EVOLUTION MINING LIMITED — Investor Presentation 2018

Mar 26, 2018

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Cowal Site Visit 27 March 2018

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Forward looking statement

• 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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Qualit asset with immense unta ed otential y pp p

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Sustainable low cost production

Focused team driving impressive operating results

Long mine life provides runway to capture additional upside

Under explored region offers immense untapped potential

3

Safet erformance and focus y p

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FY18 year-to-date performance

• Currently 647 days loss time incident (LTI) free

• Total recordable injury frequency (TRIF) currently at 4.4

• 3 Recordable Injuries

• 1 Significant Safety Occurrence (SSO)

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20.0
15.0
10.0
5.0
0.0
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Total Recordable Injury Frequency (TRIF)

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NSW Open Pit Metals Industry Average TRIF 20.0 (June-17)
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Current focus

• Critical controls

• Health and wellbeing

• Interdependent and just culture

TRIF: Total recordable injury frequency. The frequency of total recordable injuries per million hours worked. Results above are based on a 12 month moving average

SSO: An internal event classification with either an actual or potential consequence. The frequency rate is per million hours worked, results are based on a 12 month moving average

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Cowal Evolution
Actual or Potential Consequence Frequency (SSOF)
15.0
10.0
5.0
0.0
Cowal Evolution
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Transcendence of safet health and wellness culture y,

Project Arrive Alive

• Fatigue management identified as a major operational risk

• Industry leading fatigue management policy and practices developed

• Strong emphasis on education and awareness to enable self-regulation

• Enhancement of rosters and journey management

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• Supported by fatigue management experts and psychologists

• Project has evolved into a comprehensive employee health and wellness program

Project Vital

• An integrated and holistic approach to employee health and wellness centred on education and awareness

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Health, wellbeing and safety solutions
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• Utilises expert psychologists (Matecheck) to provide confidential counselling services to employees on abroad range of issues

• Full time health and wellbeing professionals (HBP - Healthy Business) on site – developing personal health plans for employees

• Corporate gym memberships for employees

• Impact on workforce has been profound

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Cowal – 2017 NSW Mining HSEC award for safety

5

Overview

• Residential workforce

• Workforce: 345 employees and 175 contractors

• Shift roster: 7:7

• Mining commenced 2005 and processing 2006

• Owner-miner

• Property: the Mining Lease (ML 1535) encompasses an area of 2,636 hectares and lies within Evolution’s total property holding of ~13,152 hectares

• Operation currently approved until 2032

• Access: sealed road connecting to West Wyalong and major regional highways

• Power: grid power supplied to the mine by 132kV transmission line providing reliable power supply

• See Cowal Mineral Resources and Ore Reserves and footnotes provided in the appendix of this presentation for details on Ore Reserve and Mineral Resource estimates

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Location	Approximately 40km north-east of West Wyalong in New South Wales, Australia
Mining method	Conventional openpit
Minerals	Gold
Mineralisation type	Structurally hosted (epithermal to mesothermal) sheeted veins and shear hosted lodes
Process method	Grinding, gravity, flotation and cyanide leachingcircuits
Ore Reserves1	116.71Mt@0.85g/t Au for 3.2Moz Au
Mineral Resources1	177.7Mt@0.88g/t Au for 5.0Moz Au

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6

Histor of Cowal y

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1988 2000 2002 2006 2015 2017 North Limited North Limited is Homestake Mining First gold is poured Evolution Mining Mine life is extended undertakes acquired by Rio merges with Barrick in April 2006 acquires Cowal Gold to 2032 extensive Tinto Gold Operation with exploration at Lake 1.6Moz Ore Reserve Ore Reserves Cowal increased by 12% Evolution increases to 3.2Moz Ore Reserves by 40% to 2.2Moz Cowal gold 2014 project is sold to North Homestake NSW Limited is 2006 Evolution Mining North government issues Rio Tintoacquired by 2004 increases Ore Reserves Limited development (+40%) Gold first undertakes consent 2002 and Mineral discovered in extensive conditions for the Resources 1893West exploration at Lake Cowal gold project 1999 2001F 2001 2004 2014 (+48%) 2016 Wyalong Gold first discovered in West Wyalong areaCowal NSW government issues development 2000F Cowal gold project is sold to Construction commences on Cowal gold operation is granted Evolution increases Ore Reserves by 1999 consent conditions Homestake Mining Cowal gold project extension of 30% to 2.9Moz for the Cowal gold mine life through to 1988F project 2024 1893F

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Evolution achievements

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EVOLUTION ACHIEVEMENTS SINCE ACQUISITION[(1)]

GOLD PRODUCTION 633koz NET MINE CASH FLOW A$412M MINING PERMIT EXTENDED BY 8 YEARS RESOURCES AND RESERVES EXPANSION LOW COST OF RESERVE ADDITIONS A$14/oz

UPSIDE OPPORTUNITIES

INCREASED THROUGHPUT FURTHER RESOURCE AND RESERVE EXPANSION AT E41, E46, GALWAY/REGAL REGIONAL EXPLORATION

Mining permit (year)

Mineral Resources (Moz)

Ore Reserves (Moz)

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July 2015(1)July 2015 [(2)] 2024 + 8 years 3.4 + 2.24Moz [(3)] 1.6 + 2.28Moz [(3)]
December 2017(3)December 2017 [(4)] 2032 5.0 3.2
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1. As at 31 December 2017

2. Barrick (Australia Pacific) Pty Limited estimate depleted to 31 December 2014 - refer to ASX release 26 Aug 2015 entitled “Resources and Reserves Increased at Cowal” available to view at www.asx.com.au 3. Prior to mining depletion 4. Depleted to 31 December 2016

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Deliverin value g

Cowal acquisition
Purchase price	A$707M
Stamp and transaction costs	A$49M
Total asset cost	A$756M
Equity raised	A$360M
Debt facility	A$400M
Total funding	A$760M

Performance under Evolution1
Operating cash flow	A$558M
Capital investment	A$146M
Net mine cash flow	A$412M
Years of ownership	2.4 years
Return on invested capital	27% p.a.
Remaining reserve life	14 years

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14
46%
54% 2
Balance Outstanding (%) 1 Remaining LOM Reserve 2
Net Payback (%) Years Owned
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1. Evolution ownership period 24 July 2015 – 31 December 2017

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FY18 business im rovement p

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Key Projects

• Maintenance Effectiveness – planning and execution: A$3.6M

• Project Shut – shutdown service provider contracts: A$1.5M

• Mining Improvements – fuel, tyres, maintenance, drilling: A$1.9M

• Grinding media effectiveness: A$0.6M

• Support department cost efficiencies: A$1.0M

Cost savings	A$M	A$/oz
Actual and forecast improvements 8.7 35
Target improvements 6.0 24

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10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
A$M
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Business improvement cost savings ~45% better than target

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Forecast Act+FcstActual TargetTarget
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Im rovin roductivit p g p y

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Tonnes/hour A$/t Processed
1,000 16.00
15.50
980
15.00
960
14.50
940
14.00
920 13.50
13.00
900
12.50
880
12.00
860
11.50
840 11.00
TPOH 6MMA Unit Cost 6MMA
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Cowal ro ects overview p j

• Significant investment in Cowal’s future

• Delivers mine life through to 2032

• Further extension opportunities beyond current mine life

• Stage H cutback on track

• All pre-work complete

• Ramped up to full scale mining activity

• Cutback scheduled to be completed in FY21

• Float Tails Leach project on time and on budget

• Commissioning in December 2018 half-year

• Expected to increase recoveries by 4 – 6% (currently ~83%)

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Stage H cutback
Tank 7 and 6 first strakes installed First floor plates in for CIL Tanks 6 and 7
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Float Tails Leach project
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E42 Sta e H foot rint g p

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Sta e H material movement on track g

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E42 material movement

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• Capital investment profile for waste stripping over next four years

 FY18: A$40 – 45M, FY19: A$70 – 75M, FY20: A$85 – 90M, FY21: A$35 – 40M

• Remaining Life of Mine E42 material movement:

Life of Mine	Life of Mine	Life of Mine
Waste (Mt)	Ore (Mt)	Strip Ratio
103.3	55.6	1.86

Note: Material movement and capital investment for waste stripping is revised annually with Life of Mine Plans

	Year (FY)	Capital Waste (Mt)	Operating Waste (Mt)	Ore Mined (Mt)
	2018	16.2	1.2	9.7
	2019	19.0	1.7	6.2
	2020	23.5	-	2.2
	2021	9.0	11.1	4.3
	2022	-	11.5	11.8
	2023	-	6.4	12.1
	2024	-	3.4	8.1
	2025	-	0.3	1.2

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Float tails leach ro ect p j

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• Gold extraction from the flotation tailings is expected to improve recoveries by 4 – 6% on primary ore

• Capital investment of A$35.0 – A$40.0 million to be spent over FY18 and FY19

• Commissioning on track for December 2018 half year

• Provides flowsheet optionality and flexibility for existing and future ore sources, including oxide co-treatment with addition of oxide crushing and milling circuit

• Current high-grade oxide stockpile >5Mt which will grow with Stage H

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Process flowsheet

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Plant ex ansion feasibilit stud p y y

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• Feasibility study on track for completion in December 2018 half year and will assess flowsheet options up to 9.8Mtpa

• Targeting a drop in processing unit costs of 10 – 15%

• Enables oxide co-treatment and reduces ore rehandling

• Included in Mod 14 application

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Inte rated waste landform g

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• Proposed tailings solution to support plant expansion options up to 9.8Mtpa

• Footprint contained within existing Mining Lease boundary

• Key enabler of future mine development and expansion

• Significantly reduced costs over LOM

Proposed layout of Integrated Waste Landform (IWL) joining with current waste dump and surrounding TSF

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Permittin g

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Mod 12 – previous permit

• Operations to 31 December 2024 with plant throughput at 7.5Mtpa

Mod 13 – current permit

• Operations extended to 2032

• Underpins current LOM (including Stage H)

Mod 14 – to be submitted by 31 March 2018 (decision expected within 12 months)

• Enables plant expansion up to 9.8Mtpa

• Includes Integrated Waste Landform (IWL) and infrastructure upgrades

Permitting required to unlock further potential

• Major changes such as new pits or underground mines likely to trigger a major amendment (Part 4A)

• Requires full Environmental Impact Study (EIS) with approval timelines typically greater than 3 years

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Environment

• Cowal operates under strict Environmental Assessment (EA) guidelines providing detailed measures to mitigate potential environmental impact

• Measures include:

• ISO14001 certified

• ICMI certified

• Annual independent audits

• Annual dam audits

• Internal compliance reviews

• Since the inception of the mine the understanding, knowledge and management of the local ecosystem has been transformed through the LCCC and other environmental studies, monitoring and initiatives

• The long-term positive impact of the mine in the region and the continued strong community support for the operation will underpin future development opportunities and prosperity for local communities

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Celebrating 10 years of Lake Cowal Conservation Centre (LCCC)

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Celebrating 10 years of the Lake Cowal Conservation Centre (LCCC), a community educational facility funded by Evolution where school students, land managers and community members learn about natural resource management

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Social res onsibilit p y

2017 Community Spend

• Cowal’s positive relationship with its local community stakeholder groups is being continually developed and maintained through sponsorship and donation programs and includes:

• Cowal Partnering Program ~A$320k

• Cowal Cares ~A$16k

• Endeavour Scholarships ~A$60k

• Wiradjuri Scholarships ~A$20k

2018 Commitments

• Wiradjuri Condobolin Corporation (WCC) ~A$290k

• Lake Cowal Foundation ~A$350k

• Community Environmental Monitoring & Consultative committee (CEMCC) ~A$10k

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2017 Cowal awards

• Mining Operation of the Year 2017

• NSW Mineral Council’s Safety Excellence Award 2017 (Project Arrive Alive)

• SES Commissioner’s Commendation 2017 (2016 flood mitigation and relief work)

• Runner up in the NSW Mineral Council’s Community Excellence Award 2017 (Project Bridge)

• NSW Mines Rescue Challenge 2017 (best captain)

• Victorian Mines Rescue Championships 2017 (1[st ] for Search & Rescue & Breathing Apparatus Practical Events; 2[nd ] for theory exam)

Local Procurement

• Local/regional contractors ~A$20M

• Total estimated local spend ~A$28M

Employees

• ~75% of employees who are permanent residents

• ~5.7% of employees are Indigenous

Some of Cowal’s 2017 Awards

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Untapped potential

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Ex loration backdro p p

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• World class copper-gold geologic setting

• Large, underexplored land holding – ~1,100km[2]

• In need of a modern exploration approach

• Multiple target styles:

• Polymetallic epithermal vein deposits (eg Cowal)

• Porphyry copper-gold deposits (alkalic and calc-alkalic styles)

• Volcanogenic massive sulphide deposits

• Exploring from the Known to Unknown ▪ E41 West / Galway-Regal-E46 East (GRE46) resource extension drilling

• ▪ District target review and testing

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Empowered regionally focused team established to advance new discovery opportunities

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Near mine resources

E42

E46 – 280k oz’s MR

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• Reserves

• Mineral Resource • Past Production

• Total Endowment

E41W 250k oz’s MR

E46 East UG Target

Galway Regal OP 200k Oz’s MR + UG Target

~~E41E – 200k oz’s MR~~

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Note: Resource refers to ~~Dec 2016 Mineral Resource~~

Ke focus areas for near mine rowth y g

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• E41 East and West (1km south of E42)

• Combination of oxide and sulphide epithermal gold mineralisation

• Neither deposit closed-off

• GRE46 – 1.6km long mineralised corridor

• Separated from E42 by the Glenfiddich Fault

• Mineral resource encompassing near surface mineralisation only

• Barrick completed a scoping study on the deeper E46 East mineralisation. Resource estimate to be included in December 2017 MROR

• Opportunity to expand – not closed-off

• E46 West – near surface oxide resource (280koz)

• Appears closed-off below

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E41W Long Projection showing the Mineral Resource and 2017 drilling results[1]

This information has been extracted from the report entitled September 2017 Quarterly Report released to the ASX on 16 October 2017. The Company confirms that it is not aware of any new information or data that materially affects the information in the original announcement. Reported intervals are downhole widths

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Recent results motivated a tar etin rethink g g

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• E41 West

• 139m grading 1.17g/t Au from 269m (E41D2802)[1]

• 21m grading 2.19g/t Au from 349m and 88m grading 0.72g/t Au from 448m (E41D2804)[2]

• 31m grading 1.10g/t Au from 298m (E41D2803)[2]

• 12.0m grading 0.3% Cu and 0.24 g/t Au from 81.0m (E41D2803)[2]

• 21.0m grading 0.38% Cu and 0.25g/t Au from 84.0m (E41D2805)[2]

• GRE46

• 16.0m grading 4.35 g/t Au from 259m and 6.0m grading 10.75g/t Au from 305m (1535DD311)[1]

• 7.0m grading 4.04g/t Au from 367m and 27.0m grading 1.17g/t Au from 432m (1535DD320)[2]

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Chalcopyrite veins cutting magnetite veins in core form recent drilling at E41 West

1. This information has been extracted from the report entitled September 2017 Quarterly Report released to the ASX on 16 October 2017. 2. This information has been extracted from the report entitled December 2017 Quarterly Report released to the ASX on 30 January 2018. The Company confirms that it is not aware of any new information or data that materially affects the information in the original announcement. Reported intervals are downhole widths.

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Re ional settin g g

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▪
Macquarie Arc volcanic belts (in green)
▪
Emplaced 480 to 430 million years ago
▪
Main copper-gold event 440 million years
ago (e.g., Cadia and North Parkes) PEAK HILL
NORTHPARKES
▪
Cowal equivalent in age to Cadia and
North Parkes CADIA
DISTRICT
▪ Arc dismembered into current configuration COWAL
▪ MARSDEN
Nearby Marsden deposit highlights copper-gold
opportunity in the Cowal district
▪ Lower part of Marsden truncated by a flat- GIDGINBUNG
dipping post-mineral fault
▪ DOBROYDE
Pre-truncation scale believed to have been
STYLE SIZE GOLD CONTENT
considerably larger PORPHYRY-SKARN <0.25 MAIN COMMODITY
0.25-1
LS EPITHERMAL BI-PRODUCT
1-3
HS EPITHERMAL
3-5 UNASSIGNED
LODE AU / AU-CU
5-10
VMS
UNKNOWN >10
27
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Por h r -e ithermal eolo ic environment p y y p g g

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Peak Hill / Gidginbung
Cowal
Cadia
North Parkes
Marsden (pre-amputation)
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This diagram is extracted from “Proceedings of Exploration 17: Sixth Decennial International Conference on Mineral Exploration” edited by V. Tschirhart and M.D. Thomas, 2017, p. 457–470. Cooke, D.R., Agnew, P. , Hollings, P. , Baker, M., Chang, Z., Wilkinson, J.J., White, N.C. , Zhang, L. , Thompson, J. , Gemmell, J.B. , Fox, N. , Chen, H., Wilkinson, C.C. Porphyry Indicator Minerals (PIMS) and Porphyry Vectoring and Fertility Tools (PVFTS) – Indicators of Mineralization Styles and Recorders of Hypogene Geochemical Dispersion Halos

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Cowal mineral s stem y

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Near-mine to re ional ex loration outlook g p

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• E41

• Delineate full extent of mineralisation at West and East deposits

• Lake drilling necessary to fully assess E41 East

• Drill test adjacent porphyry potential

▪ GRE46

• Continue confirmatory drilling to verify grade continuity

• Utilise new geologic understanding to test potential depth and lateral extensions

• Test beneath the large zone of hydrothermal alteration at E46 North

• Explore the Marsden linear between Cowal and Marsden

• East Girral aircore underway to evaluate for structurally controlled gold targets west of Cowal

• Advance geophysical target concepts – e.g. North and Central Cowal porphyry copper-gold potential

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Magnetic
Image
North
Cowal
Central
E42
Cowal
E41
Decoy
E40
– Cu/Au VMS
Marsden
Phoenix
East -Porph Cu/Au
Caloola
Girral
E43
Copper-Gold prospects Logjam
Conceptual targets
Mineral Resources
Gold prospects
Conceptual targets
Mineral Resources
Gold Corridor
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Tenements under-ex lored at de th p p

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All drilling >100m drilling >200m drilling

▪ Extensive drilling of tenements by various owners since the 1980s but limited drilling at depth

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Near mine resource develo ment – Marsden p

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• Provides additional long term optionality

• Acquired from Newcrest in August 2016

• Current Pre-feasibility Study

• Core across key sections re-logged

• Re-estimation of Resource model

• Key considerations

  • Ore processing

  • Detailed design and scheduling

  • Ore haulage (17km direct line to Cowal)

  • Approvals and permitting

• Updated Mineral Resources expected to be released with Group MROR in April 2018

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Location plan showing the Marsden copper-gold project and proximity to Cowal

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Tar et i eline g p p

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North Cowal
South Cowal
E39
Central Cowal
E46Nth
Eastern Cowal
Corridor
Caloola
MillyMilly
East Girral
Phoenix
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E42 Lodes
Central Cowal (Au,
Cu)
E38
E40
E43
LogJam
Decoy
E35
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E42
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GRE46 (Au)
Marsden (Cu-Au)
E46 West (Au)
E41 E and E41
W Pits (Au)
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E41 Extensions
(Au, Cu)
GRE 46
Extensions
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Confirmed
targets
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Conceptual targets

Ore Reserve

Mineral Resource

Resource definition Grade control drilling

Exploration drilling

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Unleashin the otential at Cowal g p

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Sustainable low cost production

Strong operating performance

Long mine life

Untapped potential

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Appendix

Cowal December 2016 MROR

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	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016
Ore Reserve			Proved							Probable						Total
	Cut-off (g/t Au)		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)
E42 Oxide	0.40									0.54		0.54		9		0.54		0.54		9
E42 Primary	0.40									72.48		0.94		2,197		72.48		0.94		2,197
Stockpile	0.40		43.70		0.71		994									43.70		0.71		994
Total			43.70		0.71		994			73.02		0.94		2,207		116.71		0.85		3,200
	Cowal Mineral Resources - December 2016
Mineral Resource	Measured Tonnes (Mt) Grade Au (g/t) Cont. Metal Au (koz)					Indicated					Inferred						Total Resource
		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)
E42 Oxide	-	-		-		0.58		0.54	10		-		-		-		0.58		0.54		10
E42 Primary	-	-		-		108.36		0.88	3,073		1.85		0.70		42		110.22		0.88		3,115
E42 Stockpile	43.70	0.71		994		-		-	-		-		-		-		43.70		0.71		994
E41 Oxide	-	-		-		4.15		1.20	160		0.73		1.85		43		4.87		1.29		203
E41 Primary	-	-		-		7.97		0.91	233		0.40		0.93		12		8.38		0.91		245
E46 Oxide	-	-		-		4.26		1.26	172		0.14		1.39		6		4.40		1.26		179
E46 Primary	-	-		-		1.82		1.42	83		0.09		3.44		10		1.91		1.51		93
GRE46 Oxide	-	-		-		0.66		1.56	33		0.52		1.98		33		1.17		1.74		66
GRE46 Primary	-	-		-		1.92		1.59	98		0.52		2.27		38		2.43		1.73		136
Total	43.70	0.71		994		129.71		0.93	3,861		4.24		1.35		184		177.65		0.88		5,039

Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves Mineral Resources have been reported above a cut-off grade of 0.40g/t gold and constrained within an A$1,800/oz pit optimisation shell The Cowal Mineral Resource Competent Person is Michael Andrew and the Ore Reserve Competent Person is Jason Floyd

This information is extracted from the ASX release entitled “Evolution Approves Projects to Secure Cowal Production to 2032” released to the ASX on 16 February 2017. Evolution confirms that that it is not aware of any new information or data that materially affects the information included in that release and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed

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Cowal Ore Reserve rowth g

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Cowal Ore Reserve Changes December 2014 to December 2016

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----- Start of picture text -----

4,000
3,500 87
29 326
494
3,000 309
69
900
2,500
231
2,000
471
3,200
1,500
2,848
1,000
1,555
500
0
Reserve ounces (koz)
Stockpiles Grade & Cut-Off Design Stage G Design Stage H Depletion Mining Reserve December 2015 Additions Model Grade Cut-Off Design Stockpiles Depletion Mining Reserve December 2016
December
2014 Reserve
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This information is extracted from the ASX releases entitled “Evolution Approves Projects to Secure Cowal Production to 2032” released to the ASX on 16 February 2017 and “Resources and Reserves increased at Cowal” released to the ASX on 26 August 2015 and available to view at www.evolutionmining.com.au

37

Process e ui ment q p

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 Power supplied by AGL

• Crushing

• Primary crushing: Metso 54-75 Superior MK-II gyratory crusher

• Grinding

• FFE 36’ x 20.5’ SAG mill, FFE 22’ x 36.5’ ball mill

• Forged steel 125mm balls (SAG), 80mm balls (ball mill)

• Screening

• Schenck Vibrating screens (SAG discharge), Deklor Linear (COF)

• Recycle crusher

• 2 x Sandvik H6800 hydrocone cone crushers

• Mineral liberation/recovery

• Method: flotation, regrind, CIL of concentrate

• Equipment: 2 x SK1200 and 10 x OK200TC (flotation), Metso Vertimill (VTM1000WB), 2 x Metso 355kW SMDs, 4,000m[3 ] , Pre-Ox, 2 x 4,000m[3 ] and 6 x 1,000m[3 ] CIL tanks

• Cyanide supply – Orica

• Lime supply – Boral

• Refining

• 10t AARL elution circuit, ANSAC regeneration kiln

• Gravity Circuit

• Falcon concentrator / Acacia Reactor

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Minin fleet g

▪ Haulage/mine trucks

• 16 x Cat 789C Dump Trucks − 5 x Cat 785 Dump Trucks

▪ Drilling equipment

− 3 x Atlas Copco D65 (Hired)

• 1 x Terex SKF Drill

▪ Dozers

− 5 x CAT D10T Tracked Dozers

− 1 x CAT834H Wheel Dozer

▪ Shovels/excavators/loaders

• 1 x Liebherr 9400 Excavator

• 1 x Liebherr 994B Excavator

• 1 x Hitachi EX3600 Excavator

• 1 x Hitachi EX1200 Excavator

• 2 x Cat 992G Loaders

▪ Haul road maintenance equipment

− 3 x Cat 16H Graders

− 1 x Cat 349 Excavator

• 2 x Cat 777D Water Carts

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39

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Evolution Mining ASX Code: EVN www.evolutionmining.com.au