EVOLUTION MINING LIMITED — Regulatory Filings 2017

Aug 6, 2017

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2017 Diggers & Dealers

7 August 2017 Jake Klein – Executive Chairman

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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.

2

	Overview
	ASX code	EVN
	Shares outstanding	1,683M
	Market capitalisation(1)	A$3,720M
	Average daily share turnover(2)	A$25M
	Net debt(3)	A$399M
	Forward sales(3)	458,495oz at A$1,645/oz
	Dividend policy	4% of revenue
	Major shareholders	La Mancha 28%(4), Van Eck 11%

Group AISC[(5)] (per ounce)

Group gold production (koz)

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US$1,259
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A$1,228
A$1,083
A$1,036
803 844 US$995 A$1,014
A$905
393 427 438 US$867
US$739
US$683
FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
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Operating cash flow (A$M)

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707
628
306
245
168
FY13 FY14 FY15 FY16 FY17
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(1) Based on share price of A$2.21 per share on 3 August 2017 (2) Average daily share turnover for three months through to 3 August 2017

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

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

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Australia’s 2[nd] lar est old miner g g

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1  Cowal (100%)

• Gold Reserves 2016 (Moz)[(1) ] 3.20

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

• Reserve Grade 2016 (Au g/t) 0.85

• FY17A Au Production (koz) 263

• FY17A AISC (A$/oz) 833

• FY17 Net Mine Cash flow (A$M) 166

 2 Mungari (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.60

• Gold Resources 2016 (Moz)[(1) ] 2.73

• 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

• 3  Mt Carlton (100%)

• 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

• 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

• 5  Cracow (100%)  Gold Reserves 2016 (Moz)[(1) ] 0.19

• Gold Resources 2016 (Moz)[(1) ] 0.52

• Reserve Grade 2016 (Au g/t) 5.7

• FY17A Au Production (koz) 89

• FY17A AISC (A$/oz) 1,123

• FY17 Net Mine Cash flow (A$M) 41

• 6  Edna May (100%)  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) 7 Ernest Henry (Evolution economic interest)

• Reserves 2016[(1) ] 0.96Moz Au, 182kt Cu

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

• Reserve Grade 2016 0.50g/t Au, 1.02% Cu

• FY17A Au Production (koz)[(2)] 60  FY17A AISC (A$/oz)[(2)] (361)

• FY17 Net Mine Cash flow (A$M)[(2)] 82

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7 3
Ore Reserves: 7.0Moz
Mineral Resources: 14.2Moz
5 4
FY17 Gold Production 844koz
AISC A$905/oz (US$638/oz)
2
6
1
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• FY17A Au Production (koz) 101

• FY17A AISC (A$/oz) 873

• FY17 Net Mine Cash flow (A$M) 36

• (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)

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Gold rice p

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1,800
A$ per ounce
1,600
1,400
1,200
US$ per ounce
1,000
30-Jun-14 31-Dec-14 30-Jun-15 31-Dec-15 30-Jun-16 31-Dec-16 30-Jun-17
Price per ounce
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5

The investor dilemma

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 More than half of the companies in Evolution’s peer group delivered NEGATIVE returns over the three year period to 30 June 2017

Share price movement

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(30 June 2014 – 30 June 2017)
314%
257%
177%
171%
133%
95%
56%
52%
18%
-5%
-11%
-15%
-33%
-37%
-47%
-49%
-64% ASX primary listing
-75%
-83% Offshore primary listing
-93%
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Attributes of a sustainable old business g

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High quality, low cost, long life assets Discovery success Financial discipline

Strong vision, values and sense of purpose Counter-cyclical investment

Building a business that prospers through the cycle

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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
$2,000 Ernest
Henry
$1,750
$1,500
Group Reserve life > 8 years
$1,250
Mt
$1,000 Carlton
Mt
$750 Cowal
Rawdon
$500 Cracow Mungari
$250 Edna
Pajingo
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

8

Mt Carlton

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March Evolution June 2010 Delivery 2017 OFFTAKE PARTY SECURED ONE OF THE HIGHEST GRADE OPEN PIT GOLD MINES IN THE WORLD DEVELOPED BY EVOLUTION AND COMMISSIONED IN 2013 LIFE OF MINE 2025 INITIAL CAPITAL REPAID BY GRAVITY CIRCUIT COMMISSIONED A$51M IN JUNE 2017 QTR TO INCREASE DECEMBER 2016

FEASIBILITY STUDY DELCARED PROJECT UNECONOMIC ENTERPRISE A$51M VALUE

GRAVITY CIRCUIT COMMISSIONED IN JUNE 2017 QTR TO INCREASE PAYABILITY

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FY16
FY16 AISC
PRODUCTION
A$742/oz
113koz Au
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FY16 NET FY17 NET FY17 MINE FY17 AISC MINE PRODUCTION CASH FLOW A$622/oz CASH FLOW 105koz Au A$103M A$91M

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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 RESERVES 1.56Moz[1 ] + 2.28Moz[2 ] RESERVES 3.20Moz[3 ] 2014 MINERAL 2016 MINERAL 3.43Moz[1 ] + 2.24Moz[2] 5.04Moz[3] RESOURCES RESOURCES July 2015 – June 2017 GOLD 501koz ADDITIONAL UPSIDE PRODUCTION PURCHASE - CO-TREAT OXIDES NET MINE PRICE A$703M A$322M - INCREASE THROUGHPUT CASH FLOW - E41, E46, GALWAY/REGAL COST OF RESERVE 1. Barrick (Australia Pacific ) Pty Limited estimate depleted to 31 December 2014 - refer to ASX release 26 Aug 2015 entitled “Resources and Reserves Increased ADDITIONS A$14/oz

• 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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Ernest Henr y

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Ernest Henry ore body looking west
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• Large scale, long life, copper-gold asset operated by Glencore

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1200 RL
Drilling target
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• 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):

• 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

Hi h mar in business g g

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EBITDA Margin

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64%
59% 59% 58% 61%
55%
49% 48% 47% 49% 46% 49%
39%
18%
11%
Cowal Mungari Mt Carlton Mt Rawdon Edna May Cracow Ernest Henry Group
FY16 FY17 Group excludes Pajingo
Group AISC [1] (per ounce) Operating Mine Cash Flow (A$M)
US$1,259
A$1,228
A$1,083
A$1,036
A$1,014 707
US$995 628
A$905
US$867
306
245
US$739 168
US$683
FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
Keep to this font and colour for pictures
1 All US$ values calculated using the average AUD:USD FX rate in the relevant financial year
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The discover aradox y p

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• 60 gold deposits exceeding two million ounces discovered between 1997 and 2011

 Approximately 500 million ounces of gold or copper-gold resource inventory

• Porphyry deposits accounted for 43%

• Only one of these porphyry deposits has since been developed – Oyu Tolgoi

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Palaeoplacer IOCG
13.2Moz 11.9Moz Skarn
Carb- 3.0Moz
hosted
20.4Moz
EpiL
Gold discoveries >2 Moz 62.7Moz
Porphyry
Host rock resource inventory 218.5Moz
1997 – 2011
EpiH
64.4Moz
Orogenic
116.2Moz
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Source: SNL Metals & Mining 2011

Reserve rowth g

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• Organic growth through intensive discovery and resource definition drilling programs

• Acquisition of high quality, low cost ounces

• December 2014 → December 2016:

• Ore Reserves increased by 218%

• Reserves per share increased by 33%

• Reserve life[1] increased by 63%

• Ore Reserves calculated using conservative gold price assumption of A$1,350/oz

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8.3
7.0
5.1
4.2
3.1
2.2
Ore Reserves (Moz) Reserves per Share (oz/1000) Reserve Life (years)
Dec-14 Dec-16
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1. Reserve life = Ore Reserves divided by annual production
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Mun ari ex loration g p

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• FY17 aggressive exploration program delivered strong results

• A$19M expenditure & >150km drilling

• 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 5.1 g/t Au (BURC076)

• Discovery drilling indicates potential extensions to historic open cut

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

• Gravity survey completed

• Follow up drilling has commenced

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

Location map of Mungari regional projects and drilling targets

Vision

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Be known as a company that is good for your career

Move meaningfully down the Bradley curve for risk

Improve operational efficiency and productivity

Develop an ore body we have discovered

Inspired people creating Australia’s premier gold company

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ASX code: EVN www.evolutionmining.com.au

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	43.70	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
Edna May1	Open pit	0.5	-	-	-	6.88	1.01	224	6.88	1.01	224	3
Edna May1	Underground	2.5	-	-	-	1.34	4.69	202	1.34	4.69	202	7
Edna May1	Total		-	-	-	8.22	1.61	426	8.22	1.61	426
Mt Carlton1	Open pit	0.8	-	-	-	4.67	4.60	691	4.67	4.60	691	4
Mt Carlton1	Underground	3.7	-	-	-	0.17	7.77	42	0.17	7.77	42	7
Mt Carlton1	Total		-	-	-	4.84	4.71	733	4.84	4.71	733
Mt Rawdon1	Open pit	0.3	1.70	0.60	33	30.99	0.84	840	32.69	0.83	873	5
Mungari1	Underground	2.9	0.45	6.01	87	1.10	4.88	173	1.55	5.21	260	6
Mungari1	Open pit	0.7	0.58	0.93	18	5.19	1.69	282	5.77	1.61	299	6
Mungari1	Regional	0.85	-	-	-	0.98	1.35	43	0.98	1.35	43	6
Mungari1	Total		1.03	3.15	105	7.27	2.13	498	8.30	2.25	602
Ernest Henry2 Underground 0.9			7.15	0.71	163	52.30	0.48	801	59.45	0.50	964	8
Total			53.92	0.79	1,366	177.35	0.99	5,624	231.27	0.94	6,990

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

1. Includes stockpiles

2. 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

3. 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. Guy Davies; 4. Tony Wallace; 5. Dimitri Tahan; 6. Matt Varvari; 7. Ian Patterson; 8. 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

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	43.70	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
Edna May1	Open pit	0.4	–	–	–		15.96	0.95	487	2.19	0.85	60	18.15	0.94	547
Edna May	Underground	2.5	–	–	–		1.12	7.68	278	0.09	7.63	23	1.22	7.68	301
Edna May	Total		–	–	–		17.09	1.39	765	2.28	1.13	83	19.37	1.36	848	4
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		9.10	2.84	830	0.79	4.76	121	10.43	2.92	979	5
Mt Rawdon1	Total	0.2	1.70	0.60	32		45.60	0.74	1,089	3.49	0.58	65	50.79	0.73	1,186	6
Mungari1	Open pit	0.5	0.58	0.93	17		6.38	1.74	357	0.04	0.75	1	7.00	1.67	376
Mungari1	Underground	2.5/1.5	0.97	7.88	247		3.98	3.56	456	1.60	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	1.50	552	43.91	1.13	1,592	3
Ernest Henry2	Total	0.9	12.10	0.70	272		68.70	0.59	1,303	9.00	0.50	145	89.80	0.60	1,720	7
Marsden	Total		–	–	–		160.00	0.21	1,070	15.00	0.07	30	180.00	0.20	1,100	8
Total			59.81	0.87	1,673		474.24	0.72	11,029	49.73	0.92	1,475	588.79	0.75	14,178

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. 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.

3. 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. Greg Rawlinson; 5. Matthew Obiri-Yeboah; 6. Hans Andersen; 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

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.

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

Our Evolution

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Acquisition of
Mungari economic
acquisition interest in
with La Mancha
Ernest
Cowal Takeover of
Henry
acquisition Phoenix
Tennant
Gold
Creek JV Puhipuhi
with acquisition FY10 FY17
Mt Carlton exploration project
Emmerson
first concentrate Resources FY10 FY16
produced
Evolution
March 2013
FY10
Conquest formed FY15
takeover of November 2011 844koz
FY10
North FY14
Queensland 803koz
Metals FY10 FY13 Pajingo
437koz divested
FY10
FY12 Marsden
428koz project
FY10
FY10 acquisition
393koz
280koz
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Additional o ortunities at Cowal pp

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• Assessing further asset enhancement opportunities including:

• 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

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

  • E46, E41, Galway and Regal

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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

Mt Rawdon

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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
generation cash flow since 2005 >80kozpa ounces per employee produced cash flow A$41M Cracow outside
since FY13
Field
25
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Edna Ma y

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• Turnaround progressing under new management post strategic review

• Significant increase in gold production and decrease in AISC in June 2017 quarter

• Production from underground to commence in FY18

• Mineral Resources 848koz Au

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 Ore Reserves 426koz Au
Greenfinch
67koz
Edna May
open pit
471koz
Edna May
underground
301koz
Edna May Mineral Resources
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Edna May Mineral Resources are provided in the ASX release 20 April 2017 “Annual Mineral Resources and Ore Reserves Statement” and is available on the Company’s website