EVOLUTION MINING LIMITED — Investor Presentation 2019

Jun 2, 2019

BANK OF AMERICA MERRILL LYNCH DELIVERING VALUE THROUGH DISCOVERY

3 J U N E 2 0 1 9 G L E N M A S T E R M A N - V P D I S C O V E RY & B U S I N E S S D E V E L O P M E N T

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CLEAR AND CONSISTENT STRATEGY

Focused portfolio of 6 – 8 assets

Upgrade portfolio asset quality

Reduce costs and grow free cash flow per share

Extend reserve life

Deliver consistent returns to shareholders

OUR DISCOVERY STRATEGY

FY19 Discovery Guidance A\$40-55M

Discovering Evolution's Future

People

• Inspiring a collaborative discovery culture
• Developing, challenging and empowering our people

Portfolio

• Balanced pipeline of quality projects
• Prioritise Australia, assess North American opportunities
• High value gold deposits with a focus on epithermal and orogenic styles
• Agile and opportunistic

Social License

• Build enduring relationships with communities
• Industry leading safety and environmental practises

PORTFOLIO

COWAL E46

• Sustainable, reliable, low cost production
• Delivering a pathway to produce >300kozpa
• Exploration success delivering transformational organic growth

(1) Net of mining depletion (2) Float Tails Leach project completed in December 2018. Expected increase in recoveries of 4 – 6%

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

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	942koz
Net mine cash flow	A\$483M
Mine life extended by 8 years	2024 → 2032
Ore Reserves increased by 2.3Moz(1)	1.6Moz → 3.9Moz gold
Plant throughput increased by 800ktpa	7.2Mtpa → 8.0Mtpa
6%(2) Recoveries increasing by 4 –	82% → 87%
Discovery of a new ore body	Dalwhinnie lode

OP Reserves 140koz

GRE46 OP Reserves 25koz UG Resources 1.4Moz

GRE46 AND DALWHINNIE RESULTS GRE46 AND DALWHINNIE

2 kilometres

Drill hole intersections are extracted from the presentation entitled "2018 Investor Day" on 4 September 2018, September Quarterly Report 2018 on 15 October 2018, Cowal plant expansion, discovery success and outlook upgrade on 22 November 2018 and December Quarterly Report on 24 January 2019 released to the ASX 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. Reported intervals are down hole widths as true widths are not currently known. See the Appendix of this presentation for details on the Mineral Resources and Ore Reserves Drill hole intersections are extracted from the presentation entitled "2018 Investor Day" on 4 September 2018, September Quarterly Report 2018 on 15 October 2018, Cowal plant expansion, discovery success and outlook upgrade on 22 November 2018 and December Quarterly Report on 24 2019 released to the ASX 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 market announcement. Reported intervals down hole widths as widths are not currently known. See the Appendix of this presentation for details on the Mineral Resources and Ore Reserves

COWAL REGIONAL SETTING

• World class gold -copper geologic setting
• Large under -explored landholding in the Junee - Narromine Belt of the Macquarie Arc Volcanics
• Multiple target styles:
• Polymetallic epithermal vein deposits (eg E42, GRE46)
• Porphyry copper -gold deposits (alkalic and calc alkalic styles)
• Volcanogenic massive sulphide deposits
• Limited exploration outside of E42 mining environment since 2007
• E42 and GRE46 key gold deposits
• Structurally and lithologically controlled
• Demonstrated the potential to find more

ERNEST HENRY

• History of reliable operational delivery
• Exceptionally high margins
• Evolution's interest generating free cash flow in excess of A\$200M per year
• Planned drilling in December 2019 quarter to extend mine life below 1,200mRL

MUNGARI

• Ore Reserves and Mineral Resources provide 10 year base load production platform
• Targeting growth through:
• High-grade discoveries
• Improving plant efficiencies
• Regional opportunities
• Recently acquired 19.9% interest in Tribune Resources

1. Mungari FY19 production and cost guidance is unlikely to be achieved. Original FY19 Group production and cost guidance is unchanged at 720 – 770koz at an AISC of A\$850 – A\$900 per ounce

GREENFIELDS EXPLORATION

Innovating Our Way to Discovery

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QUEENSLAND

Drummond Project (Evolution earning 80%)

• Early-stage epithermal (low-sulphidation) vein project, 520km 2
• Similar geologic setting to Pajingo
• Out-cropping veins exposed at a high level in the system, positive geochemical responses
• Drill -ready targets identified

Connors Arc Project (Evolution 100%)

• Large land package (3,500km² ) prospective for low (eg Cracow) and high sulphidation (eg Mt Carlton) epithermal deposits
• Several walk -up drill targets
• HyMap screen for new magmatic -hydrothermal centres

HYMAP AIRBORNE MAPPING

MT CARLTON

Mineralisation at Mt Carlton developed within magmatic hydrothermal centres. We identify "hot spots" as accumulations of low pH clay.

CONNORS ARC

Low pH clay indicators focusing exploration efforts at Connor Arc. Outlines of prospective Permian volcanic stratigraphy shown in brown

WESTERN AUSTRALIA

Murchison Project (Evolution earning 80%)

• 750km² early-stage orogenic gold project 25km north of Cue
• Encompasses extensions of regional shear zones hosting multi-million ounce gold deposits at Big Bell, Cuddingwarra and Mt Magnet
• Target areas buried by post-mineral cover, ineffectively tested by historic work programs
• Large air core program planned in the December half to delineate prospective targets capable of yielding an Evolution-scale discovery

DELIVERING ORGANIC GROWTH
---------------------------	--	--

Successfully executing discovery strategy

Improving quality and extending reserve life of operating assets

Innovating our way to a greenfields discovery

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
	Total		64.59	0.76	1,579	427.41	0.74	10,194	56.24	1.63	2,951	548.25	0.84	14,725

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

3Group 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

16 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.

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	CP3
		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
		Total	61.27	0.76	1,498	230.50	0.80	5,960	291.77	0.80	7,458

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

3Group 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).

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 Ore Reserve is reported on a 100% basis for gold and 30% for copper.

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
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

Group Mineral Resources Competent Person3 (CP) Notes refer to: 1. Michael Andrew; 2. Colin Stelzer (Glencore); 3 Matthew Obiri-Yeboah Group Ore Reserve Competent Person3 (CP) Notes refer to: 1. Anton Kruger; 2. Mike Corbett (Glencore). 3. Sam Patterson; 4. Ben Hawkins

The following notes relate to Tables 3 and 4.

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

1 Includes stockpiles 2 Ernest Henry Operation cut-off 0.9% CuEq

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. 18

EVOLUTION 2017 GOLD ORE RESERVES COWAL DEC 2018 MINERAL RESOURCES AND ORE RESERVES

	Cowal Gold Mineral Resource Statement - December 2018
		Measured				Inferred		Total Resource
Mineral Resource	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)	Tonnes (Mt)	Grade Au (g/t)	Cont. Metal Au (Koz)
E42 Oxide	-	-	-	0.19	0.66	4	0.01	0.52	0	0.21	0.65	4
E42 Primary	-	-	-	130.97	0.82	3,440	2.92	0.67	63	133.90	0.81	3,503
E42 Stockpile	46.54	0.69	1,027	-	-	-	-	-	-	46.54	0.69	1,027
E41 Oxide	-	-	-	9.78	0.90	285	0.83	1.40	37	10.62	0.94	322
E41 Primary	-	-	-	21.91	0.82	581	1.09	1.38	48	23.01	0.85	629
E46 Oxide	-	-	-	3.94	1.22	154	-	-	-	3.94	1.22	154
E46 Primary	-	-	-	0.68	1.07	23	-	-	-	0.68	1.07	23
GRE46 UG	-	-	-	-	-	-	13.55	3.24	1,411	13.55	3.24	1,411
GRE46 Oxide	-	-	-	1.27	1.65	67	0.77	1.81	45	2.04	1.71	112
GRE46 Primary	-	-	-	6.17	1.16	230				6.17	1.16	230
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

Cowal Gold Mine Ore Reserve Statement – December 2018

Ore Reserve			Proved			Probable		Total
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)
OP E42 Oxide	0.45				0.19	0.66	4	0.19	0.66	4
OP E42 Primary	0.45				76.77	0.91	2,254	76.77	0.91	2,254
Stockpile	0.45	46.54	0.69	1,027				46.54	0.69	1,027
OP E41 Oxide	0.45				7.19	0.99	230	7.19	0.99	230
OP E41 Primary	0.45				6.7	0.94	201	6.7	0.94	201
OP E46 Oxide	0.45				3.38	1.27	138	3.38	1.27	138
OP E46 Primary	0.45				0.05	0.97	2	0.05	0.97	2
OP GRE Oxide	0.45				0.36	1.84	21	0.36	1.84	21
OP GRE Primary	0.45				0.05	2.08	4	0.05	2.08	4
Total		46.54	0.69	1,027	94.7	0.94	2,854	141.25	0.85	3,880

Data is reported to significant figures and differences may occur due to rounding. Mineral Resources are reported inclusive of Ore Reserves. The Cowal Mineral Resource Competent Person is James Biggam and the Ore Reserve Competent Person is Ryan Kare The underground Mineral Resource has a 2.0g/t cut-off grade and all open pit Mineral Resources have a 0.4g/t cut-off

19 The resource and reserve totals are extracted from the ASX release entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 17 April 2019. 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. 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.