EVOLUTION MINING LIMITED — Investor Presentation 2014

May 26, 2014

Pajingo May 2014

Simon Jessop – General Manager Underground Operations

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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 forwardlooking 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

Location

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• Located 200km south of Townsville

• Drive-in-drive-out from Charters Towers

• Power: 5.5MW - grid power

• Water: town pipeline and recycled mine water

• Average annual rainfall – 672mm

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3

History

• 1987 Open pit mining commenced at Scott Lode

• 1991 Normandy JV

• 1995 Vera discovered

• 1996 Underground production commenced

• 2001 Newmont acquisition of Normandy

• 2008 Acquisition by NQM and Heemskirk

• Nov 2010 Acquisition by Conquest

• Nov 2011 Evolution Merger

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4

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Pajingo

• Field has produced 2.7Moz since 1996 – excellent exploration upside remains

Field has produced 2.7Moz since 1996 – excellent exploration upside remains Focus on higher grade, more profitable ounces Workforce: approx. 220 including contractors Residential: Charters Towers Roster: Evolution employees 8/6, 7/7 days on- days off (5/2, 4/3 for technical staff) Mining method: underground Processing method: conventional crush-grind-CIP to produce gold-silver doré	Mine Type	Open pit and underground
	Minerals	Gold
	Mineralisation type	Low-sulphidation epithermal
	Throughput capacity	650ktpa
	Average grade	6g/t UG
	Recovery	96%
	FY14 production guidance	72,500 – 80,000oz
	FY14 cash cost guidance	A$800 – A$850/oz
	Mine Life	5 years
	Ore Reserves	0.33Moz gold
	Mineral Resources	1.31Moz gold (excl. Twin Hills)
	Detailed Ore Reserve and Mineral Resource disclosure provided on the Company website www.evolutionmining.com.au

5

Historical production

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Gold Produced (ounces)

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350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Ounces Au (oz)
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Edna May Crushing Circuit

Note:

• Dec 2007 qtr data not included as not available ~~Year~~ ** Grade and recovery not availabe for Sep 2011 quarter *** FY2014 to Mar 2014 quarter only

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Safety, Environment & Community

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Safety, environment & community

• Culture showing strong improvement

Safety

• Safety leadership and GOLD programmes

• LTIFR 2.1 and TRIFR 12.8 (30 Apr 2014)

• Mine project for SWI and JSA updates underway

• Compliance monitoring as per EA

Environment

• Improving water management at site

• Environmental LOM and integration of Group environmental protocols

Community

• Primarily residential workforce - Charters Towers

• Working with education and health as target areas

• Quarterly donations and investment is strong

8

Processing

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Process flowsheet

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10

Historical plant performance

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Head Grade v Recovery

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14
12
10
8
6
4
2
0
Recovery Head grade
Grade (g/t)
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100
99
98
97
96
95
94
93
92
% Recovery
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Note:

• Dec 2007 qtr data not included as not available ** Grade and recovery not availabe for Sep 2011 quarter *** FY2014 to Mar 2014 quarter only

11

Processing performance FY14

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July 13 to March 14 Pajingo Plant throughput (campaign) 400 – 425 kt Plant availability 98% Throughput rate ~81tph Grade 4.63g/t Gold recovery 95.7% Gold produced 44,271oz Silver produced 35,294oz

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Pajingo plant
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Processing improvements

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• Campaign milling has reduced total milling costs by approximately 30%

• Reduction in contractors due to new operating philosophy

• Replacement of transformers has improved the reliability of power to the processing plant

• Repairs to the primary crusher completed

• Challenged pricing from OEM and all suppliers

• Recycling scrap SAG balls from Mt Carlton in primary mill (~A$280K saving)

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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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13

Mining

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Mine performance FY14 YTD

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July 2013 to March 2014	Units	Pajingo
UG lateral development - capital	m	1,862
UG development - operating	m	1,861
Total UG lateral development	m	3,723
UG ore mined	kt	223
UG grade mined	g/t	6.01
Total ore mined	kt	223
Total tonnes processed	kt	311
Grade processed	g/t	4.63
Gold recovery	%	96
Gold produced	oz	44,271
Silver produced	oz	35,294
Gold sold	oz	47,065
Achieved gold price	A$/oz	1,447

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Development heading
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Mining

• Restructure of mining team late 2013 to align with mine schedule

• Mine planning processes significantly improved for UG operations – forecasts, design checkpoints and planning meetings

• Sharing mine equipment between Pajingo and Cracow

• Knowledge and experience base shared between Evolution’s two UG operations

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Vera portal entrance
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• Mining costs have reduced - development and stoping

Edna May open pit at 31 December 2013: Stage 1 (base of pit) and Stage 2 (surface)

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Mining equipment

• Development Drills

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• 2 x Sandvik DD421

• Production Drills

• 2 x Solo LC10

• 1 x S/Boom being converted

• Boggers

• 1 x Sandvik LH621

• 1 x Sandvik LH410

• 1 x Caterpillar 1700G

• UG Mine Trucks

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Jumbo
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• 3 x Atlas MT6020

• 1 x AD45 Water Truck

Edna May open pit at 31 December 2013: Stage 1 (base of pit) and Stage 2 (surface)

17

Production and cash cost

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1,200

60,000 1,200 A$1,004 A$998 A$830 A$814 40,000 800 Edna May Crushing Circuit 23,367oz 20,000 16,858oz 400 15,068oz 12,346oz 0 0 Jun Qtr Sep Qtr Dec Qtr Mar Qtr 2013 2013 2013 2014 Production gold oz C1 Cash Cost

18

Cost saving initiatives

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• New ground support profiles

• Improved drill and blast patterns for less dilution and improved fragmentation

• Challenging all suppliers on costs for improved results

• Removing low value add but high costs services (eg. mine control)

• Improved accountability for planning and shift performance

• Reviewing high grade remnant resources as production supplement

• Equipment sizing flexibility introduced to operational area (eg.1700 bogger)

• Focus on high value UG areas to maximise cash flow

• Reduced freight and explosives costs to mine

19

Exploration

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Exploration – Strategy and Plan

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• Transformational discovery – maximise opportunity

• Capability of the orebody drives the business

• 4D and Seismic – data mining and step change

• Think like scientists to increase prospectivity

• Project pipeline – depth and quality

• Rank, prioritise , monetise, drop

• People – capability and commitment

• Realise full potential - work to values

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Core from Jandam area
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Exploration in FY14

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• 4D Project

• Data mining in 3D – time 4[th] dimension

• 2D and 3D Seismic

• Map deep fault systems

• Basin analysis – mineralisation and inversion

• Potential for

  • transformation

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Footprint of Seismic Survey
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3D seismic location

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Proof of concept diamond holes 1.2km x 1.6km area of 3D Location of Vera Nancy fault
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2D seismic section interpretation

 Direct targeting from seismic

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3km
depth
0 2,000m
Syn-mineral normal faults
Post-mineral inversion
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Location of Vera Nancy fault Less competent, more permeable rock units on top Identification of mechanically favourable host rock to mineralisation

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Work ahead

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Seismic trucks
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• 3D Seismic survey to the SE of V-N line of lode (including parts of Moonlight area), plan to complete end of June FY14 quarter

• Completion ASD/lithogeochemical profiling at both local and regional scales to produce alteration / pathfinder maps

• Investigate mineralisation potential of the area to the

• east of Pajingo using the alteration / pathfinder data

• Additional drilling of targets defined from the 2D seismic work

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Appendix

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Resources

	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012	Pajingo Mineral Resources - December 2012
Mineral Resource	Measured			Indicated			Inferred			Total Resource
	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)
Open-Pit
Venue	0.01	3.6	1	0.17	5.0	28	0.01	1.5	0.4	0.19	4.8	30
Orchid	-	-	-	-	-	-	0.32	1.2	12	0.32	1.2	12
Underground
Cindy	0.004	5.9	1	0.07	6.1	13	0.03	3.7	3	0.10	5.4	17
Jandam	0.67	7.3	158	1.33	5.5	236	0.96	4.7	144	2.96	5.7	539
Sonia	0.12	16.8	66	0.15	9.0	44	0.08	7.5	19	0.35	11.3	129
Veracity	0.14	8.7	38	0.23	4.8	35	0.07	3.7	9	0.44	5.8	82
Janine	0.01	8.3	3	0.05	5.6	10	0.03	5.5	6	0.10	5.9	19
Venue	-	-	-	0.66	6.0	126	0.30	5.3	51	0.96	5.8	177
Zed	0.11	6.9	25	0.65	5.7	118	0.43	4.9	68	1.19	5.5	211
Sonia East	0.04	9.6	12	0.13	9.1	39	0.16	7.2	37	0.33	8.2	88
Stockpile	0.03	1.6	2	-	-	-	-	-	-	0.03	1.6	2
Total Pajingo	1.15	8.3	307	3.44	5.9	649	2.38	4.6	349	6.97	5.8	1,306
Notes:
Data is reported to significant figures and differences may occur due to rounding
Mineral Resources are inclusive of Ore Reserves
**Pajingo Mineral Resources have been reported above a cut-offgrade of 2.5g/tgold for underground, 0.5g/tgold for open-pit and constrained to an A$1,350/ozpit design **
Pajingo underground Mineral Resources were estimated using Ordinary Kriging into blocks with dimensions 15 metres east by 5 metres north by 15 metres elevation
Pajingo open-pit Mineral Resources were estimated using Multiple Indicator Kriging into blocks with dimensions 5 metres east by 2 metres north and 2.5 metres elevation
Competent Person: Calvin Ferguson a member of the Australasian Institute of Mining and Metallurgy

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Reserves

	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012	Pajingo Ore Reserves - December 2012
Ore Reserve	Proved			Probable			Total Reserve
	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au(koz)
Open-Pit
Venue	0.01	3.9	1	0.17	5.6	30	0.18	5.5	31
Underground
Cindy	-	-	-	0.03	5.9	6	0.03	5.9	6
Jandam	0.27	6.6	58	0.12	5.5	21	0.39	6.2	79
Sonia	0.14	10.4	47	0.11	8.1	28	0.25	9.4	75
Zed	0.07	6.0	13	0.48	5.4	84	0.55	5.5	97
Sonia East	0.05	6.0	10	0.14	6.7	29	0.19	6.5	39
Stockpile	0.03	1.6	2	-	-	-	0.03	1.6	2
Total Pajingo	0.57	7.1	130	1.05	5.9	199	1.62	6.3	329

Notes:

Data is reported to significant figures and differences may occur due to rounding Ore Reserves are reported above a 3.0 g/t gold cut-off underground and 0.65 g/t gold cut-off for open pit Ore Reserves are calculated using a A$1,350/oz gold price and a gold recovery of 96.0% Underground Competent Person: Johan Booyse a member of the Australasian Institute of Mining and Metallurgy Open-pit Competent Person: Tony Wallace a member of the Australasian Institute of Mining and Metallurgy

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 as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code, 2004). 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	Employer	Institute
Pajingo Mineral Resources	Calvin Ferguson	Formerly Evolution Mining	Australasian Institute of Mining and Metallurgy
Pajingo Ore Reserves – Open-Pit	Tony Wallace	Evolution Mining	Australasian Institute of Mining and Metallurgy
Pajingo Ore Reserves – Underground	Johan Booyse	Formerly Evolution Mining	Australasian Institute of Mining and Metallurgy

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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