EVOLUTION MINING LIMITED — Investor Presentation 2014

May 26, 2014

Mt Carlton May 2014

Arlene Rofe – 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 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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3

Site layout

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4

Mt Carlton

• Lowest cost mine in the portfolio

• Workforce: approximately 140 including contractors

• Roster: 8 days on, 6 days off

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

• Processing method: crushing, grinding and bulk sulphide flotation to produce a polymetallic concentrate

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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.
Mine Life	12 years
Ore Reserves	1.2Moz gold equivalent
Mineral Resources	2.2Moz gold equivalent

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

5

Safety, Environment & Community

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Safety, environment & community

• TRIFR reduced by 30%

Safety

• Feedback and consultation with workforce

• Behavioural safety key focus – Beyond Zero Program

• Culture of reporting hazards, near-misses, incidents

• Responsible environmental management and performance

Environment

• Tails dam raise to be completed for wet season

• Maintenance of heritage sites

• Burdekin river pipeline flora and fauna survey

• Four Birriah traineeships – positive feedback

Community

• Good relationship with landholders

• Community Consultative Committee

• Capital Program – Whitsunday Shire Council (Tondara Road) in discussion

7

Mining

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Mining

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• Current Fleet: 1 x 1200 excavator

• 4 x CAT 777 trucks

• 1 x 980 loader

• 1 x 14M grader

• 1 x 773 water cart

• 2 x dozers

1x 30t rock breaker

• Completion of A39 Pit mining scheduled in Q4 FY14

• Optimising mine scheduling

9

~~A39 Pit~~ 6

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Current bench Elevation: Stage1– 95mRL, Stage 2 – 125mRL V2 Pit
Total Material moved – 5M BCM
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~~Total Material moved – 2M BCM~~

Mining

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

• Total material movement significantly reduced in H2 FY14

• Life of mine strip ratio: V2 = 2.7:1, A39 = 3.3:1



• A39 pit scheduled for completion of mining in Q4 FY14. Evaluation in progress to assess further exploitation of the remaining resource

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A39 ore Mark-Up
85mRL – B-flitch
Edna May open pit at 31 December 2013: Stage 1 (base of pit) and Stage 2 (surface)
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11

Physicals

Ore and waste mined

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3,500
3,000
2,500
2,000
1,500
1,000
500
-
Jun 2013 Qtr Sep 2013 Qtr Dec 2013 Qtr Mar 2014 Qtr
Capital Waste (kt) Operating Waste (kt) Ore Mined (kt)
(kt)
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Mining costs

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Drill and Blast
Load and Haul
Rock Breaking
Crusher and Feed
Support Services
Rehabilitation
Roads and Infrastructure
General Management & Admin Costs
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12

Processing

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Process flowsheet

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14

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Physicals FY14 YTD

July 2013 to March 2014	Units	A39	V2	Total/Average
Mining
Capital waste	kt	0	1,894	1,894
Operating waste	kt	141	2,219	2,359
Ore mined	kt	211	341	553
Mined Grade - gold	g/t	-	5.1	5.1
Mined Grade - silver	g/t	373	48	172
Processing
Ore processed	kt	174	318	492
Grade processed - gold	g/t	-	5.6	5.62
Grade processed - silver	g/t	426	60	190
Grade processed - gold and gold equiv.1	g/t	6.9	5.6	6.1
Gold recovery	%	-	87	87
Silver recovery	%	85	-	85
Production
Concentrate produced	t	16,246	25,255	41,501
Gold2	oz	-	42,245	42,245
Silver2	oz	1,568,704	278,983	1,847,687
Copper2	t	77	861	937
Gold and gold equivalent1,2	oz	25,515	42,245	67,759

1. Gold and gold equivalent is Mt Carlton A39 silver as gold equivalent

2. Production is equivalent to payable metal

15

Plant performance

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 Plant throughput 800kt per annum

 Plant availability 91.3%

Plant Performance

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100 95
90
80 90
70
Edna May Crushing Circuit
60 85
50
40 80
30
20 75
10
0 70
Jul Aug Sep Oct Nov Dec Jan Feb Mar
A39 - Ag, % V2 - Au, % Avg t/h
Recovery (%)
Throughput (t/h)
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16

Concentrate sales

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• 47,000dmt concentrate shipped to date

• Total revenue USD110m

A39 Silver Concentrate

• 12 shipments @ Av. size 2,000dmt Average Ag grade: 3,750g/t Average revenue: US$4M per shipment

V2 Gold Concentrate

11 shipments @ Av. size 2,100dmt Average Au grade: 63g/t Average revenue: US$6M per shipment

• Both customers are satisfied with the quality of product

• All shipped concentrate has met spec – no rejections

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17

Cost saving initiatives

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• More favourable contracts negotiated

  • Power, fuel, lime, explosives, equipment

• Review of rates being charged on all hired equipment on site

• Reduced grinding media consumption

• Contractor management and selection

• Material selection to reduce maintenance and costs

• Camp costs reduced

• Grade control cost could be reduced by >35% if sample length is increased to

• 1.5m (from 1m).

• Review fleet and mining organisational structure

18

Production and cash cost

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• FY14 YTD production of 67,749oz AuEq already within FY14 guidance (65,000 – 75,000oz AuEq)

 FY14 YTD cash cost of A$603/oz well below guidance of A$700 – $750 per ounce

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A$795
80,000 800
A$578
60,000 600
A$454
40,000 400
22,747oz [26,109oz ]
18,904oz
20,000 200
11,692oz
A39 V2 A39 V2
0 0
Jun Qtr Sep Qtr Dec Qtr Mar Qtr
2013 2013 2013 2014
Production gold equiv. oz C1 Cash Cost
Cost A$/oz
Production Au eq (oz)
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19

Geology

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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 – opportunity to increase geological knowledge

• Think like scientists to increase prospectivity

• Lithogeochemistry and ASD

• defined levels to explore and prioritise exploration

• Project pipeline – depth and quality

• Rank, prioritise , monetise, drop

• People – capability and commitment

• Realise full potential - work to values

21

Alteration mapping with ASD

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• Camp-scale alteration zonation

• Defining preservation levels

• Prioritising targets

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Strathmore
Castle
Capsize
MCU V2
Ortiz
Alunite
Pyrophyllite
Dickite
Boundary
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Alunite Pyrophyllite Dickite Kaolinite Illite

Geochemistry

• Alteration and geochemical mapping reflect the styles and ability to target high sulphidation deposits

• New targets identified

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Castle
Capsize
MCU V2
Strathmore
Ortiz
Boundary
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Near-mine opportunities

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Central E, Far East area.
Herbert Creek East
Narrow HG intercepts
Potential low strip
at depth. Generally
resource shallow drilling
V2 East
Depth extensions under
HG underground
and surrounding A39
and V2 pits, limited deep
drilling
Mt Carlton United
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24

Greenfields opportunities

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25

Discovery project pipeline

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Curve shows incremental value creation

26

Appendix

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Resources

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	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton Mineral Resources - December 2012	Gold - Mt Carlton 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)
A39	-	-	-	-	-	-	-	-	-	-	-	-
V2	9.02	2.0	586	14.7	1.5	695	1.41	1.5	68	25.2	1.7	1,350
Stockpile	0.25	0.1	1	-	-	-	-	-	-	0.25	0.1	1
Total Mt Carlton	9.28	2.0	587	14.7	1.5	695	1.41	1.5	68	25.4	1.7	1,350

	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012	Silver - Mt Carlton Mineral Resources - December 2012
Mineral Resource	Measured			Indicated			Inferred			Total Resource
	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)
A39	2.38	192	14,631	0.23	80	594	0.10	85	262	2.70	178	15,487
V2	9.02	21	6,159	14.7	18	8,410	1.41	12	534	25.2	19	15,103
Stockpile	0.25	80	647	-	-	-	-	-	-	0.25	80	647
Total Mt Carlton	11.7	57	21,437	14.9	19	9,004	1.51	16	796	28.1	35	31,237

	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012	Copper - Mt Carlton Mineral Resources - December 2012
Mineral Resource	Measured			Indicated			Inferred			Total Resource
	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)
A39	2.38	0.13	3.1	0.23	0.01	0.0	0.10	0.00	0.0	2.70	0.12	3.1
V2	9.02	0.27	24.5	14.7	0.22	32.1	1.41	0.22	3.0	25.2	0.24	59.7
Stockpile	0.25	0.11	0.3	-	-	-	-	-	-	0.25	0.11	0.3
Total Mt Carlton	11.7	0.24	27.9	14.9	0.21	32.1	1.51	0.20	3.0	28.1	0.22	63.1

	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012	Gold Equivalent - Mt Carlton Mineral Resources - December 2012
Mineral Resource	Measured			Indicated			Inferred			Total Resource
	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)
A39	2.38	4.0	307	0.23	1.6	12	0.10	1.7	5	2.70	3.7	325
V2	9.02	2.8	798	14.7	2.1	988	1.41	2.0	90	25.2	2.3	1,876
Stockpile	0.25	1.7	14	-	-	-	-	-	-	0.25	1.7	14
Total Mt Carlton	11.7	3.0	1,119	14.9	2.1	1,000	1.51	2.0	95	28.1	2.5	2,214

Notes:

Data is reported to significant figures and differences may occur due to rounding

Mineral Resources are inclusive of Ore Reserves

Mt Carlton V2 deposit Mineral Resources have been reported above a cut-off grade of 0.35 g/t gold and A39 deposit reported above 42g/t silver Mt Carlton V2 deposit was estimated using E-Type Multiple Indicator Kriging into blocks with dimensions 25 metres east by 25 metres north by 5 metres elevation

Mt Carlton A39 deposit was estimated using a combination of Ordinary Kriging, for more broadly spaced Resource Definition drilling, and Sequential Gaussian Simulation for close spaced grade control drilled areas of the deposit into blocks with dimensions 10 metres by 10 metres by 2.5 metres elevation

Competent Person: John Winterbottom a member of Australian Institute of Geoscientists

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% 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)

Reserves

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	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton Ore Reserves - December 2012	Gold - Mt Carlton 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)
A39	-	-	-	-	-	-	-	-	-
V2	4.52	3.1	446	4.61	2.5	366	9.13	2.8	812
Total Mt Carlton	4.52	3.1	**446 **	4.61	2.5	**366 **	9.13	2.8	812

	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012	Silver - Mt Carlton Ore Reserves - December 2012
Ore Reserve	Proved			Probable			Total Reserve
	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)	Tonnes (Mt)	Grade Ag (g/t)	Cont. Metal Ag (koz)
A39	1.04	265	8,852	-	-	-	1.04	265	8,852
V2	4.52	24	3,470	4.61	20	2,991	9.13	22	6,461
Stockpile	0.25	80	647	-	-	-	0.25	80	647
Total Mt Carlton	5.81	69	12,969	4.6	20	2,991	10.4	48	15,960

	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012	Copper - Mt Carlton Ore Reserves - December 2012
Ore Reserve	Proved			Probable			Total Reserve
	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)	Tonnes (Mt)	Grade Cu (%)	Cont. Metal Cu(kt)
A39	1.04	0.24	2.5	-	-	-	1.04	0.24	2.5
V2	4.52	0.32	14.3	4.61	0.23	10.5	9.13	0.27	24.8
Stockpile	0.25	0.11	0.3	-	-	-	0.25	0.11	0.3
Total Mt Carlton	5.81	0.29	17.1	4.61	0.23	10.5	10.4	0.26	27.6

Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012	Gold Equivalent - Mt Carlton Ore Reserves - December 2012
Ore Reserve	Proved			Probable			Total Reserve
	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)	Tonnes (Mt)	Grade AuEq (g/t)	Cont. Metal AuEq (koz)
A39	1.04	5.6	188	-	-	-	1.04	5.6	188
V2	4.52	3.9	567	4.61	3.1	464	9.13	3.5	1,031
Stockpile	0.25	1.7	14	-	-	-	0.25	1.7	14
Total Mt Carlton	5.81	4.1	769	4.61	3.1	464	10.4	3.7	1,233

Notes:

Data is reported to significant figures and differences may occur due to rounding V2 Ore Reserves are reported above a 0.69 g/t gold cut-off and A39 Ore Reserves reported above a 53 g/t silver cut-off

Ore Reserves were calculated using a gold price of A$1,350/oz, silver price of A$28.00/oz silver price and copper price of A$2.00/lb

V2 deposit used variable recoveries proportionate to head grade with gold recovery ranging from 82.0% to 90.0%, silver and copper recoveries ranged from 84.0% to 92.0%

A39 deposit used 88.0% and 92.0% for silver and copper recoveries respectively Smelter payabilities were also considered in the reserve calculation Competent Person: Tony Wallace a member of the Australasian Institute of Mining and Metallurgy

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% 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)

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
Mt Carlton Mineral Resources	John Winterbottom	Formerly Evolution Mining	Australian Institute of Geoscientists
Mt Carlton Ore Reserves	Tony Wallace	Evolution Mining	Australasian Institute of Mining and Metallurgy

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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