingo	Open-Pit	0.5	0.01	3.6	1	0.17	5.0	28	0.32	1.2	12	0.51	2.6	42
	Pajingo1	Underground	2.5	1.14	8.4	306	3.27	5.9	621	2.06	5.1	337	6.46	6.1	1,264
	Cracow1	Underground	2.3	0.28	8.6	79	1.11	7.7	275	2.90	5.2	488	4.29	6.1	842
	Edna May1	Open-Pit	0.4	21.1	0.9	629	16.5	1.0	514	8.18	0.9	226	45.8	0.9	1,369
	Edna May	Underground	3.0	-	-	-	0.63	7.2	146	0.58	6.9	128	1.21	7.1	273
	Mt Carlton	Open-Pit	0.35	9.28	2.0	587	14.7	1.5	695	1.41	1.5	68	25.4	1.7	1,350
	Mt Rawdon1	Open-Pit	0.23	1.84	0.4	23	51.5	0.7	1,203	3.42	0.6	62	56.7	0.7	1,288
	Twin Hills	Open-Pit	0.5	-	-	-	2.42	2.2	170	0.64	1.7	35	3.06	2.1	204
	Twin Hills	Underground	2.3	0.54	4.1	71	0.01	3.5	36	0.01	3.9	87	1.56	3.9	194
	Total			34.1	1.5	1,696	90.6	1.3	3,688	20.2	2.2	1,443	145	1.5	6,827
	Silver			Measured			Indicated			Inferred			Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)
	Mt Carlton1	Open-Pit	*	11.7	57	21,437	14.9	19	9,004	1.51	16	796	28.1	35	31,237
	Total			11.7	57	21,437	14.9	19	9,004	1.51	16	796	28.1	35	31,237
	Copper			Measured			Indicated			Inferred			Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
	Mt Carlton1	Open-Pit	*	11.7	0.24	27.9	14.9	0.21	32.1	1.51	0.20	3.0	28.1	0.22	63.1
	Total			11.7	0.24	27.9	14.9	0.21	32.1	1.51	0.20	3.0	28.1	0.22	63.1
	~~don Open Pit: Stage~~			~~2 Cutback Sept 2012~~
	Gold Equivalent			Measured			Indicated			Inferred			Total Resource
				Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
	Total Group			36.5	1.9	2,228	90.9	1.4	3,992	20.3	2.3	1,470	148	1.6	7,691

Notes:

Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves 1 Includes stockpiles

• Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42g/t Ag cut-off

The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade and ounces The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu

Metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical testwork 1 Troy Ounce = 31.1034768 grams

Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))

e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve	e Reserve Statement Dec 2012 Project Type Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Pajingo Open-Pit 0.65 0.01 3.9 1 0.17 5.6 30 0.18 5.5 31 Pajingo1 Underground 3.0 0.56 7.1 129 0.88 6.0 169 1.44 6.4 298 Cracow1 Underground 3.6 0.17 8.3 46 1.44 4.9 226 1.61 5.3 273 Edna May1 Open-Pit 0.4 13.4 0.9 402 9.14 1.0 306 22.5 1.0 709 Mt Carlton Open-Pit 0.69 4.52 3.1 446 4.61 2.5 366 9.13 2.8 812 Mt Rawdon1 Open-Pit 0.3 1.08 0.5 17 38.7 0.8 1,009 39.8 0.8 1,026 19.7 1.6 1,042 54.9 1.2 2,106 75 1.3 3,148 Total Gold Proved Probable Total Reserve
Gold			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Pajingo	Open-Pit	0.65	0.01	3.9	1	0.17	5.6	30	0.18	5.5	31
Pajingo1	Underground	3.0	0.56	7.1	129	0.88	6.0	169	1.44	6.4	298
Cracow1	Underground	3.6	0.17	8.3	46	1.44	4.9	226	1.61	5.3	273
Edna May1	Open-Pit	0.4	13.4	0.9	402	9.14	1.0	306	22.5	1.0	709
Mt Carlton	Open-Pit	0.69	4.52	3.1	446	4.61	2.5	366	9.13	2.8	812
Mt Rawdon1	Open-Pit	0.3	1.08	0.5	17	38.7	0.8	1,009	39.8	0.8	1,026
Total			19.7	1.6	1,042	54.9	1.2	2,106	75	1.3	3,148

Ore Reserve Statement Dec 2012

Silver	Silver	Silver	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)
Mt Carlton1	Open-Pit	**	5.81	69	12,969	4.61	20	2,991	10.4	48	15,960
Total			5.81	69	12,969	4.61	20	2,991	10.4	48	15,960
Copper			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
Mt Carlton1	Open-Pit	**	5.81	0.29	17.1	4.61	0.23	10.5	10.4	0.26	27.6
Total			5.81	0.29	17.1	4.61	0.23	10.5	10.4	0.26	27.6
Gold Equivalent			Proved			Probable			Total Reserve
			Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
Total Group			21.0	2.0	1,365	54.9	1.2	2,204	75.9	1.5	3,570

Notes:

• Data is reported to significant figures and differences may occur due to rounding 1 Includes stockpiles

• ** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53g/t Ag cut-off

The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade or ounces The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu

metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88.0% for silver at A39 and 92.0% for copper as indicated by metallurgical testwork

1 Troy Ounce = 31.1034768 grams

Au Eq for Silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade Au Eq for Copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / ((Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100))

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 their information in the form and context in which it appears.

Activity	Name of Competent Person	Institute
Cracow Mineral Resources	Shane Pike	Australasian Institute of Mining and Metallurgy
Cracow Ore Reserves	Fusheng Li	Australasian Institute of Mining and Metallurgy
Pajingo Mineral Resources	Calvin Ferguson	Australasian Institute of Mining and Metallurgy
Pajingo Ore Reserves - Open-Pit	Tony Wallace	Australasian Institute of Mining and Metallurgy
Pajingo Ore Reserves - Underground	Johan Booyse	Australasian Institute of Mining and Metallurgy
Edna May Ore Reserves	Luke Cox	Australasian Institute of Mining and Metallurgy
Edna May Mineral Resources	John Winterbottom	Australian Institute of Geoscientists
Mt Rawdon Mineral Resources	Hans Andersen	Australasian Institute of Mining and Metallurgy
Mt Rawdon Ore Reserves	Tony Wallace	Australasian Institute of Mining and Metallurgy
Mt Carlton Mineral Resources	John Winterbottom	Australian Institute of Geoscientists
Mt Carlton Ore Reserves	Tony Wallace	Australasian Institute of Mining and Metallurgy
Twin Hills Mineral Resources	John Winterbottom	Australian Institute of Geoscientists

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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