EVOLUTION MINING LIMITED — Regulatory Filings 2018

Sep 3, 2018

2018 INVESTOR DAY

2018 INVESTOR DAY INTRODUCTION AND MARKET UPDATE

B R Y A N O ’ H A R A – G E N E R A L M A N A G E R I N V E S T O R R E L A T I O N S

==> picture [248 x 164] intentionally omitted <==

==> picture [948 x 540] intentionally omitted <==

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

SAFETY
You are here
BRIEFING

Hilton Sydney Hotel

State Room

Facilities

Emergency exits
Emergency
exits
Toilets
3
----- End of picture text -----

EVACUATION ASSEMBLY POINT

 Assembly point on corner of York and Market Street outside the Queen Victoria Building

==> picture [65 x 43] intentionally omitted <==

==> picture [722 x 373] intentionally omitted <==

4

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.

==> picture [65 x 43] intentionally omitted <==

5

PRODUCTION TARGET

PRODUCTION TARGET FY19 – FY21	PRODUCTION TARGET FY19 – FY21	PRODUCTION TARGET FY19 – FY21	PRODUCTION TARGET FY19 – FY21	PRODUCTION TARGET FY19 – FY21
Period	Gold Production (koz)	AISC (A$/oz)	Sustaining capital (A$/M)	Major project capital (A$M)
FY19	720 – 770	850 – 900	105 – 135	150 – 180
FY20	720 – 770	850 – 900	115 – 145	115 – 145
FY21	700 - 750	870 - 920	95 - 125	115 - 145

Cautionary statement concerning the proportion of Exploration Targets[1]

Of Evolution’s Production Outlook, 2% is comprised of Exploration Targets. The potential quantity and grade of this exploration target is conceptual in nature and there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that production target itself will be realised.

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.

Material Assumptions

The material assumptions on which the Production Target is based are presented in ASX release Annual Mineral Resources and Ore Reserves Statement” released to the ASX on 19 April 2018 and available to view at www.evolutionmining.com.au. The material assumptions upon which on which the forecast financial information is based are:

Silver	A$20/oz
Copper	A$8,800/t
Diesel	A$110/bbl

Competent Persons Statement

The estimated Mineral Resources and Ore Reserves underpinning the Production Target and Exploration 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.

Relevant proportions of Mineral Resources and Ore Reserves underpinning the Production Target

The Production Target comprises 96.5% Probable Ore Reserves, 1.5% Inferred Mineral Resources and 2% Exploration Targets.

==> picture [65 x 43] intentionally omitted <==

1. For information on the Exploration Targets, refer to ASX release entitled “Three Year Outlook and High-Grade Drill results from new Dalwhinnie Lode at Cowal” released to the ASX on 4 September 2018 and available to view at www.evolutionmining.com.au

6

INVESTOR DAY AGENDA

9.00am – 11.00am Session One

==> picture [927 x 171] intentionally omitted <==

Bryan O’Hara

General Manager – Investor Relations

Jake Klein

Executive Chairman

Lawrie Conway

Finance Director and CFO

Aaron Colleran

VP – Business Development and IR

Glen Masterman

VP – Discovery and Chief Geologist

Bob Fulker

Chief Operating Officer

Introduction and market update

Strategic vision and sustainability

Financial discipline and outlook

Business Delivering on development discovery

Innovation, asset optimisation, Ernest Henry

7

INVESTOR DAY AGENDA

11.20am – 1.00pm Session Two

==> picture [927 x 171] intentionally omitted <==

Craig Fawcett Andrew Millar Richard Hay Jason Floyd Jamie Coad General Manager General Manager General Manager General Manager General Manager Cowal Mungari Mt Carlton Cracow Mt Rawdon operation operation operation operation operation

8

MARKET UPDATE

==> picture [446 x 340] intentionally omitted <==

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

Australian dollar gold price per ounce
A$/oz
1,900
A$ gold price
1,800
1,700
1,600
1,500
1,400 Evolution reserve price assumption [1]
1,300
1,200
1,100 Evolution All-in Cost [2]
1,000
01-Jul-2013 01-Jul-2014 01-Jul-2015 01-Jul-2016 01-Jul-2017 01-Jul-2018
----- End of picture text -----

1. Evolution has used a conservative gold price of A$1,350/oz for estimating Ore Reserves since Company formation

==> picture [65 x 43] intentionally omitted <==

1. All-in costs include C1 cash costs, plus royalties expenses, plus general and admin expenses, plus all sustaining and major project (growth) capital, plus discovery expenditure. Calculated on a per ounce sold basis

Australian gold producers in good shape…

• Generating record profits

• Reliable operating performance

• Exciting organic growth opportunities

• Strong balance sheets

• Robust A$ gold price

…but investors are currently concerned about:

• Cost pressures

• Skills shortages

• US$ gold price outlook

9

EVOLUTION SNAPSHOT

ASX code	EVN
Market capitalisation(1)	A$4.5B
Average daily turnover(2)	A$32M
Net debt(3) Forward sales(3)	A$72M 250,000oz at A$1,711/oz
Dividend policy	Payout of 50% of after tax earnings
Major shareholders	Van Eck 14.0% La Mancha 9.6%
Mineral Resources(4)	14.3Moz
Ore Reserves(4)	7.2Moz

(1) Based on share price of A$2.65 per share on 31 August 2018 (2) Average daily share turnover for one month through to 31 August 2018 (3) As at 30 June 2018 (4) See Appendix for details on Mineral Resources and Ore Reserves

==> picture [65 x 43] intentionally omitted <==

==> picture [240 x 320] intentionally omitted <==

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

Asia Other
3.1% 0.4%
UK and
Europe
18.3%
Australia
47.9%
North
America
30.3%
Evolution Register
September 2018
----- End of picture text -----

10

==> picture [248 x 163] intentionally omitted <==

2018 INVESTOR DAY STRATEGIC VISION AND SUSTAINABILITY

– JAKE KLEIN EXECUTIVE CHAIRMAN

CLEAR AND CONSISTENT STRATEGY

Build a reputation for reliability and transparency Reduce All-in sustaining costs Increase free cash flow per share

Increase returns via dividends

Extend reserve life

==> picture [65 x 43] intentionally omitted <==

12

PORTFOLIO MANAGEMENT

==> picture [858 x 424] intentionally omitted <==

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

Group AISC Impact
April 2015 Mungari acquisition  A$30/oz
May 2015 Cowal acquisition  A$100/oz
August 2016 Ernest Henry economic interest acquisition  A$100/oz
August 2016 Pajingo divestment  A$15/oz
September 2017 Edna May divestment  A$50/oz
Operating cash flow (A$M) Group AISC
US$1,259
A$1,083
A$1,228
A$1,036 A$1,014
A$907
812
US$995 A$797
707
628
US$867
306 US$739
245 US$684
168
US$618
FY13 FY14 FY15 FY16 FY17 FY18
FY13 FY14 FY15 FY16 FY17 FY18
----- End of picture text -----

13

SAFETY

Driving a culture where our people are doing the right thing because they want to – not because they have to

• Consistent improvement in Group total recordable injury frequency

• Major work undertaken to improve the quality of incident investigations and critical controls

==> picture [487 x 193] intentionally omitted <==

==> picture [65 x 43] intentionally omitted <==

==> picture [274 x 14] intentionally omitted <==

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

Total Recordable Injury Frequency (TRIF)
----- End of picture text -----

==> picture [425 x 178] intentionally omitted <==

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

24.4
19.9
12.0
9.6 9.7
8.0
5.5
FY12 FY13 FY14 FY15 FY16 FY17 FY18
----- End of picture text -----

==> picture [423 x 184] intentionally omitted <==

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

Lost Time Injury Frequency (LTIF)
5.3
3.7
2.1
1.8
1.0
0.4 0.5
FY12 FY13 FY14 FY15 FY16 FY17 FY18
----- End of picture text -----

14

ENVIRONMENTAL STEWARDSHIP

• Five environmental enhancement projects underway

• Environmental protocols implemented to manage environmental impacts and risk

• Life of mine environmental management plans developed for all sites

• Environmental assurance audit program and environmental compliance

• Periodic reviews to ensure that performance targets and objectives are being met

• No material environmental incidents

==> picture [482 x 284] intentionally omitted <==

We are committed to achieving an outstanding level of environmental performance at all our sites

==> picture [65 x 43] intentionally omitted <==

15

SOCIO-ECONOMIC CONTRIBUTIONS

• Social licence to operate score 4.1 out of 5.0

• ‘High approval’ – a high level of social licence compared to other global miners[1]

• Nine Shared Value projects underway – creating tangible, sustainable legacies in our communities beyond the life of our mine

• A$1B contributed to the Australian economy in FY18

• Royalties: A$49M

• Taxes: A$48M

• Wages: A$226M

• Goods and Services: A$614M

  • Direct spend with local community organisations: A$80M

• Net interest: A$18M

• Dividends: A$110M

==> picture [458 x 344] intentionally omitted <==

• 52% of employees across our operations are locals

• 4% of employees identify as Aboriginal or Torres Strait Islander

Somewhere Down the Lachlan (NSW) sculpture trail - a Shared Value Project to promote regional tourism

16

1. Evolution’s 2018 Stakeholder Perception Survey by Deloitte

OUR PEOPLE

Attract, engage, develop and retain talent

• Developing our leaders via bespoke leadership programs

• Guiding Our Leaders Program (GOLD) completed by 119 of our senior leaders

• SILVER Program completed by 201 of our front line managers

• Supporting Graduate Programs and Vacation Employment through the cycle

• 11 graduates to commence in 2019 – 55% female intake

• Building our talent pipelines through strengthening relationships with universities and high schools

• Queensland Minerals Education Academy partnership

• Creating flexible work opportunities

• Mungari Return to Work program

• Rewarding our people for challenging the status quo and delivering operational improvements

• Act like an Owner Program

==> picture [65 x 43] intentionally omitted <==

==> picture [458 x 291] intentionally omitted <==

Inspired people creating Australia’s premier gold mining company

17

EVOLUTION'S DNA

==> picture [127 x 388] intentionally omitted <==

Know the opportunity Act boldly Be different Keep an open mind Be humble

18

A BRIGHT FUTURE

Operations Continued reliable delivery Intense focus on cost improvements Developing innovative new technology Business Development Strong track record of creating value Know the opportunity and act boldly Logical, value accretive, opportunistic

Discovery Upgrading our exploration pipeline Cowal success to add significant value A$40 – 55M exploration investment in FY19 Financial Returns Continued low cost production Focus on margin over ounces Strong cash flow and growing dividends

==> picture [65 x 43] intentionally omitted <==

19

2018 INVESTOR DAY

FINANCIAL DISCIPLINE AND THREE YEAR OUTLOOK

L A W R I E C O N W A Y – F I N A N C E D I R E C T O R A N D C F O

==> picture [248 x 163] intentionally omitted <==

20

GENERATING SUPERIOR FINANCIAL RETURNS FY18 FINANCIAL RESULTS

==> picture [875 x 429] intentionally omitted <==

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

AISC AIC
Low cost 12% 4%
A$797/oz A$1,033/oz
EBITDA AIC
High margin 53% 8% 8%
A$612/oz
margin mar in
g
Group Cash flow
High cash cash flow
4% per share 2%
generation
A$396M 23 cents
Strong Gearing Dividends
balance 83% 50%
2.7% 7.5 cents
sheet
----- End of picture text -----

21

COST STRUCTURE

• Top seven expense groups account for ~78% of total costs

• Proactively managing input costs

• Cost reduction of 10% on A$100M of contracts in past year

• Continue to competitively test market for cost reductions

• Major focus on productivity and efficiency improvements

• Labour: employee and contractors comprises ~46%

• Labour rate movements averaging 3%

• No material increases expected in near term

• Employee voluntary turnover rate of 12%

• Power costs secured for next 3 years

• Increase over FY17 prices was 40%

• Evaluation of alternative source in progress

==> picture [384 x 376] intentionally omitted <==

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

Other, 22%
Employee
Labour, 30%
Cyanide, 3%
Diesel, 5%
Royalties, 6%
Contract
Labour, 16%
Power, 8%
Maintenance
Parts, 10%
----- End of picture text -----

==> picture [65 x 43] intentionally omitted <==

Excludes Ernest Henry Includes group overheads

22

PRODUCTION AND COST OUTLOOK

Production Outlook (koz)

• Production profile of >700koz for next 3 years

• Decrease from FY18 due to divested asset and grade trending to reserve level

• Consistent contribution across the portfolio

• Outlook is a base case with upside potential

• Copper production 3 year outlook of 20-22ktpa

• Low cost (AISC) production maintained

• Mitigating impact of cost pressures and lower grade

• Potential for lower costs

• Delivery of upside potential or growth options

• Outperformance of grade

==> picture [65 x 43] intentionally omitted <==

See slide 6 of the Introduction section of this Investor Day Presentation for cautionary statements on the production outlook

==> picture [453 x 417] intentionally omitted <==

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

11 770 770 750
22
833
780
720 720 700
FY17 FY18 FY19 FY20 FY21
Production Low Production High Divested Assets
AISC Outlook (A$/oz)
920
900 900
907 850 850 870
797
FY17 FY18 FY19 FY20 FY21
23
AISC Low AISC High
----- End of picture text -----

CAPITAL OUTLOOK

Sustaining Capital Outlook (A$M)

• Higher sustaining capital at Cowal for next 2 years

• Setting up tailings management for extended life  FY19: A$20-25M; FY20: A$40-45M; FY21: A$20-25M

• Consistent sustaining capital at all other sites

• Major project capital investing for future production

• Cowal Stage H:FY19 & FY20 A$70-75M; FY21 A$60-65M

• Cowal plant expansion: A$40-45M over FY20-21

• Mt Carlton UG: A$20-25M over FY19-21

• Mt Rawdon cutback: A$25-30M in FY19

• Mungari regional pits & White Foil UG: FY21: A$25-30M

• Committed to exploration for growth

• Investing A$40-55M in FY19

• GRE46 at Cowal: A$25-30M

• Capacity for higher allocation

==> picture [65 x 43] intentionally omitted <==

==> picture [444 x 421] intentionally omitted <==

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

145
135
125
116 115
101 105 95
FY17 FY18 FY19 FY20 FY21
Sustaining Capex Low Sustaining Capex High
Major Project Capital Outlook (A$M)
180
145 145
171
150
128
115 115
FY17 FY18 FY19 FY20 FY21
Major Capex Low Major Capex High 24
----- End of picture text -----

RETURN ON INVESTMENT

Return on Invested Capital (%) and Asset Payback (%)

==> picture [262 x 109] intentionally omitted <==

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

Cracow
17%p.a. for
6.5 years
100%+
----- End of picture text -----

Mt Carlton 24%p.a. for 5 years Mt Rawdon 13%p.a. for 6.5 years Mungari Ernest Henry 20%p.a. for 21%p.a. for 3 years 1.5 years 6 8 10 Reserve Life (Years)

50%

==> picture [144 x 30] intentionally omitted <==

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

0%
- 2
----- End of picture text -----

==> picture [65 x 43] intentionally omitted <==

Size of bubble represents Return on Invested Capital

Cowal 23%p.a. for 3 years

4

12

14

25

MINE CASH FLOW

• Strong mine cash flow projected to continue[1]

• No material decrease from FY18

• Grade trending back to reserve

• Higher capital investment for future production

• All mines projected to be cash flow positive after investment over next three years

• Potential for higher cash flow from grade and associated copper production

• Opportunities to sustain and increase cash generation

• Plant expansion & higher grade (from GRE46) at Cowal

• Mungari achieving 150koz production profile

• Extensions at Cracow

==> picture [65 x 43] intentionally omitted <==

Mine Cash Flow (A$M)[1]

==> picture [474 x 443] intentionally omitted <==

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

812
737 733 730
706
628
272
244 285 260 240
200
540
428 461 452 473 490
FY16 FY17 FY18 FY19 FY20 FY21
Net Mine Cash flow Capital Expenditure
FY19-21 Net Mine Cash Flow Sensitivities (A$M) [1]
(60) Au Price (-/+ A$100/oz) 60
(55) Grade (-/+5%) 55
(30) Op Costs (+/-5%) 30
(25) Total Capex (+/-10%) 25
(25) Recovery (-/+2%) 25
(20) Cu Price (-/+ A$1,100/t) 20
(5) Diesel (+/-US$10/bbl) 5
(5) Cu Tonnes (-/+ 500t) 5
----- End of picture text -----

1. FY16 to FY18 Actuals; FY19 to FY21: Outlook. Outlook and sensitivities based on mid-point production and costs and FY18 achieved metal prices

26

CAPITAL MANAGEMENT

• Strong and flexible balance sheet

• Liquidity of A$673M (30 June 2018)

• Track record of appropriate use of debt

• Gearing of 10-15% in normal environment

• Gearing of 25-35% for growth or acquisition

• Willing to return excess cash

• Use hedging to protect balance sheet

==> picture [467 x 209] intentionally omitted <==

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

Gearing and Leverage Ratio
1.6
1.0
0.6
0.4
0.1 0.1
32%
24%
15% 16%
4% 3%
FY15 Pre Jul-15 Cowal / Jun-16 Oct-16 Ernest Jun-17 Jun-18
Equity Mungari Henry
Gearing Leverage Ratio (Net Debt to EBITDA)
----- End of picture text -----

 Up to 25% of annual production

• Dividend policy of 50% of net profit

• Fully franked

• Will review based on cash and franking credit position

• No plans for buy-backs

==> picture [65 x 43] intentionally omitted <==

7.5

Cumulative Dividends Declared (A$M & cps)

==> picture [428 x 177] intentionally omitted <==

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

5
3
298
2 2
171
1
87
43
7 21
FY13 FY14 FY15 FY16 FY17 FY18
Cumulative Dividends Declared A$M (Pre-DRP) Cents per share 27
----- End of picture text -----

SUMMARY

• Sustainable low cost production

Outlook to FY21

• Focus on margin over ounces

• Investing now to grow production profile

• Upside potential taking shape at a number of assets

• Low-cost high margin business

Costs and margin

• Assets self-funding and generating high returns on investments

• Continued focus on input cost savings and efficiency improvements

• Strong and flexible balance sheet

Capital management

• Dividend policy of 50% of net profit and fully franked

• Return excess cash to shareholders

==> picture [65 x 43] intentionally omitted <==

28

==> picture [248 x 163] intentionally omitted <==

2018 INVESTOR DAY BUSINESS DEVELOPMENT

- AA RO N COLLERA N VP BU S IN ESS DEVELO PM EN T A N D IN VESTO R RELATIO N S

M&A STRATEGY

• The rules are reasonably simple:

• Improve the quality of the portfolio

• Logical

• Value accretive

• Opportunistic

• But delivery is not simple. It requires the ability to:

• Recognise the opportunity

• Execute the transaction

• Integrate acquired assets

==> picture [65 x 43] intentionally omitted <==

Improve portfolio quality

==> picture [477 x 415] intentionally omitted <==

Remain disciplined

30

M&A CAPABILITY

• 2010 Takeover of North Queensland Minerals

• 2010 Acquisition of Pajingo (40%)

• 2011 Merger of Conquest and Catalpa

• 2011 Acquisition of Mt Rawdon and Cracow (70%)

• 2104 Joint Venture agreement at Tennant Creek

• 2015 Acquisition of Mungari

• 2015 Acquisition of Cowal

• 2015 Takeover of Phoenix Gold

• 2016 Divestment of Pajingo

• 2016 Acquisition of Ernest Henry economic interest

• 2016 Acquisition of Marsden project

• 2017 Divestment of Edna May

• 2018 Restructure of Tennant Creek JV

• 2018 Acquisition of Connors Arc project

==> picture [65 x 43] intentionally omitted <==

==> picture [169 x 23] intentionally omitted <==

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

 M&A strategy provides clarity on
how M&A will create value
----- End of picture text -----

• A clear and consistent strategy helps to generate appropriate targets

==> picture [471 x 417] intentionally omitted <==

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

 Integration is critically important
 
Provide clear accountability for Deal logic must clearly identify
M&A
completion of integration tasks the opportunity and the value-add
strategy
Integration Deal logic
M&A
Capability
Deal
Diligence
Execution
 Experience counts Negotiation  Test the deal logic
 Move quickly  Avoid conventional wisdom
 Be guided by advisors not led  Diligence is not an
 Ramp-up integration planning interrogation process
 Collaborate with target to  Commence integration
planning
understand the opportunity
 Keep an open mind
 Set walk-away points
----- End of picture text -----

31

CURRENT ENVIRONMENT

M&A as exploration

M&A is starting to play an important role in exploration strategy – leading to increased investment in early stage assets

Foreign affairs

An unprecedented reversal of fortunes – leading to relative merit in Australian companies looking at assets in North America

Growing to maintain height

As pressure to maintain or grow production increases, there is a danger that discipline levels will decrease

==> picture [65 x 43] intentionally omitted <==

32

2018 INVESTOR DAY DELIVERING ON DISCOVERY

GLEN M ASTERM A N - VP DIS COVERY

==> picture [248 x 163] intentionally omitted <==

33

EXPLORATION FOOTPRINT

Approach: Upgrade the pipeline

==> picture [638 x 315] intentionally omitted <==

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

Deposit Styles Geographic
Drummond
Focus
•
Epithermal – Project Mt Carlton
low/intermediate & • Emphasis in A$1–2M A$1–2M
high sulfidation Australia
Tennant
• •
Orogenic lode gold Evaluating North
Creek
America
A$1–2M
Connors
Arc
Cracow
A$3–4M
A$2–3M
Partnerships
•
Become a partner
of choice Mungari
• Deploy Evolution A$15–20M Cowal
expertise A$15–20M
Resource definition drilling A$10–15 M
----- End of picture text -----

People

Tactics

• New, invigorated world class team

• Build land positions in key camps

• •

• Fostering a 3D architecture Discovery Culture and footprint vectoring

Enablers: Leveraging the best teams

Organisation

• Near-mine exploration – tailored to meet the needs of our operations

• Group Discovery – seasoned leadership; centre of technical expertise; evaluations and execution teams

34

EVOLUTION PIPELINE

==> picture [909 x 449] intentionally omitted <==

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

Exploration Conceptual/ Project Studies Development Operating Assets
Scoping Projects
Connors
Arc
Cowal
Mungari E42 OP
Regional
Mungari Mungari
Drummond 150koz OP + UG
Basin
Cracow
Mt Cowal UG
Cowal Cowal
Carlton Stage H
Regional 300koz Mt
UG FTL
Carlton
OP
Tennant
Mt
Creek
Marsden Rawdon
Ernest OP
Ernest
Henry
>1200m Henry
UG
Cracow
Regional
----- End of picture text -----

35

COWAL “KNOWN” ENDOWMENT

==> picture [866 x 438] intentionally omitted <==

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

E42
Reserves 3.0Moz
Resource 4.1Moz
Past Production
2.8Moz
Total E42
Endowment >6Moz
December 2017
Resource 5.8Moz Au
Reserves 3.0Moz Au
See the Appendix of this presentation for details of Mineral Resources and Ore Reserves
----- End of picture text -----

36

E42 & GRE46: RESULTS ≥ 1.0 g/t Au

2 kilometres

Inferred Mineral Resource: 5.9Mt at 3.2 g/t Au for 603koz

Stage G – current surface

==> picture [152 x 16] intentionally omitted <==

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

Stage H final pit shell
----- End of picture text -----

1.6@58.2 1535DD324 7.5@10.0 1535DD330

MSO shapes Area of recent infill drilling & Discovery of Dalwhinnie Lode

500 metres

See the Appendix of this presentation for details of Mineral Resources and Ore Reserves

37

DALWHINNIE LODE

==> picture [930 x 389] intentionally omitted <==

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

E46D3170
700mRL
1@7.9
E46D3219
E46RCD3061A
2@16.2
600mRL
E46D3171
1@38.0
500mRL
MSO E46D3219
6@67.3
shapes
E46D3202
1@17.4
400mRL
1535DD331H
3@69.9
86,300mE 86,400mE 86,500mE 86,600mE
----- End of picture text -----

==> picture [65 x 43] intentionally omitted <==

38

Further information on reported exploration results is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 presented in the Appendix of this presentation

GRE46 EXPLORATION DECLINE

2 kilometres

Stage G – current surface

Stage H final pit shell

MSO shapes

Design details

• 2,000 metres, 5.5mW x 5.5mH, 1:7 downward gradient

• A$20–22 million development

• A$6–7 million underground drilling (36,000m)

• Permit submitted with Division of Resources & Geoscience (DRG) • Review of Environmental Factors (20Kt bulk sample)

39

PLANNED UNDERGROUND DRILLING

Opportunity

• Confirm and expand high grade GRE46 resource

• UG project studies and production permitting

• Blend 3 – 4g/t Au underground feed and open pit ore to improve head grade

• Targeting 750 – 1,000ktpa production rate

• Accelerate underground schedule to match plant expansion

40

E41 WEST BLOCK MODEL

==> picture [807 x 411] intentionally omitted <==

41

DRILLING CONSTRAINED

==> picture [794 x 425] intentionally omitted <==

42

– MUNGARI FROG'S LEG DEEP TARGET

• Minimum target size – 50koz to 100koz depending on grade

• Importance of K2 position in Ora Banda stratigraphy

• Seeking repeat of “flexure”

• 320m decline extension,

• 4,900m drilling

• Scheduled completion mid-February

==> picture [361 x 326] intentionally omitted <==

==> picture [65 x 43] intentionally omitted <==

43

ORA BANDA CAMP

• ~3Moz historic gold production and resources at >3g/t Au

• Same stratigraphy recognised at Frog's Leg

• Preservation of the K2 and K2B positions on Evolution tenements (eg Scottish Archer)

• Gimlet South and Enterprise deposits developed on structures orientated at a high angle to stratigraphy

• Perimeter target trending on a similar orientation, hosted by the Bent Tree Basalt

• Note: Historic production information and resources sourced from: Mindat (www.mindat.org)

Tripp, Gerard Ignatius (2013) Stratigraphy and structure in the Neoarchaean of the Kalgoorlie district, Australia: critical controls on greenstone-hosted gold deposits. PhD thesis, James Cook University Evolution Mineral Resources : see the Appendix of this presentation

44

ORA BANDA CAMP

==> picture [368 x 368] intentionally omitted <==

Perimeter is a high-grade Gimlet South analogue hosted by parallel structures in the Bent Tree Basalt

==> picture [366 x 368] intentionally omitted <==

Scottish Archer is high-grade Frog’s Leg style analogue hosted by similar stratigraphy

1. This information is extracted from the report entitled “March 2018 Quarterly Report” released to the ASX on 19 April 2018 and “June Quarterly Report” released to the ASX on 19 July 2018 and available to view on www.evolutionmining.com.au.

45

HYMAP AIRBORNE MAPPING TECHNOLOGY

==> picture [91 x 14] intentionally omitted <==

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

CRACOW
----- End of picture text -----

MT CARLTON

==> picture [411 x 338] intentionally omitted <==

Cracow high-grade veins develop on the edges of magmatic-hydrothermal centres

==> picture [251 x 282] intentionally omitted <==

==> picture [250 x 282] intentionally omitted <==

Mineralisation at Mt Carlton developed within magmatic hydrothermal centres. We identify “hot spots” as accumulations of low pH clay.

46

QUEENSLAND PORTFOLIO

Drummond Project (Evolution earning 80%)

• Early-stage epithermal (low-sulfidation) vein project, 520km[2]

• Similar geologic setting to Pajingo

• Out-cropping veins exposed at a high level in the system, positive geochemical responses

• Drill-ready targets identified

Connors Arc Project (Evolution 100%)

• Large land package (3,500km[2] ) prospective for low (eg Cracow) and high sulfidation (eg Mt Carlton) epithermal deposits

• Several walk-up drill targets

• HyMap screen for new magmatic-hydrothermal centres

47

==> picture [248 x 163] intentionally omitted <==

2018 INVESTOR DAY INNOVATION AND ASSET OPTIMISATION

– BOB FULKER CHIEF OPERATING OFFICER

48

TAKING IT TO THE NEXT LEVEL

==> picture [428 x 449] intentionally omitted <==

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

Clear
expectations
Delivery at or
Accountability
above target
Asset
optimisation
and
effectiveness
People
Variation
capability
control
and capacity
Good data
collection
and analysis
----- End of picture text -----

Embed a devolved model

• Accountability and authority to make agile decisions

• Working "on" the business – not "within" it

• Project "Simplification"

Culture

• Operational discipline

• Setting goals and strategies

• Measuring delivery

• Dare to think differently

• Collaboration

Trust, empower and support our leaders

==> picture [65 x 44] intentionally omitted <==

49

– INNOVATION FAST FIRSTS

Evaluate concepts quickly

• First to develop Azi Aligner technology in partnership with Minnovare

• Reduction in hole deviation; reduction in average dilution and downtime; improvement in ore recovery

• Embraced by industry peers

• First for High-intensity grinding mill (HIGmill) in gold

• Evolution (Cracow) – the first Australian gold mine to apply this technology

• Innovative use of underground CaBolter to install open pit ground support (Mt Rawdon)

==> picture [65 x 43] intentionally omitted <==

Azi Aligner at Cracow

==> picture [378 x 238] intentionally omitted <==

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

Applying proven technology in a new way –
CaBolter at Mt Rawdon
----- End of picture text -----

50

INNOVATIONS IN THE PIPELINE

On the drawing board

• Data analytics identified business improvement opportunities

• Power

• Fragmentation

• Overall Equipment Effectiveness (OEE) – real time data capture and analysis

• Glycat to reduce cyanide use

Underway

• World first on-line gold analysis (OLGA) – cutting edge technology developed by CSIRO

• Float Tails Leach – Cowal recovery improvements of 4 – 6% expected

==> picture [484 x 279] intentionally omitted <==

Float Tail Leach Project - Cowal

==> picture [65 x 43] intentionally omitted <==

51

2018 INVESTOR DAY ERNEST HENRY OPERATION – BOB FULKER CHIEF OPERATING OFFICER

==> picture [248 x 163] intentionally omitted <==

A WORLD CLASS ASSET

Large scale, long life, low cost asset operated b Glencore y History of reliable operational delivery Exceptionally high margins Low capital intensity

Opportunity to extend mine life below 1,200mRL

==> picture [65 x 43] intentionally omitted <==

53

54

SITE OVERVIEW

35km north east of Cloncurry, Location Queensland Mining method Underground – sub level cave Minerals Copper and gold Mineralisation type Iron oxide copper-gold Plant capacity 8.5Mtpa Single-line processing circuit Process method producing copper-gold sulphide flotation concentrate Recovery ~80% 51.40Mt @ 0.55g/t Au for 902koz Ore Reserves[1] 15.42Mt @ 1.07% Cu for 165kt 95.30Mt @ 0.63g/t Au for 1.92Moz Mineral Resources[1] 28.59Mt @ 1.17% Cu for 334kt Workforce Residential

==> picture [65 x 43] intentionally omitted <==

==> picture [343 x 269] intentionally omitted <==

Cumulative net mine cash flow (A$M)

==> picture [374 x 168] intentionally omitted <==

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

301
243
189
134
82
34
2
Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
Qtr Qtr Qtr Qtr Qtr Qtr Qtr
----- End of picture text -----

1. See the Appendix of this presentation for details on Mineral Resources and Ore Reserves

54

FY18 PERFORMANCE

Goldproduction1	95koz
Copperproduction1	21kt
Tonnesprocessed1	6,759kt
Gradeprocessed	0.56g/t Au, 1.12% Cu
AISC1	A$(641)/oz
Operating cash flow2	A$231M
Net mine cash flow2	A$219M
EBITDA margin2	66%
ROIC2	25%

1. Metal production is reported as Evolution’s share of payable production. Ernest Henry processing statistics are in 100% terms while costs represent Evolution’s costs and not solely the cost of Ernest Henry’s operation.

==> picture [65 x 43] intentionally omitted <==

1. Cash flow, EBITDA margins and Return on Invested Capital represent Evolution’s economic interest

FY19 GUIDANCE

Goldproduction	85 – 90koz
Copperproduction	19 – 21kt
AISC	A$(575) – A$(525)/oz
Sustaining capital	A$10 – A$15M
Major capital	A$0M

55

OPPORTUNITY BELOW 1200RL

==> picture [927 x 431] intentionally omitted <==

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

1,200mRL
Drilling target Evolution's interest:
100% gold produced
30% future copper
1200mRL and silver produced
Evolution's interest:
Ernest Henry ore body looking west 49% of future copper,
Current Mineral
gold and silver
Resource outline
production from
new reserves area
Opportunity
----- End of picture text -----

56

QUESTION AND ANSWER SESSION