EVOLUTION MINING LIMITED — Regulatory Filings 2004

Nov 28, 2004

WESTONIA MINESILMITED

ANNUAL GENERAL MEETING

Highlights 2003-04

Successful Big Pit Initiative Drilling

NOI Approval

Highlights 2003-04

• Reserves up 30%
• Project Financing Begins

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Challenges Remaining

Banking Our Reserve

Cost Inflation

High Australian Dollar

Identifying Cost Savings

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Company Plan

Hit an economic home run for our shareholders

First Base!

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Initial Profitable Open Cut Mine

Retire Debt

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Bankable Feasibility Study Completed

• Resource Base of 30.4 Mt $@$ 1.4 g/t for 1,360,000 ozs to 300 m depth
• ♦ Open pit designed on Indicated resources only, and for AUD 575/oz
• Reserve of 15.7 Mt @ 1.37 g/t for contained 690,000 ozs

Feasibility

• ♦ Additional 60,000 ozs in Inferred resources in that pit, and 40,000 ozs estimated in old oxide stockpiles
• Mine life 8 years
• $\blacklozenge$ Hard rock milling rate 2.2 Mtpa

◆ Annual average gold production 100,000 ozs

Recoverable gold, ± 720,000 ozs

Financial Data - Feasibility

• ♦ CAPEX and Contingency
• Pre-production mining and working capital
• Operating Cost
• Average expected gold price (60% hedged from \$570 spot base)

$$35.3M$

\$8.0M \$420-\$405/oz

$±$ \$620/oz

Cash Operating pre-tax margin ± \$200/oz

Based on Start - 2004 Cost Estimates

Annual Gold Production

Annual Gold Production

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AUD EXCHANGE RATE

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ASX Domestic Gold Producers

June Quarter 2004

Valuation Per Ounce

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Bigger and Better Pits

Pit Upsides

Aim for:

♦ Conversion of Inferred Resources to Reserves

♦ Infill of undrilled zones

• More valuable initial pit $\bullet$
• • Larger pit more revenue

Going Underground ♦

Underground Production

Key to:

Greater Project Value

Greater Project Longevity

Hypothetical Underground Scenario

• Assume Underground
• ♦ Commenced late 3rd year
• $\Diamond$ 350,000 t/yr @ 7.0 g/t for 12 years
• $\lozenge$ 70,000 ozs/yr
• Then Total Production
• ♦ Pit = 720,000 oz
• $\lozenge$ Underground = 875,000 oz
• $\sqrt{10}$ Total = 1,595,000 oz

Annual Gold Production

Underground Potential

180000 160000 140000 120000 100000 Ounces 80000 60000 40000 20000 0 Year Year Year Year Year Year Year Year 3 5 $\overline{7}$ 9 $11$ $13$ 15 1 Years Underground Reserve + Inferred

$835.5 m$

New Gold & Base Metals Mines

Golden Point & Greenfinch

Regional
Geology and Mineralization

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Mine Site Nickel

• Discovery of 16 m at 1.8% Nickel in sulphides from 44 m.
• Fertile Nickel Belt Under WEZ Control