EVOLUTION MINING LIMITED — Regulatory Filings 2016

Jul 31, 2016

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Mungari site visit

1 August 2016 Simon Jessop General Manager – Kalgoorlie Operations

Forward lookin statements g

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• 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.

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Agenda

• Welcome

• Evolution and Mungari history

• Site summary

• Zero harm

• Mungari a strategic gold province

• Overview of Mungari gold operations

• Mine geology

• Underground

• Open-pit

• Processing

• Business improvement

• Discovery

• Summary

Evolution

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1. FY17F production reflects midpoint of FY17 guidance released to ASX on 28 June 2016 Location bubble size denotes FY16 actual production Mineral Resources are reported inclusive of Ore Reserves

Full details of Evolution’s Mineral Resources and Ore Reserves are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 21 April 2016 which is available to view at www.evolutionmining.com.au. Mineral Resources and Ore Reserves tables and footnotes are provided in the appendices of this presentation

Mun ari histor g y

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Frog’s Leg First gold pour Frog’s Leg Ore Mungari plant
discovery from Frog’s Leg Reserve grows to completed
underground mine 786koz White Foil
open-pit
Processing via toll
treatment production
restarts
FY17
150-160koz
forecast
1996 1999 2002-2004 2008 2009 2010 2011 2012 2013 2014 2016 2017
White Foil Limited mining of Limited Mungari plant August 2015:
discovery White Foil open- mining of construction Evolution
pit 2002-2003 White Foil commenced acquires100%
and Frog’s Leg open-pit of La Mancha’s
open-pit 2004- 2010-2011 Australian
2005 operations
January 2016:
Evolution
acquires 100%
Phoenix Gold
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Site summar y

 Residential workforce

• Workforce: ~272 employees and ~75 contractors

• Mine rosters:

• Underground and mill 7/7 – 4 panel

• Open-pit 7/3/5/6 – 3 panel

• Frog’s Leg underground mine commenced 2008

• Mungari process plant commissioned April 2014

• White Foil open-pit

 Restarted June 2014 following the completion of the new Mungari process plant

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Location	600km east of Perth, Western Australia, Australia or 20km West of Kalgoorlie
Mining method	White Foil: conventional open-pit Frog’s Leg: underground
Minerals	Gold
Mineralisation type	Quartz and stockwork veining
Process method	3 stage crushing-grinding-CIP
Process capacity	1.7Mtpa
Recovery	93-94%
Ore Reserves1 7.92Mt @ 2.61g/t for 665koz Au
Mineral Resources1 79.33Mt @ 1.77g/t for 4,450koz Au
FY17 production guidance150 – 160kozpa Au
FY17 AISC guidance A$970 – A$1,030/oz

• Owner-miner workforce

• See Mungari Mineral Resources and Ore Reserves and footnotes provided in the appendices of this presentation for details on Ore Reserve and Mineral Resource estimates

Site la out y

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Kalgoorlie 20km
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Zero harm

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• Safety TRIFR improved 32.0 – 7.9

• Take 5 and Safety Interactions introduced

• Vehicle Incident prevention programs

• Health & Wellbeing program

• OHS & Risk assurance programs

• Safety perception survey

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40
35
30
25
20
15
10
5
0
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Total Recordable Injury Frequency Rate (TRIFR)

TRIFR: Total recordable injury frequency rate. The frequency of total recordable injuries per million hours worked. Results above are based on a 12 month moving average

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Mun ari – a strate ic old rovince g g g p

Growth

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• Significant potential to expand production and extend mine life

• ~880 km[2] land position in a world-class terrane located between the Zuleika and Kunanalling shear zones with historic production of >10Moz gold

• Potential for the discovery of new high-grade underground Mineral Resources

• Recent resource definition drilling has extended mineralisation at Frog’s Leg and White Foil beyond December 2015 Ore Reserve limits

Future business improvements

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

• Optimising White Foil pit design and larger trucks

• Further opportunity to improve recovery and optimise plant

• New open-pit oxide sources provide increased throughput options

Location of Mungari including recently acquired Phoenix Gold tenements

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

Mun ari Re ional Mineral Resources g g

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Mungari video

Evolution’s first gold bar at Mungari – August 2015

Mun ari erformance and outlook g p

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FY16 performance

• Gold production of 137,193 ounces (from ~10 months of ownership)

• AISC[1] of A$1,024 per ounce

• Net mine cash flow of A$84 million

FY17 guidance

• Gold production of 150,000 – 160,000 ounces

• AISC of A$970 – A$1,030 per ounce

• Sustaining capital: A$10M – A$15M

• Major capital: A$40M – A$45M

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White Foil open-pit July 2016
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1. AISC (All-in sustaining cost) includes C1 cash cost plus royalty expense, sustaining capital expense, general corporate and administration. Calculated on per ounce sold

Mine eolo g gy

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• Frog’s Leg is a classic quartz vein hosted deposit located on the lithological contact between the Victorious Basalt and the Black Flag Volcanics

• Mineralised widths range from 0.2m up to 20m (in the central flexure zone)

• Mineral Resource is open down-plunge and drill testing is ongoing

• White Foil mineralisation is quartz hosted fracture infill within a structurally deformed quartz gabbro

• Vein density and higher grades are strongly influenced

Frog’s Leg underground: Fog 7850N Face #48: weighted average face grade 22.6g/t Au

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Fro ’s Le extensions g g

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 Dedicated drill platforms exist for both the Rocket and Mist lodes

 Extensions and/or additional drill platforms are being evaluated to extend coverage further down plunge in FY17

 ~17km of in-mine underground resource definition drilling is scheduled for FY17

This information is extracted from the report entitled

“Quarterly Report for the period ending 30 June 2016” released to ASX on 21 July 2016 and is available to view on 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 Report

White Foil extensions

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White Foil Open-Pit

• High-grade shoot defined under Stage

• 2A and outside the A$1,800/oz pit shell

• Will form part of the Underground scoping study review

• Geotechnical work assessing the potential for wall steepening is underway

White Foil Underground

• Scoping study to be completed on underground potential – large, bulk low-grade deposit

• FY17 drilling to test the potential of underground resource at depth

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Resource definition drilling showing extensions to mineralisation outside of the current Ore Reserve envelope

This information is extracted from the report entitled “Quarterly Report for the period ending 31 March 2016” released to ASX on 21 April 2016 and is available to view on 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 Report

Resource definition - FY17

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• Extensive regional portfolio of advanced targets and reported Mineral Resources

• Acquired Phoenix Gold Mineral Resources to be reviewed and optimised using current Evolution practices

• Priority Mineral Resources and prospects to be evaluated for infill and extension drilling

• Total FY17 resource definition budget:

• A$6.6 million

• 24,000m diamond drilling

• 30,000m reverse circulation drilling

Visible gold along quartz vein contact at Frog’s Leg (Mist) – FLGC100

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FY16 under round erformance g p

25 August 2015 to 30 June 2016	Units	Actual
UG lateral development - capital	kt	1,157
UG lateral development - operating	kt	1,629
Total UG lateral development	kt	2,785
UG ore mined	kt	563
UG grade mined	g/t	5.89
Frog’s Leg underground production commenced		2008
Mining method:
Long hole stoping (25m levels)

• Top-down with paste fill

• Stope sizes 3 – 30kt depending on orebody width (2 – 20m)

• Mining 600 – 700ktpa

• As at December 2015, Frog’s Leg Mineral Resource stood at 3.13Mt grading 6.43g/t Au for 648koz[1] and Ore Reserves of 1.99Mt grading 5.58g/t Au for 357koz[1 ] Kalgoorlie 20km

• This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released to ASX on 21 April 2016 and is available to view at www.evolutionmining.com.au. See Mungari Mineral Resources and Ore Reserves appended to this presentation for details on Resource and Reserve estimates

FY16 o en- it erformance p p p

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25 August 2015 to 30 June 2016	Units Actual
OP capital waste	kt 825
OP operating waste	kt 6,644
OP ore mined	kt 1,121
OP grade mined	g/t 1.47
Life of mine strip ratio remaining	Waste:ore 5.9:1

• The White Foil open-pit is located 2km to the west of the Frog’s Leg gold mine

• Restarted in mid-2014 following the completion of the Mungari processing plant

• At December 2015, White Foil had Mineral Resources (including Ore Reserves) of 8.15Mt grading 1.56g/t Au for 409koz[1 ] and Ore Reserves of 5.93Mt grading 1.62g/t Au for 309koz[1 ]

• This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released to ASX on 21 April 2016 and is available to view at www.evolutionmining.com.au. See Mungari Mineral Resources and Ore Reserves appended to this presentation for details on Resource and Reserve estimates

White Foil material movement

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FY16 lant erformance p p

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25 August 2015 to 30 June 2016	Units Actual
Total tonnes processed	kt 1,441
Grade processed	g/t 3.16
Gold recovery	% 93.7
Gold produced	oz 137,193

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• Mungari CIL processing plant completed May 2014 at a cost of A$110M

• Ore from Frog’s Leg and White Foil processed at the purpose built processing plant

• Prior to plant construction, production processed via high-cost toll milling

• Conventional plant – 3 stage crushing-grinding-CIL

• Current throughput of 1.7Mtpa – in excess of nameplate capacity

• (1.5Mtpa)

• Optimisation phase underway

• Modular plant design allows for future expansions Kalgoorlie 20km

Business im rovement p

• Workforce restructure – site leadership team management roles brought back to site

• Underground drill platforms aggressively developed for Mineral Resource and Ore Reserve growth

• Seismicity management – increased ground support to reduce rehabilitation and uncertainty

• Production risk has reduced with improved stope sequencing

 Cost improvements

• In house shotcrete, underground fuel bay – ongoing saving A$1.7M/year

• Stope slashing and slot raising A$1.7M/year

• Successful drill consumables and drain hole change – ongoing savings A$450k/year

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• Tails harvesting from Mungari – A$400k/year paste cement reduction and increased life of TSF

• Live production monitoring introduced for White Foil – 4 tonne per truck improvement

• Crusher optimisation to improve throughput options in plant

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Discovery opportunities

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Mun ari Re ional Mineral Resources g g

• Mungari Regional Mineral Resources 2.7Moz gold[1 ] – open-pit Mineral Resources to be constrained within an A$1,800/oz shell[2 ]

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Zuleika North
(49koz) Ora Banda
(312koz)
>1Moz
Carbine Red Dam
>500koz (100koz) (214koz)
>200koz
Broads Dam
< 200koz Castle Hill (170koz)
(1,460koz)
Burgundy
(65koz)
Kunanalling
(393koz)
Frog’s Leg
(648koz)
White Foil
(1,048koz)
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• Tenement package increased to ~880km[2] (from ~350km[2)] post Phoenix Gold acquisition

• Initial focus on resource model updates and drilling 15km of the highly prospective Zuleika shear zone

• Significant results since August 2015 include[3] :

  • Johnson’s Rest (Broads Dam):- 10.0m (8.7m etw) grading 22.3g/t Au from 118m in BDRC086

  • 17m (14.7m etw) grading 1.89g/t Au from 123m (BDRC103)

  • 8m (6.9m etw) grading 3.8g/t Au from 32m including 1m (0.9 etw) grading 15.04g/t Au (BDRC111)

• Major drilling programs commenced March 2016 at Johnson’s Rest and Innis, follow-up drilling planned at Strzelecki and along the Kunanalling shear zone

• See Mungari Mineral Resources and footnotes provided in the appendices of this presentation for details on Mineral Resource estimates

• As previously stated within the report entitles “Quarterly report for the period ending 31 December 2015 released to the ASX on 27 January 2016 and “Quarterly report for the period ending 31 March 2016 released to the ASX on 21 April 2016 3.This information is extracted from the release entitled “December 2015 Quarterly Report” released on 27 January 2016 and “June 2016 Quarterly Report” released on 21 July 2016. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement. The reported intervals are a downhole width as true widths are not currently known. An estimated true width (“etw”) is provided. These reports are available to view on www.evolutionmining.com.au

Ex loration strate p gy

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Seismic
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• Data Integration

• Historic drilling, geology, geochemistry

• High-resolution geophysics (magnetics, gravity, seismic)

• Alteration and regolith mapping

• 4D studies

• Integrate all data in three dimensions and factor in timing relationships

• Improved understanding of structural architecture using 2D seismic reflection data

• Probing depth extent along fertile structures

• Zuleika shear / Strzelecki shear

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Mun ari – unlockin the Zuleika g g

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NE
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• Using advanced exploration targeting tools eg close spaced ground gravity and highresolution seismic surveys

• Framework RC drilling over the most perspective area: fast, efficient testing of large areas

• Numerous targets identified in the first round of drilling with results expected in Sept quarter 2016 – 10km of prospective strike remaining to be evaluated

Lon -term outlook g

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• Mungari Ore Reserve 665koz[1 ]

• Current mine life extends to FY22 which includes:

• Frog’s Leg (underground) Ore Reserve

• White Foil (open-pit) Ore Reserve

• Potential near term extensions:

  • Frog’s Leg, White Foil, Cutters Ridge (open-pit), Red Dam (open-pit), Burgundy (open-pit)

 Growth potential:

• Brownfields Frog’s Leg & White Foil areas

• Brownfields Mungari Regional Mineral Resources (previously Phoenix Gold)

  • Castle Hill Stage 2 plus other resources to be developed

• Greenfields regional tenements – finding the next high-grade underground resource

• Mungari open-pit and underground combined Ore Reserves. See Mungari Ore Reserves and footnotes provided in the appendices of this presentation for details on estimate

Summar - unlockin the otential y g p

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
Aspiring to develop a 10-year mine life based
on tenement package, regional resources and
key strategic infrastructure

Mungari process plant – a strategic asset in
the Kundana area

Focus on developing a pipeline by unlocking
the large regional resource base of >2Moz
gold

Significant resource definition and discovery
expenditure planned

Highly skilled and motivated workforce and
close proximity to Kalgoorlie

Early near mine and regional exploration
success under Evolution ownership – Frog’s
Mungari site layout
Leg and Johnson’s Rest
26
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Appendices

Site leadershi team p

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GENERAL MANAGER
Simon Jessop
PA to GM/ ADMIN
SUPERVISOR
Marcia Bryce
REGIONAL
OPERATIONS COMMERCIAL MANAGER – GEOLOGY DEVELOPMENT DEVLEOPMENT
HSEC MANAGER EXPLORATION
MANAGER MANAGER PEOPLE & CULTURE MANAGER PROJECT MANAGER
Scott Young MANAGER
Arno Dippenaar Brian Thorpe Dianne Newell Andrew Engelbrecht Matt Varvari
Julian Woodcock
ACTING
OPEN PIT
UG MANAGER PROCESSING
MANAGER
Matthew Hine MANAGER
Mark Sampson
Joseph Morgan
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Process lant circuit p

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Process e ui ment q p

 Power

• Western Power – grid supply

• Crushing

• Three stage crushing

  • Primary: Metso 40” Single Toggle Jaw Crusher

  • Secondary: Metso Cone HP 4 – Coarse liners

  • Tertiary: Metso Cone HP 4 – Coarse liners

 Grinding

• Polysius overflow Ball mill – 5.5m (dia) 8.74m (l)

• 4.5 MW power, Hoffman gearbox, VSD, Dual direction

• Donhad 78mm and 94mm balls (50/50)

• Polymet composite liners

• Grind size 80% - 106µm

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 Gravity Circuit

• Knelson concentrator – 30”

• 40-60% of gold recovered via gravity

• Leaching

• CIL circuit

• 2 x 1,140m[3] leaching tank

• 6 x 750m[3] adsorption tanks

• Cyanide supply – CSBP

• Lime supply – Chememan

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Minin e ui ment g q p

Underground mining equipment

 Development drills

• 2 x development jumbos – Sandvik DD421

• Production drills

• 2 x longhole drills – Sandvik DL421

• Underground mine trucks

• 4 x Caterpillar AD55B

• Underground loaders

• 2 x Caterpillar R2900 (loading)

• 2 x Caterpillar R1700 (remoting)

• Ancillary Equipment

• 2 x Charge-up Atlas Copco

• 3 x Integrated Tool Carrier

• 1 x Dry tailings pastefill plant

• 1 x Shotcrete batching plant

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Open-pit mining equipment

• Loading

• 1 x 250t Hitachi EX2600

• 1 x 110t Komatsu PC1250 (back-up)

• Hauling

• 5 x 90t Caterpillar 777D dump trucks

• 4 x 135t Caterpillar 785 dump trucks

• Dozers

• 2 x Caterpillar D10T

• Haul road maintenance

• 1 x Caterpillar 773D 40,000L Water cart

• 1 x Caterpillar 16M Grader

• Drilling

• 2 x Drillteck DK45, DTH (165mm, 10m bench blasting)

• 1- 2 x Sandvik Pantera 1500, TH (wall control)

Mun ari Mineral Resources g

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	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **	**Mungari Mineral Resources - December 20151 **
Mineral Resource	Measured			Indicated			Inferred			Total Resource
	Tonnes	Grade Au (g/t)	Cont. Metal Au (koz)	Tonnes	Grade Au (g/t)	Cont. Metal Au (koz)	Tonnes	Grade Au (g/t)	Cont. Metal Au (koz)	Tonnes	Grade Au (g/t)	Cont. Metal Au (koz)
	(Mt)			(Mt)			(Mt)			(Mt)
Open-Pit
WhiteFoil	-	-	-	8.15	1.56	409	-	-	-	8.15	1.56	409
Cutters Ridge	-	-	-	0.95	1.36	42	-	-	-	0.95	1.36	42
Stockpiles	0.67	1.16	25	-	-	-	-	-	-	0.67	1.16	25
_Sub Total _	_0.67 _	1.16	25	9.1	_1.54 _	_451 _	-	-	-	9.77	_1.52 _	476
Underground
FrogsLeg	1.8	6.94	403	1.22	5.91	231	0.11	3.89	14	3.13	6.43	648
WhiteFoil	-	-	-	6.77	1.9	414	3.91	1.79	225	10.68	1.86	639
_Sub Total _	1.8	_6.94 _	403	7.99	_2.51 _	645	_4.02 _	1.86	239	_13.81 _	2.9	_1,287 _
**Total **	2.47	5.39	428	17.09	1.99	1,096	**4.02 **	1.86	239	23.58	2.33	1,763

Notes:

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Open-Pit Mineral Resource reported above cutoff of 0.5g/t

Frog’s Leg Underground Resource reported above cutoff of 2.5g/t White Foil Underground Resource reported above cutoff of 1.2 g/t Mineral Resources are reported inclusive of Ore Reserves

1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released to ASX on 21 April 2016 and is available to view on www.evolutionmining.com.au. Further footnotes are provided on slide 34 of this presentation

Mun ari Re ional Mineral Resources g g

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				Mungari Regional Resources –	Mungari Regional Resources –	Mungari Regional Resources –	**December 20151 **	**December 20151 **
				Measured			Indicated			Inferred			Total Resource
Project	Prospect	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)
**Broads Dam **	BroadsDam	0.80							1.92	2.21	136	1.92	2.21	136
	BlueFunnel	0.80				0.13	2.92	12	0.24	2.78	22	0.37	2.83	34
Broads Dam Subtotal						0.13	2.92	12	2.16	2.27	158	2.29	2.31	170
**Red Dam **	RedDam	1.00				2.05	2.12	140	1.04	2.21	74	3.10	2.15	214
Red Dam Subtotal						2.05	2.12	140	1.04	2.21	74	3.10	2.15	214
Carbine	CarbineNorth	0.80				1.70	1.58	86	0.21	2.07	14	1.90	1.63	100
Carbine Subtotal						1.70	1.58	86	0.21	2.07	14	1.90	1.63	100
**Zuleika-North **	Lady Jane	0.80							0.62	2.49	49	0.62	2.49	49
Zuleika-North Subtotal									0.62	2.49	49	0.62	2.49	49
Ora Banda	Backflip	0.80				0.77	2.41	60	0.54	2.16	38	1.31	2.30	97
	Boundary	0.80							1.58	1.83	93	1.58	1.83	93
	Nazzaris	0.80				1.59	1.75	89	0.37	1.64	19	1.96	1.73	109
	Whitehaven	0.80							0.30	1.36	13	0.30	1.36	13
Ora Banda Subtotal						2.36	1.96	149	2.79	1.82	163	5.15	1.88	312
Castle Hill	CastleHill 1	0.80				14.04	1.12	505	10.07	1.20	388	24.11	1.15	893
	CastleHill 2	1.00				3.03	1.64	160	3.73	1.71	205	6.76	1.68	366
	CastleHill3	0.80				2.38	1.43	109	1.36	1.34	59	3.74	1.40	168
	Ridgeback	1.00							0.48	2.17	33	0.48	2.17	33
Castle Hill Subtotal						19.45	1.24	775	15.64	1.36	685	35.09	1.29	1,460
Burgundy	Burgundy	1.00	0.49	1.96	31	0.40	2.27	29	0.09	1.51	4	0.98	2.04	65
Burgundy Subtotal			0.49	1.96	31	0.40	2.27	29	0.09	1.51	4	0.98	2.04	65
Kunanalling	Telegraph	0.80							0.88	1.55	44	0.88	1.55	44
	Catherwood	0.80				0.46	2.36	35	1.13	1.84	67	1.59	1.99	102
	Premier	0.80							0.16	2.07	11	0.16	2.07	11
	Emu	0.80							0.54	2.00	35	0.54	2.00	35
	Rayjax	0.80							0.24	3.00	23	0.24	3.00	23
	CuttersRidge	0.80							1.18	1.32	50	1.18	1.32	50
Kunanalling Subtotal						1.26	2.30	94	4.30	1.72	238	6.55	1.87	393
Stockpiles						0.08	1.45	4				0.08	1.45	4
**Total **			0.49	1.96	**31 **	27.43	1.46	1,289	26.85	1.60	1,385	55.75	**1.54 **	**2,767 **

Note: 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 information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released to ASX on 21 April 2016 and is available to view on www.evolutionmining.com.au. Further footnotes are provided on slide 34 of this presentation

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Evolution Mineral Resources December 2015

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	0.40	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
Pajingo	Openpit	0.75	-	-	-	0.09	2.30	7	0.06	4.34	8	0.15	3.09	14
Pajingo1	Underground	2.50	0.09	11.54	32	0.63	7.91	161	1.67	6.82	367	2.39	7.28	560
Pajingo	Total		0.09	11.54	32	0.72	7.22	168	1.73	6.74	375	2.54	7.04	574	3
Edna May1	Openpit	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	4
Mt Carlton1	Openpit	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	5
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	6
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	7
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	8
Twin Hills+	Openpit	0.50	-	-	-	-	-	-	3.06	2.10	204	3.06	2.10	204
Twin Hills+	Underground	2.30	-	-	-	-	-	-	1.56	3.90	194	1.56	3.90	194
Twin Hills+	Total		-	-	-	-	-	-	4.62	2.68	398	4.62	2.68	398	8
Total			43.91	1.09	1,545	217.39	1.25	8,718	74.60	1.54	3,686	336.88	1.29	14,015

Full details are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 31 April 2016 which is available to view at www.evolutionmining.com.au

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.evolutionmining.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. Andrew Engelbrecht; 4. Greg Rawlinson; 5. Matthew Obiri-Yeboah; 6. Hans Andersen; 7. Sam Hamilton; 8. 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

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Evolution Ore Reserves December 2015

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	0.40	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
Pajingo1	Underground	3.30	0.17	6.82	37	0.39	5.60	70	0.55	5.97	107	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			43.18	0.95	1,325	114.47	1.23	4,528	157.64	1.15	5,853

Full details Of Evolution’s Mineral Resources and Ore Reserves are provided in the report entitled “Annual Mineral Resources and Ore Reserve Statement 2015” released to ASX on 31 April 2016 which is available to view at www.evolutionmining.com.au Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1Includes 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

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ASX code: EVN

www.evolutionmining.com.au