EVOLUTION MINING LIMITED — Investor Presentation 2021

Sep 12, 2021

Denver Gold Forum 2021

Inspired people creating a premier global gold company

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.

This presentation has been approved for release by Evolution's Board of Directors.

AUD:USD exchange rate assumption of 0.75 used throughout this presentation unless stated otherwise.

PRODUCTION TARGET & FORECAST FINANCIALS

Group Three-Year Outlook	FY22	FY23	FY24
Production (oz)	700,000 –	815,000 –	940,000 –
	760,000	875,000	1,010,000
AISC (A\$/oz)1	1,220 –	1,125 –	1,170 –
	1,280	1,185	1,230
Sustaining Capex (A\$/M)	125 –	120 –	125 –
	155	160	165
Major Capital (A\$M)	440 –	490 –	290 –
	510	560	360

Cautionary statement concerning the proportion of Exploration Targets

Of Evolution's Group Production Outlook, 3% 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.

For information on Production Targets and Forecast Financials, refer to the ASX release entitled "Acquisition to elevate Mungari to a cornerstone asset and A\$400 million equity raising" released to the ASX on 22 July 2021 and available to view at www.evolutionmining.com.au. The Company confirms that all material assumptions underpinning the Production Target and Forecast Financial information derived from the Production Target in the 22 July 2021 release continue to apply and have not materially changed.

EVOLUTION SNAPSHOT

MARKET CAPITALISATION 1	US\$5.3B
NET DEBT 2	US\$345M
GOLD MINERAL RESOURCES 3	26.4Moz
GOLD ORE RESERVES 3	9.9Moz
RESERVE PRICE ASSUMPTION	US\$1,090/oz
FY22 PRODUCTION GUIDANCE	700 – 760koz
FY22 AISC GUIDANCE	US\$915 – 960/oz
NUMBER OF OPERATING ASSETS	6
PORTFOLIO MINE LIFE 4	13+ years
MAJOR SHAREHOLDERS	Van Eck Australian Super BlackRock Fidelity

1. Based on share price of A\$3.85 per share on 8 September 2021

2. As at 30 June 2021

3. Excludes Mineral Resources and Ore Reserves for Battle North (not estimated in accordance with JORC Code) and Kundana Assets. See the Appendix of this presentation for details on Mineral Resources and Ore Reserves. 4. Portfolio mine life refers to a production weighted average of asset mine lives excluding Kundana Assets

Production Outlook (koz)

Three-year forecast financials to be read in conjunction with information provided on slide 3 of this presentation

4

1. AISC is based on Gold price of A\$2,200/oz (royalties) and Copper price of A\$11,000/t (By-product credits)

FOCUSED PORTFOLIO OF ASSETS IN TIER 1 JURISDICTIONS

Australia and Canada are amongst the highest rated countries based on the Fraser Institute and World Bank metrics

Evolution offers a premium exposure to world-class assets located solely in Tier 1 jurisdictions

1. Investment attractiveness based on The World Bank's Ease of Doing Business Index of the asset location, weighted according to 22E production of each asset from Wood Mackenzie estimates. Peers include Newcrest, Newmont, Barrick, Kinross, IAMGOLD, Agnico Eagle, Gold Fields, Eldorado, New Gold, Yamana and AngloGold

LEVERS TO NET ZERO

POTENTIAL REDUCTION IMPACT SCALE

Alternate suppliers with a lower footprint3

Carbon offset / reforestation4

1. Scope 1 emissions (direct GHG emissions from operations that are owned or controlled by the reporting company)

2. 1. Scope 2 emissions (indirect emissions resulting from the generation of purchased energy consumed by a company)
3. 1. Scope 3 emissions (all other indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company)
4. 1. Scope 1 & 2 emissions
5. Disclaimer Statement

The use by Evolution of any MSCI ESG Research LLC OR its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks of index names herein do not constitute a sponsorship, endorsement, recommendation or promotion of Evolution by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

EXECUTING A VALUE ACCRETIVE GROWTH STRATEGY

SUPERIOR RETURNS ON INVESTMENT

Date acquired Total price (incl transaction costs)	July 2015 US\$567M	August 2015 US\$269M	November 2016 US\$675M
Net Cash Flow	US\$570M	US\$220M	\$US815M
Average annual return on investment1	17%	16%	26%
Remaining mine life today	17+	13+	5 Extension studies underway

Red Lake acquired April 2020 – transformation into a high-margin, long-life asset underway

COWAL – A WORLD CLASS ASSET

Acquisition in July 2015

	July 2015	June 2021
Ore Reserves	1.6Moz	4.6Moz1
Mineral Resources	3.4Moz	9.7Moz1
Mine life2	2024	2040
Plant capacity	7.2Mtpa	~9.0Mtpa
Gold production		1.4Moz
Operating cash flow		US\$1.2B
Net cash flow3		US\$570M	1.6 1.6

1. Mineral Resources and Ore Reserves estimate at 31 December 2020. See the Appendix of this release for details on Mineral Resources and Ore Reserves

2. Seeking regulatory approval to extend mine life to 2040

3. Post all capital and exploration

COWAL – THE FUTURE

• US\$285M investment in Cowal Underground
• First underground ore scheduled for H2 FY23
• Strong community and regulatory support for the project
• Higher grade ore source underpins production growth

RED LAKE

Red Lake Transformation – a clear pathway to 350kozpa

• Mineral Resource of 11Moz1 with potential for further additions
• Growth plans accelerated by Battle North acquisition
• Investment now focused on mine development

1. Mineral Resources and Ore Reserves estimate at 31 December 2020. Excludes Battle North Ore Reserves and Mineral Resources which have not been estimated in accordance with JORC Code. See the Appendix of this release for details on Mineral Resources and Ore Reserves

RED LAKE DISTRICT CONSOLIDATED

Milling capacity of 1.5Mtpa with expansion opportunity to 2.0Mtpa

RED LAKE – THE PATHWAY TO 350,000OZ

RED LAKE – THE PATHWAY TO 350,000OZ

MUNGARI – ANOTHER DISTRICT CONSOLIDATED

• Underground operating mines recently acquired from Northern Star
• Located within 8km of Evolution's low-cost Mungari Mill2
• Higher production from a 4g/t gold ore source
• Mine life extension from 9 to 13+ years with addition of 2.4Moz of Mineral Resource and 0.6Moz of Ore Reserve4
• Significant immediate cost synergies from shorter ore haulage distances and lower processing costs
• Further synergies likely to be realised as assets are integrated
• Opportunity for resource extensions below current resource boundaries

4.

1. For details on the transaction, see announcement entitled "Acquisition to Elevate Mungari to Cornerstone Asset" released to the ASX on 22 July 2021 and available to view at www.evolutionmining.com 2. Refers to estimated haulage distance from the Kundana and EKJV deposits to the Mungari Mill 3. RHP – Rubicon, Hornet, Pegasus

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ERNEST HENRY – A WORLD CLASS ASSET

• Generated US\$230M of net mine cash flow in FY21
• Ongoing resource drilling and advancing studies to extend ore body below 1200mRL
• Targeting a 3 5 year mine life extension from 2026

Mine life extension milestones Below 1,200mRL Concept study completed H1 FY22 Advancing to Pre-Feasibility Net cash flow generated since acquisition US\$815M

CONCENTRATED HIGH QUALITY PORTFOLIO

Four long-life, high-margin assets

1. LOM AISC Margin based on Evolution's current life of mine plan. AISC margin assumes the spot gold price of US\$1,800/oz on 8 September 2021

2. Production base refers to FY21 actuals for Ernest Henry, Mt. Rawdon and Mt. Carlton. Mungari is based on post Mungari mill expansion objective of ~200kozpa. Cowal and Red Lake based on medium-term production objectives of ~350kozpa (refer to ASX announcement released on 16 July 2021 entitled "Cowal Underground Board Approval and Group 3 Year Outlook")

3. Mine Life based on Evolution's current life of mine plans. Mungari reflects the contribution to mine life extensions expected from the Kundana Assets

BALANCE SHEET

Dividends:

• 17 consecutive dividends declared since 2013
• A\$943M returned to shareholders

Continued Strengthening of Balance Sheet

• Investment grade debut debt placement
• US\$550M with maturities in FY29 and FY32
• Average fixed coupon of 3.05%
• Average debt maturity now 7 years
• No material debt repayments until FY26
• Low leverage at < 0.5x and modest gearing at 15%

Building a gold company that prospers through the cycle

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EVOLUTION 2020 GOLD MINERAL RESOURCES

	Gold			Measured			Indicated			Inferred			Total Resource			Dec 19
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)	CP4	Resource Gold Metal (koz)
Cowal1	Open pit	0.35	20.63	0.46	306	209.19	0.85	5,724	22.90	0.84	615	252.71	0.82	6,645	1	6,0891
Cowal	UG	1.5	-	-	-	22.78	2.55	1,868	14.75	2.43	1,151	37.53	2.50	3,019	1	2,502
Cowal1	Total		20.63	0.46	306	231.97	1.02	7,593	37.65	1.46	1,765	290.24	1.04	9,664	1	8,591
Red Lake3	Total	3.3	-	-	-	28.09	7.45	6,371	19.72	6.82	4,322	47.81	7.19	11,053	2	-
Mungari1	Open pit	0.5	-	-	-	37.55	1.19	1,443	6.80	1.35	296	44.36	1.22	1,739	3	1,849
Mungari	UG	1.8	0.34	5.09	56	1.78	3.25	187	2.58	2.46	204	4.71	2.95	448	3	560
Mungari1	Total		0.34	5.09	56	39.34	1.29	1,629	9.39	1.66	500	49.07	1.39	2,186	3	2,409
Mt Rawdon1	Total	0.21	7.29	0.34	81	32.91	0.60	630	10.47	0.52	175	50.66	0.54	885	4	1,062
Mt Carlton1	Open pit	0.35	-	-	-	6.96	0.70	157	2.17	2.56	178	9.12	1.14	335	5	3431
Mt Carlton3	UG	2.55	-	-	-	0.33	4.26	45	0.08	3.19	7.88	0.40	4.05	52	5	75
Mt Carlton1	Total		-	-	-	7.28	0.86	201	2.24	2.58	186	9.53	1.26	387	5	418
Ernest Henry2	Total	0.9	4.29	0.51	70	45.43	0.61	896	8.98	0.61	177	58.70	0.61	1,143	6	1,288
Marsden	Total	0.2	-	-	-	119.83	0.27	1,031	3.14	0.22	22	122.97	0.27	1,053	1	1,053
Total			32.55	0.49	513	504.85	1.15	18,711	91.59	2.43	7,147	628.99	1.30	26,371		15,167

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. 'UG' denotes underground.

1Includes stockpiles ² Ernest Henry Operation cut-off 0.9% CuEq ³ Red Lake cut-off is 3.3g/t Au except for Cochenour (3.0g/t Au) and HG Young (3.2g/t Au) deposits

4Group Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Dean Fredericksen; 3. Brad Daddow; 4. Tim Murphy; 5. Ben Coutts; 6. Jessica Shiels (Glencore)

5The Mineral Resource for the Mt Carlton A39 underground deposit has been estimated using a AuEq (g/t) cut-off of 4.4g/t to enable quotation of this silver rich deposit as equivalent gold ounces.

The gold equivalent (AuEq) calculation accounts for silver recoveries determined from metallurgical test work and uses an assumed silver price of A\$26/oz and gold price of A\$2,000/oz as per the below equation.

AuEq=26/2,000*0.8203*silver grade (Silver price/Gold price*silver recovery*silver grade). It is the Competent Persons opinion that the assigned cut-off criteria satisfies the JORC Code requirement that the reported Mineral Resource meets reasonable prospects of eventual economic extraction and that the silver present within the A39 deposit can be economically recovered.

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au 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 2020" released 3 February 2021 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 Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed except for the Cowal Underground. This revised information is provided in ASX release entitled 'Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook' released on 16 July 2021 and available to view at www.evolutionmining.com. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 77% of the total Ernest Henry gold resource.

EVOLUTION 2020 GOLD ORE RESERVES

	Gold			Proved		Probable			Total Reserve			Dec 19 Reserves
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)	CP4	Gold Metal (koz)
Cowal1	Open pit	0.45	20.60	0.46	306	104.72	0.96	3,241	125.32	0.88	3,547	1	3,6341
Cowal	Underground	1.8	-	-	-	12.55	2.59	1,045	12.55	2.59	1,045	2
Cowal	Total		20.60	0.46	306	117.27	1.14	4,287	137.87	1.04	4,593		4,438
Red Lake3	Total	4.3	-	-	-	13.16	6.90	2,929	13.16	6.90	2,929	3
Mungari	Underground	2.9	-	-	-	0.30	3.57	35	0.30	3.57	35	4	68
Mungari1	Open pit	0.75	-	-	-	9.68	1.35	419	9.68	1.35	419	4	500
Mungari1	Total		-	-	-	9.98	1.41	454	9.98	1.41	454	4	568
Mt Rawdon1	Open pit	0.3	4.26	0.41	56	15.82	0.67	342	20.08	0.62	398	5	538
Mt Carlton1	Open pit	0.8	-	-	-	6.13	0.63	124	6.13	0.63	124	6	2701
Mt Carlton5	Underground	3.2	-	-	-	0.30	4.52	44	0.30	4.52	44	6	40
Mt Carlton1	Total		-	-	-	6.43	0.81	168	6.43	0.81	168	6	311
Ernest Henry2	Underground	0.9	2.67	0.81	70	29.94	0.47	455	32.62	0.50	525	7	660
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	6	817
Total			27.54	0.49	432	257.77	1.14	9,452	285.31	1.08	9,884		6,642

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

1Includes stockpiles ² Ernest Henry Operation cut-off 0.9% CuEq 3Red Lake cut-off is 4.3g/t Au except for Lower Campbell (4.4g/t Au) and Upper Campbell (2.5g/t Au) deposits

4Group Ore Reserve Competent Person (CP) Notes refer to 1. Ryan Kare; 2: Joshua Northfield; 3.Brad Armstrong; 4: Ken Larwood; 5. Thomas Lethbridge; 6. Anton Kruger; 7. Michael Corbett (Glencore)

5The Ore Reserve for the Mt Carlton A39 underground deposit has been estimated using a AuEq (g/t) cutoff of 6.1g/t to enable quotation of this silver rich deposit as equivalent gold ounces.

The gold equivalent (AuEq) calculation accounts for silver recoveries determined from metallurgical test work and uses an assumed silver price of A\$20/oz and gold price of A\$1,450/oz as per the below equation.

AuEq = 20/1,450*0.8203*silver grade (Silver price/Gold price*silver recovery*silver grade). It is the Competent Persons opinion that the assigned cut-off criteria meets the minimum acceptable criteria to support economic extraction and that the silver present within the A39 deposit can be economically recovered.

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au 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 2020" released 3 February 2021 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 Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed except for the Cowal Underground. This revised information is provided in ASX release entitled 'Cowal Underground Board Approval, Red Lake Growth Update and Group Three-year Outlook' released on 16 July 2021 and available to view at www.evolutionmining.com. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 86% of the total Ernest Henry gold reserve

EVOLUTION 2020 COPPER RESOURCES & RESERVES

Group Copper Mineral Resource Statement

	Copper			Measured		Indicated			Inferred			Total Resource				Dec 19 Resources
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	Copper Metal (kt)
Marsden	Total	0.2	-	-	-	119.83	0.46	553	3.14	0.24	7	122.97	0.46	560	1	560
Ernest Henry2	Total	0.9	1.54	0.93	14	20.20	1.16	234	7.11	1.16	83	28.85	1.15	331	2	356
Mt Carlton1	Open pit	0.35	-	-	-	1.25	0.29	4	1.04	0.43	5	2.29	0.29	7	3	14
Mt Carlton	UG	2.55	-	-	-	0.33	1.30	4	0.08	1.07	1	0.40	1.25	5	3	4
Mt Carlton1	Total		-	-	-	1.58	0.50	8	1.12	0.48	5	2.69	0.49	13	3	18
Total			1.54	0.93	14	141.61	0.56	794	11.36	0.84	95	154.51	0.58	904		934

Group Copper Ore Reserve Statement

	Copper			Proved		Probable Total Reserve				Dec 19 Reserves
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	Copper Metal (kt)
Marsden		0.3	-	-	-	65.17	0.57	371	65.17	0.57	371	1	371
Ernest Henry2	Total	0.9	0.80	1.49	12	12.94	0.91	117	13.74	0.94	129	2	150
Mt Carlton1	Open pit	1.8	-	-	-	0.32	0.12	0	0.32	0.12	0	1	10
Mt Carlton	Underground	3.2	-	-	-	0.30	1.40	4	0.30	1.40	4	1	1
Mt Carlton1	Total		-	-	-	0.62	0.74	5	0.62	0.74	5	1	11
Total			0.80	1.49	12	78.73	0.63	493	79.53	0.63	505		532

Group Mineral Resources Competent Person3 (CP) Notes refer to: 1. James Biggam; 2. Jessica Shiels (Glencore); 3 Ben Coutts

Group Ore Reserve Competent Person3 (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett (Glencore)

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

Full details of the Evolution Mineral Resources and Ore Reserves are provided in the report entitled "Annual Mineral Resources an Ore Reserves Statement" released to the ASX on 17 February 2021 and available to view at www.evolutionmining.com.au 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 2020" released 3 February 2021 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 Reports and that all material assumptions and parameters underpinning the estimates in the Reports 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 Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported figures constitute 38% of the total Ernest Henry copper resource and 35% of the total Ernest Henry copper reserve.

KUNDANA ASSETS RESOURCES & RESERVES

Kundana Assets Mineral Resource Statement1

Gold		Measured		Indicated			Inferred			Total Resource
Project	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)
Kundana (100%)	0.59	4.2	80	4.07	4.4	571	3.27	3.8	403	7.93	4.1	1,053
EKJV (51%)2	1.12	6.2	223	2.88	5.2	485	2.06	4.5	295	6.06	5.2	1,003
Carbine (100%)	-	-	-	2.89	2.3	213	1.87	2.9	174	4.76	2.5	387
Total	1.71	5.5	302	9.84	4.0	1,269	7.20	3.8	872	18.83	4.1	2,443

Kundana Assets Ore Reserve Statement1

Gold	Proved				Probable		Total Reserve
		Gold Grade	Gold Metal		Gold Grade	Gold Metal	Tonnes	Gold Grade	Gold Metal
Project	Tonnes (Mt)	(g/t)	(koz)	Tonnes (Mt)	(g/t)	(koz)	(Mt)	(g/t)	(koz)
Kundana (100%)	0.20	4.8	30	1.34	4.3	184	1.53	4.4	214
EKJV (51%)2	0.66	4.8	101	1.07	5.4	185	1.73	5.1	286
Carbine (100%)	-	-	-	1.24	2.0	78	1.24	2.0	78
Total	0.85	4.8	131	3.65	3.8	447	4.50	4.0	579

(1) Kundana Assets Mineral Resources and Ore Reserves are provided in Evolution's ASX announcement entitled 'Acquisition to elevate Mungari to a cornerstone asset and A\$400 million equity raising' released on 22 July 2021 and available to view at www.evolutionmining.com.au. Those Mineral Resources and Ore Reserves have been prepared based on Mineral Resource and Ore Reserve estimation criteria using a gold price assumption of A\$2,250/oz to estimate Mineral Resources and A\$1,750/oz to estimate Ore Reserves. The Kundana Assets Mineral Resources and Ore Reserves are expected to be re-estimated as at 31 December 2021 as part of Evolution's Annual Mineral Resources and Ore Reserves Statement which will be released in February 2022. Rounding may result in apparent summation differences between tonnes, grade and contained metal content. Ounces are estimates of metal contained in the Ore Reserve and do not include allowances for processing losses

(2) EKJV deposits are 51% interest, except Raleigh and Falcon North which are 50%

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company's 22 July 2021 announcement 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 Company's 22 July 2021 announcement.

FY22 GUIDANCE – PRODUCTION COSTS & CAPITAL

FY22 Guidance	Gold Production	All-in Sustaining Cost*	Sustaining Capital**	Major Capital**
	(oz)	(A\$/oz)	(A\$M)	(A\$M)
Cowal	230,000 –	1,180 –	35.0 –	260.0 –
	250,000	1,220	40.0	280.0
Red Lake	155,000 –	1,600 –	55.0 –	130.0 –
	165,000	1,660	60.0	155.0
Mungari	115,000 –	1,750 –	15.0 –	25.0 –
	125,000	1,800	22.5	40.0
Mt Rawdon	75,000 –	1,470 –	5.0 –	12.5 –
	80,000	1,520	10.0	17.5
Mt Carlton	45,000 –	1,650 –	5.0 –	12.5 –
	50,000	1,700	10.0	17.5
Ernest Henry	80,000 – 90,000	(780) – (720)	10.0 – 12.5	0
Corporate		70 – 75
Group	700,000 –	1,220 –	125.0 –	440.0 –
	760,000	1,280	155.0	510.0
Ernest Henry (Cu t)	17,000 – 19,000
Mt Carlton (Cu t)	1,500 – 2,500

*AISC is based on Gold price of A\$2,200/oz (royalties) and Copper price of A\$11,000/t (By-product credits) ** Corporate capital of A\$3M (Sustaining) and A\$2M (Major) not included above

FY22 GUIDANCE DISCOVERY AND NON-CASH

FY22 Guidance	Depreciation & Amortisation (A\$/oz)	Discovery (A\$M)
Cowal	410 – 460	5.0 - 10.0
Red Lake	330 – 380	15.0 – 20.0
Mungari	420 – 470	5.0 – 10.0
Mt Rawdon	700 – 750	0.0 – 2.0
Mt Carlton	520 – 570	0.0 – 3.0
Ernest Henry	1,420 – 1,470	0.0
Corporate		10.0 – 15.0
Group	560 – 610	35.0 – 60.0

PRODUCTION AND COST OUTLOOK

• Cornerstone assets driving production towards 1Mozpa by FY24
• Cowal trends up to 350kozpa by FY24 from Stage H and Underground
• Red Lake achieves >200kozpa in FY23 and >250kozpa in FY24
• Mungari improved by Kundana and EKJV acquisition
• Mt Rawdon production lower due to change to wall angles
• Mt Carlton benefits from Crush Creek in FY24
• Copper production of 18 20ktpa
• Maintaining low cost (AISC) position
• Labour costs remain at ~53% of cost base
  • Expected to move at 3 4% each year
• Production mix drives AISC for FY22 mainly Mungari
• Cowal and Red Lake main drivers to lower costs in FY23
• Increase in FY24 is driven predominantly by higher mine development (operating and capital) at Red Lake to match with increased processing capacity

Three-year forecast financials to be read in conjunction with information provided on slide 3 of this presentation

1. AISC is based on Gold price of A\$2,200/oz (royalties) and Copper price of A\$11,000/t (By-product credits)

CAPITAL OUTLOOK

Three-year forecast financials to be read in conjunction with information provided on slide 3 of this presentation

• 1. Includes A\$15-20M for completion of Galway Decline 2. Mine capital development post-commissioning
• 1. Includes water treatment project of A\$15-20M

SUSTAINING CAPITAL

• Equipment and infrastructure replacement due to longer mine life plans
• Cowal A\$35 45M per year
• Red Lake A\$40 45M (FY22); A\$45M 55M (FY23 & FY24)
• Red Lake mine development: A\$15 20M per year

MAJOR CAPITAL

Cowal	FY22	FY23	FY24
Underground	160M1 A\$145 –	A\$235 – 245M	40M2 A\$35 –
Integrated Waste Landform	A\$75 – 80M	A\$45 – 50M	A\$25 – 30M
Open Pits Feasibility Study	A\$15 – 20M
Red Lake
Existing Mining Operations	A\$50 – 55M	A\$50 – 55M	A\$55 – 60M
Upper Campbell	A\$35 – 40M	A\$70 – 75M	A\$55 – 60M
McFinley	A\$25 – 30M	A\$35 – 40M	A\$10 – 15M
Campbell Mill Expansion	A\$10 – 15M	A\$20 – 25M
Bateman Mill Expansion3	A\$10 – 15M	A\$40 – 45M
Mungari
Mine development	A\$20 – 30M	A\$20 -30M
Plant expansion			A\$80 – 90M