Inspired people creating a premier global gold company

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Jake Klein – Executive Chair

May 2023

FORWARD LOOKING STATEMENTS

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.

Non-IFRS Financial Information

The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA and Underlying Profit. The non-IFRS information has not been subject to audit or review by the Company's external auditor and should be used in addition to IFRS information.

All amounts are expressed in Australian dollars unless stated otherwise.

This presentation has been approved for release by Evolution's Executive Chair, Jake Klein.

EVOLUTION SNAPSHOT

MARKET CAPITALISATION1	\$6.44B
MINERAL RESOURCES2	30Moz gold, 1.8Mt copper
ORE RESERVES2	10Moz gold, 660kt copper
FY23 PRODUCTION GUIDANCE3	~660koz
FY23 AISC GUIDANCE3,4	~\$1,390/oz
DIVIDENDS	20 consecutive dividends paid - over \$1B in total

FY23 YTD OPERATING MINE CASH FLOW5 ~\$746M EQUIVALENT TO ~\$1,580/oz

Based on share price of \$3.51 per share on 1 May 2023 2. See the Appendix for information on Evolution's Mineral Resources and Ore Reserves 3. See ASX announcement titled "March Quarter and FY23 Guidance Update" dated 11 April 2023 4. FY23 AISC is based on gold price of \$2,400/oz (royalties) and copper price of \$12,500/t (By-product credits) 5. Operating mine cash flow year to date to March Qtr FY23

CLEAR AND CONSISTENT STRATEGY

A business that prospers through the cycle

Create sustainable value for stakeholders in an environmentally and socially responsible way

High performing culture with values and reputation as non-negotiables

Willing to take a view on geological upside

A portfolio of up to 8 assets in Tier 1 jurisdictions generating superior returns

Financial discipline centred around margin and appropriate capital returns

SUSTAINABILITY Integrated into everything we do

Keeping our people healthy and safe
TRIF¹ improvement of ~17% since start of FY23
Committed to our Net Zero target² and supporting our local communities
Clear pathway to meet emissions reduction commitment of 30% by 2030 through Cowal longterm power supply agreement
Safeguard our social licence to operate
- Listen and partner with the communities in which we operate on matters important to them

Total Recordable Injury Frequency (TRIF): The frequency of total recordable injuries per million hours worked
Net Zero future commitment of 30% emissions reduction by 2030 and net zero emissions by 2050. Emissions targets are related to Scope 1 and Scope 2 only

ERNEST HENRY – MAJOR LIFE EXTENSION OPTIONS

Mineral Resource increases as at December 2022¹
36% increase in contained copper to 1.2Mt year on year
37% increase in contained gold to 2.3Moz year on year
PFS for Mine Extension due June quarter 2023
Material increase to Ore Reserves anticipated with PFS
Significant growth opportunities exist beyond currently modelled resource domains:
Depth extensions below the Main orebody and between the Main orebody and Ernie Junior
Bert drill hole intercepts adjacent to the pit indicate mineralisation is open with potential for a new ore body to be developed parallel to and stratigraphically beneath the Main ore body
Aggressive drill program at Bert planned to start in H2CY23 and continue for ~ 12 months
Cashflow (operating) \$370m FY23 (YTD 31 March)

North-South section looking west of the Ernest Henry mineralisation. Latest drillhole traces are shown in yellow2

Detailed Ernest Henry update to be provided at Investor Day 5 June 2023

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

6 2. Ernest Henry exploration results are extracted from the release titled 'Drilling Continues to Extend Mineralisation at Ernest Henry' dated 20 April 2023 available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release. The Company confirms that the form and context in which the Competent Person's (Phil Micale) findings are presented have not been materially modified from the release

COWAL – GROWTH, LOW COST, LONG LIFE

Mine life to 2040 with 4.6Moz contained Gold Ore Reserves and 9.6Moz contained Gold Mineral Resources
~\$380M new underground mine completed ahead of schedule and on budget
Major milestone of first stope ore achieved in March 2023
Cost inflation has been within contingency levels
Open pit ore tonnes and grade increasing as planned
Production on track to increase ~40% over 2 years
FY23: Up ~20% to ~275,000oz
FY24: Up ~15% to ~320,000oz (from FY23)
Cashflow (operating) \$249M FY23 (YTD 31 March) underpinned by ~\$1,145/oz AISC

A sustainable 320,000oz of safe, reliable & low-cost production in FY24

Production growth in line with increasing proportion of higher grade ore from the new u/g project

RED LAKE – ESTABLISHING FOUNDATIONS

Geological endowment – 12Moz in a world-class gold district

Grade reconciliation continues to perform to geological models

Mining fleet modernisation - Implementation will drive production uplift and operating cost efficiencies

Development rates improved 12% QoQ with target rate (1,500m per month) to deliver a further 15% improvement

Infrastructure investment – CYD decline, new mining fronts and ore passes are all enablers for ongoing productivity uplift

Key priorities – Consistent 1.1mtpa mining rate to fill current mill capacity and deliver increased cash generation

MUNGARI POISED FOR PROFITABLE GROWTH

2Mtpa processing capacity

FY23 – Consistent, stable delivery

35koz per quarter avg run rate FY23

AISC cost trending lower – down ~10% MQ23 vs SQ22

Cashflow \$73m YTD (Operating)

Simple plant design

Unlocks regional ore sources

Lower processing unit costs

Capex within previous estimates ~\$250M

Aligned with capex guidance

Current state Long life cornerstone operation Future Growth Project

4.2Mtpa processing capacity

~30 months build

Pathway to 180 – 220kozpa

10 years Life of mine

Material AISC reduction

Feasibility Study defines compelling investment case – update to be provided at Investor Day 5 June 2023

MT RAWDON GOLD MINE

Produced over 2Moz since first gold production in 2001
FY24 production outlook of ~75,000oz with mining to cease in FY25 and processing to cease in FY26
Queensland committed to 50% renewable energy by 2030 and 80% by 2035 (currently 22.7%)
Mt Rawdon could be a key part of these ambitions
Convert Mt Rawdon open pit into a 1-2GW Pumped Hydro generator
Declared a Coordinated Project by the Queensland Government, supporting the state's renewable energy objectives
Feasibility Study progressing

FREE OPTION ON MAJOR RENEWABLE ASSET

DELEVERAGING- IMPROVING CASHFLOW IN FY24

Gold price exposure – No hedging from end June 2023 providing full exposure to spot gold price (Spot ~A\$3,000/oz)
Balance Sheet
Strong balance sheet able to fund growth
Gearing of 31% is within 35% internal limit
Investment grade rating reaffirmed as part of annual review in August 2022
Low cost of debt at average rate of ~4.4%
Fixed interest cost on 60% of total debt (USPP) at 3.6%
FY23 Interim Dividend
Fully franked 2.0 cents per share (~\$37M) to be paid 2 June

KEY TAKEAWAYS

SECTOR LEADING COST AND MARGIN POSITION

CASH FLOW TO BENEFIT FROM PRODUCTON GROWTH AND UNHEDGED POSITION

ROBUST BALANCE SHEET AND LIQUIDITY

HIGH-QUALITY RESOURCES & RESERVES

APPENDIX

GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022

Gold				Measured			Indicated			Inferred		Total Resource
Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold M etal (k oz)	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)	CP6
Cowal1	Open pit	0.35	29.5	0.46	440	182.9	0.86	5,033	26.5	0.80	682	238.9	0.80	6,155	1
Cowal	UG	1.50	-	-	-	22.0	2.49	1,760	12.4	2.33	925	34.4	2.43	2,685	1
Cowal1	Total		29.5	0.46	440	204.9	1.03	6,793	38.8	1.29	1,607	273.3	1.01	8,840	1
Red Lake3	Total	2.5-3.3	-	-	-	35.7	6.66	7,639	24.8	5.90	4,702	60.4	6.35	12,342	2
Mungari1,4	Open pit	0.31-0.34	-	-	-	53.8	1.08	1,864	24.0	1.16	894	77.8	1.10	2,758	3
Mungari1,5	UG	1.46-2.44	1.4	4.66	205	9.7	4.28	1,332	8.7	3.74	1,043	19.7	4.07	2,580	3
Mungari1	Total		1.4	4.66	205	63.5	1.57	3,196	32.7	1.84	1,937	97.5	1.70	5,338	3
Mt Rawdon1	Total	0.23	5.5	0.30	54	21.0	0.58	389	2.3	0.48	35	28.8	0.52	478	4
Ernest Henry2	Total		26.4	0.78	664	44.0	0.74	1,050	24.4	0.74	579	94.8	0.75	2,292	5
Marsden	Total	0.20	-	-	-	119.8	0.27	1,031	3.1	0.22	22	123.0	0.27	1,053	1
Total			62.8	0.68	1,362	488.9	1.28	20,098	126.1	2.19	8,882	677.8	1.39	30,343

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. "UG" denotes underground

Mineral Resources are reported inclusive of Ore Reserves

Includes stockpiles
Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope
Red Lake Mineral Resource cut-off varies from 2.5g/t Au to 3.3g/t Au and is dependent on deposit and location from surface and processing plant
Mungari Open Pit Mineral Resource cut-offs vary from 0.31g/t Au to 0.34g/t Au. The average open pit cut-off is 0.32g/t Au
Mungari Underground Mineral Resource cut-offs vary from 1.46g/t Au to 2.44g/t Au per deposit. The average underground cut-off is 1.96g/t Au
Group Gold Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Jason Krauss; 3. Brad Daddow; 4. Matthew Graham-Ellison; 5. Phil Micale

This information is extracted from the release titled 'Annual Mineral Resources and Ore Reserves Statement' dated 16 February 2023 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release 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

GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022

		Proved			Probable			Competent
Project	Type	Cut-off (g/t Au)	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)	Person8
Cowal1,2	Open pit	0.45	27.4	0.47	414	86.2	0.99	2,745	113.6	0.87	3,160	1
Cowal3	UG	0.55/1.80	-	-	-	15.9	2.29	1,169	15.9	2.29	1,169	2
Cowal	Total		27.4	0.47	414	102.1	1.19	3,915	129.5	1.04	4,329
Red Lake4	Total	2.5-4.0	-	-	-	13.0	6.90	2,878	13.0	6.90	2,878	3
Mungari5	UG	2.2-3.8	0.4	5.47	78	3.2	4.41	457	3.7	4.54	535	4
Mungari1,6	Open pit	0.57-0.74	-	-	-	20.7	1.06	703	20.7	1.06	703	5
Mungari1	Total		0.4	5.47	78	23.9	1.51	1,160	24.3	1.58	1,238
Mt Rawdon1	Open pit	0.31	1.9	0.40	25	9.0	0.66	191	10.9	0.61	216	6
Ernest Henry7	UG	0.75% CuEq	18.2	0.57	336	16.1	0.31	159	34.3	0.45	495	7
Marsden	Open pit	0.30	-	-	-	65.2	0.39	817	65.2	0.39	817	8
		Total	47.9	0.55	852	229.2	1.24	9,120	277.1	1.12	9,973

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. "UG" denotes underground

Includes stockpiles
Ore Reserve has been updated for E42 Stage H Open Pit in line with 2022 corporate commodity price assumptions, updated modifying factors and allowing for depletion. All remaining 'Open Pit Continuation' Ore Reserves (OPC) are declared as per December 2021 Cowal Open Pit Ore Reserves. The OPC Ore Reserve will be updated at the completion of the OPC Feasibility Study ('FS'). Modifying factors to be updated during the FS include Mineral Resource, geotechnical, metallurgical, revenue and cost assumptions. To date, no fatal flaws have been identified during the FS. A materiality test was conducted on the impact of the change between the December 2021 and December 2022 Mineral Resource model on the OPC Ore Reserve, the change is expected to be less than 10%

3.Cowal Underground Ore Reserve has been optimised using a \$1,600/oz price assumption, economically tested at up to \$2,200/oz and considers updated modifying factors and depletion. The Cowal Underground Ore Reserve includes development material at an incremental cut-off grade of 0.55g/t Au

4.Red Lake Ore Reserve cut-off is 4.0g/t Au except for HG Young (3.0g/t Au) and Upper Campbell (2.5g/t Au)

Mungari Underground Ore Reserve cut-off varies from 2.2g/t Au to 3.8g/t Au and is dependent on specific deposits and varies between each underground mine taking into account location and costs
Mungari Open Pit Ore Reserves were optimised using a \$1,600/oz gold price assumption. The exceptions are the Paradigm and Castle Hill open pit operations which have been scheduled for production between 2023 and 2025 and have been optimised with a \$2,200/oz gold price assumption. Cut-offs vary by deposit from 0.57g/t Au to 0.74g/t Au and take into account location and costs
Ernest Henry Operations reported Ore Reserve estimate is based on the June 2022 Mineral Resource detailed in the 1 August 2022 ASX release titled "Material Increase in Ernest Henry Mineral Resource'. The applied cut-off grade of 0.75% copper equivalent ('CuEq') is determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utilised copper equivalent equation is: CuEq = Cu + Au NSR/72.77 where; Au NSR = 41.71*Au - 0.04

8.Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Dean Basile (Mining One); 2. Ryan Bettcher; 3. Brad Armstrong; 4. Blake Callinan; 5. Ben Young; 6. Michael Corbett; 7. Anton Kruger

GROUP RESOURCES & RESERVES AT 31 DECEMBER 2022

Group Mineral Resource – contained copper

	Copper			Measured			Indicated			Inferred		Total Resource
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)	CP1
Marsden	Total	0.2g/t Au	-	-	-	119.8	0.46	553	3.1	0.24	7	123.0	0.46	560	1
Ernest Henry	Total	0.7% Cu	26.4	1.36	359	44.0	1.28	565	24.4	1.16	283	94.8	1.27	1,207	2
		Total	26.4	1.36	359	163.8	0.68	1,117	27.5	1.06	291	217.7	0.81	1,767

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Ernest Henry Operations reported Mineral Resources are within an interpreted 0.7% Cu mineralised envelope 1. Group Mineral Resources Competent Person (CP) Notes refer to: 1. James Biggam; 2. Phil Micale

Group Ore Reserve – contained copper

	Copper			Proved			Probable		Total Reserve
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)	CP2
Marsden	Total	0.3g/t Au	-	-	-	65.2	0.57	371	65.2	0.57	371	1
Ernest Henry1	Total	0.75% CuEq	18.2	1.07	196	16.1	0.59	94	34.3	0.85	290	2
		Total	18.2	1.07	196	81.2	0.57	465	99.4	0.66	661

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

Ernest Henry Operation Ore Reserve is reported using \$7,000/t Cu and \$1,600/oz Au (AUD) Ore Reserve price assumptions. Ernest Henry Operations reported Ore Reserve estimate is based on the June 2022 Mineral Resource detailed in the 1 August 2022 ASX release titled "Material Increase in Ernest Henry Mineral Resource". The cut-off grade applied of 0.75% copper equivalent ('CuEq') is determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utilised copper equivalent equation is: CuEq = Cu + Au NSR/72.77 where; Au NSR = 41.71*Au - 0.04 2. Group Ore Reserve Competent Person (CP) Notes refer to: 1. Anton Kruger; 2. Michael Corbett

AI assistant

EVOLUTION MINING LIMITED Regulatory Filings 2023

64885_rns_2023-05-01_533a0967-b5aa-4c51-a41b-350d264b4e34.pdf

Inspired people creating a premier global gold company

CLICK TO EDIT MASTER TITLE STYLE MACQUARIE AUSTRALIA CONFERENCE