EVOLUTION MINING LIMITED — Investor Presentation 2014

May 6, 2014

Evolution Mining Macquarie Australia Conference

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7 May 2014 Jake Klein - Executive Chairman

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 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

Australian Mid-tier Gold Producer

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Corporate Information
ASX Code	EVN
Shares	710M
Market Capitalisation1	A$667M
Daily Turnover2	A$2.8M
Major Shareholders	Newcrest 32.5%
	Van Eck 10.1%
	Allan Gray 9.6%
Cash3	A$36.7M
Debt3	A$141.8M
Available Credit3	A$58.2M
Forward Sales3	187,774oz at A$1,595/oz
Dividend Policy	2% of revenue from gold eq. production

Globally competitive cash costs

1. At 28 April 2014

2. 3 month average to 28 April 2014

3. At 31 March 2014

4. C1 cost - cost before royalties and after silver credits.

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

3

Corporate Strategy

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• Operational stability and predictability through a portfolio of similar sized mines

• Australia – a low political risk, first world jurisdiction with a high gold endowment

• Improving the quality of the portfolio through productivity, reliability and discovery

• Commitment to growth through exploration success and opportunistic, logical, value accretive acquisitions

• High performance team culture with clearly defined business plans and goals

4

A Paradigm Shift

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Majors

• Multi jurisdictional model broken

• Scaling back global operations

Juniors

• Discovery and development hurdles getting beyond reach

• Large enough to fund growth through cash flow

Mid-tiers

• Small enough to deliver meaningful growth

• Well positioned to acquire assets from Camp construction

• majors and juniors

5

The Australian Opportunity

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 A$ falling

 Input costs reducing

• Productivity improving

• Talent returning to the sector

• Attractive political environment

• Rationalisation of the Australian gold industry

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Gold Industry C1 Cash Costs by Country
US$/oz Q3 2012
2,000
1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
1,800
1,600
1,400
1,200
1,000
South Africa
800
Australia
China
600
US [Indonesia ]
400
Peru
200
Russia
0
0 25 50 75 Percentile 100
C1 Cost Country
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6

Core Strengths

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Edna May
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Cracow
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Mt Rawdon
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Mt Carlton
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Pajingo
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Low operational risk – portfolio of mines delivering consistent results

Solid reserve and resource base 3.6 Moz AuEq Ore Reserve 7.7 Moz AuEq Mineral Resource

Excellent exploration potential Growth oriented – gold production has increased by 30% since FY11

Strong capital discipline and dividend commitment

Ore Reserve and Mineral Resource details are provided within the December 2012 Resource and Reserve Statement at www.evolutionmining.com.au

Robust operations with low risk upside leverage to gold price

7

Reliability and Consistency

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• Delivering on production and cash cost guidance since creation

• Portfolio of five mines ensures a predictable performance

• Reliability and consistency recognised through share price outperformance

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Evolution (EVN) vs ASX All Ords Gold Index (XGD)
EVN (A$) XGD (pts)
1.10
1.00
3,500
0.90
3,000
0.80
0.70 2,500
0.60
2,000
0.50
0.40 1,500
EVN XGD
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We say, We do, We deliver

8

Real achievement in reducing costs

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Total Spend - FY13A vs FY14F

Group AISC³ (A$/oz)

	Total Spend (A$M)	Total Spend (A$M)	Total Spend (A$M)
	FY13 Actual	FY14 Forecast¹	% **Change **
Cracow	145.8	108.0	-26%
Pajingo	140.8	84.5	-40%
Edna May	130.6	105.6	-19%
Mt Rawdon	143.0	133.0	-7%
Mt Carlton²	-	107.5	-
Corporate	25.5	20.1	-21%
Discovery	26.3	19.0	-28%

FY13 Average - A$1,228/oz

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FY14 YTD Average - A$1,074/oz
A$1,353/oz
A$1,266/oz
A$1,091/oz A$1,053/oz A$1,07/oz
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Mar Qtr 2013 Jun Qtr 2013 Sep Qtr 2013 Dec Qtr 2013 Mar Qtr 2014

1. FY14 Forecast: 9 months actual + 3 month forecast

2. Mt Carlton commercial production declared on 1 July 2013.

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

AISC reduced by 12.5% (FY14 YTD vs FY13A)

9

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Shift to owner-miner at Cracow & Mt Rawdon

• Substantial cost savings following successful transition to owner-miner at Cracow (July 2013) estimated at A$18M – A$20Mpa in FY14 (A$180 – A$200/oz AISC[1] saving)

• Transition to owner-miner at Mt Rawdon currently underway

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Cracow - Empire ore heading
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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

Realising cost benefits above expectation

10

Smarter drill and blast at Mt Rawdon

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• 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

11

Mill ball recycling between mine sites

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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$280kpa

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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 – a benefit of a multi-asset portfolio

12

Reduction in voluntary turnover

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• Voluntary turnover¹ halved between March 2013 and March 2014

• Reflects a more competitive labour force, increased focus on quality of hire and improved on-boarding processes

Group Voluntary Turnover (%)

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30%
25%
20%
15%
10%
Mar-13 Jun-13 Sep-13 Dec-13 Mar-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

13

Embracing technology – industry leading App

• Efficient capture, reporting and evaluation of real-time mining data

• Secure, live data stream via WiFi to server and user interfaces (iPhones and iPads)

• Live mobile reporting (iPhones and iPads), instant utilisation and availability data

• FaceTime between driver, supervisor and maintenance

• Mining fleet optimisation (optimum tonnage, load and haul efficiency, eco driving, fuel economy, truck size)

• Reduced equipment downtime – iPads for pre-start checks

 Improved operator productivity

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A step change in performance monitoring

14

Pioneering new escape-way design

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• An innovative, ground-breaking escape-way system designed and installed at Cracow through collaboration between Evolution and Safescape

• Record 385m long escape-way fully integrated into a 3.5m diameter Vent Raise

• Cheaper than a traditional winder and cage with estimated savings of ~A$2M

Cracow – new Empire vent raise headworks

Seismic and 4D – technology and capacity

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• New techniques and Evolution’s talent to reveal deeper discoveries and evaluate potential acquisition opportunities

• 3D seismic at Cracow and Pajingo

• Spectral analysis to map alteration minerals associated with gold at Mt Carlton

• 4D studies – integrating geological time to find potential areas of gold enrichment

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Vera Nancy fault
3km depth
Syn-mineral normal faults
Post mineral inversion
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3D perspective figure showing the regional geology, seismic line and interpreted faults at Pajingo

16

Prudent and opportunistic hedge

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• Gold hedge secured to self-fund near-term capital expenditure at Edna May and provide appropriate rate of return on capital

• 156,281oz at an average gold price of A$1,598/oz

A$ GOLD PRICE

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A$
1,650 Sold forward 156,281 ounce of gold
at A$1,598 on 30 August 2013
1,600
1,550
1,500
1,450
1,400
1,350
1,300
1,250
01-Jan-13 01-Apr-13 01-Jul-13 01-Oct-13 01-Jan-14 01-Apr-14
GOLD PRICE A$
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17

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

• Talented exploration team funded through strong cash flow

• Opportunistic, logical acquisitions

18

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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Appendix

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Mineral Resource Statement Dec 2012

Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012	Mineral Resource Statement- December 2012
Gold			Measured			Indicated			Inferred			Total Resource
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Pajingo	Open-Pit	0.5	0.01	3.6	1	0.17	5.0	28	0.32	1.2	12	0.51	2.6	42
Pajingo1	Underground	2.5	1.14	8.4	306	3.27	5.9	621	2.06	5.1	337	6.46	6.1	1,264
Cracow1	Underground	2.3	0.28	8.6	79	1.11	7.7	275	2.90	5.2	488	4.29	6.1	842
Edna May1	Open-Pit	0.4	21.1	0.9	629	16.5	1.0	514	8.18	0.9	226	45.8	0.9	1,369
Edna May	Underground	3.0	-	-	-	0.63	7.2	146	0.58	6.9	128	1.21	7.1	273
Mt Carlton	Open-Pit	0.35	9.28	2.0	587	14.7	1.5	695	1.41	1.5	68	25.4	1.7	1,350
Mt Rawdon1	Open-Pit	0.23	1.84	0.4	23	51.5	0.7	1,203	3.42	0.6	62	56.7	0.7	1,288
Twin Hills	Open-Pit	0.5	-	-	-	2.42	2.2	170	0.64	1.7	35	3.06	2.1	204
Twin Hills	Underground	2.3	0.54	4.1	71	0.32	3.5	36	0.70	3.9	87	1.56	3.9	194
Total			34.1	1.5	1,696	90.6	1.3	3,688	20.2	2.2	1,443	145	1.5	6,827

Mt	Silver	Silver	Silver	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)
	Mt Carlton1	Open-Pit	*	11.7	57	21,437	14.9	19	9,004	1.51	16	796	28.1	35	31,237
	Total			11.7	57	21,437	14.9	19	9,004	1.51	16	796	28.1	35	31,237
	Copper			Measured			Indicated			Inferred			Total Resource
	Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
	Mt Carlton1	Open-Pit	*	11.7	0.24	27.9	14.9	0.21	32.1	1.51	0.20	3.0	28.1	0.22	63.1
	Total			11.7	0.24	27.9	14.9	0.21	32.1	1.51	0.20	3.0	28.1	0.22	63.1
	Rawdon Open Pit: Sta Gold Equivalent			Measured			Indicated			Inferred			Total Resource
				~~ge 2 C~~ Tonnes (Mt)	~~utbac~~ Gold Equiv. Grade (g/t)	~~k Sep~~ Gold Equiv. Metal (koz)	~~t 201~~ Tonnes (Mt)	~~2~~ Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
	Total Group			36.5	1.9	2,228	90.9	1.4	3,992	20.3	2.3	1,470	148	1.6	7,691

Notes:

Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves 1 Includes stockpiles

• Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42g/t Ag cut-off

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% for 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))

Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012	Ore Reserve Statement Dec 2012
Gold			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Pajingo	Open-Pit	0.65	0.01	3.9	1	0.17	5.6	30	0.18	5.5	31
Pajingo1	Underground	3.0	0.56	7.1	129	0.88	6.0	169	1.44	6.4	298
Cracow1	Underground	3.6	0.17	8.3	46	1.44	4.9	226	1.61	5.3	273
EdnaMay1	Open-Pit	0.4	13.4	0.9	402	9.14	1.0	306	22.5	1.0	709
Mt Carlton	Open-Pit	0.69	4.52	3.1	446	4.61	2.5	366	9.13	2.8	812
MtRawdon1	Open-Pit	0.3	1.08	0.5	17	38.7	0.8	1,009	39.8	0.8	1,026
Total			19.7	1.6	1,042	54.9	1.2	2,106	75	1.3	3,148

Ore Reserve Statement Dec 2012

Silver	Silver	Silver	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)	Tonnes (Mt)	Silver Grade (g/t)	Silver Metal (koz)
Mt Carlton1	Open-Pit	**	5.81	69	12,969	4.61	20	2,991	10.4	48	15,960
Total			5.81	69	12,969	4.61	20	2,991	10.4	48	15,960

Copper	Copper	Copper	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
Mt Carlton1	Open-Pit	**	5.81	0.29	17.1	4.61	0.23	10.5	10.4	0.26	27.6
Total			5.81	0.29	17.1	4.61	0.23	10.5	10.4	0.26	27.6
Gold Equivalent			Proved			Probable			Total Reserve
			Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)	Tonnes (Mt)	Gold Equiv. Grade (g/t)	Gold Equiv. Metal (koz)
Total Group			21.0	2.0	1,365	54.9	1.2	2,204	75.9	1.5	3,570

Notes:

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

• 1 Includes stockpiles

• ** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53g/t Ag cut-off

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 88.0% for 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))

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
Cracow Mineral Resources	Shane Pike	Evolution Mining	Australasian Institute of Mining and Metallurgy
Cracow Ore Reserves	Fusheng Li	Evolution Mining	Australasian Institute of Mining and Metallurgy
Pajingo Mineral Resources	Hans Andersen	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	Ian Patterson	Evolution Mining	Australasian Institute of Mining and Metallurgy
Edna May Ore Reserves	Luke Cox	Evolution Mining	Australasian Institute of Mining and Metallurgy
Edna May Mineral Resources	John Winterbottom	Formerly Evolution Mining	Australian Institute of Geoscientists
Mt Rawdon Mineral Resources	Hans Andersen	Evolution Mining	Australasian Institute of Mining and Metallurgy
Mt Rawdon Ore Reserves	Tony Wallace	Evolution Mining	Australasian Institute of Mining and Metallurgy
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
Twin Hills Mineral Resources	John Winterbottom	Formerly Evolution Mining	Australian Institute of Geoscientists

Evolution Mining ASX Code: EVN

www.evolutionmining.com.au

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