EVOLUTION MINING LIMITED — Regulatory Filings 2016

Nov 8, 2016

==> picture [438 x 540] intentionally omitted <==

==> picture [198 x 140] intentionally omitted <==

Cowal Site Visit

9 November 2016

==> picture [117 x 70] intentionally omitted <==

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.

2

Overview

==> picture [117 x 70] intentionally omitted <==

Growth

• Ore Reserves increased from 1.56Moz to 2.85Moz (+83%) under Evolution ownership

• Expansion of E42 pit prioritised

• E42 Stage H cutback resource definition drilling program near completion

• Current life of mine plan (LOMP) includes Stage H cutback to access an additional 1.4Moz (adding 5 to 6 years to LOMP)

• Resource model to be updated to incorporate results of current drill program in early 2017

• Prospects not included in LOMP:

• E42 mining options beyond Stage H

• E41/E46/Galway-Regal satellite pits

• E46 deeps (underground)

• Cowal regional prospects including Marsden

Transformation

• Asset optimisation feasibility studies targeting:

• Improvement to plant recovery (5 to 7%)

• Plant expansion to circa. 9Mtpa

==> picture [243 x 177] intentionally omitted <==

----- Start of picture text -----

E46
E46
East
E42
Galway/Regal
Open at depth
E41 West
E41 East
----- End of picture text -----

Cowal gold mineralisation, recent drilling and E42 open pit outline

1. See Evolution’s Group Mineral Resources and Ore Reserves and footnotes in the appendix of this presentation for details on Ore Reserve and Mineral Resource estimates

3

Location

==> picture [117 x 70] intentionally omitted <==

==> picture [680 x 413] intentionally omitted <==

----- Start of picture text -----

Kalgoorlie 20km
----- End of picture text -----

4

Overview

==> picture [117 x 70] intentionally omitted <==

 Residential workforce

• Workforce: 265 employees and 90 contractors

• Shift roster: 7:7

• Mining commenced 2005 and processing 2006

• Owner-miner

• Property: the Mining Lease (ML 1535) encompasses an area of 2,636 hectares and lies within Evolution’s total property holding of ~13,000 hectares

• Operation currently approved until 31 December 2024

• Access: sealed road connecting to West Wyalong and major regional highways

• Power: grid power supplied to the mine by 132kV transmission line providing reliable power supply

Location	Approximately 40km north-east of West Wyalong in New South Wales, Australia
Mining method	Conventional open pit
Minerals	Gold
Mineralisation type	Structurally hosted (epithermal to mesothermal) sheeted veins and shear hosted lodes
Process method	Grinding, gravity, flotation and cyanide leaching circuits
Process capacity	7.5Mtpa
Recovery	~83%
Ore Reserves1 99.4Mt @ 0.89g/t Au for 2.85Moz Au
Mineral Resources1 164.1Mt @ 0.96g/t Au for 5.0Moz Au
FY17 production guidance245 – 260kozpa Au
FY17 AISC guidance A$885 – A$945/oz

1. See Cowal Mineral Resources and Ore Reserves and footnotes provided in the appendix of this presentation for details on Ore Reserve and Mineral Resource estimates

5

Cowal erformance and outlook p

==> picture [117 x 70] intentionally omitted <==

FY16 performance

• Gold production of 237,940 ounces (from ~11 months of ownership)

• AISC[1] of A$776 per ounce

• Net mine cash flow of A$146 million

FY17 guidance

• Gold production guidance of 245,000 – 260,000 ounces

• AISC of A$885 – A$945 per ounce

• Sustaining capital: A$40M – A$45M

• Major capital: nil

AISC (All-in sustaining cost) includes C1 cash cost plus royalty expense, sustaining capital expense, general corporate and administration. Calculated on per ounce sold

6

Business im rovement p

==> picture [117 x 70] intentionally omitted <==

• Organisational restructure

• 7% reduction in workforce – cost saving of A$3.6M/year

• Implementation of planning and development team to drive asset growth & transformation

• Wall steepening to unlock reserve potential (IRA now at 61[o] ) OR increased by 76,000oz

• “Drill to Mill” project

• GET recovery – zero GET through primary crusher in FY16

• Mining improvements – ramp and haul road design improving tyre wear, fuel consumption and final drive maintenance interval resulting in savings of $750k/year

• Processing plant utilisation improvements – 8 week shut down cycle (>2% utilisation in FY17 to 93.5%)

• Processing unit cost improvement to $13.10/t in FY17 (down 2.3% on FY16, down 7% on 5 year average)

• Gold recovery improved by 2% to 83.6% in FY16 (81.7% in FY15, 81.3% on 5 year average)

==> picture [747 x 134] intentionally omitted <==

----- Start of picture text -----

Kalgoorlie 20km
----- End of picture text -----

7

Pit desi n – wall stee enin g p g

==> picture [530 x 389] intentionally omitted <==

==> picture [117 x 70] intentionally omitted <==

==> picture [211 x 229] intentionally omitted <==

8

Ore Reserves and Mineral Resources

==> picture [117 x 70] intentionally omitted <==

Cowal Reserve & Resources as a function of pit design Barrick Dec 2014 Dec to Evolution Dec 2015

==> picture [670 x 310] intentionally omitted <==

----- Start of picture text -----

6,000
202
272
5,000 448
725
4,000
900 350
201
3,000
471 155 76 309 5,046
2,000
2,848
1,000 2,181
1,555
0
Reserve/Resource Ounces (koz)
Barrick Dec 2014 Reserve +0.40g/t Cutoff & Stockpiles 80° BFA, +0.40g/t Cutoff EVN Dec 2014 Reserve Stage G 90° BFA and 10m Berm Stage H Inclusion Depletion EVN Dec 2015 Reserve E42 Resource Stage G E42 Resource Stage H E42 Resource A$1,800 shell E41 Resource E46 Resource Galway Regal - E46 Resource EVN Dec 2015 Resource
----- End of picture text -----

1. See Cowal Mineral Resources and Ore Reserves and footnotes provided in the appendix of this presentation for details on Reserve and Resource estimates. Barrick Dec 2014 Reserve sourced from Barrrick Gold Corporation. Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

9

E42 Sta e H cutback g

==> picture [117 x 70] intentionally omitted <==

==> picture [674 x 430] intentionally omitted <==

----- Start of picture text -----

Kalgoorlie 20km
----- End of picture text -----

10

E42 resource definition drillin g

E42D1718 E42D1716 E42D1714 E42D1712 E42D1710 E42D1711 E42D1713 E42D1715 E42D1717 E42D1719 E42D1750

==> picture [117 x 70] intentionally omitted <==

Stage H Drilling completed Stage I drilling completed Stage I drilling in progress Stage I drilling planned Discovery Framework drilling in progress Discovery Framework drilling planned

11

E42 it shells and contained ounces p

==> picture [117 x 70] intentionally omitted <==

		Indicated and Inferred Resources (koz)	Unclassified Resources (koz)		Ore movement (Mt)	Waste movement (Mt)
	Stage G	1,250	3		27.7	8.3
	Stage H1	1,250	90		36.1	104.3
	A$1,800/oz shell	725	85
	Total	3,225	178
				~~Kalgoorlie 20km~~

1. Ore and Waste movements are estimates only. Stage H Feasibility Study not yet complete.

12

==> picture [117 x 70] intentionally omitted <==

E42 Sta e H cutback – recent drill results g

==> picture [623 x 399] intentionally omitted <==

Reported intervals are down hole widths as true widths are not currently known. The information above is provided in the report entitled “September 2016 Quarterly Report” released to the ASX on 17 October 2016 and available to view at www.asx.com.au

13

E42 – recent drill results

==> picture [117 x 70] intentionally omitted <==

==> picture [622 x 399] intentionally omitted <==

Reported intervals are down hole widths as true widths are not currently known. The information above is provided in the report entitled “September 2016 Quarterly Report” released to the ASX on 17 October 2016 and available to view at www.asx.com.au

14

E42 drill results summar y

==> picture [117 x 70] intentionally omitted <==

• Total of 83 RC and diamond drill holes for 43,000 meters drilled by 30 Sept 2016

 Confirmed continuity of mineralisation within Stage H cutback design

 Potential for increase in grade of current Mineral Resource

• Step-out holes have intersected new zones of mineralisation beyond Stage H

 Significant intercepts included:

 62m grading 2.16g/t Au from 530m incl. 4m @ 17.20g/t (E42D1711D)

 71m grading 6.92g/t Au from 572m incl. 1m @ 370g/t & 7m @ 7.21g/t (E42D1711F)  41m grading 6.46g/t Au from 583m incl. 1m @152g/t & 1m @ 52.8g/t (E42D1712)  110m grading 1.43g/t Au from 704m (E42D1712A)

 14m grading 8.09g/t Au from 610m incl. 1m @ 98.1g/t (E42D1713A)

 52m grading 4.63g/t Au from 708m incl. 1m @156g/t (E42D1717)

==> picture [749 x 118] intentionally omitted <==

Reported intervals are down hole widths as true widths are not currently known. The information above is provided in the reports entitled “Cowal E42 Drilling Update” released to the ASX on 12 September 2016 and “September 2016 Quarterly Report” released to the ASX on 17 October 2016. Both are available to view at www.asx.com.au

15

Drillin be ond E42 g y

==> picture [117 x 70] intentionally omitted <==

 Satellite pits

• Defining the extents of E41, E46 and Regal-Galway deposits to inform future studies on lake bund placement and infrastructure and provide additional information for future resources and reserves

• ~2,000m DD & 2,700m AC completed in FY16 with remaining drilling in Gated Capital for FY17 following completion of Stage H drilling & dependent on lake water levels

• E46 deeps underground

• Drilling likely to commence in FY18

==> picture [749 x 118] intentionally omitted <==

----- Start of picture text -----

Kalgoorlie 20km
----- End of picture text -----

16

Near mine resource definition

==> picture [117 x 70] intentionally omitted <==

==> picture [740 x 356] intentionally omitted <==

17

Lon term re ional o tionalit g g p y

==> picture [117 x 70] intentionally omitted <==

• Marsden acquisition

• Copper-gold porphyry deposit

• Nearest known sizable mineral deposit to Cowal

• Long-term strategic value to Evolution’s regional exploration activities

• Resource[1] : 180Mt grading 0.20g/t Au and 0.38% Cu containing 1.1Moz Au and 0.67Mt Cu

==> picture [393 x 385] intentionally omitted <==

Location plan showing the Marsden copper-gold project and the proximity of the Kalgoorlie 20km project to the Cowal

1. See Evolution’s Group Mineral Resources and footnotes in the appendix of this presentation for details on Mineral Resource estimates

18

Plannin and develo ment g p

==> picture [117 x 70] intentionally omitted <==

• Immediate focus (FY17):

 E42 resource definition drilling (Stage H & beyond)

 E42 Stage H Feasibility Study

• Dual Leach Feasibility Study

 Targeting recovery increase of 5% to 7%

 Approvals | Mod 13 to development consent

• Longer term focus:

 Plant throughput upgrade – secondary crushing

 Targeting throughput increase of ~20% to 9.0Mtpa (current permit: 7.5Mtpa)

 Assess additional E42 cut back potential (or underground opportunity)

 Galway & Regal resource definition & development plan

 E41 and E46 development plan

• Approvals | Part 4 - EIS

19

Permittin g

==> picture [117 x 70] intentionally omitted <==

Current permit – Mod 12

• Operations currently approved to 31 December 2024 with plant throughput limited to 7.5Mtpa

• Stage H can be commenced with Mod 12

New permit required for current LOMP – Mod 13

• Mod13 required to underpin current LOM (including Stage H)

• Targeting submission in December 2016 quarter

• A minor amendment (s75w) with timeframe of approximately 12 months

Permitting required to unlock further potential

• Major changes such as new pits or underground mines are likely to trigger a major amendment (Part 4a)

• Approvals timeline could be up to four years

• Requires full EIS (Environmental Impact Study)

• Involves Planning & Assessment Commission (PAC) and public consultation

20

A transformational asset

==> picture [117 x 70] intentionally omitted <==

• Substantial potential to grow and transform asset

• Development path now well understood (interdependencies, approvals and priorities)

• Demonstrated commitment to growing and transforming asset (drilling & studies)

• Prioritising E42 Stage H cut back

• Seeking approval to extend mine life to 2032

21

==> picture [437 x 540] intentionally omitted <==

Appendix

Cowal Mineral Resources Dec 2015

==> picture [117 x 70] intentionally omitted <==

	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015	Cowal Mineral Resources - December 2015
Mineral Resource	Measured			Indicated			Inferred			Total 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	0.53	1	0.2	0.7	4.4	0.3	0.64	5.9
E42 Primary	-	-	-	75	1.02	2,446	25.9	0.92	766.7	100.7	0.99	3,213
E42 Stockpile	39.93	0.71	906	-	-	-	-	-	-	39.93	0.71	906
E41 Oxide	-	-	-	4.15	1.20	159	0.7	1.86	43.3	4.9	1.29	203
E41 Primary	-	-	-	7.97	0.91	233	0.4	0.93	12	8.4	0.91	245
E46 Oxide	-	-	-	4.26	1.26	172	0.1	1.4	6.1	4.4	1.26	179
E46 Primary	-	-	-	1.82	1.42	83	0.1	3.45	10.1	1.9	1.51	93
GRE46 Oxide	-	-	-	0.66	1.56	33	0.5	1.98	32.9	1.2	1.74	65.8
GRE46 Primary	-	-	-	1.92	1.59	98	0.5	2.27	37.6	2.4	1.73	136
Total	39.93	0.71	906.3	95.7	1.05	3226.4	28.5	1.00	913.1	164.1	0.96	5,046

Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves Mineral Resources have been reported above a cut-off grade of 0.40 g/t gold and constrained within an A$1,800/oz pit optimisation shell

23

Cowal Ore Reserves Dec 2015

==> picture [117 x 70] intentionally omitted <==

		Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015	Cowal Ore Reserves - December 2015
Ore Reserve	Cut-off (g/t Au)	Proved			Probable			Total Reserve
		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	0.40	-	-	-	0.08	0.53	1.4	0.08	0.53	1.4
E42 primary	0.40	-	-	-	59.39	1.02	1,939.9	59.39	1.02	1,939.9
Stockpile	0.40	39.93	0.71	906.3	-	-	-	39.93	0.71	906.3
Total		39.93	0.71	906.3	59.47	1.02	1,941	99.40	0.89	2,848

Data is reported to significant figures and differences may occur due to rounding Ore Reserves are reported above a 0.40 g/t gold cut-off

24

Evolution Mineral Resources Dec 2015

==> picture [117 x 70] intentionally omitted <==

Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person
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)
Cowal1	Total	0.4	39.93	0.71	906	95.68	1.05	3,226	28.51	1	913	164.12	0.96	5,046	1
Cracow1	Total	2.8	0.34	10.57	115	1	6.53	210	1.08	5.15	178	2.42	6.48	504	2
Edna May1	Open pit	0.4	-	-	-	15.38	0.97	479	2.53	0.73	59	17.92	0.94	539
Edna May	Underground	2.5	-	-	-	1.13	7.68	278	0.1	7.62	23	1.22	7.67	301
Edna May	Total		-	-	-	16.51	1.43	757	2.63	0.98	83	19.14	1.37	840	3
Mt Carlton1	Open pit	0.35	0.08	9.09	24	8.38	3.09	834	-	-	-	8.46	3.15	858
Mt Carlton	Underground	2.5	-	-	-	-	-	-	0.16	5.35	27	0.16	5.35	27
Mt Carlton	Total		0.08	9.33	24	8.38	3.1	834	0.16	5.25	27	8.62	3.19	885	4
Mt Rawdon1	Total	0.2	0.51	0.53	9	50.58	0.7	1,138	5	0.57	91	56.09	0.69	1,238	5
Mungari1	Open pit	0.5	0.67	1.16	25	9.1	1.54	451	-	-	-	9.77	1.52	476
Mungari1	Underground	2.5/1.2	1.8	6.94	403	7.99	2.51	645	4.02	1.85	236	13.81	2.9	1,287
Mungari1	Total		2.47	5.39	428	17.09	1.99	1,096	4.02	1.83	236	23.58	2.33	1,763	6
Mungari Regional	Total		0.49	1.96	31	27.43	1.46	1,289	26.85	1.60	1,385	55.75	1.54	2,767	7
Ernest Henry2	Total	0.9	16.10	0.67	347	71.00	0.59	1,347	9.00	0.50	145	96.10	0.59	1,839	8
Marsden3	Total		-	-	-	160.00	0.21	1,070	15.00	0.074	30	180	0.20	1,100	9
Total			59.92	0.97	1,860	447.67	0.76	10,967	92.25	1.04	3,088	605.82	0.82	15,982

General Notes:

The figures above are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 21 April 2016 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

Full details of the Phoenix Gold Limited Mineral Resources that have not materially changed since last reported and now included at Mungari Regional are provided in the report entitled “Phoenix’s Mineral Resources grow beyond 4 million ounces” released to ASX on 14 January 2015, “Further information on updated total Resource” released on 19 January 2015 by Phoenix Gold Limited are available to view on www.evolutionmining.com.au, only Castle Hill STage 1 resources have changed. 1 Includes stockpiles

2 This data is provided in the report entitled “Acquisition of an Economic Interest in the World Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released on 24 August 2016 and available to view at www.asx.com.au. CuEq=Cu(%)+RF × Au(g/t) RF=(Gold Price × Payable Gold Metal% × Gold Recovery%)/((Copper Price × Payable Copper Metal% × Copper Recovery%)/100) Payable Gold Metal % = 95, Payable Copper Metal % =92, Gold Recovery %=79, Copper Recovery % = 94. Ernest Henry project is reported at 0.9 % CuEQ. Ernest Henry project is reported on a 100% basis - 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

3 This data is provided in the report entitled “Acquisition of Marsden Copper-Gold Project" released on 17 October 2016 and available to view at www.asx.com.au. Long term metal price assumptions applied by Newcrest: Gold US$1,300/oz and copper US$3.40/lb. US$:AU$ at an exchange rate 0.80

Group Mineral Resources Competent Person Notes refer to 1. Joseph Booth; 2. Shane Pike; 3. Greg Rawlinson; 4. Matthew Obiri-Yeboah; 5. Hans Andersen; 6. Sam Hamilton; 7. Michael Andrew; 8. Colin Stlezer (Glencore); 9 . refer to “Acquisition of Marsden CopperGold Project" released on 17 October 2016 and available to view at www.asx.com.au

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 technical 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 Report

25

Evolution Ore Reserves Dec 2015

==> picture [117 x 70] intentionally omitted <==

Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
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)
Cowal1	Open pit	0.4	39.93	0.71	906	59.47	1.02	1,941	99.4	0.89	2,848	1
Cracow1	Underground	3.5	0.5	6.11	98	0.56	5.12	92	1.06	5.59	190	2
Edna May1	Open pit	0.5	-	-	-	8.32	1	269	8.32	1	269	3
Edna May1	Underground	2.5	-	-	-	1.34	4.69	202	1.34	4.69	202	2
Edna May1	Total		-	-	-	9.66	1.51	471	9.66	1.51	471
Mt Carlton1	Open pit	0.8	-	-	-	4.62	4.78	709	4.62	4.78	709	4
Mt Rawdon1	Open pit	0.3	0.51	0.53	9	33.92	0.78	855	34.43	0.78	864	5
Mungari1	Underground	2.9	1.42	5.57	254	0.57	5.6	103	1.99	5.58	357
Mungari1	Open pit	0.7	0.65	1	21	5.28	1.69	288	5.93	1.62	309
Mungari1	Total		2.07	4.13	275	5.85	2.07	390	7.92	2.57	665	6
Ernest Henry2 Total 0.9			10.9	0.6	210	47	0.53	801	57.9	0.54	1,011	7
Total			53.91	0.86	1,498	161.08	1.02	5,259	214.99	0.98	6,758

General Notes:

The figures above are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 21 April 2016 Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1 Includes stockpiles

• 2 This data is provided in the report entitled “Acquisition of an Economic Interest in the World Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released on 24 August 2016 and available to view at www.asx.com.au. CuEq=Cu(%)+RF × Au(g/t) RF=(Gold Price × Payable Gold Metal% × Gold Recovery%)/((Copper Price × Payable Copper Metal% × Copper Recovery%)/100) Payable Gold Metal % = 95, Payable Copper Metal % =92, Gold Recovery %=79, Copper Recovery % = 94. EHO is reported at 0.9 % CuEQ. EHO is reported on a 100% basis - 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

Group Ore Reserve Competent Person Notes refer to 1. Jason Floyd; 2. Ian Patterson; 3. Guy Davies; 4. Tony Wallace; 5. Ross McLellan; 6. Matt Varvari; 7. Alexander Campbell (Glencore)

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 technical 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 Report

26

Evolution Co er MROR Dec 2015 pp

==> picture [117 x 70] intentionally omitted <==

December 2015 Copper Group Mineral Resources Statement

Copper	Copper	Copper	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person
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)
**Ernest Henry2 **	Total	0.9	16.10	1.29	208	71.00	1.15	817	9.00	1.10	99	96.10	1.17	1,124	8
**Marsden3 **	Total		-	-	-	160	0.4	640	15	0.19	30	180	0.38	670	9
Total			16.10	1.29	208	231.00	0.63	1,457	24.00	0.54	129	276.10	0.65	1,794

December 2015 Copper Group Ore Reserves Statement

Copper	Copper	Copper	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
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)
**Ernest Henry2 **	Total	0.9	10.9	1.17	128	47	1.03	484	57.9	1.06	612	7
Total			10.9	1.17	128	47	1.03	484	57.9	1.06	612

General Notes:

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. This data is provided in the report entitled “Acquisition of an Economic Interest in the World Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released on 24 August 2016 and available to view at www.asx.com.au. EHO is reported at 0.9 % CuEQ. EHO is reported at 0.9 % CuEQ. EHO is reported on a 100% basis - 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

2. This data is provided in the report entitled “Acquisition of Marsden Copper-Gold Project" released on 17 October 2016 and available to view at www.asx.com.au Long term metal price assumptions applied by Newcrest: Gold US$/oz 1,300 and copper US$/lb 3.40 US$:AU$ at an exchange rate 0.80

3. Group Mineral Resources Competent Person Notes refer to : 8. Colin Stlezer (Glencore); 9. refer to “Acquisition of Marsden Copper-Gold Project" released on 17 October 2016 and available to view at www.asx.com.au Group Ore Reserve Competent Person Notes refer to : 7. Alexander Campbell (Glencore)

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 technical 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 Report

27

Cowal historic lant erformance p p

==> picture [117 x 70] intentionally omitted <==

==> picture [710 x 311] intentionally omitted <==

----- Start of picture text -----

koz
Mt
298 297
10.0 300
269 268 267
9.0 258
240
233 250
8.0
191
7.0 7.2 7.4 7.2 7.3 7.4
7.0 7.0 7.0 200
6.6
6.0
5.0 150
116
4.0
3.6 100
3.0
2.0
50
1.0
0.0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
----- End of picture text -----

Tonnes Processed Gold recovered

*calendar years

28

Process e ui ment q p

==> picture [117 x 70] intentionally omitted <==

• Power supplied by AGL

 Crushing

• Primary crushing: Metso 54-75 Superior MK-II gyratory crusher

• Grinding

• FFE 36’ x 20.5’ SAG mill, FFE 22’ x 36.5’ ball mill

• Forged steel 125mm balls (SAG), 80mm balls (ball mill)

• Screening

• Schenck Vibrating screens (SAG discharge), Deklor Linear (COF)

• Recycle crusher

• 2 x Sandvik H6800 hydrocone cone crushers

• Mineral liberation/recovery

• Method: flotation, regrind, CIL of concentrate

• Equipment: 2 x SK1200 and 10 x OK200TC (flotation), Metso Vertimill (VTM1000WB), 2 x Metso 355kW SMDs, 4,000m[3 ] , Pre-Ox, 2 x 4,000m[3 ] and 6 x 1,000m[3 ] CIL tanks

• Cyanide supply – Orica

• Lime supply – Boral

 Refining

• 10t AARL elution circuit, ANSAC regeneration kiln

 Gravity Circuit

• Falcon concentrator / Acacia Reactor

29

Process flowsheet

==> picture [117 x 70] intentionally omitted <==

==> picture [713 x 446] intentionally omitted <==

30

Minin fleet g

==> picture [117 x 70] intentionally omitted <==

• Haulage/mine trucks

• 14 x Cat 789 dump trucks

• 3 x Cat 785C dump trucks

• Drilling equipment

• 2 x Atlas Copco D65 (Hired)

• 2 x Terex SKF Drill

• Dozers

• 3 x CAT D10T dozers

• 1 x CAT834H wheel dozer

• Shovels/excavators/loaders

− 2 x Liebherr 994B hydraulic excavators

• 1 x Hitachi EX3600 excavator

• 2 x CAT992G loaders

• 1 x CAT385 excavator

• Haul road maintenance equipment

• 2 x Cat 16H graders

• 1 x Cat 345 excavator

• 2 x Cat water carts

==> picture [780 x 243] intentionally omitted <==

Cowal histor y

==> picture [117 x 70] intentionally omitted <==

==> picture [762 x 418] intentionally omitted <==

----- Start of picture text -----

Gold first NSW government Cowal Gold Poject is Construction Cowal Gold Operation is
discovered in West issues sold to Homestake commences on granted extension of mine
Wyalong area Development Mining Cowal Gold life through to 2024
Consent conditions Project
for the Cowal Gold
Project
1893 1988 1999 2000 2001 2002 2004 2006 2014 2015 2016
Evolution
acquires
Cowal
Gold Evolution
Operation increases
North Limited undertakes
and reserves
extensive exploration at Homestake Mining increases (+30%)
Lake Cowal North Limited is merges with Barrick First gold is poured reserves
acquired by Rio Tinto Gold in April 2006
(+40%)
and
resources
(+48%)
----- End of picture text -----

32

Evolution Mining ASX Code: EVN www.evolutionmining.com.au