EVOLUTION MINING LIMITED — Investor Presentation 2017

Sep 24, 2017

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Denver Gold Forum September 2017

Lawrie Conway – Finance Director and CFO

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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 US$0.78 unless stated otherwise

2

	Overview
	ASX code	EVN
	Shares outstanding	1,693M
	Market capitalisation(1)	A$4,060M / US$3,170M
	Average daily share turnover(2)	A$25M / US$20M
	Net debt(3)	A$399M / US$311M
	Forward sales(3)	458,495oz at A$1,645/oz
	Dividend policy	Payout of 50% of after tax earnings
	Major shareholders	La Mancha 27%(4), Van Eck 10%

Group AISC[(5)] (per ounce)

Operating cash flow (A$M)

Group gold production (koz)

US$1,259

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A$1,228
A$1,083
A$1,036
803 844 US$995 A$1,014 628 707
A$907
US$867
393 427 438 306
245
US$739 168
US$684
FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
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(1) Based on share price of A$2.40 per share on 18 September 2017 (2) Average daily share turnover for three months through to 18 September 2017

(3) As at 30 June 2017 (4) Relevant Interest

(5) US$ values calculated using average AUD:USD FX in respective financial year

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Diversified mid-tier old miner g

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1 ▪ Cowal (100%)

• Gold Reserves 2016 (Moz)[(1) ] 3.20 5 ▪ Cracow (100%)

• Gold Resources 2016 (Moz)[(1) ] 5.04

• Reserve Grade 2016 (Au g/t) 0.85 ▪ Gold Reserves 2016 (Moz)[(1) ] 0.19

• ▪ FY17A Au Production (koz) 263 ▪ Gold Resources 2016 (Moz)[(1) ] 0.52 ▪ FY17A AISC (A$/oz) 833 ▪ Reserve Grade 2016 (Au g/t) 5.7 ▪ FY17 Net Mine Cash flow (A$M) 166 ▪ FY17A Au Production (koz) 89 ▪ FY17A AISC (A$/oz) 1,123

▪ 2 Mungari (100%)

6 3 Ore Reserves: 6.6Moz[(3)] Mineral Resources: 13.3Moz[(3)] 5 4 FY17 Gold Production 844koz AISC A$907/oz (US$684/oz)[(4)]

• FY17 Net Mine Cash flow (A$M) 41

• Gold Reserves 2016 (Moz)[(1) ] 0.60

• 6 Ernest Henry (Evolution economic interest) ▪ Reserves 2016[(1) ] 0.96Moz Au, 182kt Cu

• Gold Resources 2016 (Moz)[(1) ] 2.78

• Reserve Grade 2016 (Au g/t) 2.2

• ▪ FY17A Au Production (koz) 144 ▪ FY17A AISC (A$/oz) 1,143 ▪ FY17 Net Mine Cash flow (A$M) 59

• Resources 2016[(1) ] 1.73Moz Au, 315kt Cu

• ▪ Reserve Grade 2016 0.50g/t Au, 1.02% Cu ▪ FY17A Au Production[(2) ] (koz) 60 ▪ FY17A AISC[(2) ] (A$/oz) (361) ▪ FY17 Net Mine Cash flow (A$M)[(2)] 82

3 ▪ Mt Carlton (100%)

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2
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• Gold Reserves 2016 (Moz)[(1) ] 0.73

• ▪ Gold Resources 2016 (Moz)[(1) ] 0.98 ▪ Reserve Grade 2016 (Au g/t) 4.7 ▪ FY17A Au Production (koz) 105 ▪ FY17A AISC (A$/oz) 622

▪ Edna May (100% - Divested[(3)] )

• Gold Reserves 2016 (Moz)[(1) ] 0.43

• ▪ Gold Resources 2016 (Moz)[(1) ] 0.85 ▪ Reserve Grade 2016 (Au g/t) 1.6 ▪ FY17A Au Production (koz) 70 ▪ FY17A AISC (A$/oz) 1,440 ▪ FY17 Net Mine Cash flow (A$M) (15)

• FY17 Net Mine Cash flow (A$M) 91

• 4 ▪ Mt Rawdon (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.87

• Gold Resources 2016 (Moz)[(1) ] 1.19

• ▪ Reserve Grade 2016 (Au g/t) 0.8 ▪ FY17A Au Production (koz) 101 ▪ FY17A AISC (A$/oz) 873

• (1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 20 April 2017 and is available to view on www.asx.com.au Mineral Resources and Ore Reserves are depleted to 31 December 2016

• (2) Ernest Henry transaction completed 1 November 2016. Production and costs reflect 8 months of economic interest. Cash flow reflects 7 months of copper sales and 5 months of gold sales. Location bubble size denotes FY17 gold production (annualised for Ernest Henry)

• FY17 Net Mine Cash flow (A$M) 36

• (3) Assuming successful completion of Edna May sale announced 18 September 2017

• (4) Using the average FY17 AUD:USD exchange rate of 0.7546

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U radin the ualit of our asset ortfolio pg g q y p

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$2,250
Bubble size represents
FY17 production Ernest
$2,000
Henry
$1,750
$1,500
Group Reserve life ~9 years
$1,250
Mt
$1,000 Carlton
Mt
Cowal
$750 Rawdon
$500 Cracow Mungari
$250 Pajingo Edna
May
$0
- 2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs 14 yrs
Indicative reserve life based on FY17 production level [(1)]
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Source:Data sourced from company reported figures and guidance where available. (1) Keep to this font and colour for pictures This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 20 April 2017 and is available to view on www.asx.com.au

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Hi h EBITDA mar ins g g

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 Longest life assets generating highest margins

 Benefits of diverse portfolio – no dependence on any single asset

Group EBITDA Margin

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49%
Site EBITDA Margin 46%
40%
FY16
64%
59% 59% 61% 58% 55% FY17 [(1)] 33%
48% 49% 47% 49%
39%
18%
11%
Cowal Ernest Henry Mt Carlton Mt Rawdon Mungari Cracow Edna MayEdna May FY14 FY15 FY16 FY17Group [(1)]
(Divested)
FY17 Excludes Pajingo
 Group margin up
10+ years [(2)] 6-8 years [(2)] 3-6 years [(2)] 50% from FY14
EBITDA Contribution EBITDA Contribution EBITDA Contribution
 Delivered by mix of
3-6 years cost reductions; gold
10+
years 24% price and change in
47%
6-8 asset portfolio
years (1) FY17 excludes Pajingo
29% (2) Indicative reserve life based on FY17
production level
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6

Stron balance sheet g

• Significant improvement in liquidity

• Cash and undrawn debt of A$337.4M

• Repayment of A$325.0M of debt during FY17

• Syndicated debt at 30 June 2017 of A$435.0M

• Term Facility B: A$40.0M

• Term Facility D: A$395.0M

• No debt payment obligations until April 2018

• Gearing at a manageable level of 15.9%

• Adequate hedging in place out to June 2020

• Total of 458,495oz at A$1,645/oz average

• FY18 hedge 208,495oz at A$1,563/oz average

• Dividend policy changed to payout of 50% of net earnings

• FY17 final dividend of 3 cents (fully franked)

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Debt Repayments and Commitments (A$M)

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322 325
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155
120
80
50 30
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FY16 FY17 FY18 FY19 FY20 FY21 FY22
Repayments Commitments
Dividends Declared A$M (Pre-DRP)
Dividends Declared A$M (Pre-DRP)
5050
2929
77 7777 141477 1515 3434
FY13FY13 FY14FY14 FY15FY15 FY16FY16 FY17FY17
InterimInterim FinalFinal
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• FY17 final dividend to be paid on 29 September 2017

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Cowal

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July Evolution June 2015 Delivery 2017 MINING MINING PERMIT TO 2024 PERMIT TO 2032 + 8 years 2014 2016 1 2 3 RESERVES 1.56Moz + 2.28Moz RESERVES 3.20Moz 2014 MINERAL 2016 MINERAL 3.43Moz1 + 2.24Moz2 5.04Moz3 RESOURCES RESOURCES July 2015 – June 2017 GOLD 501koz ADDITIONAL UPSIDE PRODUCTION PURCHASE - CO-TREAT OXIDES-TREAT OXIDESTREAT OXIDES NET MINE PRICE A$703M A$322M - INCREASE THROUGHPUT

July 2015 – June 2017 GOLD 501koz PRODUCTION NET MINE A$322M CASH FLOW COST OF RESERVE ADDITIONS A$14/oz

• CO-TREAT OXIDES-TREAT OXIDESTREAT OXIDES

• • INCREASE THROUGHPUT
• • E41, E46, GALWAY/REGAL

• Barrick (Australia Pacific ) Pty Limited estimate depleted to 31 December 2014 - refer to ASX release 26 Aug 2015 entitled “Resources and Reserves Increased at Cowal” available to view at www.asx.com.au

• Prior to mining depletion

• Depleted to 31 December 2016

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Additional o ortunities at Cowal pp

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• Assessing further asset enhancement opportunities including:

• Continued drilling to convert significant mineral endowment outside of existing reserves

  • E46, E41, Galway and Regal

• Co-treatment of high-grade oxide stockpiles to bring forward treatment

  • Increased gold production of 10 – 12koz per annum

• Secondary crushing

  • Increase throughput to 9.0 – 9.5Mtpa to bring forward treatment of low-grade stockpiles

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E46
E46 East
E42
Galway/Regal
Open at depth
E41 West
E41 East
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Cowal gold mineralisation and E42 open pit outline

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Ernest Henr y

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Ernest Henry ore body looking west

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

• Approximately A$600 million recently invested by Glencore in expanding the underground mine to 6.4Mtpa

• Evolution’s economic interest acquired 1 November 2016:

• 100% of gold and 30% of copper and silver produced over 11 year life of mine (LOM) plan

• Annual payable production (Evolution’s interest):

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1200 RL
Drilling target
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• 80 – 85koz Au and 18 – 20kt Cu

• Upside opportunities through potential mine life extensions and exploration joint venture

• Evolution has a 49% interest in all gold, copper and silver production beyond current LOM area

A$47.7 million

June 2017 quarter net mine cash flow from Evolution’s interest

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Mt Carlton

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March Evolution June
2010 Delivery 2017
FEASIBILITY STUDY OFFTAKE PARTY SECURED ONE OF THE HIGHEST GRADE
DELCARED PROJECT OPEN PIT GOLD MINES IN THE
UNECONOMIC WORLD
DEVELOPED BY EVOLUTION AND
COMMISSIONED IN 2013 -
LIFE OF MINE 2025
ENTERPRISE
INITIAL CAPITAL REPAID BY GRAVITY CIRCUIT COMMISSIONED
A$51M
VALUE
IN JUNE 2017 QTR TO INCREASE
DECEMBER 2016
PAYABILITY
Production AISC Cash Flow
FY16 FY17 FY16 FY17 FY16 FY17
113koz 105koz A$742/oz $622/oz A$103M A$91M
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Mun ari g

• Strategic footprint in world-class Kalgoorlie region

• August 2015: acquired Frog’s Leg, White Foil and brand new 1.7Mpta processing plant

• January 2016: acquired Phoenix Gold tenements

• Total tenement package now ~950km[2 ] with very little focus on exploration by previous owners

• Aggressive exploration program commenced in 2017 – starting to deliver strong results

• Resource definition drilling extends high grade mineralisation beyond existing resources

• Emu – 23.7m (14.2m etw) grading 13.7g/t Au (EMUD004)

• Burgundy – 21.0m (17.9m etw) grading 5.1g/t Au (BURC076)

• Discovery drilling indicates potential extensions to historic open cut

 Lady Agnes – 5m (4.5m etw) @ 8.3g/t Au

This information is extracted from the report entitled “Quarterly Report for the period ending 30 June 2017” released to ASX on 20 July 2017 and is available to view on www.asx.au. The reported intervals are a downhole width as true widths are not currently known. An estimated true width (“etw”) is provided. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report

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Location map of Mungari regional projects and drilling targets

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Mun ari o ortunities at de th g pp p

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All drilling All drilling
All drilling
>100m >200m
depth depth
• Bullant • Mt Pleasant • Bullant • Mt Pleasant • Bullant • Mt Pleasant
Zuleika Shear Zone Zuleika Shear Zone Zuleika Shear Zone
Kundana Kundana Kundana
• Frog’s Leg • Frog’s Leg • Frog’s Leg
• White Foil • White Foil • White Foil
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FY18 u dated uidance p g

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FY18 Guidance	Gold production	C1 cash costs1	All-in sustaining cost1	C1 cash costs1,2	All-in sustaining cost1,2
	(oz)	(A$/oz)	(A$/oz)	(US$/oz)	(US$/oz)
Cowal	235,000 - 245,000	660 – 720	950 – 1,000	510 – 560	740 – 780
Mungari	120,000 - 130,000	860 – 910	990 – 1,050	670 – 710	770 – 820
Mt Carlton	100,000 - 110,000	420 – 470	680 – 730	330 – 370	530 – 570
Mt Rawdon	105,000 - 115,000	670 – 720	850 – 900	520 – 560	660 – 700
Cracow	85,000 - 90,000	810 – 860	1,150 – 1,200	630 – 670	900 - 940
Ernest Henry	85,000 - 90,000	(500) – (300)	(200) – (150)	(390) – (230)	(150) – (120)
Edna May3	20,000 - 25,000	1,300 – 1,330	1,500 – 1,550	1,010 – 1,040	1,170 – 1,210
Corporate			35 – 40		27 - 31
Group	750,000 - 805,000	550 – 610	820 – 870	430 – 480	640 – 680

1. A copper price assumption of up to A$7,700/t has been used for by-product credits

2. Using an AUD:USD exchange rate of 0.78

3. Assuming successful completion of Edna May sale announced 18 September 2017

14

Focusin on what matters g

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Increasing reserves per share Extending reserve life Reducing All-in sustaining costs Increasing free cash flow per ounce

Consistent returns via clear dividend policy

A business that prospers through the cycle

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ASX code: EVN www.evolutionmining.com.au

FY18 uidance – ca ital discover D&A g p , y,

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FY18 Guidance	Sustaining Capital	Major Capital	Resource Definition1	Discovery		Depreciation & Amortisation2	Fair Value Unwind
	(A$M)	(A$M)	(A$M)	(A$M)		(A$/oz)	(A$M)
Cowal	52.5 – 57.5	85 – 100	2.0 – 3.5	2.5 – 4.5		370 – 410	15 – 20
Mungari	10 – 15	32.5 – 40	6.0 – 7.0	10.0 – 12.0		530 – 570	17 – 22
Mt Carlton	5 – 10	17.5 – 22.5	1.0 – 2.5	0.0 – 1.0		400 – 440
Mt Rawdon	5 – 10	20 – 22.5	0.0 – 1.0	0.0 – 1.0		430 – 470
Cracow	10 – 12.5	10 – 15	4.0 – 6.0	2.5 – 4.5		320 – 350
Ernest Henry	10 – 15	0	0.0	0.0		1,300 – 1,360
Edna May	<5	5	0.0	0.0		270 – 310
Corporate			0.0	5.0 – 7.0
Group	90 – 120	170 – 205	13.0 – 20.0	20.0 – 30.0		480 – 520	32 – 42

1. Resource definition is included in the Sustaining Capital guidance

2. Depreciation & Amortisation FY18 guidance includes fair value unwind at Cowal & Mungari and amortisation of Ernest Henry prepayment (10-12%).

17

Evolution Gold Ore Reserves

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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	43.7	0.71	994	73.02	0.94	2,207	116.71	0.85	3,200	1
Cracow1	Underground	3.5	0.34	6.54	71	0.71	5.25	120	1.05	5.67	192	2
Mt Carlton1	Open pit	0.8	-	-	-	4.67	4.6	691	4.67	4.6	691	3
Mt Carlton1	Underground	3.7	-	-	-	0.17	7.77	42	0.17	7.77	42	6
Mt Carlton1	Total		-	-	-	4.84	4.71	733	4.84	4.71	733
Mt Rawdon1	Open pit	0.3	1.7	0.6	33	30.99	0.84	840	32.69	0.83	873	4
Mungari1	Underground	2.9	0.45	6.01	87	1.1	4.88	173	1.55	5.21	260	5
Mungari1	Open pit	0.7	0.58	0.93	18	5.19	1.69	282	5.77	1.61	299	5
Mungari1	Regional	0.85	-	-	-	0.98	1.35	43	0.98	1.35	43	5
Mungari1	Total		1.03	3.15	105	7.27	2.13	498	8.3	2.25	602
Ernest Henry2	Underground	0.9	7.15	0.71	163	52.3	0.48	801	59.45	0.5	964	7
Total			53.92	0.79	1,366	169.13	0.96	5,198	223.05	0.92	6,564

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

1. Includes stockpiles

1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to ASX on 20 April 2017 and available to view at www.asx.com.au

2. This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. Ernest Henry is reported at 0.9 % CuEq Group Ore Reserve Competent Person Notes refer to: 1. Jason Floyd; 2. Sam Myers; 3. Tony Wallace; 4. Dimitri Tahan; 5. Matt Varvari; 6. Ian Patterson; 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

18

Evolution Gold Mineral Resources

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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	43.7	0.71	994	129.71	0.93	3,861	4.24	1.35	184	177.65	0.88	5,039	1
Cracow1	Total	2.8	0.24	10.89	83	1.21	6.64	258	1.85	3.06	181	3.29	4.94	522	2
Mt Carlton1	Open pit	0.35	0.52	1.67	28	8.94	2.74	788	0.74	4.48	107	10.21	2.81	923
Mt Carlton	Underground	2.4	–	–	–	0.16	8.01	42	0.05	8.36	14	0.22	8.09	56
Mt Carlton	Total		0.52	1.67	28	9.1	2.84	830	0.79	4.76	121	10.43	2.92	979	4
Mt Rawdon1	Total	0.2	1.7	0.6	32	45.6	0.74	1,089	3.49	0.58	65	50.79	0.73	1,186	5
Mungari1	Open pit	0.5	0.58	0.93	17	6.38	1.74	357	0.04	0.75	1	7	1.67	376
Mungari1	Underground	2.5/1.5	0.97	7.88	247	3.98	3.56	456	1.6	2.19	113	6.55	3.87	815
Mungari1	Total		1.55	5.29	264	10.35	2.44	813	1.64	2.16	114	13.55	2.73	1,191	3
**Mungari Regional **	Total	0.5	–	–	–	32.47	1.01	1,040	11.44	1.5	552	43.91	1.13	1,592	3
Ernest Henry2	Total	0.9	12.1	0.7	272	68.7	0.59	1,303	9	0.5	145	89.8	0.6	1,720	6
Marsden	Total		–	–	–	160	0.21	1,070	15	0.07	30	180	0.2	1,100	7
Total			59.81	0.87	1,673	457.15	0.7	10,264	47.45	0.91	1,392	569.42	0.73	13,330

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. Includes stockpiles

1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to ASX on 20 April 2017 available to view at www.asx.com.au.

2. This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. Ernest Henry is reported at 0.9 % CuEq Group Mineral Resources Competent Person Notes refer to 1. Joseph Booth; 2. Shane Pike; 3. Andrew Engelbrecht; 4. Matthew Obiri-Yeboah; 5. Hans Andersen; 6. Colin Stelzer (Glencore); 7. Michael Andrew Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. 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

19

Evolution Co er Reserves and Resources pp

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Group Copper 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	2.13	1.41	30	15.69	0.96	151	17.82	1.02	182	8
Mt Carlton1	Open pit	0.8	-	-	-	4.67	0.62	29	4.67	0.62	29	4
Mt Carlton1	Underground	3.7	-	-	-	0.17	0.70	1	0.17	0.70	1	7
Mt Carlton1	Total		-	-	-	4.84	0.62	30	4.84	0.62	30
Total			2.13	1.41	30	20.53	0.88	181	22.66	0.94	212

Group Copper 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)
Marsden1	Total	-	-	-	-	160.00	0.40	640	15.00	0.19	30	180.00	0.38	670	8
Ernest Henry2	Total	0.9	3.63	1.33	48	20.61	1.15	237	2.70	1.10	30	26.94	1.17	315	7
Mt Carlton1	Open pit	0.35	0.52	0.25	1	8.94	0.44	40	0.74	0.82	6	10.21	0.47	47
Mt Carlton	Underground	2.4	-	-	-	0.16	0.74	1	0.05	1.74	1	0.22	0.98	2
Mt Carlton	Total		0.52	0.25	1	9.10	0.45	41	0.79	0.89	7	10.43	0.47	49	5
Total			4.15	1.18	49	189.71	0.48	918	18.49	0.36	67	217.37	0.48	1,034

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] Includes stockpiles[2 ] Ernest Henry Operation cut-off 0.9% CuEq 1. This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 available to view at glencore.com”. EHO is reported at 0.9 % CuEq. Group Ore Reserves Competent Person Notes refer to: 4. Tony Wallace; 7. Ian Patterson; 8. Alexander Campbell (Glencore)

Group Mineral Resources Competent Person Notes refer to 5. Matthew Obiri-Yeboah; 7. Colin Stelzer (Glencore); 8. Michael Andrew

Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com.

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.

20

Cowal Ore Reserve rowth g

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Cowal Ore Reserve Changes December 2014 to December 2016

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4,000
3,500 87
29 326
494
3,000 309
69
900
2,500
231
2,000
471
3,200
1,500
2,848
1,000
1,555
500
0
Reserve ounces (koz)
Stockpiles Grade & Cut-Off Design Stage G Design Stage H Depletion Mining Reserve December 2015 Additions Model Grade Cut-Off Design Stockpiles Depletion Mining Reserve December 2016
December
2014 Reserve
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This information is extracted from the ASX releases entitled “Evolution Approves Projects to Secure Cowal Production to 2032” released to the ASX on 16 February 2017 and “Resources and Reserves increased at Cowal” released to the ASX on 26 August 2015 and available to view at www.asx.com.au

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FY17 financial hi hli hts g g

	Units	FY17	FY16	Change
StatutoryProfit after tax	A$M	217.6	(24.3)	-
UnderlyingProfit after tax1	A$M	206.6	134.5	54%
EBITDA	A$M	713.9	607.6	17%
OperatingCash flow	A$M	706.5	628.4	12%
GroupCash flow	A$M	382.0	365.0	5%
EBITDA Margin2	%	49%	46%	7%
AIC Margin	A$/oz	568	463	23%
Gearing	%	15.9%	15.1%	5%
Final dividend3	cps	3	2	50%

1. FY16 underlying profit after tax restated. Refer to “Underlying net profit reconciliation” on slide 20 for full details 2. FY17 excludes Pajingo

2. FY17 fully franked; FY16 unfranked

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22

O erational erformance and asset ualit p p q y

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Group gold production (koz)
803 844
393 427 438
FY13 FY14 FY15 FY16 FY17
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 Record production up 5% in FY17

 Consistent year on year delivery to guidance

 Active portfolio management to improve quality

 FY13: Development of low cost Mt Carlton operation

 FY16: Acquisition of Cowal, Mungari and Phoenix Gold

 FY17: Investment in Ernest Henry and disposal of Pajingo

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Group AISC (A$/oz)
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1,228
1,083 1,036 1,014
907
FY13 FY14 FY15 FY16 FY17
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• Leader in low cost production at A$907/oz (US$684/oz)[1]

 Captured benefits of favourable market in recent years

 Reduction since FY13 – 26% in AUD and 46% in USD

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Operating cash flow (A$M)
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707
628
306
168 245
FY13 FY14 FY15 FY16 FY17
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• Operating cash flow up 12% in FY17 (3% higher gold price)

• Portfolio approach generating record results

• Introduction of long life, low cost assets

• No dependence any single asset to drive cash flow

• Exposure to copper revenue in Ernest Henry investment

• Using the average FY17 AUD:USD exchange rate of 0.7546

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Mt Rawdon
Nov Evolution June
2011 Performance 2017
SCHEDULED SCHEDULED
2022
COMPLETION + 4 years COMPLETION 2026
2011 0.9Moz 2016
Replacing depletion 0.9Moz
RESERVES RESERVES
LOAD & HAUL Contract Cost benefits and improved LOAD & HAUL Owner operator
efficiency
Resource drilling Resource drilling
62km ~40km
Intensive drilling rates
over 20 years in just 5 years
70% Reliable Increasing +25 year
local producer cash flow as >1.5Moz mine life
~100kozpa
workforce since 2002 strip ratio declines produced 2001 to 2026
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Cracow
Nov Evolution June
2011 Performance 2017
LIFE OF MINE
2014 + 6 years LIFE OF MINE 2020+
2011 0.2Moz Replacing depletion 2016 0.2Moz
RESERVES RESERVES
Cost benefits and
MINING Contract MINING Owner operator
productivity improvements
Resource drilling Resource drilling
802km >290km
Intensive drilling rates
over 20 years in 5 years
37%
Solid and Reliable FY17 Greenfields
predictable producer increase in ~1.2Moz net mine Exploration
generationcash flow since 2005>80kozpa ounces per employee produced cash flow A$41M Cracowoutside
since FY13
Field
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Portfolio mana ement im act on AISC g p

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Acquisition of
Mungari economic
interest in
acquisition
with La Mancha Ernest
(AISC ↓A$30/oz) Henry
(AISC ↓A$100/oz)
Cowal
Mt Carlton acquisition FY10FY18
(AISC ↓A$100/oz)
first concentrate
FY10
FY17
produced
March 2013
FY10
Evolution (AISC ↓A$25/oz) FY16
formed FY10
FY15
780koz at
November 2011
FY10FY14 A$845/oz [3]
844koz at
FY10 A$907/oz
FY13 803koz at
FY10FY12 437koz at A$1,014/oz Edna May
divested
428koz at A$1,036/oz Pajingo (AISC ↓A$50/oz)
divested
A$1,083/oz
393koz at
(AISC ↓A$15/oz)
A$1,228/oz [2]
280koz [1]
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1. Annual gold production

2. All-in Sustaining Costs

3. Mid point production and AISC guidance for FY18

26