EVOLUTION MINING LIMITED — Regulatory Filings 2018

Feb 25, 2018

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Global Metals and Mining Conference February 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.

 All US dollar values quoted using the average AUD:USD exchange rate for the December 2017 half of 0.7789

2

Overview

Operating cash flow (A$M)

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707
628
415
306
245
168
(1)
FY13 FY14 FY15 FY16 FY17 1H FY18
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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$785
US$739
US$684
US$611
FY13 FY14 FY15 FY16 FY17 1H FY18
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ASX code

EVN

Market capitalisation[(2)]

US$3,710M / A$4,760M

Daily share turnover[(3)]

US$27M / A$35M

Net bank debt[(4)]

US$181M / A$232M 362,500oz at A$1,670/oz

Forward sales[(4)]

La Mancha 20% Major shareholders Van Eck 11% Payout of 50% of after Dividend policy tax earnings

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

• (2) Based on share price of A$2.81 per share on 16 February 2018

• (3) Average daily share turnover for one month through to 16 February 2018 (4) As at 31 December 2017

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

3

Diversified mid-tier old miner g

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Mineral Ore

Resources Reserves

Mt Carlton Ernest Henry (Evolution economic interest)

13.3Moz[(1)] 6.6Moz[(1)]

Since 2014: Ore Reserves increased by 200% Reserves per share increased by 26% Reserve life increased by 67% to 8.5 years Conservative gold price assumption for Ore Reserves of A$1,350 (US$1,050) per ounce

Mungari

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Mt Rawdon

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Cracow

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Cowal
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(1) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to the ASX on 20 April 2017 and is available to view on www.evolutionmining.com.au. Mineral Resources and Ore Reserves are depleted to 31 December 2016. Further details are provided on slides 24 – 26 of this presentation

Location bubble size denotes FY17 gold production (annualised for Ernest Henry)

4

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

5

Portfolio mana ement im act on AISC g p

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

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

6

Qualit asset ortfolio y p

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$2,500
Ernest
Henry
$2,000
$1,500 Group average
AISC margin A$865/oz
Mt
Carlton ~8.5 year reserve life
$1,000
Cowal
Mt
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
Margin
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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 20 April 2017 and is available to view on Keep to this font and colour for pictures www.evolutionmining.com.au. Further details are provided on slides 24 – 26 of this presentation

7

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)]
 H1 FY18 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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8

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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$232 million
 Term Facility D: A$395 million 1 1 2 3.5
2
 Cash balance: A$164 million 1 1 1 1
FY13 FY14 FY15 FY16 FY17 FY18

Undrawn Revolver Facility: A$300 million
Interim Final

Gearing: 9.5%
Cumulative Dividends Declared A$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 2.5% prior to benefits of franking FY13 FY14 FY15 FY16 FY17 FY18
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9

Deliverin value from investments g

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Assets developed or acquired

Asset Cost - A$263M Capital Investment - A$127M Average ROI - 25% p.a.

Asset Cost - A$756M Capital Investment - A$146M Average ROI - 23% p.a.

Asset Cost - A$358M Capital Investment - A$127M Average ROI - 16% p.a.

Asset Cost - A$901M Capital Investment - A$15M Average ROI - 21% p.a.

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14
10
7 344 712
28
7
412 2 228
263 4 130 2 189 1
A$M Years A$M Years A$M Years A$M Years
Mt Carlton Cowal Mungari Ernest Henry
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Payback ($M) Remaining ($M) Years Owned Remaining LOM Surplus above Asset Cost

• Net payback is net of capital investment subsequent to commissioning / ownership

10

Cowal

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EVOLUTION ACHIEVEMENTS SINCE ACQUISITION[(1)]

GOLD PRODUCTION 633koz NET MINE CASH FLOW A$409M 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 December 2017(3)December 2017[(4)] 2032

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3.4 + 2.24Moz [(3)] 1.6 + 2.28Moz [(3)]
5.0 3.2
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1. As at 31 December 2017

2. Barrick (Australia Pacific ) Pty Limited estimate depleted to 31 December 2014

3. refer to ASX release 26 Aug 2015 entitled “Resources and Reserves Increased at Cowal” available to view at www.asx.com.au

4. 1. Prior to mining depletion 4. Depleted to 31 December 2016

11

Cowal ex loration p

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Growth

• Ore Reserves increased from 1.6Moz to 3.2Moz under Evolution ownership[1]

Opportunities

• E41 West follow-up drilling extends mineralisation along strike and down-dip of holes E41D2801 and E41D2802:

• 21m grading 2.19g/t Au from 349m and 88m grading 0.72g/t Au from 448m (E41D2804)[2]

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

• 16.0m grading 4.35g/t Au from 259m (1535DD311)[3]

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

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

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 “Business Update” released on 23 November 2017 and is available on www.evolutionmining.com.au

3. This information is extracted from ASX release entitled “September 2017 Quarterly Report” released on 16 October 2017 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

12

Ernest Henr y

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

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

• Evolution’s economic interest acquired 1 November 2016:

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

• Annual payable production (Evolution’s interest):

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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$189 million

First 12 months net mine cash flow from Evolution’s interest

13

Mt Carlton

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March Evolution Sept
2010 Delivery 2017
-
OFFTAKE PARTY SECURED LIFE OF MINE 2025
FEASIBILITY STUDY
DELCARED PROJECT
GRAVITY CIRCUIT COMMISSIONED
UNECONOMIC DEVELOPED BY EVOLUTION AND
IN JUNE 2017 QTR
COMMISSIONED IN 2013
(EXPECTED PAYBACK < 12 MONTHS)
ENTERPRISE VALUE
A$51M INITIAL CAPITAL OF A$263M UNDERGROUND / STAGE 4 PIT
OF CONQUEST
FEASIBILITY STUDY UNDERWAY
REPAID BY DECEMBER 2016
AISC Net Mine Cash Flow
FY16 FY17 H1 FY18 FY16 FY17 H1 FY18
A$742/oz $622/oz $464/oz A$103M A$91M A$58M
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14

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

• 11.34m (9m etw) grading 8.54g/t Au from 365m (WFRD078)[1]

• 50.80m (46m etw) grading 1.87g/t from 309m (WFRD077)[1]

• 15.72m (10m etw) grading 3.64g/t Au from 489m (WFRD065)[1]

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

• Confirmed mineralisation strike length of 200m at Lady Agnes – open at depth

• Wide zone of shearing and alteration identified at the Frog’s Leg South – Innis – Smithfield corridor to be followed up with infill and extensional drill programs

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Location map of Mungari regional projects and recent drilling targets

1. This information is extracted from ASX release entitled “December 2017 Quarterly Report” released on 30 January 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 2026

• Current Life of Mine to 2021

• Increasing cash flows as strip ratio declines

• 1.5 million ounces of gold produced since 2001

• Recent resource definition drilling at Imperial delivering impressive results

Mt Rawdon Ore Reserves vs Depletion

Cracow Ore Reserves vs Depletion

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2,000
1,000
Evolution Ownership Evolution Ownership
1,500
1,000 500
500
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
-500
-500
-1,000
-1,500
-1,000
-2,000
Reserves (koz) Depletion (koz) -1,500 Reserves (koz) Depletion (koz)
Gold (koz)
Gold (koz)
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16

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

FY18 uidance g

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

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

2. Using an AUD:USD exchange rate of 0.78

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

19

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

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

1. Resource definition is included in the Sustaining Capital guidance

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

20

Evolution Gold Ore Reserves

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Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
Project	Type	Cut-Off	**Tonnes (Mt) **	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Cowal1	Open pit	0.4	43.7	0.71	994	73.02	0.94	2,207	116.71	0.85	3,200	1
Cracow1	Underground	3.5	0.34	6.54	71	0.71	5.25	120	1.05	5.67	192	2
Mt Carlton1	Open pit	0.8	-	-	-	4.67	4.6	691	4.67	4.6	691	3
Mt Carlton1	Underground	3.7	-	-	-	0.17	7.77	42	0.17	7.77	42	6
Mt Carlton1	Total		-	-	-	4.84	4.71	733	4.84	4.71	733
Mt Rawdon1	Open pit	0.3	1.7	0.6	33	30.99	0.84	840	32.69	0.83	873	4
Mungari1	Underground	2.9	0.45	6.01	87	1.1	4.88	173	1.55	5.21	260	5
Mungari1	Open pit	0.7	0.58	0.93	18	5.19	1.69	282	5.77	1.61	299	5
Mungari1	Regional	0.85	-	-	-	0.98	1.35	43	0.98	1.35	43	5
Mungari1	Total		1.03	3.15	105	7.27	2.13	498	8.3	2.25	602
Ernest Henry2	Underground	0.9	7.15	0.71	163	52.3	0.48	801	59.45	0.5	964	7
Total			53.92	0.79	1,366	169.13	0.96	5,198	223.05	0.92	6,564

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

1. Includes stockpiles

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

2. This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. Ernest Henry is reported at 0.9 % CuEq Group Ore Reserve Competent Person Notes refer to: 1. Jason Floyd; 2. Sam Myers; 3. Tony Wallace; 4. Dimitri Tahan; 5. Matt Varvari; 6. Ian Patterson; 7. Alexander Campbell (Glencore)

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

21

Evolution Gold Mineral Resources

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Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person
Project	Type	Cut-off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Cowal1	Total	0.4	43.7	0.71	994	129.71	0.93	3,861	4.24	1.35	184	177.65	0.88	5,039	1
Cracow1	Total	2.8	0.24	10.89	83	1.21	6.64	258	1.85	3.06	181	3.29	4.94	522	2
Mt Carlton1	Open pit	0.35	0.52	1.67	28	8.94	2.74	788	0.74	4.48	107	10.21	2.81	923
Mt Carlton	Underground	2.4	–	–	–	0.16	8.01	42	0.05	8.36	14	0.22	8.09	56
Mt Carlton	Total		0.52	1.67	28	9.1	2.84	830	0.79	4.76	121	10.43	2.92	979	4
Mt Rawdon1	Total	0.2	1.7	0.6	32	45.6	0.74	1,089	3.49	0.58	65	50.79	0.73	1,186	5
Mungari1	Open pit	0.5	0.58	0.93	17	6.38	1.74	357	0.04	0.75	1	7	1.67	376
Mungari1	Underground	2.5/1.5	0.97	7.88	247	3.98	3.56	456	1.6	2.19	113	6.55	3.87	815
Mungari1	Total		1.55	5.29	264	10.35	2.44	813	1.64	2.16	114	13.55	2.73	1,191	3
**Mungari Regional **	Total	0.5	–	–	–	32.47	1.01	1,040	11.44	1.5	552	43.91	1.13	1,592	3
Ernest Henry2	Total	0.9	12.1	0.7	272	68.7	0.59	1,303	9	0.5	145	89.8	0.6	1,720	6
Marsden	Total		–	–	–	160	0.21	1,070	15	0.07	30	180	0.2	1,100	7
Total			59.81	0.87	1,673	457.15	0.7	10,264	47.45	0.91	1,392	569.42	0.73	13,330

Note: Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. Mineral Resources are reported inclusive of Ore Reserves. 1. Includes stockpiles

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

2. This information is extracted from the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. Ernest Henry is reported at 0.9 % CuEq Group Mineral Resources Competent Person Notes refer to 1. Joseph Booth; 2. Shane Pike; 3. Andrew Engelbrecht; 4. Matthew Obiri-Yeboah; 5. Hans Andersen; 6. Colin Stelzer (Glencore); 7. Michael Andrew Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

22

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.

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Cowal December 2016 MROR

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	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016	Cowal Gold Mine Ore Reserves - December 2016
Ore Reserve			Proved							Probable						Total
	Cut-off (g/t Au)		Tonnes (Mt)		Grade Au (g/t)		Cont Metal Au (koz)			Tonnes (Mt)		Grade Au (g/t)		Cont Metal Au (koz)		Tonnes (Mt)		Grade Au (g/t)		Cont Metal Au (koz)
E42 Oxide	0.40									0.54		0.54		9		0.54		0.54		9
E42 Primary	0.40									72.48		0.94		2,197		72.48		0.94		2,197
Stockpile	0.40		43.70		0.71		994									43.70		0.71		994
Total			43.70		0.71		994			73.02		0.94		2,207		116.71		0.85		3,200
	Cowal Mineral Resources - December 2016
Mineral Resource	Measured Tonnes (Mt) Grade Au (g/t) Cont. Metal Au (koz)					Indicated					Inferred						Total Resource
		Grade Au (g/t)		Cont. Metal Au (koz)		Tonnes (Mt)		Grade Au (g/t)	Cont. Metal Au (koz)		Tonnes (Mt)		Grade Au (g/t)		Cont. Metal Au (koz)		Tonnes (Mt)		Grade Au (g/t)		Cont. Metal Au (koz)
E42 Oxide	-	-		-		0.58		0.54	10		-		-		-		0.58		0.54		10
E42 Primary	-	-		-		108.36		0.88	3,073		1.85		0.70		42		110.22		0.88		3,115
E42 Stockpile	43.70	0.71		994		-		-	-		-		-		-		43.70		0.71		994
E41 Oxide	-	-		-		4.15		1.20	160		0.73		1.85		43		4.87		1.29		203
E41 Primary	-	-		-		7.97		0.91	233		0.40		0.93		12		8.38		0.91		245
E46 Oxide	-	-		-		4.26		1.26	172		0.14		1.39		6		4.40		1.26		179
E46 Primary	-	-		-		1.82		1.42	83		0.09		3.44		10		1.91		1.51		93
GRE46 Oxide	-	-		-		0.66		1.56	33		0.52		1.98		33		1.17		1.74		66
GRE46 Primary	-	-		-		1.92		1.59	98		0.52		2.27		38		2.43		1.73		136
Total	43.70	0.71		994		129.71		0.93	3,861		4.24		1.35		184		177.65		0.88		5,039

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 Joseph Booth and the Ore Reserve Competent Person is Jason Floyd

This information is extracted from the ASX release entitled “Evolution Approves Projects to Secure Cowal Production to 2032” released to the ASX on 16 February 2017. Evolution confirms that that it is not aware of any new information or data that materially affects the information included in that release and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed

24

FY18 YTD roduction & costs summar p y

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December YTD FY18	December YTD FY18	Units	Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Group Excl. Edna May	Edna May	Group
Total ore mined kt 4,250 338 363 1,931 259 3,376 10,517 1,130 11,647
Total tonnes processed kt 3,807 842 407 1,566 256 3,419 10,297 646 10,942
Gradeprocessed		g/t	1.31	2.31	5.86	0.98	5.58	0.56	1.38 1.11		1.36
Recovery		%	82.5	93.6	91.3	87.9	94.9	80.5	87.0 93.5		87.3
Goldproduced		oz	132,425	58,509	59,921	43,183	43,612	48,169	385,820 21,639		407,459
Silverproduced		oz	162,819	14,417	231,494	64,711	18,855	28,569	520,866 8,375		529,241
Copperproduced		t	0	0	1,176	0	0	10,772	11,949 0		11,949
Gold sold		oz	135,096	59,866	57,720	44,308	42,321	47,490	386,802 22,903		409,705
Achievedgoldprice		A$/oz	1,612	1,605	1,659	1,612	1,608	1,641	1,621 1,615		1,621
Silver sold		oz	162,819	14,417	225,166	64,711	18,855	28,569	514,538 8,375		522,913
Achieved silverprice		A$/oz	22	21	21	21	21	21	22 21		21
Copper sold		t	0	0	1,124	0	0	10,772	11,896 0		11,896
Achieved copperprice		A$/t	0	0	9,020	0	0	8,995	8,997 0		8,997
Cost Summary
Mining		A$/prod oz	191	511	50	464	425		308 678		328
Processing		A$/prod oz	352	298	256	468	235		314 595		329
Administration and sellingcosts		A$/prod oz	115	125	196	127	132		165 127		163
Stockpile adjustments		A$/prod oz	(25)	8	(10)	(153)	5		(26) 49		(22)
By-product credits		A$/prod oz	(26)	(5)	(250)	(32)	(9)	(2,024)	(306) (8)		(290)
C1 Cash Cost		A$/prod oz	607	936	242	873	787	(956)	455 1,441		507
C1 Cash Cost		A$/sold oz	595	915	251	851	811	(969)	454 1,362		505
Royalties		A$/sold oz	47	39	141	83	84	163	82 68		81
Gold in Circuit and other adjustment		A$/sold oz	18	55	(22)	24	(19)		12 70		15
Sustainingcapital		A$/sold oz	110	152	77	92	248	186	134 70		130
Reclamation and other adjustments		A$/sold oz	11	8	17	21	13		11 18		12
Administration costs		A$/sold oz							45		42
All-in Sustaining Cost	A$/sold oz		779	1,169	464	1,070	1,136	(621)	738	1,588	785
Majorproject capital		A$/sold oz	188	318	183	182	64	0	170 134		168
Discovery		A$/sold oz	4	177	10	1	28	0	42	0	39
All-in Cost	A$/sold oz		971	1,664	656	1,253	1,228	(621)	950	1,723	993
Depreciation & Amortisation		A$/prod oz	393	536	423	474	340	1,315	537 287		524

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Diversified mid-tier old miner g

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1 ▪ Cowal (100%) 4 ▪ Mt Rawdon (100%)

• Gold Reserves 2016 (Moz)[(1) ] 3.20

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

• Reserve Grade 2016 (Au g/t) 0.85

• ▪ FY17A Au Production (koz) 263 ▪ FY17A AISC (A$/oz) 833

• FY17 Net Mine Cash flow (A$M) 166

▪ 2 Mungari (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.60

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

• Reserve Grade 2016 (Au g/t) 2.2

• ▪ FY17A Au Production (koz) 144 ▪ FY17A AISC (A$/oz) 1,143

• FY17 Net Mine Cash flow (A$M) 59

3 ▪ Mt Carlton (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.73

• Gold Resources 2016 (Moz)[(1) ] 0.98

• Reserve Grade 2016 (Au g/t) 4.7

• ▪ FY17A Au Production (koz) 105 ▪ FY17A AISC (A$/oz) 622 ▪ FY17 Net Mine Cash flow (A$M) 91

• Gold Reserves 2016 (Moz)[(1) ] 0.87

• ▪ Gold Resources 2016 (Moz)[(1) ] 1.19 ▪ Reserve Grade 2016 (Au g/t) 0.8 ▪ FY17A Au Production (koz) 101 ▪ FY17A AISC (A$/oz) 873 ▪ FY17 Net Mine Cash flow (A$M) 36

5 ▪ Cracow (100%)

• Gold Reserves 2016 (Moz)[(1) ] 0.19

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

• Reserve Grade 2016 (Au g/t) 5.7

• ▪ FY17A Au Production (koz) 89 ▪ FY17A AISC (A$/oz) 1,123 ▪ FY17 Net Mine Cash flow (A$M) 41

• 6 Ernest Henry (Evolution economic interest)

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

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

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

• (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.evolutionmining.com.au Mineral Resources and Ore Reserves are depleted to 31 December 2016

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

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

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

26

Cowal Ore Reserve rowth g

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Cowal Ore Reserve Changes December 2014 to December 2016

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

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

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.evolutionmining.com.au

27

Cowal ro ects u date p j p

• Significant investment in Cowal’s future

• Investing ~A$300 million over four years

• Delivers mine life through to 2032

• Cornerstone asset with further extension opportunities

• Stage H cutback on track

• All pre-work complete

• Ramped up to full scale mining activity

• Cutback scheduled to be completed in FY21

• Float Tails Leach project on time and on budget

• Commissioning in December 2018 half-year

• Expected to increase recoveries by 4 – 6%

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Stage H cutback

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Float Tails Leach project

February 2018

28

Cracow

Recent resource definition drilling at Imperial delivering impressive results[1]

• 8.7m (7.4m etw) at 10.99 g/t Au (IMU062)

• 8.3m (6.9m etw) at 46.22 g/t Au (IMU065)

• 5.8m (5.6m etw) at 12.65g/t Au (IMU072)

• 9.8m (9.4m etw) at 25.85g/t Au (IMU074)

• 11.2m (9.4m etw) at 8.13 g/t Au (IMU075)

Opportunities

• Imperial open up-dip

• Coronation, Imperial and Empire untested at depth

• Potential for additional shoots to be developed to the same depth as the base of the Kilkenny ore body

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Long section illustrating location of the new Imperial shoot defined between the Coronation and Empire ore bodies

1. This information is extracted from ASX release entitled “Business Update” released on 23 November 2017 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

29