EVOLUTION MINING LIMITED — Regulatory Filings 2018

Apr 30, 2018

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Macquarie Australia Conference 1 May 2018

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

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Operating cash flow (A$M)
707
628 590
306
245
168
(1)
FY13 FY14 FY15 FY16 FY17 FY18 YTD
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Group AISC[(5)] (per ounce)

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US$1,259
A$1,228
A$1,083
A$1,036
US$995 A$1,014
A$907
US$867
A$780
US$739
US$684
US$609
FY13 FY14 FY15 FY16 FY17 FY18 YTD
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ASX code

EVN

Market capitalisation[(2)] A$5.5B

Daily share turnover[(3)] A$30M Net bank debt[(4)] A$187M 312,500oz at Forward sales[(4)] A$1,684/oz

La Mancha 15% Major shareholders Van Eck 11% Payout of 50% of after Dividend policy tax earnings

• (1) Shaded bar represents FY18 YTD annualised. Not guidance

• (2) Based on share price of A$3.23 per share on 27 April 2018

• (3) Average daily share turnover for one month through to 27 April 2018 (4) As at 31 March 2018

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

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Diversified mid-tier old miner g

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Mineral

Ore

Resources Reserves

Mt Carlton

14.24Moz[(1)] 7.05Moz[(1)]

Ernest Henry (Evolution economic interest)

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Mt Rawdon

Since 2014:

• Ore Reserves increased by 215%

• Reserves per share increased by 32%

• Reserve life increased by 80% to 9 years

Mungari

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Cracow

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Cowal
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• Conservative gold price assumption for Ore Reserves of A$1,350 (US$1,050) per ounce

(1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to the ASX on 19 April 2018 and is available to view on www.evolutionmining.com.au. Mineral Resources and Ore Reserves are depleted to 31 December 2017 Location bubble size denotes FY17 gold production (annualised for Ernest Henry)

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Clear and consistent strate gy

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Building a reputation for reliability and transparency Reducing All-in sustaining costs

Increasing free cash flow per share Increasing returns via dividends

Extending reserve life

Delivering superior financial returns

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Portfolio mana ement im act on AISC g p

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Acquisition of
Mungari economic
interest in
acquisition
with La Mancha Ernest
(AISC ↓A$30/oz) Henry
(AISC ↓A$100/oz)
Cowal
Mt Carlton acquisition FY10FY18
(AISC ↓A$100/oz)
first concentrate
FY10
FY17
produced
March 2013
FY10
Evolution (AISC ↓A$25/oz) FY16
formed FY10
FY15
798koz at
November 2011
FY10FY14 A$800/oz [3]
844koz at
FY10 A$907/oz
FY13 803koz at
FY10FY12 437koz at A$1,014/oz Edna May
divested
428koz at A$1,036/oz Pajingo (AISC ↓A$50/oz)
divested
A$1,083/oz
393koz at
(AISC ↓A$15/oz)
A$1,228/oz [2]
280koz [1]
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1. Annual gold production

2. All-in Sustaining Costs 3. Mid point updated production and AISC guidance for FY18

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Qualit asset ortfolio y p

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$2,500
Ernest
Henry
$2,000
Group average
$1,500
AISC margin A$920/oz
Carlton Mt ~9 year reserve life
$1,000
Mt
Cowal
Rawdon
$500 Cracow Mungari
Bubble size represents
FY18 production Mine Life
$0
- 2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs 14 yrs
Indicative reserve life based on reserve ounces divided by FY18 production guidance midpoint
Source: Data sourced from Company reported figures and guidance where available
1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 19 April 2018 and is available to view on Keep to this font and colour for pictures
www.evolutionmining.com.au.
1
less FY18 YTD AISC)
Margin
Current indicative AISC margin (A$/oz)
(Gold price of A$1,700/oz
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EBITDA mar ins g

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 Site EBITDA margins of 37% to 67% able to support capital programs

Group EBITDA Margin (%)

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 53%
Group EBITDA margin of 53% [(1)] 49%
46%
Site EBITDA Margin 40%
FY17
66% 64% 67% H1 FY18 [(1)] 33%
61%
59% 58%
55%
49%
45%
40% 39% 37%
(1)
FY14 FY15 FY16 FY17 H1 FY18
Cowal Ernest Henry Mt Carlton Mt Rawdon Mungari Cracow
 Group margin up 60%
since FY14
10+ years [(2)] 6-8 years [(2)] 3-6 years [(2)]
 FY18 YTD drivers: lower
EBITDA Contribution EBITDA Contribution EBITDA Contribution
3-6 3-6 unit costs; higher copper
years
6-8 years16%16% price; Edna May sale and
10+ 6-8 years lower achieved gold price
years years25%
59% 25%
10+ years (1) FY18 excludes Edna May
62% (2) Indicative reserve life based on FY18
production guidance mid-point
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Robust balance sheet
Dividends Declared Cents per Share
Balance Sheet

Debt repaid since September 2015: A$687 million
3

Net debt position: A$187 million
 Term Facility D: A$395 million 1 1 2 3.5
2
 Cash balance: A$208 million 1 1 1 1
FY13 FY14 FY15 FY16 FY17 FY18

Undrawn Revolver Facility: A$350 million
Interim Final

Gearing: 7.5%
Cumulative Dividends Declared A$M (Pre-DRP)
Dividends

A$230 million returned to shareholders through 10
consecutive half-yearly dividends 230
171

Dividend policy of 50% of after tax earnings
87
 1H FY18 dividend: 3.5 cents per share fully franked 7 21 43
 Current yield of 2.2% prior to benefits of franking FY13 FY14 FY15 FY16 FY17 FY18
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Deliverin value from investments g

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Assets developed or acquired

Asset Cost - A$263M Capital Investment - A$132M Average ROIC - 24% p.a.

Asset Cost - A$756M Asset Cost - A$358M Capital Investment - A$183M Capital Investment - A$148M Average ROIC - 25% p.a. Average ROIC - 21% p.a.

Asset Cost - A$901M Capital Investment - A$16M Average ROIC - 20% p.a.

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13
10
7 338 658
43
418 2.7 235 6
263 4.7 243 1.4
123 2.6
A$M Years A$M Years A$M Years A$M Years
Mt Carlton Cowal Mungari Ernest Henry
Net Payback (A$M) Balance Outstanding (A$M) Years Owned Remaining LOM Reserve Surplus above Total Asset Cost (A$M)
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• Net payback is net of capital investment subsequent to commissioning / ownership

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Cowal

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EVOLUTION ACHIEVEMENTS SINCE ACQUISITION[(1)]

GOLD PRODUCTION 695koz NET MINE CASH FLOW A$417M MINING PERMIT EXTENDED BY 8 YEARS RESOURCES AND RESERVES EXPANSION LOW COST OF RESERVE ADDITIONS A$14/oz

UPSIDE OPPORTUNITIES

INCREASED THROUGHPUT FURTHER RESOURCE AND RESERVE EXPANSION AT E41, E46, GALWAY/REGAL REGIONAL EXPLORATION

Mining permit (year)

Mineral Resources (Moz)

Ore Reserves (Moz)

July 2015(1)July 2015[(2)] 2024 + 8 years 3.4 + 3.6Moz[(3)] 1.6 + 2.4Moz[(3)] December 2017(3)March 2018[(4)] 2032 6.1 3.0

1. Through to 31 March 2018

2. 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.evolutionmining.com.au 3. Prior to mining depletion of 0.9Moz

3. Depleted to 31 December 2017

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Cowal ex loration p

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Growth

• Ore Reserves increased from 1.6Moz to 3.0Moz under Evolution ownership[1]

Opportunities

• E41 West step out and infill drilling continues to return strong results with best recent intersection:

• 22m (8.4m etw) grading 1.1g/t Au from 176m and 19m (8.0m etw) grading 4.38g/t Au from 295m (E41D2811)[2]

• Evidence of copper-gold style mineralisation encountered in recent drilling

• Drilling on the E46-Galway-Regal corridor confirmed the geologic model and is extending mineralisation at depth

 603koz maiden underground Mineral Resource[3]

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Figure 1: Isometric view showing >0.4g/t gold outlines of the major identified resources (E41 and E42), resource targets E46 and Galway-Regal, and recent drill hole locations

1. Asset acquired in July 2015. See Evolution’s Group Mineral Resources and Ore Reserves and footnotes in the appendix of this presentation for details on Ore Reserve and Mineral Resource estimates

2. This information is extracted from ASX release entitled “March 2018 Quarterly Report” released on 19 April 20018 and is available on www.evolutionmining.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

3. This information is extracted from ASX release entitled “Annual Mineral Resources and Ore Reserves Statement” released on 19 April 2018 and is available on www.evolutionmining.com.au.

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Ernest Henr y

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

• Approximately A$600 million invested by Glencore in expanding the underground mine to 6.8Mtpa

• Evolution’s economic interest acquired 1 November 2016:

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

• Annual payable production (Evolution’s interest):

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Ernest Henry ore body looking west

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

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

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

A$209 million

12 months net mine cash flow from Evolution’s interest through to 31 March 2018

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Mt Carlton

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March Evolution March 2010 Delivery 2018 - OFFTAKE PARTY SECURED LIFE OF MINE 2025 FEASIBILITY STUDY DECLARED PROJECT GRAVITY CIRCUIT COMMISSIONED UNECONOMIC DEVELOPED BY EVOLUTION AND IN JUNE 2017 QTR COMMISSIONED IN 2013 (EXPECTED PAYBACK < 12 MONTHS) A$51M INITIAL CAPITAL OF A$263M UNDERGROUND / STAGE 4 PIT FEASIBILITY STUDY UNDERWAY REPAID BY DECEMBER 2016

ENTERPRISE VALUE A$51M OF CONQUEST

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AISC Net Mine Cash Flow
FY16 FY17 FY18 YTD FY16 FY17 FY18 YTD
A$742/oz A$622/oz A$459/oz A$103M A$91M A$74M
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Mun ari g

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• Strategic footprint in world-class Kalgoorlie region

• Total tenement package ~950km[2 ] – previous owners focussed primarily on shallow, oxide mineralisation

• Resource definition drilling at White Foil to define new zones of mineralisation delivering results in line with expectations

• Best intercepts returned during March 2018 quarter:

• 59.39m (47.5m etw) grading 1.95g/t from 347.6m (WFRD085)

• 35.93m (28.7m etw) grading 2.97g/t from 336.5m (WFRD086)

• Development of a drill platform commenced at the bottom of the Frog’s Leg underground mine

• Early stage regional targets are delivering new anomalies which require bedrock testing

• New results from drilling at Perimeter indicate the presence of an 800m long corridor hosting mineralisation in narrow sheeted and stockwork quartz veins

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Location map of Mungari resource definition drilling and region projects

1. This information is extracted from ASX release entitled “March 2018 Quarterly Report” released on 19 April 2018 and is available on www.evolutionmining.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

15

Mt Rawdon

Cracow

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• FY17 net mine cash flow: A$36 million

• FY17 net mine cash flow: A$44 million

• Current Life of Mine to 2025

• Current Life of Mine to 2022

• 1.5 million ounces of gold produced since 2001

• Recent resource definition drilling delivering mine life extensions

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Cracow Ore Reserves vs Depletion
Mt Rawdon Ore Reserves vs Depletion
1,500 1,000
Evolution Ownership Evolution Ownership
1,000
500
500
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-500
-500
-1,000
-1,500 -1,000
Reserves (koz) Depletion (koz)
Reserves (koz) Depletion (koz)
-2,000
Gold (koz)
Gold (koz)
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-1,500

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Focus

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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

A business that prospers through the cycle

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ASX code: EVN www.evolutionmining.com.au

Ori inal FY18 uidance[1] g g

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FY18 Guidance	Gold production	C1 cash costs2	All-in sustaining cost2	C1 cash costs2,3	All-in sustaining cost2,3
	(oz)	(A$/oz)	(A$/oz)	(US$/oz)	(US$/oz)
Cowal	235,000 - 245,000	660 – 720	950 – 1,000	510 – 560	740 – 780
Mungari	120,000 - 130,000	860 – 910	990 – 1,050	670 – 710	770 – 820
Mt Carlton	100,000 - 110,000	420 – 470	680 – 730	330 – 370	530 – 570
Mt Rawdon	105,000 - 115,000	670 – 720	850 – 900	520 – 560	660 – 700
Cracow	85,000 - 90,000	810 – 860	1,150 – 1,200	630 – 670	900 - 940
Ernest Henry	85,000 - 90,000	(500) – (300)	(200) – (150)	(390) – (230)	(150) – (120)
Edna May4	20,000 - 25,000	1,300 – 1,330	1,500 – 1,550	1,010 – 1,040	1,170 – 1,210
Corporate			35 – 40		27 - 31
Group	750,000 - 805,000	550 – 610	820 – 870	430 – 480	640 – 680

1. Group FY18 guidance upgraded to 790,000 – 805,000 ounces of gold at A$780 – A$820 per ounce on 19 April 2018

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

3. Using an AUD:USD exchange rate of 0.78

4. Edna May sale completed 2 October 2017

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Evolution 2017 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	CP3
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	Open pit	0.4	46.64	0.70	1,049	141.99	0.91	4,173	5.27	1.50	255	193.90	0.88	5,476
Cowal	Underground	3	-	-	-	-	-	-	5.90	3.17	603	5.90	3.17	603
Cowal1	Total	0.4	46.64	0.70	1,049	141.99	0.91	4,173	11.17	2.39	858	199.80	0.95	6,079	1
Cracow1	Total	2.8	0.17	8.52	46	1.40	7.13	321	1.56	2.87	144	3.13	5.08	511	2
Mt Carlton1	Open pit	0.35	0.59	3.65	69	10.36	2.38	793	0.69	4.58	101	11.64	2.57	963
Mt Carlton	Underground	2.4	-	-	-	0.21	11.56	78	0.05	10.38	15	0.25	11.35	93
Mt Carlton1	Total		0.59	3.65	69	10.57	2.60	870	0.73	4.90	117	11.89	2.76	1,056	4
Mt Rawdon1	Total	0.2	2.89	0.58	54	39.79	0.71	905	5.77	0.58	108	48.44	0.69	1,067	5
Mungari1	Open pit	0.5	0.18	0.94	5	37.10	1.15	1,373	11.38	1.50	548	48.66	1.23	1,927
Mungari	Underground	2.5/1.5	0.41	9.46	124	1.48	4.50	214	3.70	2.47	294	5.59	3.52	633
Mungari1	Total		0.59	6.84	130	38.58	1.28	1,587	15.08	1.74	842	54.26	1.47	2,560	3
Ernest Henry2	Total	0.9	13.20	0.69	293	67.10	0.62	1,338	15.00	0.60	289	95.30	0.63	1,920	6
Marsden	Total	0.2	-	-	-	119.83	0.27	1,031	3.14	0.22	22	122.97	0.27	1,053	7
Total			64.07	0.80	1,640	419.27	0.76	10,226	52.46	1.41	2,380	535.79	0.83	14,245

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 Group Mineral Resources Competent Person[3] (CP) Notes refer to 1. James Biggam; 2. Chris Wilson; 3. Andrew Engelbrecht; 4 Matthew Obiri-Yeboah; 5. Tim Murphy; 6. Colin Stelzer (Glencore); 7. Michael Andrew This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released on 19 April 2018 and available to view at www.evolutionmining.com.au. 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 2017” released February 2018 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 Reports and that all material assumptions and parameters underpinning the estimates in the Reports 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 Reports. Ernest Henry Resource is reported on a 100% basis for gold and 30% for copper (Evolution Mining has rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed life of mine area). Apportioning of the resource into the specific rights does not constitute a material change to the reported figures

20

Evolution 2017 Gold Ore Reserves

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Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	CP3
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	Openpit	0.4	46.64	0.70	1,049	69.64	0.89	1,998	116.28	0.81	3,046	1
Cracow1	Underground	3.4	0.17	5.72	32	1.31	5.08	213	1.48	5.14	245	2
Mt Carlton1	Openpit	0.8	0.59	3.65	69	3.63	4.96	578	4.22	4.77	647	3
Mt Carlton	Underground	3.7	-	-	-	0.28	7.20	65	0.28	7.22	65	6
Mt Carlton1	Total		0.59	3.65	69	3.91	5.11	643	4.50	4.92	712
Mt Rawdon1	Openpit	0.3	2.89	0.58	54	23.56	0.81	617	26.44	0.79	671	4
Mungari	Underground	2.75	0.37	5.86	70	0.71	4.70	107	1.08	5.10	177
Mungari1	Openpit	0.7	0.18	0.94	5	9.45	1.56	474	9.63	1.55	479
Mungari1	Total		0.55	4.24	75	10.16	1.78	581	10.71	1.91	656	5
Ernest Henry2	Underground	0.9	10.20	0.77	253	41.20	0.49	649	51.40	0.55	902	7
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	3
Total			61.03	0.78	1,530	214.95	0.8	5,518	275.99	0.79	7,048

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding 1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

Group Ore Reserve Competent Person[3] (CP) Notes refer to 1. Ryan Kare; 2. Phillip Jones; 3. Anton Kruger; 4. Dimitri Tahan; 5. Matt Varvari; 6. Tully Davies; 7. Mark Jamieson (Glencore)

This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” released on 19 April 2018 and available to view at www.evolutionmining.com.au. 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 2017” released February 2018 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 Reports and that all material assumptions and parameters underpinning the estimates in the Reports 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 Reports

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Evolution 2017 Co er Reserves & Resources pp

Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources	Evolution 2017 Copper Reserves & Resources
Group Copper Mineral Resources Statement
Copper			Measured			Indicated			Inferred			Total Resource			CP3
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)
Marsden	Total	0.2	-	-	-	119.83	0.46	553	3.14	0.24	7	122.97	0.46	560	7
Ernest Henry2	Total	0.9	3.96	1.30	51	20.13	1.18	238	4.50	1.00	45	28.59	1.17	334	6
Mt Carlton1	Open pit	0.35	0.59	0.37	2	10.36	0.41	43	0.69	0.68	5	11.64	0.43	50
Mt Carlton	Underground	2.4	-	-	-	0.21	0.99	2	0.05	1.40	1	0.25	1.06	3
Mt Carlton1	Total		0.59	0.37	2	10.57	0.43	45	0.74	0.73	5	11.89	0.44	52	4
Total			4.55	1.18	54	150.53	0.56	836	8.38	0.68	57	163.45	0.58	946

Group Mineral Resources Competent Person[3] (CP) Notes refer to 1. James Biggam; 2. Chris Wilson; 3. Andrew Engelbrecht; 4 Matthew Obiri-Yeboah; 5. Tim Murphy; 6. Colin Stelzer (Glencore); 7. Michael Andrew

Group Copper Ore Reserves Statement

Copper	Copper	Copper	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	CP3
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)
Marsden		0.3	-	-	-	65.17	0.57	371	65.17	0.57	371	3
Ernest Henry2	Total	0.9	3.06	1.50	46	12.36	0.96	119	15.42	1.07	165	7
Mt Carlton1	Openpit	0.8	0.59	0.37	2	3.63	0.70	25	4.22	0.64	27	3
Mt Carlton	Underground	3.7	-	-	-	0.28	0.37	1	0.28	0.36	1	6
Mt Carlton1	Total		0.59	0.37	2	3.91	0.66	26	4.50	0.62	28
Total			3.65	1.32	48	81.44	0.63	516	85.09	0.66	564

Group Ore Reserve Competent Person[3] (CP) Notes refer to 1. Ryan Kare; 2. Phillip Jones; 3. Anton Kruger; 4. Dimitri Tahan; 5. Matt Varvari; 6. Tully Davies; 7. Mark Jamieson (Glencore) The following notes relate to both tables above 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

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 2017” released February 2018 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 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. Ernest Henry Resource is reported on a 100% basis for gold and 30% for copper (Evolution Mining has rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed life of mine area). Apportioning of the resource into the specific rights does not constitute a material change to the reported figures.

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Cowal December 2017 MROR

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		Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017	Cowal Mineral Resources - December 2017
Mineral Resource		Measured				Indicated							Inferred			Total Resource
		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)
E42 Oxide		-	-		-	0.21		0.65		4		0.02	0.51		0.3	0.23		0.64		5
E42 Primary		-	-		-	114.40		0.86		3,148		1.65	0.57		30	116.04		0.85		3,179
E42 Stockpile		46.64	0.70		1,049	-		-		-		-	-		-	46.64		0.70		1,049
E41 Oxide		-	-		-	4.18		1.19		160		0.65	1.73		36	4.83		1.26		196
E41 Primary		-	-		-	11.14		0.89		319		0.98	1.60		50	12.12		0.95		369
E46 Oxide		-	-		-	3.88		1.22		152		-	-		-	3.88		1.22		152
E46 Primary		-	-		-	0.68		1.06		23		-	-		-	0.68		1.06		23
GRE46 UG		-	-		-	-		-		0		5.90	3.17		603	5.90		3.17		603
GRE46 Oxide		-	-		-	1.28		1.66		68		0.75	1.83		44	2.02		1.73		112
GRE46 Primary		-	-		-	6.23		1.48		298		1.23	2.37		94	7.46		1.63		391
Total		46.64	0.70		1,049	141.99		0.91		4,173		11.17	2.39		858	199.80		0.95		6,079
							Cowal Ore Reserve - December 2017
Ore	Cut-off (g/t)				Proved						Probable				Total
			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)
E42 Oxide 0.40			-		-		-		0.21		0.65		4		0.21		0.65		4
E42 Primary 0.40			-		-		-		69.44		0.89		1,994		69.44		0.89		1,994
Stockpile 0.40			46.64		0.70		1,049		-		-		-		46.64		0.70		1,049
Total			46.64		0.70		1,049		69.64		0.89		1,998		116.28		0.81		3,046

Data is reported to significant figures and differences may occur due to rounding Mineral Resources are reported inclusive of Ore Reserves Mineral Resources have been reported above a cut-off grade of 0.40g/t gold and constrained within an A$1,800/oz pit optimisation shell The Cowal Mineral Resource Competent Person is James Biggam and the Ore Reserve Competent Person is Ryan Kare

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FY18 YTD roduction & costs summar p y

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March YTD FY18		Units	Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Group Excl. Edna May	Edna May	Group	24
Total ore mined		kt	5,887	578	420	3,309	390	5,101	15,685	1,130	16,815
Total tonnesprocessed		kt	5,802	1,247	603	2,361	385	5,087	15,485 646		16,131
Gradeprocessed		g/t	1.26	2.34	5.66	1.10	5.49	0.56	1.37 1.11		1.36
Recovery		%	82.3	94.1	91.2	88.5	94.6	80.0	87.0 93.5		87.2
Goldproduced		oz	194,175	88,329	85,771	73,809	64,203	71,007	577,294 21,639		598,933
Silverproduced		oz	224,273	20,443	341,112	94,977	28,074	48,260	757,141 8,375		765,516
Copperproduced		t	0	0	1,794	0	0	15,840	17,634 0		17,634
Gold sold		oz	191,862	89,426	77,421	72,885	63,444	71,920	566,958 22,903		589,862
Achievedgoldprice		A$/oz	1,623	1,614	1,671	1,636	1,627	1,658	1,635 1,615		1,634
Silver sold		oz	224,273	20,443	293,049	94,977	28,074	48,260	709,078 8,375		717,453
Achieved silverprice		A$/oz	21	21	21	21	21	21	21 21		21
Copper sold		t	0	0	1,508	0	0	15,840	17,347 0		17,347
Achieved copperprice		A$/t	0	0	8,851	0	0	8,819	8,822 0		8,822
Cost Summary
Mining		A$/prod oz	191	522	45	468	422		316 678		329
Processing		A$/prod oz	390	299	270	413	238		326 595		336
Admin and sellingcosts		A$/prod oz	120	116	196	109	135		162 127		161
Stockpile adjustments		A$/prod oz	(12)	44	20	(290)	11		(30) 49		(27)
By-product credits		A$/prod oz	(25)	(5)	(229)	(28)	(9)	(1,982)	(291) (8)		(281)
C1 Cash Cost		A$/prod oz	665	976	302	673	796	(895)	482 1,441		517
C1 Cash Cost		A$/sold oz	673	964	334	681	806	(884)	491 1,362		525
Royalties		A$/sold oz	46	40	145	84	85	158	82 68		81
Gold in Circuit and other adjustment		A$/sold oz	(24)	23	(106)	(1)	(13)		(21) 70		(17)
Sustainingcapital2		A$/sold oz	138	129	70	77	271	143	135 70		136
Reclamation & other adj		A$/sold oz	12	8	16	20	13		11 18		12
Administration costs3		A$/sold oz							49		43
All-in Sustaining Cost Majorproject capital	A$/sold oz		844	1,164	459	861	1,161	(583)	747	1,588	780
		A$/sold oz	255	297	194	128	69	0	184 134		182
Discovery		A$/sold oz	10	161	11	1	25	0	39	0	38
All-in Cost	A$/sold oz		1,109	1,621	663	989	1,255	(583)	970	1,723	999
Depreciation & Amortisation4		A$/prod oz	394	537	428	468	352	1,334	542 287		532

Diversified mid-tier old miner g

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• 1 ▪ Cowal (100%) 4 ▪ Mt Rawdon (100%) ▪ Gold Reserves 2017 (Moz)[(1) ] 3.05 ▪ Gold Reserves 2017 (Moz)[(1) ] 0.67 ▪ Gold Resources 2017 (Moz)[(1) ] 6.08 ▪ Gold Resources 2017 (Moz)[(1) ] 1.07 ▪ Reserve Grade 2017 (Au g/t)[(1) ] 0.81 ▪ Reserve Grade 2017 (Au g/t)[(1) ] 0.79 ▪ FY17 Au Production (koz) 263 ▪ FY17 Au Production (koz) 101 ▪ FY17 AISC (A$/oz) 833 ▪ FY17 AISC (A$/oz) 873 ▪ FY17 Net Mine Cash Flow (A$M) 166 ▪ FY17 Net Mine Cash Flow (A$M) 36

5 ▪ Cracow (100%)

▪ 2 Mungari (100%)

• Gold Reserves 2017 (Moz)[(1) ] 0.66

• ▪ Gold Resources 2017 (Moz)[(1) ] 2.56 ▪ Reserve Grade 2017 (Au g/t)[(1) ] 1.91 ▪ FY17 Au Production (koz) 144 ▪ FY17 AISC (A$/oz) 1,143 ▪ FY17 Net Mine Cash Flow (A$M) 59

• Gold Reserves 2017 (Moz)[(1) ] 0.24

• ▪ Gold Resources 2017 (Moz)[(1) ] 0.51 ▪ Reserve Grade 2017 (Au g/t)[(1) ] 5.14 ▪ FY17 Au Production (koz) 89 ▪ FY17 AISC (A$/oz) 1,123 ▪ FY17 Net Mine Cash Flow (A$M) 41

6 Ernest Henry (Evolution economic interest)

3 ▪ Mt Carlton (100%)

• Reserves 2017[(2) ] 0.90Moz Au, 165kt Cu

• Gold Reserves 2017 (Moz)[(1) ] 0.71

• ▪ Gold Resources 2017 (Moz)[(1) ] 1.06 ▪ Resources 2017[(2) ] 1.92Moz Au, 334kt Cu ▪ Reserve Grade 2017 (Au g/t)[(1)] 4.92 ▪ Reserve Grade 2017[(2) ] 0.55g/t Au, 1.07% Cu ▪ FY17 Au Production (koz) 105 ▪ FY17 Au Production (koz)[(3) ] 60 ▪ FY17 AISC (A$/oz) 622 ▪ FY17 AISC[(3) ] (A$/oz) (361) ▪ FY17 Net Mine Cash Flow (A$M) 91 ▪ FY17 Net Mine Cash Flow (A$M)[(3)] 82

2

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(1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 19 April 2018 and is available to view on www.evolutionmining.com.au. Mineral Resources and Ore Reserves are depleted to 31 December 2017 and Mineral Resources are reported inclusive of Ore Reserves

• (2) This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2017” released February 2018 and available to view at www.glencore.com (3) 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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