EVOLUTION MINING LIMITED — Regulatory Filings 2016

Sep 12, 2016

==> picture [92 x 61] intentionally omitted <==

ABN: 74 084 669 036

ASX Announcement

13 SEPTEMBER 2016

Registered Office P +61 2 9696 2900 F +61 2 9696 2901 Level 30 175 Liverpool Street Sydney NSW 2022 www.evolutionmining.com.au

UPDATED THREE YEAR OUTLOOK AND INVESTOR PRESENTATION

Evolution Mining Limited (ASX:EVN) is today releasing an Investor Presentation ahead of upcoming marketing in Sydney, London, New York and Denver. Within the Investor Presentation is the following “Three Year Outlook” which has been updated post the divestment of Pajingo and assuming the completion of the Ernest Henry transaction.

Evolution expects to achieve incremental production growth for at least the next three years[1] . All-in sustaining costs (AISC)[2] are expected to trend lower over this period.

==> picture [422 x 11] intentionally omitted <==

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

Three Year Outlook - Production (koz) Three Year Outlook - AISC (A$/oz)
----- End of picture text -----

==> picture [474 x 112] intentionally omitted <==

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

860 880 890 960
900 900
803 800 820 830 1,036 1,014 900 840 830
438
FY15A FY16A FY17 FY18 FY19 FY15A FY16A FY17 FY18 FY19
Production actual Production Low Production High AISC actual AISC Low AISC High
----- End of picture text -----

Of Evolution’s production outlook, 2% is comprised of an exploration target. 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 further information please contact:

Bryan O’Hara Group Manager Investor Relations Evolution Mining Limited Tel: +61 2 9696 2900

Michael Vaughan Media Relations Fivemark Partners Tel: +61 422 602 720

1. Refer to ASX release on 24 August 2016 entitled “Acquisition of Economic Interest in Ernest Henry and AREO” and ASX release on 21 April 2016 entitled “Mineral Resources and Ore Reserves Statement” for additional information on the production target including the material assumptions upon which the production target is based. Both documents are available to view at www.asx.com.au. Evolution confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target continue to apply and have not materially changed

2. Includes C1 cash cost, plus royalty expense, sustaining capital, general corporate and administration expense. Calculated per ounce sold

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

Investor Presentation

September 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.

• All US dollar values in this presentation are calculated using an AUD:USD exchange rate of $0.75 unless otherwise stated.

2

Production target

==> picture [93 x 66] intentionally omitted <==

Production target FY17 – FY19	Production target FY17 – FY19	Production target FY17 – FY19	Production target FY17 – FY19	Production target FY17 – FY19
Period	Production (Koz)	AISC (A$/oz)	Sustaining capital (A$/M)	Major project capital (A$M)2
FY171	800 – 860	900 – 960	90 – 120	105 – 130
FY18	820 – 880	840 – 900	80 – 110	110 – 215
FY19	830 – 890	830 – 900	75 – 105	75 – 210

Material Assumptions

The material assumptions on which the production targets are based are presented in ASX releases “Annual Mineral Resources and Ore Reserves Statement” released to the ASX on 21 April 2016 and “Acquisition of Economic Interest in Ernest Henry and AREO” released to the ASX on 24 August 2016. Both releases are available to view at www.asx.com.au. The material assumptions upon which on which the forecast financial information is based are:

Silver A$20/oz

Copper[3] A$6,000/t (A$2.72/lb)

Diesel A$90/bbl. (Gasoil 10ppm FOB Singapore)

Competent Persons Statement

The estimated Mineral Resources and Ore Reserves underpinning the production target have been prepared by Competent Persons in accordance with the requirements in Appendix 5A (JORC Code). The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement

Cautionary statement concerning the proportion of Inferred Mineral Resources

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised

Cautionary statement concerning the proportion of Exploration Target

The Company believes there are reasonable grounds for reporting a proportion of the production target as an exploration target (Cracow) as historically unclassified material at Cracow has been converted and mined and is not formally reported in the annual Mineral Resources and Ore Reserves

The potential quantity and grade of an 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 the production target itself will be realised

Relevant proportions of Mineral Resources and Ore Reserves underpinning the production target

The production target comprises 86% Probable Ore Reserves, 12% Inferred Mineral Resources and 2% Exploration Targets

• (1) Assumed completion of Ernest Henry transaction on 1 November 2016

• (2) Bottom end of major projects guidance range excludes gated capital

• (3) Ernest Henry copper price assumption consistent with Group assumption of A$6,000/t (A$2.72/lb)

3

Evolution Mining overview

==> picture [93 x 66] intentionally omitted <==

ASX code	EVN
Shares outstanding(1)	1,673M
Market capitalisation(2)	US$3,085M
Average daily share turnover(3)	US$23M
Net debt(4)	US$585M
Forward sales(5)	706,989oz at A$1,624/oz
**Dividendpolicy **	4% of revenue
Major shareholders	La Mancha 29%, Van Eck 7%

Group attributable production (AuEq ounces)

==> picture [665 x 140] intentionally omitted <==

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

830,000 –
820,000 –
800,000 –
890,000
803,476 880,000
860,000
392,920 427,703 437,570
280,401
FY12 FY13 FY14 FY15 FY16 FY17F FY18F FY19F
----- End of picture text -----

• (1) Estimated shares outstanding post issuance of new shares for Ernest Henry retail entitlement offer (2) Based on closing share price of A$2.46 per share on 9 September 2016

(3) Average daily share turnover prior three months through to 9 September 2016

(4) Pro forma net debt as at 30 June 2016 assuming completion of Ernest Henry transaction (5) As at 30 June 2016

4

Australia’s 2[nd] largest producer

==> picture [93 x 66] intentionally omitted <==

		Ernest Henry(5)(6) (Evolution economic interest)	Ernest Henry(5)(6) (Evolution economic interest)
		Reserves (Moz)(7)	1.0Moz Au, 184Kt Cu
		Resources (Moz)(7)	1.4Moz Au, 431Kt Cu
		Reserve Grade (Au g/t)(7)	0.54 g/t Au, 1.06% Cu
		CY15A Production	88Koz Au
		FY16A Production(3)	88Koz Au
		FY16A Pro-Forma AISC(4)	A$(59)/oz payable Au
		Mt Clt	100%

Cowal (100%)
Gold Reserves (Moz)(1)	2.85
Gold Resources (Moz)(1)	5.05
Reserve Grade (Au g/t)(1)	0.9
FY16A Au Production (Koz)	238
FY17F Au Production (Koz)(2)	245 – 260
FY17F AISC (A$/oz)(2)	885 – 945

		FY16A Pro-Forma AISC(4) A$(59)/oz	payable Au
		Mt Carlton (100%)
		Gold Reserves (Moz)(1)	0.71
		Gold Resources (Moz)(1)	0.89
		Reserve Grade (Au g/t)(1)	4.8
		FY16A Au Production (Koz)	113
		FY17F Au Production (Koz)(2)	90 – 100
		FY17F AISC (A$/oz)(2)	675 – 725

Mungari (100%)

Gold Reserves (Moz)(1)	0.67
Gold Resources (Moz)(1)	4.53
Reserve Grade (Au g/t)(1)	2.6
FY16A Au Production (Koz)	137
FY17F Au Production (Koz)(2)	150 – 160
FY17F AISC (A$/oz)(2)	970 – 1,030

	Gold Reserves (Moz)(1)	0.71
	Gold Resources (Moz)(1)	0.89
	Reserve Grade (Au g/t)(1)	4.8
	FY16A Au Production (Koz)	113
	FY17F Au Production (Koz)(2)	90 – 100
	FY17F AISC (A$/oz)(2)	675 – 725
	Mt Rawdon (100%)
	Gold Reserves (Moz)(1)	0.86
	Gold Resources (Moz)(1)	1.24
	Reserve Grade (Au g/t)(1)	0.8
	FY16A Au Production (Koz)	85
	FY17F Au Production (Koz)(2)	90 – 100
	FY17F AISC (A$/oz)(2)	960 – 1,040

Edna May (100%)			Cracow (100%)
Gold Reserves (Moz)(1)	0.47		Gold Reserves (Moz)(1)	0.19
Gold Resources (Moz)(1)	0.84		Gold Resources (Moz)(1)	0.50
Reserve Grade (Au g/t)(1)	1.5		Reserve Grade (Au g/t)(1)	5.6
FY16A Au Production (Koz)	71		FY16A Au Production (Koz)	91
FY17F Au Production (Koz)(2)	80 – 85		FY17F Au Production (Koz)(2)	80 – 85
FY17F AISC (A$/oz)(2)	1,140 – 1,220		FY17F AISC (A$/oz)(2)	1,100 – 1,160

• See slide 25 for footnotes and slides 22 to 24 of the appendix of this release for further information on Mineral Resources and Ore Reserves

5

Low cost production

==> picture [93 x 66] intentionally omitted <==

• Declining cost base the result of:

• upgraded asset quality

• cost reductions

• productivity gains

• Evolution is now in the lowest cost quartile of global gold producers

==> picture [322 x 24] intentionally omitted <==

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

Group AISC [1] (per ounce)
----- End of picture text -----

==> picture [325 x 24] intentionally omitted <==

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

Operating Mine Cash Flow (A$M)
----- End of picture text -----

==> picture [632 x 200] intentionally omitted <==

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

US$1,259
A$1,228 A$1,083
A$1,036
A$1,014
US$995
628
US$867
US$739 306
245
168
FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16
----- End of picture text -----

1. All US$ values calculated using the average AUD:USD FX rate in the relevant financial year

6

EBITDA margins

==> picture [93 x 66] intentionally omitted <==

• Group EBITDA margins of 46% achieved in FY16

• Strong margins from high quality acquisitions

• Outstanding performance from Mt Carlton

• Further margin expansion expected with addition of Ernest Henry

Group EBITDA Margin (%)

==> picture [439 x 73] intentionally omitted <==

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

FY14 33%
FY15 40%
FY16 46%
----- End of picture text -----

==> picture [198 x 15] intentionally omitted <==

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

FY16 Site EBITDA Margin (%)
----- End of picture text -----

==> picture [665 x 165] intentionally omitted <==

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

59% 58%
55%
49% 48% 47%
11%
Cowal Mungari Ernest Henry Mt Carlton Mt Rawdon Cracow Edna May
Recent acquisitions Developed by Original operating assets
Evolution
----- End of picture text -----*

• Pro-forma FY16 estimate of Evolution’s interest. Acquisition of economic interest in Ernest Henry expected to complete in October – November 2016

7

Improving quality of asset portfolio

==> picture [93 x 66] intentionally omitted <==

==> picture [680 x 327] intentionally omitted <==

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

$1,800 Bubble size represents
FY17F attributable
production guidance [(1) ] Maintaining 6-8 mine strategy, Ernest 5,6
$1,600 recycling capital and delivering Henry
long term, high margin growth
$1,400
$1,200
Mt
Carlton
$1,000
Cowal
$800 3 Mt
Mungari Rawdon
$600 Cracow Edna
4 May
Pajngo
$400
$200
- 2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs
Indicative Ore Reserve life based on FY17F production level [(1)(2) ]
(1)
guidance)
Current indicative AISC margin (A$/oz)
(Gold price of A$1,750/oz less FY17F AISC
----- End of picture text -----

Source: Data sourced from company reported figures and guidance where available.

• (1) This information is extracted from the report entitled “FY16 Preliminary Results, FY17 Guidance and FY19 Outlook” released by Evolution to ASX on 28 June 2016 and is available to view on www.asx.com.au.

• (2) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 21 April 2016 and is available to view on www.asx.com.au.

• (3) Based on Mungari Reserves only. Current LOM plan extends to FY22. See ‘Mungari Site Visit Presentation’ released to ASX on 1 August 2016 for overview of upside opportunities. (4) See “Completion of Pajingo Gold Mine Divestment" released by Evolution to the ASX on 1 September 2016 and available to view on www.asx.com.au. Pajingo Production represents Pajingo FY17F production guidance. Gold production attributable to Evolution is forecast to be 10Koz.

• (5) Ernest Henry AISC based on spot copper, silver, and AUDUSD.

(6) This information is extracted from 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 by Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.

8

Three year outlook

==> picture [93 x 66] intentionally omitted <==

Production (Koz)

AISC (A$/oz)

==> picture [662 x 145] intentionally omitted <==

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

860 880 890 1,200
960
1,000 900 900
800
600
803 800 820 830 1,036 1,014
400 900 840 830
438
200
-
FY15A FY16A FY17 FY18 FY19 FY15A FY16A FY17 FY18 FY19
Production actual Production Low Production High AISC actual AISC Low AISC High
----- End of picture text -----

Ernest Henry assumptions: Transaction completion 1 November 2016 Copper price: A$6000/t (A$2.72/lb) Copper production: FY17 11-14kt (8 months), FY18-FY19 16-19kt

All other assumptions are unchanged from “FY16 Preliminary Results, FY17 Guidance and FY19 Outlook” released to the ASX on 28 June 2016 except for the impact of the sale of Pajingo on 1 September 2016

9

A stand-out amongst global peers

==> picture [93 x 66] intentionally omitted <==

==> picture [689 x 349] intentionally omitted <==

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

1,000
900
Evolution pre
Aug 2016 deals Evolution +
Ernest Henry
800 Acacia
IAMGOLD ex Pajingo
Evolution
ex Pajingo
700
600
Northern
Star
Detour
B2 Gold
500
OceanaGold
(2)
Centerra
400 St Barbara
NewGold
Resolute
300 Regis
200 Saracen
100
-
100 200 300 400 500 600 700 800 900
Current indicative AISC margin (A$/oz) [(1) ]
(Gold price of A$1,750 less FY16A AISC)
FY16A Production (Koz)
----- End of picture text -----

Source: Data sourced from company reported figures and guidance where available

• Australian share prices as at 23 August 2016. International share prices as at 22 August 2016. Based on undiluted shares outstanding Based on a gold price of A$1,750/oz.

US$ enterprise values converted to A$ enterprise values using an exchange rate of 0.764 as at 22 August 2016. C$ enterprise values converted to A$ enterprise values using an exchange rate of 0.774 as at 22 August 2016

• (1) US$ reported AISC converted to A$ AISC using the average exchange rate for the 12 months to 30 June 2016 of 0.728.

• (2) Centerra enterprise value is pro forma for the acquisition of Thompson Creek announced 5 July 2016. The acquisition has not been completed

10

Balance sheet strength

==> picture [93 x 66] intentionally omitted <==

• Strong cash generation enabled A$322 million in debt repayments during FY16

• Gearing reduced from 32% in July 2015 to 15% in June 2016

• Expected pro-forma net debt of ~A$780 post completion of Ernest Henry transaction with gearing to peak at 22 – 23%

• Prudent level of hedging in place  Total of 706,989oz at A$1,624/oz (30 June 2016)

• Dividend policy of 4% of revenue

Combined amortisation schedule of Facility B & D Term Loans (A$M)

==> picture [358 x 356] intentionally omitted <==

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

185
170
120
105
80
30
FY17 FY18 FY19 FY20 FY21 FY22
Gearing and Leverage Ratio
Net Debt to
Gearing EBITDA
60% 2.1
1.56
50%
1.6
40%
0.79 1.1
30%
32.0% 0.45
0.6
0.15
20%
22.4%
10% 15.1% 0.1
4.3%
0% -0.4
Jun-15 Pre Jul-15 Dec-15 June-16
Equity
Gearing Leverage Ratio (Net Debt to EBITDA)
----- End of picture text -----

Note: All figures are A$ unless otherwise stated.

11

Ernest Henry

==> picture [93 x 66] intentionally omitted <==

• Large scale, long life, copper-gold asset in Queensland operated by Glencore

• Evolution’s economic interest[1] :

• 100% of gold and 30% of copper and silver produced over current 11 year Life of Mine (LoM) plan

• 30% contribution to current LoM production costs

• 49% interest in all copper, gold and silver production beyond current LoM plan

• FY16 pro-forma production:

• 88koz Au at AISC A$(59)/oz

• Exploration upside through opportunity to establish an exploration joint venture

• Approximately A$600 million recently invested in constructing the expanded underground operations

(1). This information is extracted from 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 by Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.

==> picture [358 x 25] intentionally omitted <==

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

Ernest Henry ore body looking west
----- End of picture text -----

==> picture [251 x 156] intentionally omitted <==

Indicates lowest production level in current LOM

==> picture [87 x 11] intentionally omitted <==

Ernest Henry headframe

==> picture [199 x 194] intentionally omitted <==

12

Cowal

Growth

• Ore Reserves increased from 1.56Moz to 2.85Moz (+83%) under Evolution ownership[(1)]

• Expansion of E42 pit prioritised

• Current life of mine plan includes Stage H cutback to access an additional 1.4Moz

• Prospects not included in life of mine plan:

• E42 pit expansion beyond Stage H

==> picture [93 x 66] intentionally omitted <==

==> picture [346 x 224] intentionally omitted <==

• Schematic section of E42D1712 showing model contours and key areas of mineralisation intersected outside the model

• E41, E46, Galway-Regal deposits

• Regional prospects

Transformational

• Asset optimisation studies targeting:

• Improvement to gold recovery (5 – 7%)

• Plant expansion to circa. 9Mtpa

: Recent E42 Stage H intersections include[2]

• 62m grading 2.16g/t Au from 530m (E42DD1711D)

• 41m grading 6.46g/t Au from 583m (E42DD1712)

• 110m grading 1.43g/t Au from 704m (E42DD1712A)

• 14m grading 8.09g/t Au from 610m (E42DD1713)

• 40m grading 2.76g/t Au from 485m (E42DD1714)

• (1) Asset acquired in July 2015. 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

• (2) This information is extracted from ASX release entitled “Cowal E42 Drilling Update” released on 12 September 2016 and is available on www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement. Reported intervals are downhole widths as true widths are not currently known

13

Mungari

Growth

• Significant potential to expand production and extend mine life

• ~880 km[2] land position in a world-class terrane

• Potential for the discovery of new highgrade underground resources

• Recent resource definition drilling has extended mineralisation at Frog’s Leg and White Foil

Future business improvements

• Frog’s Leg and White Foil resource/reserve growth

• Optimising White Foil pit design

• Optimise plant and improve recoveries

• New regional open pit oxide sources provide increased throughput options

==> picture [93 x 66] intentionally omitted <==

==> picture [348 x 330] intentionally omitted <==

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

Zuleika North
(49koz) Ora Banda
(312koz)
>1Moz
Carbine
>500koz
(100koz)
>200koz
Castle Hill
(1,460koz)
Burgundy
(65koz)
Kunanalling
(393koz)
Frog’s Leg
(648koz)
White Foil
(1,048koz)
Tenement plan and Mungari Mineral Resources [(1) ] at December
2015
----- End of picture text -----

• (1) This information is extracted from the report entitled “ Annual Mineral Resources and Ore Reserves Statement” released by Evolution to ASX on 21 April 2016 and is available to view on www.asx.com.au. Further information and footnotes on the Mungari Mineral Resource is provided in the appendix of this presentation

14

Mt Carlton

==> picture [93 x 66] intentionally omitted <==

A quality asset

• One of the highest grade open pit gold mines in the world

• Developed by Evolution and commissioned in 2013

• Low mining strip ratio over life of mine

• Strong FY16 performance driven by improved efficiencies and positive grade reconciliations

• Upside opportunities from improving the performance of mining, processing and logistics

Growth

• Significant potential to extend mine life by adding to reserves below current V2 pit

==> picture [497 x 171] intentionally omitted <==

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

West Zone East Zone
Link Zone
----- End of picture text -----

Schematic section of V2 Ore Reserve pit, East, West and Link zone target areas and planned drill holes

15

Mt Rawdon

==> picture [93 x 66] intentionally omitted <==

A consistent performer

• Successfully replaced all mining depletion under Evolution ownership (Nov 2011 Ore Reserves: 900Koz Au[1] )

• Strong track record of cost reductions and mine life extensions

• Current Life of Mine plan extends to FY26

• Potential upside opportunities through increasing recoveries and steepening pit wall angles

==> picture [113 x 20] intentionally omitted <==

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

Mt Rawdon life of mine
material movement
----- End of picture text -----

==> picture [141 x 8] intentionally omitted <==

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

1. Ore Reserve reported as at 30 June 2011
----- End of picture text -----

==> picture [477 x 248] intentionally omitted <==

16

Cracow and Edna May

==> picture [93 x 66] intentionally omitted <==

Cracow

Edna May

Overview

Overview

• Current life of mine plan through to FY20

• Strong track record of replacing mined ounces

• Potential mine life extension targets:

• Fault G/J

• Fault I/Phoenix South

• Resource definition drilling at Coronation confirmed depth extension of high-grade mineralisation

Cracow net mine cash flow

(post sustaining and major capital)

==> picture [318 x 131] intentionally omitted <==

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

A$M
50
40
41
30 33
30
20
18
10
0
FY13 FY14 FY15 FY16
----- End of picture text -----

• Current life of mine plan extends to FY22

• Nearing completion of capital intensive Stage 2 open-pit cut back

• Currently developing phase 1 of Edna May underground targeting initial resource of ~200koz Au

• Recent AISC unacceptably high; review and turn around plan underway

==> picture [323 x 198] intentionally omitted <==

See Edna May Mineral Resources and footnotes provided in the appendix of this presentation for details on Mineral Resource estimates. Edna May Mineral Resources excludes 19koz gold in stockpile.

17

Pro-forma metrics of portfolio upgrade

==> picture [93 x 66] intentionally omitted <==

December 2015 Ore Reserves (%)[(1)(2)]

FY16A production (Koz, Au only)

==> picture [675 x 413] intentionally omitted <==

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

Pajingo
Edna 2% Ernest
May Henry
69 88 15%
Cracow
Edna
Mt
Rawdon May Cowal
5.9Moz Cowal
Cracow 6.8Moz
803 822
Mt Mt
Carlton Rawdon
Mungari Mt Mungari
Carlton
FY16A Sustaining and major capital expenditure (%)
Evolution Pajingo divestment Ernest Henry Evolution Ernest
(pre transactions) acquisition (pro-forma) Pajingo Henry
12% Cowal Edna May 4.5%
FY16A AISC (A$/oz, Au) Edna May Cracow Cowal
1,161 Mungari
1,014 Cracow A$200M A$184M
Mungari
926 Rawdon Mt Carlton Mt Rawdon Mt Carlton Mt
FY16A Net mine cash flow (%)
Pajingo
Edna 7% Ernest
Henry
May 26% Cowal
(59) Cracow
Evolution Pajingo divestment Ernest Henry Evolution Rawdon Mt Cowal
(pre transactions) acquisition (pro-forma)
Source: Data sourced from company reported figures and guidance where available A$428M Edna A$544M
This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve May
Statement” released by Evolution to ASX on 21 April 2016 and is available to view on Mt Cracow
www.asx.com.au..
This information is extracted from the report entitled “Acquisition of an Economic Interest in the World Carlton Mt
Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released Rawdon Mt
by Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.www.asx.com.au.. Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.www.asx.com.au.. ust 2016 and is available to view on www.asx.com.au.www.asx.com.au.. Mungari Carlton Mungari
----- End of picture text -----

FY16A AISC (A$/oz, Au)

Source: Data sourced from company reported figures and guidance where available

• (1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 21 April 2016 and is available to view on www.asx.com.au..

• (2) This information is extracted from 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 by Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.www.asx.com.au..

18

Executing a clear and sound strategy

==> picture [93 x 66] intentionally omitted <==

Australia

• Low risk, politically stable jurisdiction

• Cost base has normalised

• Low Australian dollar

Mid-tier

• 6 – 8 asset portfolio to ensure focus is maintained

Low cost

• Upgrading the quality of the portfolio

• Driving down costs, improving productivity and increasing longevity

Reliability

• Five consecutive years of meeting production and cost guidance

• Successfully optimising open pit and underground asset base

Maximise returns

• Balance sheet strength

• Capital growth

• Increased dividends

Growth

• Strong cash flow funding near mine and regional exploration

• Deliver logical, value accretive opportunities to improve portfolio quality

FY19 outlook: 830 – 890koz Au at AISC US$625 – US$675 per ounce

19

==> picture [439 x 540] intentionally omitted <==

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

ASX code: EVN

www.evolutionmining.com.au

==> picture [434 x 537] intentionally omitted <==

JORC Mineral Resources and Ore Reserves Statements

Evolution Ore Reserves Dec 2015

==> picture [93 x 66] intentionally omitted <==

Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
Project	Type	Cut-off (g/t Au)	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	0.40	39.93	0.71	906	59.47	1.02	1,941	99.40	0.89	2,848	1
Cracow1	Underground	3.50	0.50	6.11	98	0.56	5.12	92	1.06	5.59	190	2
Edna May1	Open pit	0.50	-	-	-	8.32	1.00	269	8.32	1.00	269	3
Edna May1	Underground	2.50	-	-	-	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	0.80	-	-	-	4.62	4.78	709	4.62	4.78	709	4
Mt Rawdon1	Open pit	0.30	0.51	0.53	9	33.92	0.78	855	34.43	0.78	864	5
Mungari1	Underground	2.90	1.42	5.57	254	0.57	5.60	103	1.99	5.58	357
Mungari1	Open pit	0.70	0.65	1.00	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	2.610	665	6
Total			43.01	0.93	1,288	114.08	1.22	4,458	157.09	1.14	5,747

This information is extracted from Evolution’s Mineral Resources and Ore Reserves Statement provided in the Report entitled “Annual Mineral Resources and Ore Reserves Statement” created 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

Due to depletion of A39 at Mt Carlton and lower grade Ag, Cu for remaining resource at Mt Carlton, the 2014 Mineral Resources and Ore Reserves statement has been reported in gold ounces The Cowal mine was acquired on 24 July 2015 and the Mungari assets on 24 August 2015

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

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

22

Evolution Mineral Resources Dec 2015

==> picture [93 x 66] 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 (g/t Au)	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	0.40	39.93	0.71	906	95.68	1.05	3,226	28.51	1.00	913	164.12	0.96	5,046	1
Cracow1	Total	2.80	0.34	10.57	115	1.00	6.53	210	1.08	5.15	178	2.42	6.48	504	2
Edna May1	Open pit	0.40	-	-	-	15.38	0.97	479	2.53	0.73	59	17.92	0.94	539
Edna May	Underground	2.50	-	-	-	1.13	7.68	278	0.10	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	2.50	-	-	-	-	-	-	0.16	5.35	27	0.16	5.35	27
Mt Carlton	Total		0.08	9.33	24	8.38	3.10	834	0.16	5.35	27	8.62	3.19	885	4
Mt Rawdon1	Total	0.20	0.51	0.53	9	50.58	0.70	1,138	5.00	0.57	91	56.09	0.69	1,238	5
Mungari1	Open pit	0.50	0.67	1.16	25	9.10	1.54	451	-	-	-	9.77	1.52	476
Mungari1	Underground	2.5/1.2	1.80	6.94	403	7.99	2.51	645	4.02	1.85	236	13.81	2.90	1,287
Mungari1	Total		2.47	5.39	428	17.09	1.99	1,096	4.02	1.85	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
Total			43.82	1.07	1,513	216.67	1.23	8,550	68.25	1.33	2,913	329.72	1.23	13,043

This information is extracted from Evolution’s Mineral Resources and Ore Reserves Statement provided in the Report entitled “Annual Mineral Resources and Ore Reserves Statement” created on 21 April 2016 Mungari Regional Mineral Resources: Evolution has updated Castle Hill Stage 1 only. Norton Gold has the right to mine Castle Hill Stage 1 and Evolution to receive 50% of the profits. 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, and “Further information on updated total Resource” released on 19 January 2015 by Phoenix Gold Limited (“Phoenix”) and are available to view on 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 this presentation and that all material assumptions and technical parameters underpinning the estimates 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

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 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

1Includes stockpiles + Twin Hills has not changed as it is being reported as 2004 JORC Code

Due to depletion of A39 at Mt Carlton and lower grade Ag, Cu for remaining resource at Mt Carlton, the 2015 Mineral Resources and Ore Reserves statement has been reported in gold ounces The Cowal mine was acquired on 24 July 2015 and the Mungari assets on 24 August 2015

23

Ernest Henry Mineral Resource and Ore Reserve Dec 2015

==> picture [93 x 66] intentionally omitted <==

Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9%
Classification	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Gold Grade (g/t)	Gold Metal (koz)
Measured	16.1	1.29	208	0.67	347
Indicated	71.0	1.15	817	0.59	1,347
Inferred	9.0	1.10	99	0.5	145
Total	96.1	1.17	1,124	0.59	1,839

Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%	Ore Reserve Statement (at 31 December 2015) at a CuEq cut-off of 0.9%
Classification	Tonnes (Mt)	Copper Grade(%)	Copper Metal(kt)	Gold Grade(g/t)	Gold Metal(koz)
Proved	10.9	1.17	128	0.6	210
Probable	47.0	1.03	484	0.53	801
Total	57.9	1.06	612	0.54	1,011

This information is extracted from 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

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

The Mineral Resource Competent Person is Colin Stelzer, an employee of Glencore, and the Ore Reserve Competent Person is Alexander Campbell, an employee of Glencore 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

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

24

Slide 5 notes

==> picture [93 x 66] intentionally omitted <==

• The information in this document that relates to Evolution’s Mineral Resources and Ore Reserves is extracted from the ASX report entitled “Annual Mineral Resources and Ore Reserves Statement” created on 21 April 2016 (the “Report”). 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.

• The information in this document that relates to the Ernest Henry Mineral Resource and Ore Reserve is extracted from the ASX announcement 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 (the “Announcement”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcement and that all material assumptions and technical parameters underpinning the estimates in the Announcement 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 Announcement.

• Source: Data sourced from Company reported figures and guidance where available. Location size denotes production for FY2016. Pro forma for sale of Pajingo announced on 16 August 2016, announcement available to view on www.asx.com.au.

• (1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 21 April 2016 and is available to view on www.asx.com.au.

• (2) This information is extracted from the report entitled “FY16 Preliminary Results, FY17 Guidance and FY19 Outlook” released by Evolution to ASX on 28 June 2016 and is available to view on www.asx.com.au.

• (3) Production data for the 12 months ending 30 June 2016. Based on monthly production reports sourced from Glencore

• (4) Assumes average commodity prices over the relevant periods, average commodity pricing and transaction terms applied retrospectively

• (5) Evolution is not acquiring a direct interest in the underlying assets or production of the Ernest Henry mine. Under the transaction documents, Evolution is acquiring a proportion of the actual future production of the Ernest Henry mine. To the extent that the actual future production of the Ernest Henry mine is less than expected, Evolution has no entitlement to receive a prescribed quantity of payable metals

• (6) All information in this presentation in relation to Ernest Henry has been sourced from Glencore plc and its subsidiaries. The Company has not independently verified such information and no representation or warranty, express or implied, is made as to its fairness, correctness, completeness and adequacy

• (7) This information is extracted from 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 by Evolution to ASX 2016 and is available to view on www.asx.com.au

25

Updated FY17 guidance

==> picture [93 x 66] intentionally omitted <==

Updated FY17 Guidance	Gold production (oz)	All-in sustaining cost (A$/oz)
Cowal	245,000 – 260,000	885 – 945
Mungari	150,000 – 160,000	970 – 1,030
Mt Carlton	90,000 – 100,000	675 – 725
Mt Rawdon	90,000 – 100,000	960 – 1,040
Edna May	80,000 – 85,000	1,140 – 1,220
Cracow	80,000 – 85,000	1,100 – 1,160
Pajngo1	10,000	1,230 – 1,270
Ernest Henry2	55,000 – 60,000	100 - 150
Corporate	-	30 – 35
Revised Group	800,000 – 860,000	900 - 960

1. Pajingo sale completion 1 September 2016

2. Assumed completion of Ernest Henry transaction 1 November 2016. Copper price assumption A$2.72/lb

26