EVOLUTION MINING LIMITED — Regulatory Filings 2017

May 16, 2017

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Global Metals, Mining & Steel Conference 2017 May 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.

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

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Executin a clear and consistent strate g gy

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Australia

• Low risk, first world, politically stable jurisdiction

• Highly skilled mining workforce

Mid-tier

• 6 – 8 asset portfolio to ensure focus is maintained

Low cost

• Five consecutive years of reducing All-in Sustaining Costs

• Among the lowest cost gold producers in the world

Reliability

• Five consecutive years of meeting production and cost guidance

Strong returns

• Peer leading free cash flow per ounce generation

• Capital growth and increasing dividends

Growth

• Strong cash flow funding near mine and regional exploration

• Delivering value accretive acquisitions to improve portfolio quality

Building a business that prospers through the cycle

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	Overview
	ASX code	EVN
	Shares outstanding	1,683M
	Market capitalisation(1)	A$3,685M / US$2,765M
	Average daily share turnover(2)	A$25M / US$19M
	Net debt(3)	A$541M / US$406M
	Forward sales(3)	518,992oz at A$1,639/oz
	Dividend policy	4% of revenue
	Major shareholders	La Mancha 28%(4), Van Eck 8%

Group gold production (ounces)

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830,000 –
820,000 –
800,000 –
890,000
803,476 880,000
860,000
FY16 FY17F FY18F FY19F
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392,920 427,703 437,570
280,401
FY12 FY13 FY14 FY15
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(1) Based on share price of A$2.19 per share on 8 May 2017 (2) Average daily share turnover for three months through to 8 May 2017

(3) As at 31 March 2017 (4) Relevant Interest

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

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$1,800 Bubble size represents FY17F production guidance[(1) ] $1,600

$1,400 Group Reserve life > 8 years $1,200 Mt $1,000 Carlton $800 Cowal Mt Mungari Rawdon Edna $600 May Cracow Pajingo $400 $200 - 2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs 14 yrs Indicative reserve life based on FY17 production level[(1)(2)]

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 “FY16 Preliminary Results, FY17 Guidance and FY19 Outlook” released by Evolution to ASX on 28 June 2016 and is available to view on www.asx.com.au (2) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 20 April 2017 and is available to view on www.asx.com.au

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

Cowal (100%)

• Gold Reserves 2016 (Moz)[(1) ] 3.20

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

• Reserve Grade 2016 (Au g/t) 0.85

• FY16A Au Production (koz) 238

• FY17F Au Production (koz)[(2) ] 245 – 260

• FY17F AISC (A$/oz)[(2) ] 885 – 945

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Ernest Henry[(5)(6) ] (Evolution economic interest)

• Reserves 2016[(7) ] 0.96Moz Au, 182kt Cu

• Resources 2016[(7) ] 1.73Moz Au, 315kt Cu  Reserve Grade 2016[(7) ] 0.50g/t Au, 1.02% Cu  CY15A Production 88koz Au  FY16A Production[(3) ] 88koz Au  FY16A AISC[(4) ] A$(59)/oz payable Au

Ore Reserves: 7.0Moz Mineral Resources: 14.2Moz

Mungari (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.60

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

• Reserve Grade 2016 (Au g/t) 2.2

• FY16A Au Production (koz) 137

• FY17F Au Production (koz)[(2) ] 150 – 160

• FY17F AISC (A$/oz)[(2) ] 970 – 1,030

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  FY16A Au Production (koz) 71  FY17F Au Production (koz)[(2) ] 80 – 85  FY17F AISC (A$/oz)[(2) ] 1,140 – 1,220

Cracow (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.19

• Gold Resources 2016 (Moz)[(1) ] 0.52  Reserve Grade 2016 (Au g/t) 5.7  FY16A Au Production (koz) 91  FY17F Au Production (koz)[(2) ] 80 – 85  FY17F AISC (A$/oz)[(2) ] 1,100 – 1,160

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  FY16A Au Production (koz) 113  FY17F Au Production (koz)[(2) ] 90 – 100  FY17F AISC (A$/oz)[(2) ] 675 – 725

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  FY16A Au Production (koz) 85  FY17F Au Production (koz)[(2) ] 90 – 100  FY17F AISC (A$/oz)[(2) ] 960 – 1,040

See slide 24 for footnotes and the appendix of this presentation for further information on Mineral Resources and Ore Reserves Keep to this font and colour for pictures Bubble size denotes FY17 forecast production Mineral Resources and Ore Reserves are depleted to 31 December 2016

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Cowal
July Evolution March
2015 Performance 2017
MINING MINING
2024
PERMIT TO + 8 years PERMIT TO 2032
2014 2016
1.56Moz [1 ] + 2.28Moz [2 ] 3.20Moz [3 ]
RESERVES RESERVES
2014 MINERAL 3.43Moz [1 ] + 2.24Moz [2] 2016 MINERAL
5.04Moz [3]
RESOURCES RESOURCES
July 2015 – March 2017
GOLD
439koz
PRODUCTION ADDITIONAL UPSIDE
PURCHASE NET MINE - CO-TREAT OXIDES
PRICE A$703M CASH FLOW A$292M - INCREASE THROUGHPUT
-
E41, E46, GALWAY/REGAL
DISCOVERY
A$22.2M
SPEND
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1. 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

2. Prior to mining depletion

3. Depleted to 31 December 2016

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

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[1] :

• 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

• March 2017 quarter production:

• 22,246 ounces Au at negative AISC of A$(447)/oz

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

A$40.3 million

Net cash received from first three months of production (Nov 2016 – Jan 2017)

(1). This information is extracted from the report entitled “Acquisition of an Economic Interest in the World Class Ernest Henry Copper-Gold Mine and Pro Rata Entitlement Offer to Raise A$400 Million” released by Evolution to ASX on 24 August 2016 and is available to view on www.asx.com.au.

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Mun ari g

• Strategic footprint in the world-class Kalgoorlie region

• ~990km[2] land position

• Early phase of exploration programme

• Strategically located 1.7Mtpa CIL processing plant

• Significant potential to expand production and extend mine life

• Upgrading regional resources to reserves to advance towards production

Upside opportunities

• Plant optimisation

• Near mine targets at Frog’s Leg and White Foil

• Drill testing mine corridor for repetitions of high-grade mineralisation along Zuleika and Kunanalling shear

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Ora Banda
(92koz)
Zuleika
(320koz)
>500koz
>200koz Castle Hill
(743koz)
>50koz Burgundy
(77koz)
Kunanalling
(294koz)
Frog’s Leg
(564koz)
White Foil
Cutters (627koz)
Ridge
(62koz)
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Resource information is extracted from the report entitled “ Annual Mineral Resources and Ore Reserves Statement” released by Evolution to ASX on 20 April 2017 and is available to view on www.asx.com.au. Further information and footnotes on the Mungari Mineral Resource is provided in the appendix of this presentation

Mt Carlton

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

• Developed by Evolution and commissioned in 2013 – initial project capital fully repaid by December 2016

• Strong cash generation with FY16 net mine cash flow of A$103 million

• Successful infill drilling into West and Link zones defining high grade mineralisation extensions

• :

• Significant intersections include[1]

• 11m (7.78m etw) grading 21.23g/t Au from 171m (HC16DD1203)

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V2 Reserve Pit
Schematic section of V2 Ore West Zone
Link Zone
Reserve pit, East, West and
Link zone target areas and
planned drill holes Lower rhyodacite
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1. This information is extracted from ASX release entitled “September 2016 Quarterly Report” released on 17 October 2016 and is available on www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement . Reported intervals are down hole widths as true widths are not currently known. An estimated true width (etw) is provided.

Mt Rawdon

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Nov Evolution March 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 March
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 284km
Intensive drilling rates
over 20 years in 5 years
37%
Solid and Reliable FY16 Greenfields
predictable producer increase in ~1.2Moz net mine Exploration
generation cash flow since 2005 >80kozpa ounces per employee produced cash flow A$40M Cracow outside
since FY13
Field
13
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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 expected from June 2017 quarter

• Production from underground to commence in FY18

• Mineral Resources 848koz Au

• Ore Reserves 426koz Au

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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

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Hi h mar in business g g

EBITDA Margin

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66%
59% 60% 58% 58%
49% 46% 48% 47% 45% 52% 46% 50%
17%
11%
Cowal Mungari Mt Carlton Mt Rawdon Edna May Cracow Ernest Henry Group
FY16 FY17 Half Group excludes Pajingo in FY17 Half
Group AISC [1,2] (per ounce) Operating Mine Cash Flow (A$M)
US$1,259
A$1,228
A$ 1,083
A$ 1,036
A$ 1,014
US$995
A$ 930 628
US$867
US$739 306 339
US$698 245
168
FY13 FY14 FY15 FY16 FY17F FY13 FY14 FY15 FY16 H1 FY17
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1 All US$ values calculated using the average AUD:USD FX rate in the relevant financial year Keep to this font and colour for pictures 2. FY17F uses midpoint of Company guidance

1 Shaded bar in FY17 is first half Operating Mine Cash flow annualised

Stand-out amongst global peers

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Enterprise Value/Production (US$/oz)
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2017 Peer Positioning

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8,000
Agnico Eagle
7,000
Randgold
Newcrest
B2Gold
6,000 Goldcorp
Eldorado
Torex
5,000
Barrick
4,000 Detour
Oceana
Tahoe Northern Star
Rox Gold
3,000
Newmont Evolution
Resolute Acacia
2,000
St Barbara
Perseus
1,000
Bubble size represents annual production
0
-25 0 25 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 475 500
Free Cash Flow (US$/oz)
Source: Global Mining Research April 2017 Keep to this font and colour for pictures Keep to this font and colour for pictures ASX Listed Offshore Listed
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Source: Global Mining Research April 2017 Keep to this font and colour for pictures Keep to this font and colour for pictures

Three ear outlook y

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Production (koz)

AISC (US$/oz)[1]

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860 880 890
803 800 820 830 867 720 675 675
739
675
630 625
438
FY15A FY16A FY17 FY18 FY19 FY15A FY16A FY17 FY18 FY19
Production actual Production Low Production High AISC Actual AISC Low AISC High
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1.Evolution has provided a three year AISC outlook in Australian dollars on slide 23. The Company does not issue guidance in US dollars. The US dollar values quoted in this three year outlook for FY17, FY18 and FY19 are based on the average AUD:USD exchange rate for the December 2016 half year of 0.75. US dollar AISC guidance will fluctuate with the exchange rate

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ASX code: EVN www.evolutionmining.com.au

FY17 uidance g

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FY17 Guidance	Gold production (oz)	All-in sustaining cost (A$/oz)	All-in sustaining cost (US$/oz)3
Cowal	245,000 – 260,000	885 – 945	665 – 710
Mungari	150,000 – 160,000	970 – 1,030	730 – 775
Mt Carlton	90,000 – 100,000	675 – 725	505 – 545
Mt Rawdon	90,000 – 100,000	960 – 1,040	720 – 780
Edna May	80,000 – 85,000	1,140 – 1,220	855 – 915
Cracow	80,000 – 85,000	1,100 – 1,160	825 – 870
Pajngo1	10,000	1,230 – 1,270	925 – 955
Ernest Henry2	55,000 – 60,000	100 – 150	75 – 115
Corporate	–	30–35	23–26
Revised Group	800,000 – 860,000	900–960	675–720

1. Pajingo sale completion 1 September 2016

2. Assumed Ernest Henry attributable production from 1 November 2016. Copper price assumption A$6,000/t; A$2.72/lb 3. Assumed AUD:USD FX of 0.7500

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.

4. 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

Slide 6 notes

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Source: Data sourced from Company reported figures and guidance where available. Location size denotes production for FY2016

• (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

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

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

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

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

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

• (7) This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at glencore.com. Copper Mineral Resources and Ore Reserves are reported on a 30% basis

Production tar et g

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

Material Assumptions

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

Silver A$20/oz

Copper[3] A$6,000/t (A$2.72/lb) Diesel A$90/bbl. (Gasoil 10ppm FOB Singapore)

Competent Persons Statement

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

Cautionary statement concerning the proportion of Inferred Mineral Resources

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

Cautionary statement concerning the proportion of Exploration Target

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

The potential quantity and grade of an exploration target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that the production target itself will be realised

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

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

• (1) Assumes attributable production from Ernest Henry from 1 November 2016

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

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

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 800-860koz
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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*FY17 forecast production