EVOLUTION MINING LIMITED — Capital/Financing Update 2010

Mar 17, 2010

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18 March 2010

Mr Matthew Foy ASX Limited Exchange Plaza 2 The Esplanade Perth WA 6000

Dear Matthew

Catalpa Resources Limited - Notice under section 708A(5)(e) of the Corporations Act 2001

Catalpa Resources Limited ACN 084 669 036 ( Catalpa ) has today issued 3,500,000 fully paid ordinary shares to a US investor in an institutional placement announced on 16 March 2010.

Catalpa gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Act ) that:

• (a) Catalpa issued the fully paid ordinary shares without disclosure to investors under Part 6D.2 of the Act;

• (b) as at the date of this notice, Catalpa has complied with:

• (1) the provisions of Chapter 2M of the Act as they apply to Catalpa; and

• (2) section 674 of the Act; and

• (c) as at the date of this notice, there is no information that is ‘excluded information’ within the meanings of sections 708A(7) and 708A(8) of the Act.

Yours sincerely

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Leonard Math Company Secretary Catalpa Resources Limited

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 (as amended) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

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