EVOLUTION MINING LIMITED — Investor Presentation 2013

Feb 21, 2013

Evolution Mining Reinvigorating the Australian Gold Industry

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February 2013

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.

All $ figures quoted in this presentation are Australian Dollars unless otherwise stated

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Who We Are

4[th] Largest ASX Listed Gold Mining Company

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Corporate Information	Corporate Information
ASX Code	EVN
Index	S&P ASX200
Shares	708.1M
Last Price1	A$1.27ps
Market Capitalisation	A$0.9B
Daily Turnover2	A$2.6M
Cash3	A$49.2M
Debt3	A$81.8M
Forward Sales3	189,369oz at A$1,573/oz
Major Shareholder	Newcrest 33%

1. At 21 February 2013 2. 3 month average as at 31 January 2013 3. At 31 December 2012

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Edna May Open Pit
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Mt Carlton
commissioning
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Cracow Plant
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Pajingo Underground
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Mt Rawdon Open Pit
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Created in November 2011 through the merger of Conquest Mining and Catalpa Resources and acquisition of the Cracow and Mt Rawdon mines

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Credit(ibility) Crisis - We Hear You

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Political Risk

• Rising resource nationalism

• Will be more accurately priced

Capital Discipline

• Key focus

• Capital less freely available and more expensive

Delivery

• Deliver on guidance

• No surprises

Dividends

• More focus on returns to shareholders

Consolidation

• Single asset companies will find funding new projects more difficult and expensive

4

The Evolution Value Proposition

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• Low risk - first world jurisdiction

Australia

• Second largest gold producer globally

• Improving cost profile

• Delivering on guidance Q-on-Q 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

5

A Perfect Storm?

Strengthening gold price?

Depreciating currency?

Exploration technology and innovation Vibrant mid-tier companies emerging

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Australia can regain its status as a premier gold investment destination

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Strong will get stronger

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Evolution Financial Results 1H FY13:

18,098

• Revenue from gold and silver sales increased by 108% to A$321.6M

10,000  Underlying EBITDA increased by 151% to A$135.5M 9,000  8,000 Net profit increased by 188% to A$40.7M 7,000  Strong balance sheet with cash of A$49.2M and 7% 6,000 gearing at 31 December 2012 5,000  Dividend policy linked to 2% of gold production 4,000 3,000 2,000 1,000 0

As at 1 February 2013

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Australia’s Newest Mid-tier Producer

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
All assets 100% owned

Excellent exploration potential

3.3Mozeq Ore Reserves

7.0Mozeq Mineral Resources

Defined growth profile
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Evolution FY13 Production Outlook 370koz – 410koz AuEq

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Delivering on Guidance

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 Evolution has met or exceeded guidance every quarter since creation in November 2011

 Predictability achieved as a result of multiple mine portfolio

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150,000 900
800
125,000
700
100,000 600
500
75,000
400
50,000 300
200
25,000
100
0 0
Dec Qtr 2011 Mar Qtr 2012 Jun Qtr 2012 Sep Qtr 2012 Dec Qtr 2012
Production (oz)
Cash Cost ($/oz)
85,000 89,812 85,000 84,122 85,000 97,149 85,000 94,446 85,000 101,663
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Production Guidance Actual Production (oz) Actual Cash Cost($/oz) Cash Cost Guidance Range ($/oz)

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Cracow

• Consistent production – operating since 2004

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

• Current investment in underground development to provide production flexibility and ensure long term predictability

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

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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%
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	0.77Moz gold

Detailed Ore Reserve and Mineral Resource disclosure provided in Appendices at the end of this presentation

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Pajingo

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

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

• Operational turnaround underway – FY13 production to double FY11 result

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

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Mine Type	Open pit and underground
Minerals	Gold
Mineralisation type	Low-sulphidation epithermal
Throughput	650ktpa
Average grade	6g/t UG and 3g/t OP
Recovery	96%
FY13 production outlook	85,000 – 90,000oz
FY13 cash cost outlook	A$730 – A$780/oz
Mine Life	5 years
Ore Reserves	0.18Moz gold
Mineral Resources	0.89Moz gold (excl. Twin Hills)

Detailed Ore Reserve and Mineral Resource disclosure provided in Appendices at the end of this presentation

Production ounces Guidance Range

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Edna May

• Turnaround evident – record production of 48,687oz achieved in first-half of FY13

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

• Secondary crusher trials to lift throughput to over 3Mtpa – initial results are positive

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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 Guidance Range
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%
	Edna May Crushing Circuit FY13 production outlook 75,000 – 80,000oz FY13 cash cost outlook A$840-A$890/oz Mine Life 9 years Ore Reserves 0.77Moz gold
	Mineral Resources		1.54Moz gold

Detailed Ore Reserve and Mineral Resource disclosure provided in Appendices at the end of this presentation

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Mt Rawdon

• Consistent production since 2001

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

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

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

95,000-110,000oz

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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	1.2Moz gold

Detailed Ore Reserve and Mineral Resource disclosure provided in Appendices at the end of this presentation

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Mt Carlton

• A high quality, new project

• First concentrate production expected in March quarter 2013 – LOM offtake agreements are in place

• Will be the lowest cost mine in the portfolio from FY14

• Average annual payable gold production of approximately 55,000oz at C1 cash cost of <A$500/oz after by-products credits

• Significant exploration upside

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Stage	Commissioning
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.
FY2013 ramp-up production outlook	25,000 – 30,000ozAuEq payable
Mine Life	12 years
Ore Reserves	1.2Moz gold equivalent
Mineral Resources	2.2Moz gold equivalent

Detailed Ore Reserve and Mineral Resource disclosure provided in Appendices at the end of this presentation

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Delivering on Exploration Upside

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• Strategic 6,750km[2] tenement holding around operations in established metallogenic belts

• Well-funded FY13 exploration budget of A$28M (excluding orebody extension and resource development)

• Building a technical team to maximise potential for discovery

Pajingo

Cracow

• Resource upgrades at Sonia and Zed

• Potential for additional resources from new discovery at Moonlight

• Reserve upgrades at Coronation, Empire, Roses Pride, Kilkenny/Tipperary

• Potential for additional resources from new discoveries at Denmead and Griffin

Sonia Zed Moonlight and Io 5.6m @ 14.0 g/t Au 4.6m @ 29.2 g/t Au 6.0m @ 16.3 g/t Au 4.0m @ 77.0 g/t Au 4.6m @ 8.2 g/t Au 2.7m @ 12.2 g/t Au 3.8m @ 20.5 g/t Au 2.8m @ 32.5 g/t Au 7.2m @ 9.0 g/t Au 4.5m @ 97.1 g/t Au 3.6m @ 15.0 g/t Au 7.3m @ 5.7 g/t Au

• Denmead

• 11m (1.25etw) @ 8.44g/t Au 13m (0.54etw) @ 3.99g/t Au

• Griffin

• 3.3m (2.75etw) @ 9.56g/t Au 7.6m (6.86etw) @ 5.88g/t Au

Pajingo and Cracow Exploration Results have been released previously. Full details are provided in Evolution Mining Quarterly Reports for the periods ending 31 December 2012; 30 September 2012 and 31 March 2012.

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Analyst Coverage

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 Good analyst coverage – good market following – good trading liquidity

Broker	Analyst
BofA Merrill Lynch Stephen Gorenstein
BBY Kurt Worden
Credit Suisse Michael Slifirski
Deutsche Bank Chris Terry
Evans and Partners Cathy Moises
Goldman Sachs Paul Hissey
Investec Tim Gerrard
JP Morgan Joseph Kim
Macquarie Mitch Ryan
Nomura David Radclyffe
Ord Minnett Stephen Scott
Patersons Matthew Trivett
RBC Capital Markets Geoff Breen
RBS Morgans James Wilson

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Globally Competitive

Australian diversified gold producer Delivering operational predictability

Proven management team Successfully reinvigorating undercapitalised assets Delivering to promise

Financial strength Ability to appropriately capitalise the asset base Commitment to a gold-linked dividend

Delivering meaningful growth Disciplined growth can be achieved due to key competitive advantages

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Appendices

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Ore Reserves

Gold Reserves	Gold Reserves	Gold Reserves	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve
Project	Type	Cut-Off	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)
Cracow1	Underground	3.0	0.126	10.9	44	1.16	5.3	198	1.28	5.9	242
Edna May1 Mt Carlton Mt Rawdon1 Pajingo Pajingo1	Open-pit Open-pit Open-pit Open-pit Underground	0.4 0.7 0.3 0.7 3.0	12.9 4.52 0.614 - 0.046	1.0 3.1 0.5 - 6.0	418 446 10 - 9	11.7 4.61 35.6 0.214 0.859	0.9 2.5 0.8 3.3 5.5	349 366 904 23 153	24.6 9.13 36.2 0.214 0.904	1.0 2.8 0.8 3.3 5.6	767 812 914 23 161
Total			18.2	1.6	927	54.1	1.1	1,991	72.4	1.3	2,918

Silver Reserves	Silver Reserves	Silver Reserves	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve
Project	Type	Cut-Off	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)
Mt Carlton	Open-pit	**	5.56	69	12,322	4.61	20	2,991	10.2	47	15,313
Total			5.56	69	12,322	4.61	20	2,991	10.2	47	15,313
Copper Reserves			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)
Mt Carlton	Open-pit	**	5.56	0.30	16.8	4.61	0.23	10.5	10.2	0.27	27.3
Total			5.56	0.30	16.8	4.61	0.23	10.5	10.2	0.27	27.3
Gold Equivalent Reserves			Proved			Probable			Total Reserve
			Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
Total Group			19.3	2.0	1,236	54.1	1.2	2,090	73.4	1.4	3,326

Notes: 1 Includes stockpiles

** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53 g/t Ag cut-off Data is reported to significant figures and differences may occur due to rounding

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% 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)

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Mineral Resources

Gold Resources	Gold Resources	Gold Resources	Measured	Measured		Indicated	Indicated		Inferred	Inferred		Total Resour	Total Resour	ces
Project	Type	Cut-Off	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Million)	Gold Grade (g/t)	Gold Metal (koz)
Cracow1 Edna May1 Edna May Mt Carlton Mt Rawdon1 Pajingo Pajingo1 Twin Hills Twin Hills	Underground Open-pit Underground Open-pit Open-pit Open-pit Underground Open-pit Underground	2.3 0.4 3.0 0.4 0.2 0.7 2.4 0.5 2.0	0.203 17.8 - 9.02 0.614 - 0.274 - 0.54	8.9 1.0 - 2.0 0.5 - 6.6 - 4.1	58 549 - 586 10 - 58 - 71	1.06 18.9 0.63 14.7 44.7 0.221 2.11 2.42 0.32	7.3 0.9 7.2 1.5 0.7 3.7 5.5 2.2 3.5	248 526 146 695 1,058 26 375 170 36	2.83 7.87 0.576 1.41 7.17 0.01 2.78 0.64 0.7	5.1 0.8 6.9 1.5 0.5 2.2 4.9 1.7 3.9	462 194 127 68 125 1 440 35 87	4.09 44.6 1.21 25.2 52.5 0.231 5.16 3.06 1.56	5.8 0.9 7.0 1.7 0.7 3.6 5.3 2.1 3.9	768 1,269 273 1,350 1,194 27 873 204 194
Sub Total			28.5	1.5	1,332	85.1	1.2	3,280	24.0	2.0	1,540	138	1.4	6,152
Silver Resources			Measured			Indicated			Inferred			Total Resour		ces
Project	Type	Cut-Off	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Million)	Silver Grade (g/t)	Silver Metal (koz)
Mt Carlton	Open-pit	*	11.4	57	20,790	14.9	19	9,004	1.5	16	796	27.9	34	30,590
Total			11.4	57	20,790	14.9	19	9,004	1.5	16	796	27.9	34	30,590
Copper Resources			Measured			Indicated			Inferred			Total Resour		ces
Project	Type	Cut-Off	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Million)	Copper Grade (%)	Copper Metal (kt)
Mt Carlton	Open-pit	*	11.4	0.24	27.6	14.9	0.21	32.1	1.51	0.20	3.0	27.9	0.23	62.8
Total			11.4	0.24	27.6	14.9	0.21	32.1	1.51	0.20	3.0	27.9	0.23	62.8
			Measured			Indicated			Inferred			Total Resour		ces
Gold Equivalent Resources			Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Million)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
Total Group			30.8	1.9	1,852	85.3	1.3	3,577	24.1	2.0	1,567	140	1.6	6,996

Notes:

1 Includes stockpiles

• Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42 g/t Ag cut-off Mineral Resource figures are inclusive of Ore Reserves Data is reported to significant figures and differences may occur due to rounding

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% silver at A39 and 92.0% for copper as indicated by metallurgical testwork ~~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)

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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.

Resource/Reserve	Name of Competent Person	Employer	Institute
Mt Carlton Ore Reserve	John Wyche	Australian Mine Design and DevelopmentPtyLimited	Australasian Institute of Mining and Metallurgy
Mt Carlton Mineral Resources	John Winterbottom	Evolution Mining	Australian Institute of Geoscientists
Pajingo Mineral Resources	Calvin Ferguson	Evolution Mining	Australasian Institute of Miningand Metallurgy
Pajingo Underground Ore Reserves	Andrew Fox	FormerlyEvolution Mining	Australasian Institute of Miningand Metallurgy
Pajingo Open-pit Ore Reserves	Cameron Skinner	Evolution Mining	Australasian Institute of Miningand Metallurgy
Pajingo Exploration Results	Brentan Grant	Evolution Mining	Australian Institute of Geoscientists
Twin Hills Mineral Resources	Peter Brown	FormerlyEvolution Mining	Australian Institute of Geoscientists
Edna MayUnderground Mineral Resource	John Winterbottom	Evolution Mining	Australian Institute of Geoscientists
Edna May Open-pit Mineral Resources and OreReserves	Luke Cox	Evolution Mining	Australasian Institute of Mining and Metallurgy
Cracow Mineral Resources	John Winterbottom	Evolution Mining	Australian Institute of Geoscientists
Cracow Ore Reserves	FushengLi	Evolution Mining	Australasian Institute of Miningand Metallurgy
Cracow Exploration Results	Shane Pike	Evolution Mining	Australasian Institute of Miningand Metallurgy
Mt Rawdon Mineral Resource	John Winterbottom	Evolution Mining	Australian Institute of Geoscientists
Mt Rawdon Ore Reserve	Karl Smith	Karl Smith Mine and Geology ConsultingPtyLtd	Australasian Institute of Mining and Metallurgy

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