EVOLUTION MINING LIMITED — Investor Presentation 2019

May 13, 2019

BANK OF AMERICA MERRILL LYNCH GLOBAL METALS, MINING & STEEL CONFERENCE

14 – 16 MAY 2019 JAKE KLEIN – EXECUTIVE CHAIRMAN

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.

All FY19 US dollar values quoted using an AUD:USD exchange rate of 0.725

SNAPSHOT

ASX code	EVN
Market capitalisation(1)	US\$4.0B / A\$5.6B
Average daily turnover(2)	US\$25M / A\$35M
Net debt(3)	US\$54M / A\$74M
Dividend policy	Payout of 50% of after tax earnings
FY19 production guidance	720 – 770koz
FY19 AISC guidance	US\$615 – US\$650/oz A\$850 – A\$900/oz
Mineral Resources(4)	14.7Moz
Ore Reserves(4)	7.5Moz
Reserve life(4)	~10 years
Reserve price assumption	A\$1,350/oz
Major shareholders	Van Eck 12.8% La Mancha 9.5%

(1) Based on share price of A\$3.28 per share on 9 May 2019 (2) Average daily share turnover for one month through to 7 May 2019 (3) As at 31 March 2019 (4) See Appendix for details on Mineral Resources and Ore Reserves at December 2018

Operating cash flow (A\$ per ounce)

Cumulative dividends paid (A\$M)

Ore Reserves (Moz)

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

A globally relevant mid-tier gold producer

EBITDA MARGINS

• ^◼ H1 FY19 Group EBITDA margin of 48%
• ^◼ Improved portfolio quality in recent years
• ^◼ Longer life assets generating highest margins

Site FY19 H1 EBITDA margin

RETURN ON INVESTMENT

• ^◼ Generating an appropriate return on investment a primary focus of the business
• ^◼ Longest life assets generating highest returns
• ^◼ Assets generating returns of up to 23% per annum
• ^◼ Mt Carlton and Cracow have already fully repaid all invested capital

Bubble size represents midpoint of FY19 production

FINANCIAL POSITION

• ^◼ Balance sheet liquidity of A\$606M
• ^◼ Cash balance: A\$256M
• ^◼ Undrawn revolver: A\$350M available
• ^◼ Net bank debt position of A\$74M
• ^◼ Since FY15:
• ^◼ Debt repayments: A\$879M
• ^◼ Dividend payments: A\$357M
• ^◼ Excess cash to be returned to shareholders with debt now largely repaid
• ^◼ Hedge book: 437,500oz at A\$1,826/oz

Dividends paid and debt repayments (A\$M)

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

FY19 GUIDANCE

Gold production	240 – 250koz
AISC	US\$705 – US\$780/oz A\$975 – A\$1,075/oz

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

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

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

DELIVERING PATHWAY TO 300KOZPA

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 March 2019 quarter

GRE46 results are extracted from the report entitled "March Quarterly Report" released to the ASX 17 April 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. Reported intervals are down hole widths as true widths are not currently known.

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

FY19 GUIDANCE

Gold production1	85 – 95koz
Copper production1	19 – 21kt
AISC	US\$(415) – US\$(380)/oz A\$(575) – A\$(525)/oz

MT CARLTON

• Generating exceptional returns
• Net mine cash flow averaged in excess of A\$100M per year in FY16 – FY18
• Underground mine development to bring forward access to high-grade Link Zone
• Current mine life to FY25 with extensions likely

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

FY19 GUIDANCE

Gold production	95 – 105koz
AISC	US\$485 – US\$520/oz
	A\$670 – A\$720/oz

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

FY19 GUIDANCE 1

Gold production	125 – 135koz
AISC	US\$760 – US\$780/oz A\$1,050 – A\$1,100/oz

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

CRACOW AND MT RAWDON

FY19 GUIDANCE	CRACOW	MT RAWDON
Gold production	80 – 85koz	95 – 105koz
AISC	US\$905 – US\$940/oz A\$1,250 – A\$1,300/oz	US\$725 – US\$760/oz A\$1,000 – A\$1,050/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 STRATEGY

Approach: Upgrade the pipeline

People	Tactics
• New, invigorated world class team • Fostering a discovery culture	• Build land positions in key camps • 3D architecture and footprint vectoring
Deposit Styles	Geographic Focus

FY19 Discovery Guidance A\$40-55M

GENERATING SUPERIOR FINANCIAL RETURNS

Global leader in low cost production

Strong track record in creating value

Reputation for reliability and transparency

Discovery team delivering transformational organic growth

Shareholders rewarded through dividends and capital growth

FY19 GUIDANCE: PRODUCTION AND COSTS

FY19 Guidance	Gold production	All-in sustaining cost1	All-in sustaining cost*
	(oz)	(A\$/oz)	(US\$/oz)
Cowal	240,000 –	975 –	705 –
	250,000	1,075	780
Mungari2	125,000 –	1,050 –	760 –
	135,000	1,100	800
Mt Carlton	95,000 –	670 –	485 –
	105,000	720	520
Mt Rawdon	95,000 –	1,000 –	725 –
	105,000	1,050	760
Cracow	80,000 –	1,250 –	905 –
	85,000	1,300	940
Ernest Henry	85,000 –	(575) –	(415) –
	90,000	(525)	(380)
Corporate		45 – 50	33 – 36
Group	720,000 –	850 –	615 –
	770,000	900	650
Ernest Henry (Cu t)	19,000 – 21,000
Mt Carlton (Cu t)	800 – 1,000

1. AISC is based on Copper price of A\$8,800/t; US AISC is based on AUD:USD FX rate of \$0.725

2. Mungari FY19 production and cost guidance unlikely to be achieved

FY19 GUIDANCE: CAPITAL

Major project capital items

^◼ Cowal:

• ^◼ Stage H cut-back (A\$70 A\$75M)
• ^◼ Float Tails Leach (A\$6 A\$9M)
• ^◼ Other process plant projects (A\$29 A\$36M)

^◼ Mt Carlton

• ^◼ Open pit mine development (A\$20 A\$23M)
• ^◼ Underground Infrastructure (A\$5 A\$7M)
• ^◼ Mt Rawdon
• ^◼ Mine Development (A\$25 A\$30M)

^◼ Cracow

^◼ Underground development (A\$10 – A\$15M)

FY19 Guidance	Sustaining Capital (A\$M)	Major Capital (A\$M)
Cowal	55 – 60	105 – 120
Mungari	10 – 15	0 – 5
Mt Carlton	7.5 – 12.5	25 – 30
Mt Rawdon	5 – 10	25 – 30
Cracow	17.5 – 22.5	10 – 15
Ernest Henry	10 – 15	0
Group	105 – 135	165 – 200

FY19 GUIDANCE: DISCOVERY AND NON-CASH

FY19 Guidance	Depreciation & Amortisation* (A\$/oz)	Fair Value Unwind (A\$M)	Resource Definition** (A\$M)	Discovery (A\$M)
Cowal	430 – 480	10 – 15	3 – 7	15 – 20
Mungari	500 – 550	10 – 15	2 – 4	15 – 20
Mt Carlton	580 – 630		0 – 1	1 – 2
Mt Rawdon	550 – 600		0 – 1	0 – 1
Cracow	320 – 370		3 – 7	1 – 3
Ernest Henry	1,320 – 1,360		0	0
Corporate			0	8 – 9
Group	575 – 625	20 – 30	10 – 20	40 – 55

* Depreciation & Amortisation FY19 guidance includes fair value unwind and amortisation of Ernest Henry prepayment (10-12%)

** Resource definition is included in the Sustaining Capital guidance

3 YEAR OUTLOOK: FY19–FY21

AISC Guidance A\$/oz

Major Project Capital Guidance A\$M

128 171 165 115 100 200 145 125 FY17 FY18 FY19 FY20 FY21 Major Capex Low Major Capex High

PRODUCTION TARGET

Cautionary statement concerning the proportion of Exploration Targets¹

Of Evolution's Production Outlook, 2% is comprised of Exploration Targets. The potential quantity and grade of this exploration target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that production target itself will be realised.

Cautionary statement concerning the proportion of Inferred Mineral Resources

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

Material Assumptions

The material assumptions on which the Production Target is based are presented in ASX release Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 19 April 2018 and available to view at www.evolutionmining.com.au. The material assumptions upon which on which the forecast financial information is based are:

Silver	A\$20/oz
Copper	A\$8,800/t
Diesel	A\$110/bbl

Competent Persons Statement

The estimated Mineral Resources and Ore Reserves underpinning the Production Target and Exploration Target have been prepared by Competent Persons in accordance with the requirements in Appendix 5A (JORC Code). 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.

Relevant proportions of Mineral Resources and Ore Reserves underpinning the Production Target

The Production Target comprises 96.5% Probable Ore Reserves, 1.5% Inferred Mineral Resources and 2% Exploration Targets.

1. For information on the Exploration Targets, refer to ASX release entitled "Three Year Outlook and High-Grade Drill results from new Dalwhinnie Lode at Cowal" released to the ASX on 4 September 2018 and available to view at www.evolutionmining.com.au

FY19 YTD: PRODUCTION AND COSTS

FY19 YTD	Units	Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Group
Total ore mined	kt	5,131	1,479	488	1,998	431	5,002	14,530
Total tonnes processed	kt	5,869	1,200	589	2,481	435	5,116	15,691
Grade processed	g/t	1.19	2.48	5.35	0.99	4.91	0.57	1.31
Recovery	%	81.6	93.7	89.2	89.0	91.6	80.9	86.3
Gold produced	oz	183,621	90,078	78,414	70,244	62,888	72,869	558,115
Silver produced	oz	191,729	12,885	155,582	86,111	27,795	50,702	524,804
Copper produced	t	0	0	719	0	0	15,479	16,198
Gold sold	oz	181,944	92,136	71,293	70,365	61,776	74,640	552,154
Achieved gold price	A\$/oz	1,721	1,710	1,764	1,716	1,719	1,738	1,726
Cost Summary								0
Mining	A\$/prod oz	186	727	78	404	476		351
Processing	A\$/prod oz	476	343	287	468	246		372
Administration and selling costs	A\$/prod oz	127	126	224	127	151		177
Stockpile adjustments	A\$/prod oz	11	(63)	(2)	158	3		13
By-product credits	A\$/prod oz	(22)	(3)	(111)	(26)	(9)	(1,856)	(270)
C1 Cash Cost	A\$/prod oz	779	1,131	475	1,133	867	(785)	643
C1 Cash Cost	A\$/sold oz	786	1,105	522	1,131	883	(766)	650
Royalties	A\$/sold oz	46	45	135	88	94	152	82
Gold in Circuit and other adjustments	A\$/sold oz	(16)	9	(61)	(6)	(23)		(15)
Sustaining capital2	A\$/sold oz	163	171	102	55	288	107	151
Reclamation and other adjustments	A\$/sold oz	13	15	37	22	13		16
Administration costs3	A\$/sold oz							43
All-in Sustaining Cost	A\$/sold oz	992	1,345	735	1,288	1,254	(507)	927
Major project capital	A\$/sold oz	442	50	249	296	61	0	231
Discovery	A\$/sold oz	65	154	10	3	27	0	58
All-in Cost	A\$/sold oz	1,499	1,549	993	1,587	1,341	(507)	1,216

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

24 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		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

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. 26

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

Cowal Gold Mineral Resource Statement - December 2018
	Measured			Indicated			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

27 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.

SUSTAINABILITY

• ^◼ Inaugural Sustainability Report published in December 2018 half-year
• ^◼ Driving safety culture where our people do the right thing because they want to, not because they have to
• ^◼ HSE System and Critical Control verification audits conducted at each asset during the December 2018 half-year

ENVIRONMENTAL STEWARDSHIP

• Four environmental enhancement projects underway
• Environmental protocols implemented to manage environmental impacts and risk
• Life of mine environmental management plans developed for all sites
• Environmental assurance audit program and environmental compliance
• Periodic reviews to ensure that performance targets and objectives are being met
• No material environmental incidents

We are committed to achieving an outstanding level of environmental performance at all our sites

SOCIO-ECONOMIC CONTRIBUTIONS

▪ Social licence to operate score 4.1 out of 5.0

• 'High approval' a high level of social licence compared to other global miners¹
• Nine Shared Value projects underway creating tangible, sustainable legacies in our communities beyond the life of our mine
• A\$1B contributed to the Australian economy in FY18
• Royalties: A\$49M
• Taxes: A\$48M
• Wages: A\$226M
• Goods and Services: A\$614M
  • Direct spend with local community organisations: A\$80M
• Net interest: A\$18M
• Dividends: A\$110M
• 52% of employees across our operations are locals
• 4% of employees identify as Aboriginal or Torres Strait Islander

Somewhere Down the Lachlan (NSW) sculpture trail - a Shared Value Project to promote regional tourism

OUR PEOPLE

Attract, engage, develop and retain talent

• Developing our leaders via bespoke leadership programs
• Guiding Our Leaders Program (GOLD) completed by 119 of our senior leaders
• SILVER Program completed by 201 of our front line managers
• Supporting Graduate Programs and Vacation Employment through the cycle
• 12 graduates commenced in 2019 50% female intake
• Building our talent pipelines through strengthening relationships with universities and high schools
• Queensland Minerals Education Academy partnership
• Creating flexible work opportunities
• Mungari Return to Work program
• Rewarding our people for challenging the status quo and delivering operational improvements
• Act like an Owner Program

Inspired people creating Australia's premier gold mining company

COST STRUCTURE

• Top seven expense groups account for ~78% of total costs
• Proactively managing input costs
• Cost reduction of 10% on A\$100M of contracts in FY18
• Continue to competitively test market for cost reductions
• Major focus on productivity and efficiency improvements
• Labour: employee and contractors comprises ~46%
• Labour rate movements averaging 3%
• No material increases expected in near term
• Employee voluntary turnover rate of 12%
• Power costs secured for next 3 years
• FY18 increase over FY17 prices was 40%
• Evaluation of alternative source in progress

Excludes Ernest Henry Includes group overheads

M&A STRATEGY

• The rules are simple:
• Improve the quality of the portfolio
• Logical
• Value accretive
• Opportunistic
• But delivery is not simple. It requires the ability to:
• Recognise the opportunity
• Execute the transaction
• Integrate acquired assets