EVOLUTION MINING LIMITED — Investor Presentation 2022

May 4, 2022

Inspired people creating a premier global gold company

CLICK TO EDIT MASTER TITLE STYLE MACQUARIE AUSTRALIA CONFERENCE

Jake Klein – Executive Chairman

May 2022

FORWARD LOOKING STATEMENTS

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.

Non-IFRS Financial Information

The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA and Underlying Profit. The non-IFRS information has not been subject to audit or review by the Company's external auditor and should be used in addition to IFRS information.

All amounts are expressed in Australian dollars unless stated otherwise.

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

3

WINDS OF CHANGE – 6 Ws

Deglobalisation – importance of safe jurisdictions WAR

Rising ESG hurdles WATER

Need a more inclusive and diverse workforce WOMEN

People want to work differently WORK

Cyber risk and productivity breakthrough potential WIFI

Cost of capital rising rapidly in response to inflation WACC

EVOLUTION SNAPSHOT

MARKET CAPITALISATION 1	\$7.1B
NET DEBT 2	\$1,259M
GOLD MINERAL RESOURCES 3	29.6Moz
GOLD ORE RESERVES 3	10.3Moz
FY22 PRODUCTION GUIDANCE	~650koz
FY22 AISC GUIDANCE 4	< \$1,190/oz
OPERATING ASSETS	5
PORTFOLIO MINE LIFE 5	14+ years
MAJOR SHAREHOLDERS	Van Eck Australian Super BlackRock Fidelity

1. See the announcement titled "Annual Mineral Resources and Ore Reserves Statement as at 31 December 2021" released to the ASX on 16 February 2022 for details on Mineral Resources and Ore Reserves 4. AISC is based on Gold price of \$2,200/oz (royalties) and Copper price of \$11,000/t (By-product credits)

2. Portfolio mine life refers to a production weighted average of asset mine lives

STRONG FOUNDATIONS

TIER 1 JURISDICTIONS	SUSTAINABILITY	BALANCE SHEET
 Australia and Canada are amongst the highest rated countries based on the Fraser Institute and World Bank metrics	 'Net Zero' future commitment  Shared value of health and safety  Safeguard our social licence to operate	 Investment grade credit rating  Low interest cost with US\$750M notes average maturity 8.5 years fixed at ~3%  18 consecutive dividends totaling \$998M
Evolution vs. peers World Bank investment attractiveness1 91 88 86 77 73 71 67 65 60 59 40 29	'Enviro' category improved from 6 to 1 and 'Social' category improved from 8 to 2 (year-on-year)	Cumulative Dividends (\$M) 998 943 732 459 298 171 7 21 43 87 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1

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 5

CONSISTENT STRATEGY

Proven team Return on capital drives investment decisions Quality and margin over quantity Act countercyclically to improve portfolio

Reserve Assumption (US\$/oz)1,2

2022 AISC Guidance (US\$/oz)2,3

• 1. Reserve price based on latest Mineral Resource and Ore Reserve statement available as at 29 April 2022, rounded to the nearest US\$5
• 1. AUD amounts converted to USD using an AUD/USD rate of 0.7250

MARCH QUARTER KEY POINTS

COWAL – A WORLD CLASS ASSET

• 1 open pit (E42) mining Stage H
• 8.7Mtpa processing rate
• Mill feed supplemented by low grade stockpile

Current

• Underground development in construction
• Stage H mining towards higher grade
• New open pits and E42 extension studies underway

• Growth enablers

• +1Mtpa mined from underground

• Higher grade stage H ore mined
• New open pits and E42 extension studies complete

FY24

COWAL UNDERGROUND PROGRESS

• Resource definition drilling ahead of schedule
• 4.8km of development complete
• First production ore scheduled by June quarter FY23
• ~0.5Mt to be mined FY23 ramping up to over 1Mt in FY24 and 2Mt in FY25
• On budget and schedule for critical path activity
• Cost inflation absorbed within project contingency
• All major contracts will be executed by May 2022 including primary mining contractor

CREATING A NEW FUTURE FOR RED LAKE

RED LAKE PATHWAY TO 350KOZPA

• District land position with significant Mineral Resource
• 1Mtpa mining rate in Lower Red Lake and Cochenour
• 2 plants operating:
• Campbell 0.75Mtpa rate
• Red Lake 0.35Mtpa rate

• Consistently produce 40koz per quarter

• Mining productivity ramp-up

• CYD decline development
• First stope ore from Upper Campbell Sep 2022 quarter
• Higher grade ore mined from MMTP & Aviation
• Bateman plant expansion & permitting

Growth enablers

• 2Mtpa mining rate:
• 1Mtpa Lower Red Lake and Cochenour
• 1Mtpa Upper Campbell
• 3 plants operating:
• Campbell > 0.75Mtpa
• Red Lake > 0.35Mtpa
• Bateman 0.9Mtpa

FY26 & Beyond

Current

RED LAKE TRANSFORMATION ON TRACK

Positive trend in quarterly metrics

1. Permission granted for the daily throughput restriction of 2,000tpd to be lifted for a limited trial in the June 2022 half-year to support the Campbell mill expansion

IMMEDIATE BENEFITS FROM FULL OWNERSHIP OF ERNEST HENRY

• 1. Original economic interest comprised 100% of gold and 30% of copper production within an agreed Life of Asset (LOA) area, and 49% of gold and copper production below the LOA area. Full ownership now comprises 100% of all gold and copper production from Ernest Henry. See ASX releases 'EVN Secures Full Ownership of Ernest Henry' dated 17 November 2021 and '"Full Ownership of Ernest Henry – Acquisition Completed" dated 6 January 2022 at www.evolutionmining.com.au
• 1. Ernest Henry mine cash flow for the quarter includes \$48.2 million of proceeds for the final gold sales from the expiry of the previous economic interest in Ernest Henry. This relates to the December 2021 quarter gold production which was delivered in the March quarter. Under full ownership, gold sales occur in the month of production
• 1. Equivalent production calculated using gold price of \$2,600/oz and copper price of \$13,500/t

EXCELLENT POTENTIAL FOR FURTHER GROWTH AT ERNEST HENRY

• Pre-feasibility Study (PFS) on a mine extension beyond FY26 underway – due for completion end of calendar year 2022
• Glencore concept study cut off at the 875mRL
• Evolution PFS considers a larger mine area down to the 775mRL
• Further growth opportunity with mineralisation intersected 300m vertically below the PFS area and open at depth

North-south section looking east of the Ernest Henry orebody

MUNGARI DISTRICT UNDER ONE OWNER FOR THE FIRST TIME

• Significant ~5Moz Mineral Resource and 1.2Moz Ore Reserve
• District consolidation along the highly prospective Zuleika shear zone
• Potential for further extensions at Kundana and East Kundana
• Plant expansion provides a pathway to a 12+ year mine life and annual gold production of 200kozpa
• \$10M committed to deliver a Feasibility Study by December 2022

MT RAWDON PUMPED HYDRO

• Studying option to convert site into pumped hydro power station post mine life
• Up to 2GW of generation capacity for 10 hours
• Supports Queensland target of 50% renewable energy by 2030
• 4-5 year construction phase will add over 300 jobs
• Long-term employment and business opportunities
• Economic benefits to the Queensland economy
• Planned commissioning in 2028 aligns with planned retirement of State owned coal fired generators

Potential to be a significant asset in the portfolio with valuation upside

DARING TO BE DIFFERENT DARING TO BE DIFFERENT

CONCENTRATED PORTFOLIO IN TIER 1 JURISDICTIONS

ORGANIC GROWTH FROM CORNERSTONE ASSETS

HIGH-QUALITY RESOURCES & RESERVES

STRONG MARGINS AND BALANCE SHEET

APPENDIX

EVOLUTION 2021 GOLD MINERAL RESOURCES

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)	CP5
Cowal1	Open pit	0.35	24.8	0.46	367	207.5	0.83	5,555	37.3	0.78	929	269.6	0.79	6,852	1
Cowal	Underground	1.50	-	-	-	22.4	2.47	1,776	13.3	2.32	991	35.7	2.41	2,766	1
Cowal1	Total		24.8	0.46	367	229.9	0.99	7,331	50.6	1.18	1,920	305.3	0.98	9,618	1
Red Lake	Underground	3.30	0.0	4.20	4	29.7	7.30	6,973	18.7	6.66	4,013	48.5	7.05	10,990	2
Bateman	Underground	2.50	-	-	-	2.1	4.93	335	3.0	4.37	422	5.1	4.60	757	2
Red Lake3	Total		0.0	4.20	4	31.8	7.14	7,303	21.7	6.34	4,435	53.6	6.82	11,742	2
Mungari1	Open pit	0.40	-	-	-	44.3	1.18	1,676	10.5	1.36	458	54.8	1.21	2,134	3
Mungari4	Underground	1.80	1.7	5.39	295	10.1	4.26	1,387	9.4	3.58	1,086	21.2	4.05	2,767	3
Mungari1	Total		1.7	5.39	295	54.4	1.75	3,063	19.9	2.41	1,544	76.1	2.00	4,902	3
Mt Rawdon1	Total	0.21	6.3	0.32	65	27.2	0.55	481	5.7	0.46	84	39.2	0.50	630	4
Ernest Henry2	Total		13.3	0.69	294	32.2	0.78	808	25.9	0.69	572	71.4	0.73	1,674	5
Marsden	Total	0.20	-	-	-	119.8	0.27	1,031	3.1	0.22	22	123.0	0.27	1,053	1
Total			46.1	0.69	1,025	495.5	1.26	20,017	127.0	2.10	8,577	668.5	1.38	29,619

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 Operations reported Mineral Resources are above a 0.7% Cu cut-off within an interpreted 0.7% Cu mineralised envelope.

3. Red Lake Mineral Resource cut-off is 3.3g/t Au except for Cochenour (3.0g/t Au) and HG Young (3.2g/t Au) deposit

4. Mungari Underground Mineral Resource cut-offs vary from 1.56g/t Au to 2.61g/t Au per deposit. The average underground cut-off is1.8g/t Au. The Mungari Mineral Resource estimate excludes the Falcon deposit (142koz) held by the East Kundana Joint Venture (Evolution Mining 51%, Tribune Resources Ltd 36.75% and Rand Mining (12.25%). Information on the Falcon deposit is provided in Northern Star Resources ASX release titled "Strong Growth in Reserves and Resources" dated 3 May 2021 and available to view at www.nsrltd.com 5. Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Jason Krauss; 3. Brad Daddow; 4. Justin Watson; 5. Aaron Meakin (CSA Global)

This information is extracted from the release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2022 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 included in the release and that all material assumptions and parameters underpinning the estimates in the release 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 2021 GOLD ORE RESERVES

Gold				Proved			Probable			Competent
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)	Person6
Cowal1	Open pit	0.45	23.9	0.46	356	99.7	0.99	3,164	123.6	0.89	3,520	1
Cowal	Underground	1.80	-	-	-	14.4	2.31	1,069	14.4	2.31	1,069	2
Cowal	Total		23.9	0.46	356	114.1	1.15	4,233	138.0	1.03	4,589
Red Lake3	Total	4.50	-	-	-	13.1	7.00	2,935	13.1	7.00	2,935	3
Mungari4	Underground	4.82	0.8	4.89	132	2.6	4.33	365	3.5	4.46	498	4
Mungari1,5	Open pit	0.73	3.0	1.54	149	14.2	1.29	587	17.2	1.33	736	5
Mungari1	Total		3.9	2.27	282	16.8	1.76	952	20.6	1.86	1,234
Mt Rawdon1	Open pit	0.33	3.1	0.39	40	12.6	0.64	260	15.7	0.59	300	6
Ernest Henry2	Underground		9.8	0.77	241	19.2	0.35	217	29.0	0.49	459	7
Marsden	Open pit	0.30	-	-	-	65.2	0.39	817	65.2	0.39	817	8
		Total	40.7	0.70	919	241.0	1.22	9,414	281.7	1.14	10,333

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

1. Includes stockpiles

2. Ernest Henry Operations reported Ore Reserve uses Glencore price assumptions: Gold Price (\$US/oz): 1300, Copper Price (\$US/t): 6500, Exchange Rate (AU:US): 0.75. December 2021 Ore Reserves reported above 0.7% Cu

3. Red Lake Ore Reserve cut-off is 4.5g/t Au except for Cochenour and Lower Campbell (4.1g/t Au), HG Young (3.0g/t Au) and Upper Campbell (2.5g/t Au)

4. Mungari Underground Ore Reserve cut-off is 4.82g/t Au except for Kundana (4.08g/t Au) and Frog's Leg (2.90g/t Au)

5. Mungari Open Pit Ore Reserve cut-offs vary from 0.61g/t Au to 0.80g/t Au per deposit. The average open pit cut-off is 0.73g/t Au

6.Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Dean Basile (Mining One); 2. Joshua Northfield; 3. Brad Armstrong; 4. Peter Merry; 5. Chris Honey; 6. Martin Sonogan; 7. Mike Corbett (Glencore); 8. Anton Kruger

This information is extracted from the release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2022 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 included in the release and that all material assumptions and parameters underpinning the estimates in the release 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 2021 COPPER RESERVES & RESOURCES

Group Copper Mineral Resource 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)	CP1
Marsden	Total	0.2	-	-	-	119.8	0.46	553	3.1	0.24	7	123.0	0.46	560	1
Ernest Henry	Total	0.7	13.3	1.25	165	32.2	1.29	416	25.9	1.17	304	71.4	1.24	885	2
		Total	13.3	1.25	165	152.1	0.64	969	29.0	1.07	311	194.4	0.74	1,445

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. Group Mineral Resources Competent Person (CP) Notes refer to: 1. James Biggam; 2. Aaron Meakin (CSA Global)

Group Copper Ore Reserve Statement

Copper				Proved			Probable		Total Reserve	Competent
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)	Person2
Marsden	Total	0.3	-	-	-	65.2	0.57	371	65.2	0.57	371	1
Ernest Henry1	Total	0.7	9.8	1.41	139	19.2	0.68	130	29.0	0.93	269	2
		Total	9.8	1.41	139	84.4	0.59	501	94.2	0.68	640

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

1. Ernest Henry Operations reported Ore Reserve uses Glencore price assumptions: Gold Price (\$US/oz): 1300, Copper Price (\$US/t): 6500, Exchange Rate (AU:US): 0.75

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

Note on the Ernest Henry December 2020 comparison: Prior to acquisition of full ownership of Ernest Henry (effective as of 1 January 2022), Evolution Mining had 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 life of mine area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The December 2020 Ernest Henry Reserve is reported here on the basis of economic interest and not the entire mine reserve. The reported December 2020 figures constitute 38% of the total Ernest Henry copper resource and 35% of the total Ernest Henry copper reserve.

This information is extracted from the release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2022 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 included in the release and that all material assumptions and parameters underpinning the estimates in the release 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.