EVOLUTION MINING LIMITED — Investor Presentation 2013

May 15, 2013

Mt Rawdon May 2013

Mark Boon - General Manager

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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 forwardlooking 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

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Mt Rawdon

Mine Type	Open pit
Minerals	Gold and silver
Mineralisation type	Volcanic hosted
Throughput	3.5Mtpa
Average grade	1.0g/t gold
Recovery	~90%
FY2013 production outlook	95,000 – 110,000oz
FY2013 cash cost outlook	A$600-A$660/oz
Mine Life	10 years
Ore Reserves	1.0Moz gold
Mineral Resources	1.3Moz gold

• Consistent production since 2001

• Workforce: approximately 270 including contractors

• Residential

• Rosters

  • 7/7 mill and mining crews

  • 9/5 mine maintenance personnel

  • 5/2 4/3 admin and technical staff

• Mining method: open pit – conventional drill and blast, load and haul

• Processing method: conventional crush-grind-CIL to produce gold-silver doré

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Detailed Ore Reserve and Mineral Resource disclosure provided on the Company website, www.evolutionmining.com.au

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History of consistent production

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Gold Produced (oz)

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140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
Year
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Guidance FY2013
95,000 - 110,000
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Safety, Environment and Community

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Mt Rawdon

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• LTIFR 1.47 (30 April)

Safety

• Single Safety Management System

• Exceptional reporting culture

• Safety leadership programme

• Cyclone Oswald – pit now fully dewatered

Environment

• Environmental impact monitoring

• Life of Mine Tailings Storage Facility strategy

• Surface water management

Community

• Major employer in the region

• Contributor to community improvement

• programmes

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Exploration

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Current lease holdings

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 Mt Rawdon deposit has a ~2.7Moz Au endowment  Regionally under-explored  627km[2] current lease holdings (EPMs and MLs) – increasing to 1,154km[2] in FY14

• FY14 focus:

 Mt Shamrock / Mt Ophir area

• Rawdon West and Rawdon South

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Mt Rawdon geology

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• A low grade, volcanic hosted, gold deposit

• Principal host rocks are Late Triassic multiphase dacite intrusives intruding dacite-rich volcaniclastics

• The volcanic sequence unconformably overlies a metasedimentary basement sequence (Curtis Island Group – Carboniferous age)

• Multiple suites of acidic to basic, generally unmineralised sills and dykes traverse the sequence and can be observed in the pit walls

• Au-Ag mineralisation has a strong association with fine disseminated and irregular veinlet sulphides (pyrite dominant)

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Conceptual targets

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Target Mineralisation Age / Metallogeny

• Middle to Late Triassic (245-200Ma)

• Reduced Intrusion Related Gold systems (RIR)

• Intrusions, dominantly rhyolitic, dacitic, trachyandesitic, granitic

• Alteration- albitic, phyllic and carbonate

• Examples: Mt Rawdon, Gympie

Resource definition drilling at Mt Rawdon open pit

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Mt Rawdon
Gympie
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Near mine

■ Resource growth

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■ 94koz[1] increase net of mining depletion compared to June 2012

Mt Rawdon schematic cross section

■ March quarter intercepts

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• MTRRCD23: 35m @24.2g/t Au from 322m including 23m @ 36.4g/t Au from 322m (uncut)

• MTRRCD23-W1: 40m @ 2.63g/t Au from 326m including 6m @ 12.1g/t Au from 355m (uncut)

• MTRRCD23-W2: 17m @ 0.94g/t Au from 365

• MTRRCD25: 37m @ 2.07g/t Au from 472m

• MTRRCD27: 6m @ 0.61g/t Au from 308m

• MTRRCD28: 16m @ 1.33g/t Au from 379m

■ Recent intercepts

• MTRRCD23-W3: 14m @ 1.04g/t Au from 372m

• MTRRCD25 – no further significant intersections were obtained from the deepening of this hole

■ Regional Exploration

• Mt Shamrock-Ophir

• 4D data integration

1 Detailed Ore Reserve and Mineral Resource disclosure provided on the Company website, www.evolutionmining.com.au

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Resources and Reserves

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Resource and Reserve update

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• 94koz increase in Resources compared to June 2012

• 112koz increase in Reserves compared to June 2012

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Notes:

Data is reported to significant figures and differences may occur due to rounding. Mineral Resources are inclusive of Ore Reserves. Mt Rawdon Mineral Resources have been reported above a cut-off grade of 0.23 g/t gold and constrained to an A$1,800/oz pit optimisation shell. Mt Rawdon was estimated using Multiple Indicator Kriging into blocks with dimensions 20m east by 20m north by 10m elevation. Competent Person: Hans Andersen, a member of the Australasian Institute of Mining and Metallurgy

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Notes : Data is reported to significant figures and differences may occur due to rounding. Ore Reserves are reported above a 0.3 g/t gold cut-off. Ore Reserves are calculated using a A$1,350/oz gold price and a variable gold recovery, approximately 89.5% for average head grade reported. Competent Person: Tony Wallace, a member of the Australasian Institute of Mining and Metallurgy

Refer to Evolution Mining’s December 2012 Reserve and Resource Statement for explanatory notes, available at www.evolutionmining.com.au

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Replacing mining depletion

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2001 to 31 March 2013 :

• Mined 39.8Mt ore and 71.7Mt waste

• Milled 39.3 million tonnes of ore

• Produced 1.16Moz Au; 2.11Moz Ag

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Mt Rawdon
2000
1500 Depletion Gold Reserves
1000
500
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-500
-1000
-1500
Gold (Koz)
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Mining

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~~Mt Rawdon open pit May 2013~~

Jul 12 to Mar 13 Mine performance

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July 2012 to March 2013	Units	Mt Rawdon
OP capital waste	kt	10,542
OP operating waste	kt	1,476
OP ore mined	kt	2,577
OP grade mined	g/t	0.97
Total ore mined	kt	2,577
Total tonnes processed	kt	2,450
Grade processed	g/t	0.98
Gold recovery	%	91
Gold produced	oz	70,924
Silver produced	oz	75,389

 Cut-back accelerated to optimise mining costs and availability of higher grade ore

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Mt Rawdon open pit May 2013: Stage 3 cutback

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Mining equipment

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Trucks

5 x Terex Unit Rig (now CAT), 136t electric wheel drive

2 x CAT 785C, 136t mechanical drive

3 x Komatsu 785-5, 91t mechanical drive

4 x Komatsu 785-7, 91t mechanical drive

• 4 x CAT 777F, 91t mechanical drive

Drills

2 x Dp 1500 3 x Dp 1500i

Diggers

1 x Komatsu PC3000, 300t backhoe 1 x Hitachi Ex1900, 200t backhoe 2 x Hitachi Ex1200, 120t backhoe

Ancillary

1 x 375-3 Komatsu dozer

2 x 375-5 Komatsu dozer

1 x 475-5 Komatsu dozer

2 x CAT 16M grader

1 x Komatsu 465-7, 45,000L water truck

1 x CAT 777D, 80,000L water truck 1 x CAT 988F loader

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Material Movement

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Note: Material movements according to FY2013 Life of Mine Plan

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Physicals and cost composition

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Ore and Waste Mined

Mining costs

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6,000
3% [1% ][3% ] [2% ]
5,000
13%
4,000
3,000 11%
2,000
1,000
67%
0
Q1 (Sept 12) Q2 (Dec 12) Q3 (Mar 13) Q4 (Jun 13)
Forecast
Waste Ore
Drilling Blasting
Load and Haul Ground Control
Dewatering Technical
Production
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Improvements

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• Geotechnical management of pit walls

• Site planning and engineering capabilities increased

• Contractor management improved, reducing non direct mining costs

• Efficiencies in grade control sampling made (reduced total sampling number)

• Able to delineate potential reactive ground and therefore maximise use of lower

• cost standard explosives

• Improved management of waste dumping in relation to Potential Acid Forming material

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Processing

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Process plant circuit

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Process equipment

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Ergon Transmission Power Origin Power Supply 25 kwhr / t Two Stage Crushing Crushing EVN Loader feed lus direct ti p p 28’ x 13’ steel lined SAG Mill Grinding 42’6” x 14’ rubber lined Ball Mill Grind size 60% - 106um Knelson Concentrator Gravity Circuit 14% of gold recovered via ravit g y CIL circuit 6 x 1500m[3] Leaching C anide su l with Orica y pp y

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Historical plant performance

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Dry Tonnes Milled

4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

Year

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Historical plant performance

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Head Grade v Recovery

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1.13 1.14
1.09
1.08 94
1.05 1.06
1.02
1.00 1.00 1.00
0.97
0.95
92
0.88
0.80 91.0
90.7 90
90.3
90.0 89.8
89.5
88.9
0.60 88.5 88
87.9
87.7
87.0
86
0.40
84
0.20
82.5 82
0.00 80
FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
Grade (g/t)
% Recovery
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Recovery

Head Grade (g/t Au)

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Processing performance

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July 12 to March 13 Mt Rawdon

Processing costs - composition

Plant throughput Plant availability Throughput rate Grade Gold recovery Gold produced Silver produced

2,450kt 91.84%

408tph

0.99g/t

91.45% 70,924oz 75,389oz

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2%
4% 11%
1%
27%
8%
6% 2%
2% 15%
1%
21%
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Plant- Services Crushing - Op Grinding - Op Leaching - Op Gold Room - Op Laboratory - Op Crushing - Mtc Grinding - Mtc Leaching - Mtc Plant - Management Mechanical Electrical

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Improvements

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• Consistently reduced cyanide consumption

• Addressed priority issues from plant structural audit

• Installation of second Knelson (April 2012) increasing gravity recovery to 14% and overall recovery by 1%

• Installing (June 2013) leach reactor into gravity circuit to further increase gold recovery

• capital based on only 0.25% increase in recovery

• Silver recovery also expected to improve due to reduced gold loadings on carbon

• Inclusion of ore lithology in forecasting model enabling more accurate determination of expected Mill throughput rates

• Ore blending strategy enabling Mill reline shutdown schedule to be forecast well in advance

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Future

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Opportunities

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

Split proposed Stage 4 cutback into two (Stage 4 and Stage 5)

 Allowing access to ore beyond Stage 3

• Reducing overall spend

 Move to larger diameter drill holes

• Reduced drill cost per tonne

• Potential to decrease grade control and explosive costs

• Increase power availability to site (without major upgrade of line) allowing electrification of pumping and other diesel equipment



• Desktop studies completed on step change concepts, detailed analysis advanced in FY14

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

Activity	Name of Competent Person	Institute
Mt Rawdon Resource Definition Results	Craig Bosel	Australasian Institute of Mining and Metallurgy
Mt Rawdon Mineral Resources	Hans Andersen	Australasian Institute of Mining and Metallurgy
Mt Rawdon Ore Reserves	Tony Wallace	Australasian Institute of Mining and Metallurgy

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