EVOLUTION MINING LIMITED — Investor Presentation 2014

Aug 4, 2014

Evolution Mining Diggers & Dealers Forum 2014

5 August 2014 Jake Klein - Executive Chairman

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Forward looking statements

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• These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

• Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

• Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

• Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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- Australian mid tie r gold producer

Corporate Information
ASX Code	EVN
Shares	712M
Market Capitalisation1	A$555M
Daily Turnover2	A$1.8M
Major Shareholders	Newcrest 32.4%
	Van Eck 9.3%
	Allan Gray 8.8%
Cash & unsold dore3	A$41.3M
Debt3	A$126.8M
Available Credit	A$73.2M
Forward Sales3	164,319oz at A$1,597/oz
Dividend Policy	2% of gold production

1. C1 cost - cost before royalties and after silver and coppoer credits

2. At 31 July 2014

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

4. 3 month average to 31 July 2014

5. At 30 June 2014

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July 2011 merger proposal

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• Creation of a leading growth focused, asset diversified, Australian mid-cap gold producer

• Portfolio of four producing mines and a development asset providing a defined growth pathway

• Operations to produce 400-450koz gold equivalent once Mt Carlton in full production ranking the merged entity as a top five Australian producer

• Significant exploration potential

• Strong financial platform to pursue growth

• Proven entrepreneurial management team with complementary skill set focused on enhancing shareholder returns

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Health check

FY14 production of 428koz AuEq 11 straight quarters of achieving guidance

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Development of Mt Carlton Strong financial position Exciting exploration pipeline

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Growing production

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Gold Production FY2011 – FY2014

427,703 oz

392,886 oz 346,979 oz 302,842 oz FY2011 FY2012 FY2013 FY2014 Group Gold Equivalent Production

• Assumes pro forma ownership of current assets over FY11 and FY12

We say, We do, We deliver

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Consistent outperfomance

Evolution vs ASX All Ords Gold Index

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EVN (A$/sh) XGD (pts)
since creation in November 2011
10,000
2.25
9,000
2.00
8,000
1.75
7,000
1.50
6,000
1.25
5,000
1.00
4,000
0.75
0.50 Gold’s GFC 3,000
0.25 2,000
0.00 1,000
EVN XGD
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Gold mining – a business

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• Create shareholder value through three pillars – Operations, Discovery, M&A

• Disciplined approach to capital management – value accretive growth opportunities only

• Upgrade portfolio – acquire lower cost / longer mine-life assets and divest underperforming assets

• Focus on costs and productivity to drive profitability

• Shareholder returns – royalty style goldlinked dividends

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Three pillars

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Creating shareholder value

Operations

Discovery

M&A

Act like owners to maintain a cost and productivity focus over the longer term

Using science and technology to improve probability of transformational discoveries

Improve the quality of asset portfolio through opportunistic, logical, value accretive acquisitions

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Cost reductions

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
A$93 million in mine operating cash flow generated in FY14
Group AISC 1 (A$/oz) FY132 vs FY14 Total spend (A$m)
A$1,200
$160
A$m FY13 Actual A$m FY14 Actual
A$1178
A$1,150 $140
$120
$100
A$1,100
$80
$60
A$1,050 A$1070
$40
$20
A$1,000 $0
Total Spend (A$M)
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A$1,200
A$1,150
A$1,100
A$1,050
A$1,000
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FY13 Actual

FY14 Actual

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

2. Mt Carlton commercial production declared on 1 July 2013

Act like owners to drive roductivi p ty

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Shift to owner miner

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• Substantial cost savings following successful transition to owner-miner at Cracow (July 2013) of A$18M in FY14 (or A$190/oz AISC[1] saving)

• Transitioned to owner-miner at Mt Rawdon in July 2014

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Cracow - Empire ore heading Mt Rawdon open pit
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1. AISC (All-in Sustaining Cost) includes C1 cash cost, plus royalty expense, plus sustaining capital expense, plus general corporate and administration

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Smarter drill & blast at Mt Rawdon

Estimated ~A$5Mpa cost reductions following drill and blast optimisation project

• Large diameter (203mm) blast holes, 15m benches (from 10m), plus electronic detonation (Unitronic600) has improved productivity

• 45% decrease in production blast holes, allowing a 33% reduction in drill fleet

• 25% decrease in blast related shutdowns (increased blast size and combination blasts)

• 10% increase in excavation rates

• 40% reduction in rock breaker hours

• 10% increase in plant throughput

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Blasting improvements show significant cost benefits

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Mill ball recycling

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• Worn mill balls (30 - 60mm diameter) rejected from Mt Carlton SAG for nil value

• Opportunity for the Pajingo ball mill to utilise smaller balls discarded by Mt Carlton

• an initiative identified by site personnel

• Estimated savings of around A$280k pa

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Mill balls rejected by Mt Carlton SAG mill
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Recycling of mill balls at Pajingo
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Cost reduction by collaboration – multi-asset portfolio benefit

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Reduction in voluntary turnover

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• Voluntary turnover¹ has halved since March 2013

• Reflects a more competitive labour force and increased focus on quality of hire

Group Voluntary Turnover (%)

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30%
25%
20%
15%
10%
Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14
Voluntary Turnover
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1. Voluntary turnover (12 months rolling) – includes permanent employees who have resigned in the previous 12 months as a percentage of average permanent headcount

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Gold discoveries increasingly rare

Gold discovered, gold produced and gold prices - 1990 to 2013

250 $1,800 $1,600 200 $1,400 $1,200 150 $1,000 $800 100 $600 $400 50 $200 0 $0 Gold Discovered (Moz) World Mine Production (Moz) Gold Price (US$/oz)

Source: SNL Metals & Mining

???

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“The definition of insanity is doing the same thing over and over again, but expecting a different result.”

Albert Einstein

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Discovery strategy

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• Investing A$20M per year to target transformational discoveries through brownfields and greenfields exploration

• Recognition of intrinsic potential of early stage projects and de-risking using science and technology to guide superior target generation

• Acquire or establish JV’s with juniors with highly prospective projects – Emmerson Resources JV

• Lead by a highly experienced exploration team

Roric Smith – VP Discovery & Chief Geologist (ex-SVP AngloGold Ashanti)

• Jeremy Cook – Chief Geophysicist (ex-Newmont Mining)

• Ned Howard – Geochemistry Specialist (ex-Barrick Gold)

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Scientific approach to discovery
Build 80,000m
Innovative 3D 4D modelling
competent, Alteration and Framework & exploration
seismic integrating
experienced Asset priority geochemical proof of drilling in FY15
team and ranking viewing geological mapping at Mt concept testing targets
structures at time for better
thinking like Carlton drilling from 4D
depth understanding
scientists studies
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Scientific approach to discovery

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Cracow exploration

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• 3D Seismic survey completed: first-pass processing very promising

• Seismic calibration drilling identified new epithermal structure

• Anomalous gold, silver and tellurium results

• Quartz-adularia veining identified

• 3D paleo-stress model completed

• Areas of fault dilation – mineralisation potential

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Depth slice of 3D seismic survey at 484m below surface. Grey lines represent faults, some of which correspond to the location of known faults and epithermal orebodies.

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Pajingo exploration

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• 2D seismic line proof of concept drilling

• 3D seismic survey completed – processing and interpretation underway

• Exploration review and targeting underway Location of Vera Nancy fault 3km depth

2D seismic image of Pajingo field

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Mt Carlton exploration

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Capsize IP chargeability, alteration zone

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Castle IP chargeability, alteration zone

• High sulphidation deposits targeted - favourable structural setting, alteration and stratigraphic unit - drilling at Castle prospect underway

• IP program extends the Capsize chargeability feature over 4.7km with the anomaly intensifying to the east - drilling planned to test new IP target

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Tennant Creek exploration

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• JV agreement with Emmerson Resources over Tennant Creek gold-copper project

• Historically one of Australia’s highest grade gold and copper fields with production of 5.5Moz gold and 470,000t copper

• Application of new technology could uncover many more high grade deposits

Source: Emmerson Resources Company Presentation

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Portfolio management

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Global M&A deal success in unlocking value (all industries)

• Create value through logical, opportunistic acquisitions

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17%
53%
30%
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Deals added value

Deals produced no discernible difference Deals destroyed value

• Leverage off strong operational performance to upgrade the quality of the portfolio over time

• Make geological calls backing discovery team

• Divest underperforming assets if fair price can be achieved

• Exercise discipline and patience

Source: KPMG M&A Global Research Report 1999

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FY15 outlook

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Guidance FY2015	Gold Equiv. Production	C1 Cash Costs	All-in Sustaining Cost
	(oz)	(A$/oz)	(A$/oz)
Cracow	90,000 – 95,000	660 – 730	1,000 – 1,080
Pajingo	65,000 – 72,500	700 – 770	1,050 – 1,120
Mt Rawdon	100,000 – 110,000	660 – 730	880 – 950
Edna May	80,000 – 90,000	980 – 1,060	1,120 – 1,200
Mt Carlton	65,000 – 72,500	760 – 840	1,020 – 1,100
Corporate	-	-	50
Group	400,000 – 440,000	750 – 820	1,050 – 1,130

Consistency, Reliability, Productivity

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Gold ETF liquidation ceased

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• In 2013 a major source of physical supply were the gold ETFs with over 850 tonnes liquidated over the 12 month period

• 550 tonnes dumped from the GLD ETF in 2013

• In 2014 ETF physical gold holdings have stabilised

SPDR GLD Gold in Trust

Tonnes

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1,400
1,200
1,000
800
600
Tonnes
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The Evolution value proposition

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• 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

Growth

 Exploration funded through strong cash flow

 Opportunistic, logical acquisitions

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Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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