EVOLUTION MINING LIMITED — Investor Presentation 2019

Nov 25, 2019

ACQUISITION OF RED LAKE

26 N O V E M B E R 2019

IMPORTANT NOTES AND DISCLAIMER

Information in relation to Evolution

This presentation contains summary information about Evolution Mining Limited (the "Company" or "Evolution") and its subsidiaries and their activities which is current as at the date of this presentation. The information in this presentation is a general background and does not purport to be complete or to provide all information that an investor should consider when making an investment decision, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act. It has been prepared by the Company with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. The Company is not responsible for updating, nor undertakes to update, this presentation. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange ("ASX"), which are available at www.asx.com.au.

Limitation on information in relation to Red Lake

All information in this presentation in relation to Red Lake – including in relation to production, resources and reserves, costs, financial information and life of mine plans – has been sourced from Newmont Goldcorp. While steps have been taken to review the information, no representation or warranty, expressed or implied, is made as to its fairness, accuracy, completeness or adequacy.

Forward looking statements

These materials prepared by 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.

Disclaimer

To the maximum extent permitted by law, the Company, its related bodies corporate, affiliates, directors, employees and agents ("Limited Parties") disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through the use of or reliance on anything contained in or omitted from this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of any of them. The recipient acknowledges that each of the Limited Parties is not acting nor is it responsible as a fiduciary, agent or similar capacity to the recipient, its officers, employees, consultants, agents, security holders, creditors or any other person. Each recipient, by accepting this presentation, expressly disclaims any fiduciary relationship and the recipient agrees that it is responsible for making its own independent judgments with respect to any matters contained in this presentation.

IMPORTANT NOTES AND DISCLAIMER (CONTINUED)

Not financial product advice

This presentation is not a financial product or investment advice, a recommendation to acquire securities or accounting, legal or tax advice and does not and will not form any part of any contract for the acquisition of securities. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate for their jurisdiction. Evolution is not licensed to provide financial product advice in respect of an investment in securities.

Not an offer

This presentation is for information purposes only and is not an offer or an invitation to acquire shares or any other financial products in any place in which, or to any person to whom, it would be unlawful to make such an offer or invitation. This presentation is not a prospectus, product disclosure statement or other disclosure document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any law.

Resources and reserves of Evolution

This presentation contains estimates of Evolution's ore reserves and mineral resources. The information in this presentation relates to the mineral resources and ore reserves of Evolution is extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 April 2019. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2018" released 1 February 2019 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Ernest Henry Ore Reserve is reported on a 100% basis for gold and 30% for copper.

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of Evolution in this presentation comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resource being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting disclosure requirements of Canadian or Us securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that Evolution will be able to legally and economically extract them.

Resources and reserves of Red Lake

Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it recertifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

TABLE OF CONTENTS

1. Transaction and Red Lake overview	5
2. Evolution – a leading mid-tier gold miner	20
3. Australian assets overview	28
Appendix	36

1. TRANSACTION AND RED LAKE OVERVIEW

ACQUISITION OF RED LAKE GOLD COMPLEX

• High grade, long life, underground gold mine in Canada's most prolific gold district
• Under-capitalised asset with significant turnaround opportunity
• Outstanding exploration potential with historical head grades of +20g/t Au
• Tier-1 mining friendly jurisdiction
• Transaction fully funded via 100% debt
• Reserves, Resources and production per share accretive

Mineral Resources¹ of 19.4Mt grading 11.2g/t for 7.0Moz Au Ore Reserves¹ of 9.2Mt grading 7.0g/t for 2.1Moz Au

6 1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

TRANSACTION SUMMARY

Transaction	▪	Evolution to acquire 100% of the Red Lake Gold Complex in Ontario, Canada, from Newmont Goldcorp Corporation
overview	▪ Acquisition	consideration comprising US\$375 million (A\$551 million)1 and up to an additional US\$100 million payable upon new resource discovery ("Contingent Consideration")2	payable in cash upon closing of the transaction
	▪ Sales and purchase agreement signed on 26 November 2019
	▪ Transaction expected to be completed around the end of March 2020
	▪	Evolution has committed to invest US\$100 million on existing operations and an additional US\$50 million in exploration at Red Lake over the first three years following completion of the Transaction
Conditions	▪ permits and regulatory approvals	Completion of the transaction is subject to customary conditions including Evolution receiving all required consents,
Funding	▪ Acquisition to be funded by a new five-year A\$600 million Term Loan
	▪ Foreign exchange exposure to acquisition price hedged
	Red Lake Transaction sources of funds	Red Lake Transaction uses of funds
	A\$m		A\$m
Syndicated Term Loan	600	Acquisition of Red Lake	551
		Transaction costs3	18
		Working capital and investment at Red Lake	31
Total sources	600	Total uses	600

(1) Assumes A\$/US\$ exchange rate of 0.68

(2) Evolution has agreed to pay Newmont Goldcorp an additional US\$20 million per one million ounces of new resource discovered ("New Resources") and added to the existing

Red Lake resource base ("Existing Resources"), subject to a cap of an additional 5 million ounces of New Resources or US\$100 million in total over a 15 year period

(3) Transaction costs include Ontario land transfer tax and other associated transaction fees

HIGH-GRADE ASSET IN ONE OF CANADA'S MOST PROLIFIC GOLD DISTRICT

Investment phase required to rejuvenate operations and transform into cornerstone asset

• Evolution's aim is for Red Lake to become a cornerstone asset with annual production in excess of 200koz per annum at an All-in Sustaining Costs (AISC) below US\$1,000 per ounce
• Under-investment in development and exploration in recent years
• Committed three year US\$100 million investment phase to recapitalise asset, increase mining rates, reduce costs and restore asset to profitable production
• Low production and elevated AISC during three year turnaround

RED LAKE OVERVIEW

Current ownership	▪ Newmont Goldcorp 100%
Location	▪ North western Ontario, Canada
Tenement package	~460km2 ▪
Commencement year	▪ Mining operations commenced in 1949
Production	▪ Gold
Plant capacity	▪ 1.1Mtpa
CY2018A production and AISC	▪ 276koz @ US\$988/oz
CY2019F production and AISC	▪ 150 – 160koz @ ~US\$1,600/oz
FY2020F Evolution attributable production and AISC1	▪ 30 – 35koz @ A\$2,250 – A\$2,400/oz
Current Life of Mine	▪ 2032
Reserves (as at 30 June 2018)2	▪ 9.2Mt @ 7.0g/t for 2.1Moz Au
Measured & Indicated Resources (as at 30 June 2018)2	▪ 19.4Mt @ 11.2g/t for 7.0Moz Au

1. Three months attributable production to Evolution in FY2020 assuming Red Lake transaction completion on 31 March 2020. Group FY20 guidance will be updated post completion of transaction.

1. Per million hours

Strong safety culture – Total Recordable Injury Frequency (TRIF)³

MINING

• Red Lake Complex currently uses a combination of long hole stoping, mechanised underhand or overhand cut-and-fill techniques
• Campbell Complex primarily uses long-hole stoping, with backfill of stope excavations completed on an as-needed basis

Evolution's planned operational improvements include:

• Improved drill and blast practices to increase mining recovery and reduce dilution
• Improve mining fleet efficiency and effectiveness
• Rationalisation of material movement

3000m Underground infrastructure

• All three complexes are interconnected underground
• Access is through one of five shafts: Cochenour, Reid, Campbell, No.1 and No. 3
• Ore and waste is moved via internal passes, trams and ramp trucking

Deep Red Lake

▪ Ventilation is a push-pull system consisting of 4 intake and 5 exhaust fans, 15 underground booster fans

PROCESSING

Two mills with total capacity of 1.1Mtpa – Red Lake and Campbell Complex

• Red Lake Complex consists of the crushing plant, processing plant and paste fill plant
• Facilities utilise conventional crushing and grinding, gravity concentration and CIP. The processing plant also employs a typical sulphide floatation circuit generating a bulk sulphide concentrate
• The Campbell Complex uses conventional crushing and grinding which is followed by gravity concentration to recover free-milling gold
• Refractory gold is recovered by floatation followed by pressure oxidation, neutralisation and CIL

Evolution's planned operational improvements include:

• Optimise processing plants by consolidating processing facilities
• Install and commission Acacia reactor to improve gold recovery
• Optimise process flowsheet and strategic blending of mill feed

1. Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018. Reserve grade is exclusive of low-grade stockpiles

11

IMMENSE REGIONAL EXPLORATION UPSIDE

Historic production of over 25Moz at +20g/t

• One of the largest, highest grade gold camps in North America with a 457km²land package in a highly prospective district
• Mineral Resource¹ : 19.4Mt at 11.2g/t Au for 7.0Moz
• Ore Reserve¹ : 9.2Mt at 7.0/t Au for 2.1Moz
• Commitment to a US\$50 million exploration expenditure over three years with a planned drill program of 100,000 metres per annum
• Significant upside identified at Red Lake Campbell and Cochenour complexes along with excellent long term regional potential to grow the current Resource base
• Highest priority targets include:
• Cochenour Upper Main Zone, INCO
• Red Lake Aviation Complex
• HG Young
• Strong potential to find additional high-grade ore bodies as a result of very small geometric footprint of this style of mineralisation

^1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it recertifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

SIGNIFICANT MINE LIFE EXTENSION POTENTIAL

FOOTHOLD IN PREMIER HIGH GRADE GOLD DISTRICT

Regional opportunity

• Acquisition of Red Lake establishes a 'beach-head' operation for Evolution in one of Canada's most prolific gold districts
• Six active joint ventures in addition to 100% owned tenements totaling over 45,000 hectares in highly prospective Balmer assemblage stratigraphy
• A number of quality projects in the area are within trucking distance of the Red Lake mills
• Opportunity to expand footprint over time through regional consolidation

Major projects within 150km

PRO FORMA ACQUISITION METRICS

1. Evolution: FY20 production and AISC guidance midpoint Current Red Lake: Assumes CY20 production of 160koz at AISC of US\$1,600/oz

FY19A production contribution

25% increase in Ore Reserves (pre Evolution re-certification) Production and AISC^{1 2}

22% increase in production from a long life asset 46% increase in Mineral Resources (pre Evolution re-certification)²

15 2. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

LONG LIFE WITH MARGIN EXPANSION OPPORTUNITY

Indicative reserve life in years based on FY20F production level(1)(2)

Source: Data sourced from company reported figures and guidance

1 Based on company guidance. 2 Calculated based on latest reserves divided by FY20F production 3 Red Lake reserve life based on Goldcorp's non-JORC 30 June 2018 Ore Reserves

ENHANCE POSITION AS LEADING MID-TIER PRODUCER

Source: Company filings.

¹Mid-point of CY19 guidance used for North American peers and Red Lake. Weighted average of 1H CY19 AISC and FY20 AISC guidance used for Evolution, Northern Star and Saracen. Assumes A\$/US\$ exchange rate of 0.6800

²Mid-point of CY19 guidance used for North American peers and Red Lake. Evolution, Northern Star and Saracen based on 1H CY19 production plus 50% of FY20 production guidance

³ Saracen shown on a pro-forma basis adjusted for acquisition of 50% of the KCGM Super Pit

STRONG BALANCE SHEET MAINTAINED

• ◼ Red Lake Transaction funded by new debt tranche
• ◼ 5-year term loan of A\$600 million
• ◼ 3-year performance bond facility of C\$125 million
• ◼ Existing facilities renewed for 3-years
• ◼ Revolver facility of A\$360 million
• ◼ Performance bond facility of A\$175 million
• ◼ Continued strong support from banking syndicate of company with improved terms and unsecured facilities
• ◼ Modest level of gearing of ~13%¹ expected at completion of Transaction
• ◼ Ernest Henry term loan facility to be fully repaid upon completion of Transaction (A\$250 million)
• ◼ Liquidity in excess of A\$600 million expected at completion
• ◼ Red Lake funding allows for unchanged dividend policy
• ◼ Payout based on group cash flow before debt

Red Lake facility amortisation schedule (A\$M)

Evolution historic gearing ratio (%)

1 Assumes completion of transaction on 31 March 2020 before payment of FY20 interim dividend

CONTINUATION OF PORTFOLIO UPGRADE STRATEGY

	▪ Historical production of more than 25Moz at an average grade of +20g/t
	▪ Mineral Resources and Ore Reserves support a current 13 year Life of Mine Plan
Acquisition of high-grade,	▪ on a large 457km2 Located land package in a Tier-1 gold mining jurisdiction
long life asset – Red Lake	▪ Under-capitalized asset with near-term opportunities to strategically deploy capital and unlock value
	▪ Well-endowed Archean greenstone gold camp with limited exploration drilling in recent years
	▪ Accretive to reserves, resources and production per share
	▪ Consistent with portfolio enhancement strategy through addition of long life asset with clear improvement opportunities
Continued portfolio	▪ Attractive geographic diversification for existing Australian operations by establishing a North American production hub
enhancement	▪ Potential to become another Evolution cornerstone asset
Enhancing Evolution's	▪ Consolidate position as a Top 10 gold miner in the Van Eck Gold Miners index with daily turnover of ~A\$60 million
position as a globally	production rate to over 900koz at an AISC of ~A\$1,200 per ounce (~US\$820/oz)1 ▪ Increases Group annualised
relevant Australian gold	▪ Diversified production base with all operations in Tier-1 jurisdictions – Australia and Canada
producer	▪ Board and management with a successful track record of acquiring and operating assets
	▪ Potential to significantly extend mine life through a focused exploration strategy
Enhanced platform for further growth	▪ Ability to fund capital investment and exploration from Evolution's strong cash flow generation
	▪ Establishes a regional hub to grow Evolution's footprint in Canada

2. EVOLUTION – A LEADING MID-TIER GOLD MINER

CLEAR AND CONSISTENT STRATEGY

A portfolio of 6 to 8 assets generating superior returns with an average mine life of at least 10 years

Open to all quality gold, silver and copper-gold value accretive investments

Inspired people creating Australia's Premier gold company Build a reputation for sustainability, reliability and transparency

An active pipeline of quality exploration and development projects

Embed financial discipline across the business

DIVERSIFIED PORTFOLIO IN TIER 1 JURISDICTIONS

	Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Red Lake3
Gold Reserves 1 (Moz)	3.88	0.63	0.62	0.57	0.19	0.75 Au, 136kt Cu	2.05
Gold Resources 1 (Moz)	7.42	2.51	0.82	1.00	0.45	1.47 Au, 387kt Cu	6.97
Reserve Grade (Au g/t)1	0.9	1.80	4.00	0.70	5.10	0.54 Au,1.05% Cu	7.0
FY19A Au production (koz)	252	121	107	95	81	97koz Au, 21kt Cu	276 (CY18)
FY20F Au 2 production (koz)	255-265	115-125	95-105	85-90	82.5-87.5	87.5-92.5	150-160 (CY19F)
FY20F AISC (A\$/oz)2	930-980	1,230-1,280	800-850	1,490-1,540	1,200-1,250	(590)-(540)	~US\$1,600 (CY19F)

Red Lake

Ernest Henry

Mungari

Cowal

Mt Carlton

Cracow Rawdon

Mt

Source: Data sourced from company reported figures and guidance where avaialable

• 1. This information is extracted from the report entitled "Annual Resources and Ore Reserves Statement" released by Evolution to the ASX on 17 April 2019 and is available to view on www.asx.com.au
• 1. This information is extracted from page 22 of the report entitled Citi Australia Conference Presentation released to the ASX on 16 October 2019 and is available to view on www.asx.com.au
• 1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

SUSTAINABILITY PRINCIPLES

The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner

Be an employer of choice attracting the most talented people and foster a safe, diverse and inclusive workplace

management and safety leadership

Contribute positively to local, regional and national sustainability efforts by achieving an outstanding level of environmental stewardship

Actively manage climate related risks and opportunities including improving energy efficiency and the responsible management of water

Be transparent at all levels of Corporate Governance, comply with applicable laws and regulations and operate at the highest standards of financial and ethical behaviour

Protect and enhance our reputation as a trusted partner and provide community benefits that endure beyond the life of our mines

Advance the outcomes for indigenous peoples and protect their cultural heritage

Respect the human rights of all our stakeholders

Relentlessly drive for operational excellence through an innovative culture and inspired people delivering to plan

OUR VALUES: SAFETY EXCELLENCE ACCOUNTABILITY RESPECT 23

SNAPSHOT

ASX code	EVN
Market capitalisation1	A\$6.6B
Average daily turnover2	A\$60M
Net cash3	A\$92M
New dividend policy	Targeting a payout of 50% of free cash flow
FY20 production guidance4	725 – 775koz
FY20 AISC guidance4	A\$940 – A\$990/oz
Mineral Resources5	21.7Moz
Ore Reserves5	9.5Moz
Reserve life5	~10 years
Reserve price assumption	A\$1,350/oz
Major shareholders5	Van Eck 12.8% La Mancha 8.9% BlackRock 6.9%

Cumulative Dividends (A\$M) and cents per share declared

1. Based on share price of A\$3.87 per share on 22 November 2019

2. 1. Average daily share turnover for one month through to 22 November 2019
3. 1. As at 30 September 2019
4. 1. Excludes any FY20 contribution from Red Lake
5. 1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it recertifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

DELIVERY OF PORTFOLIO UPGRADE STRATEGY

Mt Carlton

first concentrate produced March 2013 Mt Carlton

FY12 divested FY13 FY14

acquisition with La Mancha Mungari

acquisition Cowal

acquisition of economic interest Ernest Henry

divested Pajingo

Edna May acquisition Red Lake

¹Annual gold production for all years except FY20

²Midpoint of FY20 guidance based on a three month contribution from Red Lake. Annualised Group production based on a full year contribution from Red Lake at 160koz p.a. is expected to be in excess of 900koz

MINE CASH FLOW

• ^◼ Quality portfolio with over A\$3B of operating and A\$2B of net mine cash flow between FY15 – FY19
• ^◼ Five year average gold price achieved of A\$1,640/oz
• ^◼ Key financial component is for asset to repay invested capital and acquisition costs
• ^◼ Two sites fully repaid and others on their way
• ^◼ Rapid paybacks at Cowal and Ernest Henry
• ^◼ Long mine life remaining

SUPERIOR RETURNS

• ^◼ Sector leading returns to shareholders
• ^◼ Dividend policy recently changed to targeting a payout of 50% of free cash flow

Source: Company filings

Notes: 1. Dividends declared for June 2019 half-year (6 months) for all companies

• 1. Average AUD:USD exchange rate for the half-year of 0.7062
• 1. Newmont Goldcorp dividend excludes 88c special dividend paid as part of Goldcorp transaction
• 1. Anglogold Ashanti dividend calculated using half the 2018 annual dividend

3. OVERVIEW OF AUSTRALIAN ASSETS

COWAL E46 OP Reserves

• Sustainable, reliable, low cost asset
• Developing a pathway to produce >300kozpa
• Float Tails Leach circuit
• Plant expansion
• Stage H cutback
• Integrated Waste Landform (IWL)
• Warraga exploration decline to drill out and extend 1.4Moz GRE46 and Dalwhinnie underground resource

FY20 GUIDANCE

Gold production	255 – 265koz
AISC	A\$930 – A\$980/oz

E42 OP Reserves 3.3Moz OP Resources 4.5Moz Past production 3.3Moz Total endowment 7.8Moz

GRE46 OP Reserves 25koz UG Resources 1.4Moz

140koz

E41 OP Reserves 431koz

Cowal December 2018 Resources 7.4Moz Au Reserves 3.9Moz Au

1. See the Appendix of this slide deck for further details of the Mineral Resource and Ore Reserves at December 2018

PERFORMANCE SINCE JULY 2015 ACQUISITION

	Gold production	1.1Moz
	Net mine cash flow	A\$608M
	Mine life extended by 8 years	2024 → 2032
	Ore Reserves increased by 2.3Moz1	1.6Moz → 3.9Moz gold
	Plant throughput increased by 800ktpa	7.2Mtpa → 8.0Mtpa
	Improved recoveries from float tails leach	+6%
1. Net of mining depletion	Discovery of a new ore body	Dalwhinnie lode	29

COWAL UNDERGROUND

Section of Cowal GRE46 underground area. Orange shows the outline of the December 2017 mineable shape optimiser (MSO) outlines and yellow shows the December 2018 MSO outlines. Planned drilling from the exploration decline is shown in blue

Long projection of the GRE46 structure looking west showing the location of drilling completed during the September 2019 quarter

GRE46 results are extracted from the report entitled "September Quarterly Report" released to the ASX 15 October 2019 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.

ERNEST HENRY

• History of reliable operational delivery
• Exceptionally high margins
• Evolution's interest (100% gold production and 30% copper production) generated free cash flow of A\$222M in FY19
• Planned drilling in December 2019 quarter to extend mine life below 1,200mRL

1,200mRL

FY20 GUIDANCE

Gold production1	87.5 – 92.5koz
Copper production1	19 – 21kt
AISC	A\$(590) – A\$(540)/oz

31

MUNGARI

• Strategic footprint in world-class gold district
• 10 year base load production platform
• 1.6Mtpa low cost plant performing above nameplate
• Studies underway to optimise the Life of Mine plan in an effort to maximise the 2.5Moz Mineral Resource base
• 19.9% interest in Tribune Resources
• Continued commitment to discovering high grade ounces with FY20 exploration budget of A\$15 – 20M

FY20 GUIDANCE

Gold production	115 – 125koz
AISC	A\$1,230 – A\$1,280/oz

MT CARLTON

• Generating exceptional returns
• Net mine cash flow has averaged ~A\$100M per year between FY16 – FY19
• Underground mine development commenced to bring forward access to high-grade Link Zone
• Current mine life to FY25
• Crush Creek earn-in agreement likely to extend mine life

FY20 GUIDANCE

Gold production	95 – 105koz
AISC	A\$800 – A\$850/oz

Underground concurrent with Stage 3 & 4a finishing prior to Stage 4b

CRACOW AND MT RAWDON

FY20 GUIDANCE	CRACOW	MT RAWDON
Gold production	82.5 – 87.5koz	80 – 85koz
AISC	A\$1,200 – A\$1,250/oz	A\$1,490 – A\$1,540/oz

QUEENSLAND EXPLORATION

Drummond Exploration Project (Evolution earning 80%)

▪ Early-stage epithermal (low-sulphidation) vein project (520km² )

Connors Arc Exploration Project (Evolution 100%)

▪ Large land package (3,500km² ) prospective for low (e.g. Cracow) and high sulphidation (e.g. Mt Carlton) epithermal deposits

DISCOVERY

• ^◼ Over the last five years:
• ^◼ Discovery budget increased from A\$20 million to A\$80 – A\$105 million¹
• ^◼ Average reserve life extended from 5 years to 10 years
• ^◼ Reserves per share increased by 42%
• ^◼ Conservative gold price assumptions:
• ^◼ Ore Reserves estimated at A\$1,350/oz
• ^◼ Mineral Resources constrained at A\$1,800/oz

Mineral Resources and Ore Reserves²

EVOLUTION 2018 GOLD MINERAL RESOURCES

	Group Gold Mineral Resource Statement – December 2018
	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)	CP3
Cowal1	Open pit	0.4	46.54	0.69	1,027	174.92	0.85	4,784	5.63	1.07	193	227.09	0.82	6,004
Cowal	UG	2.0	-	-	-	-	-	-	13.55	3.24	1,411	13.55	3.24	1,411
Cowal1	Total		46.54	0.69	1,027	174.92	0.85	4,784	19.18	2.60	1,604	240.64	0.96	7,415	1
Cracow1	Total	2.8	0.27	9.04	79	1.09	6.47	227	1.59	2.88	147	2.96	4.78	454	2
Mt Carlton1	Open pit	0.35	0.50	3.03	49	8.57	2.13	586	0.43	3.44	48	9.51	2.23	682
Mt Carlton	UG	2.4	-	-	-	0.45	8.38	120	0.08	7.43	20	0.53	8.20	141
Mt Carlton1	Total		0.50	3.00	49	9.02	2.44	706	0.52	4.10	68	10.04	2.60	823	4
Mt Rawdon1	Total	0.2	5.19	0.41	68	37.36	0.65	783	7.51	0.60	146	50.07	0.62	996	5
Mungari1	Open pit	0.5	0.19	1.02	6	35.03	1.27	1,433	9.27	1.56	463	44.49	1.33	1,902
Mungari	UG	2.0/1.5	0.32	8.40	86	2.39	3.61	278	2.32	3.31	247	5.04	3.78	611
Mungari1	Total		0.51	5.63	93	37.42	1.42	1,711	11.59	1.91	710	49.52	1.58	2,514	3
Ernest Henry2	Total	0.9	11.57	0.71	264	47.76	0.62	952	12.71	0.62	253	72.05	0.63	1,470	6
Marsden	Total	0.2	-	-	-	119.83	0.27	1,031	3.14	0.22	22	122.97	0.27	1,053	7
Red Lake4	Total	6.89/5.55	3.06	14.13	1,390	11.44	8.67	3,190	4.92	15.11	2,390	19.42	11.16	6,970	7
		Total	67.65	1.41	2,969	438.84	0.98	13,384	61.16	2.81	5,341	567.67	1.23	21,695

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

Mineral Resources are reported inclusive of Ore Reserves.

1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

3 Group Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Chris Wilson; 3. Andrew Engelbrecht; 4 Matthew Obiri-Yeboah; 5. Tim Murphy; 6. Colin Stelzer (Glencore); 7. Michael Andrew

4 Mineral Resources for the Red Lake-Campbell complex are reported using a cut-off grade of 6.89g/t Au and the Cochenour complex use a reported cut-off grade of 5.55g/t Au

This information is extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 April 2019. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2018" released 1 February 2019 and available to view at www.glencore.com. Full details of the Red Lake Mineral Resources and Ore Reserves effective 30 June 2018 are provided in the report entitled " Red Lake Operations Ontario, Canada NI 43-101 technical report" released 22 February 2019 and available to view at www.sedar.com. Mineral Resources are inclusive of Reserves. Mineral Resources have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Ernest Henry Resource is reported on an 81.5% basis for gold and 36.7% for copper (Evolution Mining has rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed life of mine area). Apportioning of the resource into the specific rights does not constitute a material change to the reported figures. 37

EVOLUTION 2018 GOLD ORE RESERVES

					Group Gold Ore Reserve Statement –		December 2018
	Gold			Proved			Probable			Total Reserve
Project	Type	Cut	Tonnes	Gold	Gold Metal	Tonnes	Gold	Gold Metal	Tonnes	Gold	Gold Metal	CP4
		Off	(Mt)	Grade (g/t)	(koz)	(Mt)	Grade (g/t)	(koz)	(Mt)	Grade (g/t)	(koz)
Cowal1	Open pit	0.45	46.54	0.69	1,027	94.70	0.94	2,854	141.25	0.85	3,880	1
Cracow1	Underground	3.4	0.34	5.76	63	0.81	4.77	124	1.15	5.07	187	2
Mt Carlton1	Open pit	0.8	0.50	3.03	49	3.69	3.92	465	4.18	3.82	513	6
Mt Carlton	Underground	3.7	-	-	-	0.60	5.65	108	0.60	5.65	108	7
Mt Carlton1	Total		0.50	3.03	49	4.28	4.16	573	4.78	4.04	622
Mt Rawdon1	Open pit	0.3	2.92	0.52	49	22.65	0.72	521	25.56	0.69	570	4
Mungari1	Open pit	0.75	0.27	1.14	10	9.85	1.61	511	10.12	1.60	521
Mungari	Underground	3.2	0.20	5.26	34	0.54	4.58	80	0.74	4.77	113
Mungari1	Total		0.47	2.89	44	10.39	1.77	590	10.86	1.82	634	5
Ernest Henry2	Underground	0.9	10.50	0.79	267	32.50	0.46	481	43.00	0.54	747	8
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	3
Red Lake3,4	Underground	7.5	1.53	10.24	500	7.66	9.14	1,550	9.19	6.95	2,050	9
		Total	62.80	1.02	1,999	238.2	1.01	7,510	301.00	1.02	9,507

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

3 For the Red Lake operation a global cut-off grade was calculated at 7.5g/t Au

4 Group Ore Reserve Competent Person (CP) Notes refer to 1. Ryan Kare; 2. Russell McBeath; 3. Anton Kruger; 4. Dimitri Tahan; 5. Matt Varvari; 6. Sam Patterson; 7. Ben Hawkins; 8. Mike Corbett (Glencore); 9. Rodrigo Pasqua

This information is extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 April 2019. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2018" released 1 February 2019 and available to view at www.glencore.com. Full details of the Red Lake Mineral Resources and Ore Reserves effective 30 June 2018 are provided in the report entitled " Red Lake Operations Ontario, Canada NI 43-101 technical report" released 22 February 2019 and available to view at www.sedar.com. Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant. Evolution expects that, when it re-certifies Red Lake Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018

EVOLUTION 2018 COPPER RESERVES & RESOURCES

	Group Copper Mineral Resources Statement
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)	CP3
Marsden	Total	0.2	-	-	-	119.83	0.46	553	3.14	0.24	7	122.97	0.46	560	1
Ernest Henry2	Total	0.9	5.21	1.32	69	21.51	1.17	252	5.73	1.17	67	32.44	1.19	387	2
Mt Carlton1	Open pit	0.35	0.50	0.24	1	8.57	0.30	26	0.43	0.46	2	9.51	0.30	29
Mt Carlton	Underground	2.4	-	-	-	0.45	1.04	5	0.08	1.15	1	0.53	1.06	6
Mt Carlton1	Total		0.50	0.24	1	9.02	0.34	30	0.52	0.57	3	10.04	0.34	34	3
		Total	5.71	1.23	70	150.36	0.56	835	9.38	0.82	77	165.45	0.59	982

Group Copper Ore Reserves Statement

	Copper			Proved			Probable		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)	CP3
Marsden		0.3	-	-	-	65.17	0.57	371	65.17	0.57	371	1
Ernest Henry2	Total	0.9	3.15	1.49	47	9.75	0.91	89	12.90	1.05	136	2
Mt Carlton1	Open pit	0.8	0.50	0.24	1	3.69	0.71	26	4.19	0.66	27	3
Mt Carlton	Underground	3.7	-	-	-	0.60	0.70	4	0.60	0.70	4	4
Mt Carlton1	Total		0.50	0.24	1	4.28	0.71	30	4.78	0.66	31
		Total	3.65	1.32	48	79.20	0.62	490	82.85	0.65	538

1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

3 Group Mineral Resources Competent Person (CP) Notes refer to: 1. Michael Andrew; 2. Colin Stelzer (Glencore); 3 Matthew Obiri-Yeboah

3 Group Ore Reserve Competent Person (CP) Notes refer to: 1. Anton Kruger; 2. Mike Corbett (Glencore). 3. Sam Patterson; 4. Ben Hawkins

The following notes relate to the tables above.

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. Mineral Resources are reported inclusive of Ore Reserves. Evolution cut-off grades are reported in g/t gold

This information is extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 April 2019. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2018" released 1 February 2019 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Ernest Henry Resource is reported on an 81.5% basis for gold and 36.7% for copper (Evolution Mining has rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed life of mine area). Apportioning of the resource into the specific rights does not constitute a material change to the reported figures. Ernest Henry Reserve is reported on a 100% basis for gold and 30% for copper.

RED LAKE 30 JUNE 2018 RESERVES & RESOURCES

Red Lake Mineral Resource Statement

			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)
Red Lake – Campbell	Underground	6.89	1.50	18.28	880	3.20	14.07	1,450	3.54	15.70	1,790	8.24	15.55	4,120
Cochenour	Underground	5.55	0.03	9.95	10	0.58	10.37	190	1.38	13.57	600	1.99	12.50	800
		Total	1.53	18.09	890	3.78	13.49	1,640	4.92	15.11	2,390	10.23	14.96	4,920

Red Lake Ore Reserve Statement

		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 (g/t)	Gold Grade (g/t)	Gold Metal (koz)
Red Lake – Campbell	Underground	7.5	1.40	10.44	470	3.40	9.97	1,090	4.80	10.11	1,560
Cochenour	Underground	7.5	0.13	7.18	30	1.33	7.02	300	1.46	7.03	330
Stockpiles						2.93	1.73	160	2.93	1.73	160
		Total	1.53	10.24	500	7.66	9.14	1,550	9.19	6.95	2,050

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

Mineral Resources are reported exclusive of Ore Reserves. Red Lake Mineral Resources Competent Person (CP) – Michael Andrew

Mineral Resources estimated using US\$1,400/oz gold price. Ore Reserves estimated using a US\$1,200/oz gold price.

Mineral Resources for Red Lake-Campbell complex use a cut-off grade of 6.89g/t Au. For the Cochenour complex a cut-off grade of 5.55g/t gold is used.

Red Lake Ore Reserve Competent Person (CP) – Rodrigo Pasqua

40 Full details of the Red Lake Mineral Resources and Ore Reserves are provided in the report entitled " Red Lake Operations Ontario, Canada NI 43-101 technical report" released 22 February 2019 and available to view at www.sedar.com. Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant. Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018