Inspired people creating a premier global gold company

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Lawrie Conway – Managing Director and Chief Executive Officer 23 February 2026

Forward looking statement

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These materials prepared by Evolution Mining Limited ('Evolution' 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-International Financial Reporting Standards (IFRS) financial information

Investors should be aware that financial data in this presentation includes ‘non-IFRS financial information' under ASIC Regulatory Guide 230: Disclosing non-IFRS financial information published by ASIC and also ‘non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. Non-IFRS/non-GAAP measures in this presentation include gearing, sustaining capital, major product capital, major mine development, and production cost information such as All-in Sustaining Cost and All-in Cost. Evolution believes this non-IFRS/non-GAAP financial information provides useful information to users in measuring the financial performance and conditions of Evolution. The non-IFRS financial information do not have a standardised meaning prescribed by the Australian Accounting Standards (‘AAS’) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this presentation. Non-IFRS financial information in this presentation has not been subject to audit or review by the Company’s external auditor.

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

All production and financial information in this presentation represents Evolution’s share unless otherwise stated.

All amounts expressed in US dollars use an AUD:USD exchange rate assumption of 0.70 unless stated otherwise.

Creating long-term stakeholder value

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MARKET CAPITALISATION[1] $21.5B (A$30.6B) MINERAL RESOURCES[2] 30Moz gold, 4.4Mt copper ORE RESERVES[2] 11Moz gold, 1.4Mt copper

FY26 PRODUCTION GUIDANCE[3] 710koz – 780koz Au; 70kt – 80kt Cu FY26 AISC GUIDANCE[3] $1,150/oz – $1,230/oz 26th consecutive dividend declared, DIVIDENDS[4] bringing total to over $1.4B (A$2B)

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1H FY26 revenue
1H FY26 underlying
EBITDA [5]
23%
copper
~1%
$1,041M silver 76%
gold
57% EBITDA margin
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Based on share price of A$15.05 per share on 20 February 2026 and RBA AUD:USD exchange rate of A$0.7033 on 20 February 2026. 2. See the Appendix of this presentation for information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024. 3. See ASX announcement titled, ‘FY26 half year results presentation’ dated 11 February 2026 and available to view at www.evolutionmining.com.au. All-in Sustaining Cost (AISC) includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold FY26 guidance range for group AISC calculated for continuing operations – excluding Mt Rawdon which ceased mining operations in FY25 and is processing low grade stockpiles in FY26. AISC $1,148/oz - $1,232/oz (A$1,640/oz – A$1,760/oz) is based on metal prices of $12,250/t (A$17,500/t) for copper and $4,340/oz (A$6,200/oz) gold.
See ASX announcement titled ‘FY26 half year results presentation’ dated 11 February 2026 and available to view at www.evolutionmining.com. 5. Underlying EBITDA calculated using the average AUD:USD exchange rate for 1H FY26 of 0.655.

Reliable delivery from a quality portfolio

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Operational delivery to plan Record financial performance

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Maintaining capital discipline Rewarding our shareholders Maximising value of the portfolio

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Delivering consistent high returns

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Delivering record financial performance and dividend

Capital discipline enabling even higher returns

104%

Investment in high return projects approved

123%

Unlocking value at Northparkes:

186%

Refer to slide 32 in the appendix for more details. For more information on E44 Mineral Resource see the ASX release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024, available to view at www.evolutionmining.com.

Disciplined capital allocation driving sustained high returns

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Shareholder returns

Maintaining our commitment to reward shareholders – 26[th] consecutive dividend declared

Targeting a dividend of ~50% of annual Group cash flow[1]
Record interim dividend (20Acps)
Total dividends declared to date

$1.4B (A$2B+)

Organic growth

Accretive acquisitions

Doing the right deals at the right time Portfolio of up to 8 assets in Tier 1 jurisdictions

High return projects just approved

Delivering on organic growth

Northparkes
- Mungari plant expansion completed in 2025
E22 block cave
▪ Cowal Open Pit Continuation Coarse particle flotation Expanded Canadian exploration
Project ahead of schedule –
▪ Expansion studies footprint with two quality projects in extending mine life to 2042 and British Columbia:[2]
Ernest Henry open pit mining by 10 years ▪ Bert deposit – additional ▪ Red Lake – focus on consistent ▪ Two Times Fred ore source operations, generating cash ▪ Clisbako
Ernest Henry

Planned total annual capital investment A$900 – A$1,100M/yr (FY27-30) Balance sheet – on track for net cash in FY26, no debt repayments until FY29

The Group's free cash flow is defined as cash flow before debt and dividends and mergers and acquisitions. 2. For more information on the Two Times Fred and Clisbako acquisitions see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’, dated 11 February 2026 and available to view at www.evolutionmining.com.

High return projects approved to utilise latent capacity

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Ernest Henry – Bert[1]

Northparkes – E22[1]

Incremental to existing mining operations
Long-life, low-cost bulk underground operation
Increases production and unlocks latent mill capacity
Supports transition to ~8Mtpa
Estimated 7 year mine life from first-half FY29
Initial production from end of FY30
Investment of $112M (A$160M)
$382M (A$545M) capital spread over ~5 years (EVN share)
Generates returns of[2 ]
Generates returns of[2 ]
23% at base case metal prices
28% at base case metal prices
48% at upside metal prices
38% at upside metal prices

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For more information on the E22 block cave and Ernest Henry Bert deposit see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’, dated 11 February 2026 and available to view at www.evolutionmining.com.
Investment metrics for E22 and Bert calculated using metal price assumptions of $2,800/oz (A$4,000/oz) gold, $10,045/t (A$14,350/t) copper for base case, and January 2026 upside metal prices of $4,550 (A$6,500/oz) gold and $12,600 (A$18,000/t) copper.

Further investment to enhance portfolio quality

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Asset Project IRR
Cowal OPC [1] 34% 81% 115%
E48 SLC [2] 77% 51% 128%
Northparkes Coarse Particle Flotation [2] 23% 20% 43%
E22 block cave [2] 28% 10% 38%
Base case
Ernest Henry Bert [2] 23% 25% 48%
Upside price
Evolution Group Group average
18%
average
0% 20% 40% 60% 80% 100% 120%
Improving portfolio quality delivers higher shareholder returns
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OPC IRR calculated using a base case gold price of $2,310 (A$3,300/oz) and upside gold price of $4,550 (A$6,500/oz).
E48, E22, Coarse Particle Flotation Project and Bert IRRs calculated using base case metal prices of $10,045/t (A$14,350/t) copper and $2,800/oz (A$4,000/oz) gold and January 2026 upside metal prices of $12,600/t (A$18,000/t) copper, and $4,550/oz (A$6,500/oz) gold.

All Reported metrics are Evolution’s attributable share post stream unless otherwise noted.

FY26 half year highlights

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Record underlying EBITDA $1.0B (A$1.6B)1

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Record underlying EBITDA margin 57%

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Record underlying profit after tax $515 (A$785M)1 Record Group cash flow $398 (A$608M)1

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Calculated using average AUD:USD exchange rate for 1H FY26 A$0.655.

Record interim dividend - up ~3x A$0.20ps

Record earnings per share A$0.38ps

Good safety performance TRIF of 5.82 Production on track 365koz Au, 36kt Cu Sector leading cost position AISC1,3 $978/oz (A$1,493/oz)

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Total recordable injury frequency (TRIF): the frequency of total recordable injuries per million hours worked, 12-month moving average as at 31 December 2025. 3. All-in Sustaining Cost (AISC) calculated for continuing operations excluding Mt Rawdon, which ceased mining operations in FY25. AISC includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. In line with World Gold Council guidelines.

Balance sheet flexibility significantly improved

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Gearing improved significantly in last 2 years

Low cost & long tenor debt aligned with cash flows

Deleveraging continues with gearing at 6%
Cash balance increased to A$967 million
All bank term loans repaid – final A$280 million repaid in the half year
▪ No debt repayment until FY29

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2000
1800
191 403 520 0.51
1600
1,638 760
1400
1,425 0.41
1200 967
1,293
1000 0.31
800 30%
849
0.21
25%
600
23%
400
15% 0.11
362
200
6%
0 0.01
31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25
Net debt (A$M) Cash (A$M) Gearing - ND/(ND+E) (%)
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▪ Low fixed debt cost at average rate of 4.47%

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477
273 273
153 153
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
USPP (A$M)
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Increasing shareholder returns

Commitment to increase returns met
Dividend policy unchanged ~ 50% annual group cash flow
26[th] consecutive dividend since FY13
Over A$2B in dividends declared to date
Interim dividend ▪ A$0.20 per share
Record date: 4 March 2026
▪ Payment date: 2 April 2026
Gold spot price ~A$1,375/oz higher than H1 FY26 achieved ▪ Equivalent to ~A$500M in extra cash flow[1]
Dividend Reinvestment Plan (DRP) continues to be offered to shareholders, discount removed

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Dividends per share & gearing (A$)
33%
28%
25%
~20
15% 15%
7% 6%
-2% 20
16
12 13
10 9
5 7 20
6
6 4
3 5
7 7 2 7
4 3 2 2
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
H1 dividends per share (cps) H2 dividends per share (cps)
FY26 H1 annualised (cps) 2 Gearing %
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Dividends (A$M) 2,073
1,667
1,267
1,128
1,053
943
732
459
400 406
273
161 211 110 75 139
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
2
Dividends declared FY26 H1 annualised Cumulative dividends declared
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Prices of $4,970/oz (A$7,100/oz) gold and $12,950/t (A$18,500/t) copper used for calculation purposes as at 10 February 2026.
FY26 dividends shown are based on annualised FY26 H1 dividend and are not to be considered a forecast.

Consistent delivery increasing shareholder returns

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Continued safe and reliable delivery Cost and capital discipline margin over ounces Capturing the benefit of high metal prices Rewarding shareholders with dividend ~3x HY25

Balance sheet flexibility enhanced gearing 6%

Well-sequenced growth via multiple projects

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Appendix
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Our operations

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Mungari Red Lake

Expansion successfully ▪ Consistent commissioned production
▪ Moved back to high cash ▪ Positive cash flow contributor ▪ Good exploration potential

Cowal Northparkes Ernest Henry ▪ Material cash ▪ Asset now ▪ Strong cash generation unlocked to drive contributor whilst ▪ Open Pit growth advancing future ▪ Continuation Capitalising on the options ahead of schedule copper market ▪ Land surrounding asset secured exposure

Ernest Henry

Northparkes – E22 block cave

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Long-life, low-cost bulk underground operation enables continued plant utilisation at ~7.4Mtpa
Supports transition to 8Mtpa
A$545M capital spread over ~5 years (EVN share)
Delivery de-risked through optimised access, ventilation and materials-handling design
Initial production from end of FY30
Generates returns of[1]
Twin-decline configuration
Revised ventilation approach
28% at base case metal prices
Four tipping points increasing crusher productivity
38% at upside metal prices
Positioned to capitalise on copper market exposure

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Legend Proposed mine Previously mined area Current mining area

For more information on the E22 block cave see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’, dated 11 February 2026 and available to view at www.evolutionmining.com.

E22 metrics calculated using metal price assumptions of A$4,000/oz gold, A$14,350/t copper for base case, and January 2026 upside metal prices of A$6,500/oz gold and A$18,000/t copper.

Northparkes – advancing our long-term growth agenda

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Expansion Study aims to quantify the full potential of Northparkes

Assessing options to materially increase mill throughput
Evaluating new open pit potential alongside underground projects
Optimising the long-term mine-to-mill configuration for a higher-capacity plant
Focusing on maximising metal recovery and overall asset value

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E44
Execution
(off page)
PFS level studies
Concept level studies
Major Tom E51
Northparkes
processing plant
E22
GRP
MJH (off
section)
E48 L2
E26 L3
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For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.

Northparkes – unlocking future growth

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Coarse Particle Flotation Project

Enhanced recovery (~2%) for copper and gold
Improves energy efficiency and increases throughput
Commissioning expected to be completed in 2H FY28
Generates returns of[1]
23% at base case metal prices
43% at upside metal prices
Capital investment ~A$75M (EVN Share)

Expansion Study

Aims to unlock long-term value via increased processing scale
Includes
- Pre-Feasibility Study to expand mill capacity
- Supporting mining Pre-Feasibility and concept studies
Study due for completion by end of FY27
Capital investment A$14M (EVN Share)
IRR for Northparkes Coarse Particle Flotation Project calculated using base case prices of A$14,350/t copper and A$4,000/oz gold, and January 2026 upside metal prices of A$18,000/t copper, and A$6,500/oz gold.
For more information on the Coarse Particle Flotation Project and Northparkes Expansion Study see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’, dated 11 February 2026 and available to view at www.evolutionmining.com.

Ernest Henry – Bert an additional source for higher production

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Incremental addition to existing mining operations[1]
Unlocks latent mill capacity
Increases gold and copper production
Enhances mine plan flexibility – independent operations
Estimated 7 year mine life from first-half FY29
Generates returns of[2]
- 23% at base case prices
- 48% at upside metal prices
Investment of A$160M
For more information on the Bert approval see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’ dated 11 February 2026, available to view at our website www.evolutionmining.com.
IRR for Bert calculated using base case prices of A$14,350/t copper, A$4,000/oz gold, and January 2026 upside prices of A$18,000/t copper, A$6,500/oz gold.

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Open pit
(previously
mined)
Bert
Main cave
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For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.

Project metrics

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Northparkes – E22[1]

Ernest Henry – Bert[1]

Long-life, low-cost bulk underground operation enables continued plant utilisation at ~7.4Mtpa
Incremental addition to existing mining operations
Unlocks latent mill capacity
Supports transition to 8Mtpa
Increases gold and copper production
Initial production from end of FY30
Enhances mine plan flexibility – independent operations
Estimated 7 year mine life from first-half FY29

Incremental investment metrics2	Base case	At upside price	Incremental investment metrics2	Base case	At upside price
Totalproject capital(A$M)	545(680 at 100%)		Totalproject capital(A$M)	160
Netpresent value(A$M)	~330	~600	Netpresent value(A$M)	~95	~310
Internal rate of return(%)	28	38	Internal rate of return(%)	23	48
Payback from first ore(years)	~1.5	~1	Payback from first ore(years)	~2.5	~1
Payablegold(post stream) (koz)	~108		Payablegold(koz)	~80
Payable copper(post stream) (kt)	~154		Payable copper(t)	~35
Steady stateproduction rate(Mtpa)	6		Steady stateproduction rate(ktpa)	700
Mine life(years)	9		Mine life(years)	7

For more information on the E22 block cave and Ernest Henry Bert deposit see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’, dated 11 February 2026 and available to view at www.evolutionmining.com.

Investment metrics for E22 and Bert calculated using metal price assumptions of A$4,000/oz gold, A$14,350/t copper for base case, and January 2026 upside metal prices of A$6,500/oz gold and A$18,000/t copper.

FY26 guidance (USD)

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FY26 guidance	Gold production (koz)	Copper production (kt)	AISC ($/oz)1,2	Sustaining capital ($M)3	Major mine development capital($M)4	Major project capital ($M)5	Depreciation & amortisation ($/oz)2
Group	710 – 780	70 – 80	1,150 – 1,230	140 – 190	160 – 215	350 – 425	805 – 910
Cowal	305 – 330		1,540 – 1,610	25 – 35	70 – 100	125 – 145	560 – 630
Ernest Henry	65 – 70	45 – 51	(2,450) – (2,100)	30 – 40	25 – 30	85 – 105	1,820 – 1,960
Northparkes	20 – 25	25 – 29	(5,250) – (4,900)	10 – 20	5 – 10	30 – 45	2,100 – 3,150
Mungari	175 – 190		1,610 – 1,680	40 – 55	25 – 35	35 – 45	595 – 665
Red Lake	130 – 145		1,785 – 1,890	30 – 35	30 – 40	75 – 85	770 – 910
Mt Rawdon	15 – 20		–	5	–	–	–
Corporate	–		100 – 105	–	–	–	5 – 10

AISC updated to reflect the improved guidance range of US$1,150 to US$1,230/oz
No change to sustaining capital
Major mine development and major project capital updated to reflect new projects announced on 11 February and improved project schedule for existing projects
Cowal: Early access to E46 and advancement of southern bund, increased IWL volume, purchase of 2[nd] hand village
Ernest Henry: Commencement of Bert
Northparkes: Commencement of E22 and Coarse Particle Flotation Projects

▪ Mungari: Deferral of Castle Hill haul road sealing from FY25 to post-winter FY26

Red Lake: Acceleration of CYD decline works
AISC include C1 cash cost, plus royalties, sustaining capital, general corporate and administrative expense, calculated per ounce sold. FY26 guidance range for group AISC calculated for continuing operations – excluding Mt Rawdon, which ceased mining operations in FY25 and is processing low grade stockpiles in FY26.
AISC calculations are based on metal prices of $12,250/t (A$17,500/t) for copper and $4,340/oz (A$6,200/oz) for gold.
Sustaining Capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines.
Major mine development comprises costs incurred to establish access to ore bodies over longer term.
Major project capital includes expenditure to establish new assets or a material change in production rates as per WGC.

FY26 guidance (AUD)

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FY26 guidance	Gold production (koz)	Copper production (kt)	AISC ($/oz)1,2	Sustaining capital ($M)3	Major mine development capital($M)4	Major project capital ($M)5	Depreciation & amortisation ($/oz)2
Group	710 – 780	70 – 80	1,640 – 1,760	200 – 270	225 – 310	500 – 605	1,150 – 1,300
Cowal	305 – 330		2,200 – 2,300	35 – 50	100 – 140	180 – 205	800 – 900
Ernest Henry	65 – 70	45 – 51	(3,500) – (3,000)	45 – 60	35 – 45	120 – 150	2,600 – 2,800
Northparkes	20 – 25	25 – 29	(7,500) – (7,000)	15 – 25	10 – 15	45 – 65	3,000 – 4,500
Mungari	175 – 190		2,300 – 2,400	60 – 75	35 – 50	50 – 65	850 – 950
Red Lake	130 – 145		2,550 – 2,700	40 – 50	45 – 60	105 – 120	1,100 – 1,300
Mt Rawdon	15 – 20		–	5 – 10	–	–	–
Corporate	–		140 – 150	–	–	–	10 – 15

AISC updated to reflect the improved guidance range of $1,640 to $1,760/oz
No change to sustaining capital
Major mine development and major project capital updated to reflect new projects announced on 11 February and improved project schedule for existing projects
Cowal: Early access to E46 and advancement of southern bund, increased IWL volume, purchase of 2[nd] hand village
Ernest Henry: Commencement of Bert
Northparkes: Commencement of E22 and Coarse Particle Flotation Projects

▪ Mungari: Deferral of Castle Hill haul road sealing from FY25 to post-winter FY26

Red Lake: Acceleration of CYD decline works
AISC include C1 cash cost, plus royalties, sustaining capital, general corporate and administrative expense, calculated per ounce sold. FY26 guidance range for group AISC calculated for continuing operations – excluding Mt Rawdon, which ceased mining operations in FY25 and is processing low grade stockpiles in FY26.
AISC calculations are based on metal prices of A$17,500/t for copper and A$6,200/oz gold.
Sustaining Capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines.
Major mine development comprises costs incurred to establish access to ore bodies over longer term.
Major project capital includes expenditure to establish new assets or a material change in production rates as per WGC.

Record financial performance

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Financials	Units	FY26 H1	FY25 H1	Change
Statutory profit after tax	A$M	767	365	110%
Underlying profit after tax	A$M	785	385	104%
EBITDA	A$M	1,562	985	59%
Underlying EBITDA	A$M	1,589	1,014	57%
EBITDA margin	%	57%	50%	14%
Operating mine cash flow	A$M	1,733	991	75%
Net mine cash flow	A$M	1,093	435	151%
Capital investment	A$M	517	496	4%
Gearing	%	6%	23%	73%
Group cash flow1	A$M	608	273	123%
Earnings per share	A$ps	0.38	18.4	107%
Interim dividend(fully franked)	A$ps	0.20	7	186%

Cash flow before dividends, debt repayments, equity raises and any acquisitions or divestments.

Banking the benefits of high metal prices

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Record Group net mine cash flow of A$1.1B
Group operating costs and sustaining capital were in line with prior year with all operations delivering positive net mine cash flow
Operations delivered ~A$660M more than the prior comparable period

Operations	Net mine cash flow (A$M)	Net mine cash flow (A$M)	Net mine cash flow (A$M)
	H1 FY26	H1 FY25	Change
Cowal	418	268	56%
Ernest Henry	240	146	65%
Northparkes	150	47	216%
Red Lake	119	44	171%
Mungari	147	(106)	239%
Mt Rawdon	19	35	(47%)
Group	1,093	435	151%

Underlying EBITDA margin

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57%
50%
FY25 H1 FY26 H1
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H1 FY26 underlying EBITDA Margin
65% 65%
61% 61%
57%
49%
31%
Cowal Ernest Northparkes Mungari Red Lake Mt Rawdon Group
Henry
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Cost drivers and sensitivities

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H1 FY26 key cost drivers [1] FY26 cash flow sensitivities (A$M) [2]
Operating costs (+/-5%) 100 - 110
Grinding Media/
Diesel
Explosives
2%
3%
Copper price (+/- $1,100/t) 70 - 80
Reagents
4%
Gold price (+/- $100/oz) 60 - 70
Royalties
6% Contract
Labour Copper volume (+/- 5%) 50 - 60
24%
Electricity FY26 AISC sensitivities (A$M) [2]
9%
Employee
labour Operating costs (+/-5%) 130 - 140
22%
Other
12%
Copper price (+/- $1,100/t) 95 - 105
Maintenance
Parts
Copper volume (+/- 5%) 70 - 75
18%
Sustaining capex (+/-5%) 15 - 20
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Cost drivers are based on FY26 H1 actual 2. Sensitivities shown are forecast FY26 and do not include H1 actual

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Appendix Portfolio overview

350 300 250 200 150 100 50

250

Long life, high return portfolio with plenty of upside

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Percentage repaid
Portfolio average return on investment of 18% with 15 years reserve life [[1]]
up to 25%
26-50%
60 100%
Return on investment
Cowal
50
20%+
Ernest Henry
ROI
40
Mungari 30 15-20%
ROI
Red Lake EVN average
Northparkes
20
10-15%
10 ROI
-
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Northparkes)
FY26 gold production guidance (koz) (Ernest Henry,
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Portfolio average return on investment of 18% with 15 years reserve life[[1]]

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0-10%
ROI
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Reserve life (years)

Mt Rawdon - opportunity to transition to a pumped hydro facility following conclusion of operations in FY26

Reserve life is calculated as contained metal of the gold Ore Reserve at 31 December 2024 / FY26 gold production guidance for each site. See the appendix for more information on Evolution’s Mineral Resources and Ore Reserves and FY26 production guidance.

Ernest Henry – optimising capacity to 2040+

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Mine continuation study outcomes (September qtr 2025)

Captured significant ore additions during study
Ore sourced from a combination of:
Continuing SLC below 1125mRL via trucking to existing materials handling infrastructure
Additional ore sources adjacent to existing cave transported to existing ore pass system
Grade profile of cave maintained for copper and gold
Mine life to ~2040[1] maintaining ~6.8Mtpa rate
Deferred up to ~A$200M capex from current 5-year plan
Future growth potential, at depth, below 775mRL to extend mine life beyond 2040[2]

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FS study concluded - mining to continue advancing in main cave plus additional ore sources

See ASX announcement titled, ‘Ernest Henry mine life extended to 2040 – Ore Reserves doubled,’ dated 5 June 2023 available to view at www.evolutionmining.com.au 2. For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.

Ernest Henry – Bert an additional source for higher production

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Incremental addition to existing mining operations[1]
Unlocks latent mill capacity
Increases gold and copper production
Enhances mine plan flexibility – independent operations
Estimated 7 year mine life from first-half FY29
Generates returns of[2]
- 23% at base case prices
- 48% at upside metal prices
Investment of A$160M
For more information on the Bert approval see the ASX announcement titled ‘Growth projects approved to deliver higher returns across the portfolio’ dated 11 February 2026, available to view at our website www.evolutionmining.com.
IRR for Bert calculated using base case prices of A$14,350/t copper, A$4,000/oz gold, and January 2026 upside prices of A$18,000/t copper, A$6,500/oz gold.

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Open pit
(previously
mined)
Bert
Main cave
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For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.

Ernest Henry – acquisition update

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Subsequent to the end of the December 2025 quarter, Evolution consolidated additional exploration ground in proximity to Ernest Henry Operations via the acquisition of subsidiary Isa Tenements Pty Ltd from GBM Resources Limited.
This is consistent with the group’s strategy to identify options to utilise the latent milling infrastructure capacity at Ernest Henry.
▪ This acquisition follows two prior additions in the region; the Corella Project[1] and the Cloncurry North JV[2] consolidating a highly prospective exploration tenement package.
See ASX announcement titled ‘Exploration Success Driving Future Growth Options’ dated 22 January 2025, available to view at www.evolutionmining.com.au.
See ASX announcement titled ‘Exploration Success Continues at Cowal and Ernest Henry’ dated 17 January 2024, available to view at www.evolutionmining.com.au.

Cowal – a cornerstone asset through 2042

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Track record of consistent, low-cost, resource replacement ~6Moz at $23/oz (A$138M) , endowment 13.8Moz to date[1]
Open pit mining extended by 10 years and operations to 2042[2] , providing baseload feed
Underground resource growth has potential to create additional significant value for stakeholders
At 2.4Mtpa the underground will account for one third of the mill feed and 50% of total ounces

Proposed open pits Proposed lake protection EIS 2023 bund EIS 2023 Underground Underground Ore Indicated Mineral Reserves Resources Underground Planned Inferred Mineral underground Resources infrastructure

Existing underground infrastructure

Endowment comprises Cowal’s total gold production to 30 June 2025 and gold Mineral Resource as at 31 December 2024. The diagram shows Cowal’s Mineral Resources and Ore Reserves as at 31 December 2024. For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.
See ASX announcement titled ‘Board approves project extending Cowal Operation to 2042’ available to view at www.evolutionmining.com.

31 31

Updated metal purchase and sale agreement with Triple Flag[1]

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Key terms of the updated agreement :[1]

Evolution will receive an advance amount from Triple Flag, by way of a refundable deposit, equal to A$120 million,[2] payable on 15 December 2026 (‘Refundable Deposit’).
Subject to the terms of the Agreement, the streaming rate over the E44 deposit, a gold-rich near surface orebody that is not part of the current Northparkes life of mine plan but was studied prior to Evolution ownership and is currently in the Northparkes Mineral Resource,[3] will be reduced to the following rates:[4]
25% of payable gold production from E44 (from 67.5% under the Existing Agreement)[5]
37.5% of payable silver production from E44 (from 100% under the Existing Agreement)[5]
Triple Flag will make payments to Evolution equivalent to 10% of the prevailing spot price for any ounces of gold and silver delivered from E44 under the Agreement – consistent with terms of the Existing Agreement.
In return, Evolution will commit to a binding minimum cumulative delivery obligation of gold and silver to Triple Flag totalling 45koz payable gold and 446koz payable silver between FY31 and FY38.[6]

If a Final Investment Decision (‘FID’) on E44 is not reached by 31 December 2029, Evolution may elect to repay the Refundable Deposit plus a compensation payment[7] to Triple Flag, and the minimum cumulative delivery obligation will consequently be terminated. If Evolution makes this election, then actual gold and silver production from E44 remains subject to the terms of the Agreement.

Alternatively, if FID on E44 is reached by 31 December 2029, or if it is not reached by then but Evolution does not elect to repay the Refundable Deposit, Triple Flag can thereafter elect to receive a refund of any uncredited balance of the Refundable Deposit, in which case Triple Flag’s entitlement to all minerals from E44 will be extinguished (including the minimum cumulative delivery obligation).

Supports the development of the gold-rich E44 deposit at Northparkes & creates pathway to develop additional gold-rich deposits

For more information on the E44 Mineral Resource see the announcement titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024, available to view at www.evolutionmining.com.

Mungari – optionality with multiple ore sources

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Net mine cash flow A$147M for FY26 half year equal to ~68% of mill expansion capital

On track to achieve 200kozpa run rate 2H FY26

Leveraging a significant 7.2Moz Mineral Resource[1]

Conventional mining method for eastern goldfields
Ore volume: ~80% open pit, ~20% underground
Castle Hill
- Base load open pit ore feed to mill
Kundana and Paradigm
- Higher grade underground ore feed
Ore haulage
- Partnership with ore haulage contractor MLG
- Sealed haul road construction to Castle Hill
Accommodation constructed for northern mining hubs

For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the Appendix of this presentation.

Mungari – accelerating value through discovery

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Low-cost resource discovery at A$19/oz (A$70M)[1]
Discovery strategy and key highlights:
Sustain high-grade underground production for +5 yrs
- Recent discovery success at Genesis and Solomon[2]
Mill baseload feed – proven up and with upside
- Castle Hill drilled and in production
Test new compelling high-grade targets
- New high-grade results from surface drilling campaigns at Kundana[2]
Discovery potential – reflected by Mungari receiving the largest FY26 discovery budget allocation in EVN portfolio
Resource replacement cost is calculated for the period August 2021 until December 2024 and includes depletion. 2. See ASX Announcement titled, ‘Exploration update – encouraging results from Mungari and Northparkes’ dated 16 July 2025 and available to view at www.evolutionmining.com.

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For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.

A location map of Kundana showing tenure, deposits/mines, gold

Red Lake – focus on consistent cash generation

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▪ Net mine cash flow - ~A$200M in net mine cash flow in the past 18 months

Contingency improved through establishment of a surface stockpile, strengthening operational resilience and contingency mining options
Operational flexibility - three mining fronts (including CYD) now accessible

Expanding Canadian exploration pipeline

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New high-quality exploration projects – acquisition of Two Times Fred and option to acquire Clisbako, both located in highly prospective region of central British Columbia, a district known for long-life and large-scale gold and copper-gold mines.
Under-explored targets – previous exploration at both projects have defined compelling targets analogous to large-scale epithermal gold camps with no significant drill testing at depth.
World-class geological provinces in Canada – strengthens Evolutions footprint in Canada alongside existing exploration tenure around Red Lake and projects in Ontario.
Drill-ready – drilling planned on high-ranking target areas in the next 12-15 months, with clear pathways to decision points and further investment.

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Appendix Mineral Resources and Ore Reserves

Group gold Mineral Resources at 31 December 2024

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Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	CP4
Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)
Cowal	Stockpiles	0.35g/t Au	51	0.52	0.84	-	-	-	-	-	-	51	0.52	0.84	1
Cowal	Open pit	0.35g/t Au	-	-	-	160	0.84	4.4	30	0.79	0.76	190	0.83	5.2	1
Cowal	Underground	1.5g/t Au	-	-	-	27	2.42	2.1	11	2.29	0.82	38	2.38	2.9	1
Cowal	Total		51	0.52	0.84	190	1.06	6.5	41	1.20	1.6	280	0.98	8.9	1
Ernest Henry	Total	~0.7% Cu	31	0.81	0.81	49	0.78	1.2	31	0.72	0.73	110	0.77	2.8	2
Mungari	Stockpiles		-	-	-	3.7	0.64	0.075	0.045	1.14	<0.01	3.7	0.64	0.077	3
Mungari	Open pit	0.25g/t Au	0.28	1.85	0.016	78	0.98	2.4	71	0.87	2.0	150	0.93	4.4	3
Mungari	Underground	1.9g/t Au	1.8	4.62	0.27	8.5	4.82	1.3	8.2	4.02	1.1	19	4.45	2.6	3
Mungari1	Total		2.1	4.26	0.29	90	1.33	3.8	79	1.20	3.0	170	1.31	7.2	3
Red Lake	Tailings	NA	-	-	-	1.2	1.76	0.068	1.4	1.73	0.075	2.5	1.74	0.14	4
Red Lake	Underground	2.8–3.0g/t Au	-	-	-	29	5.04	4.6	15	4.83	2.4	44	4.96	7.0	5
Red Lake	Total		-	-	-	30	4.90	4.7	17	4.58	2.5	47	4.79	7.2	4,5
Mt Rawdon	Total	0.23g/t Au	4.5	0.27	0.038	0.50	0.58	<0.01	-	-	-	5.0	0.30	0.048	6
Marsden	Total	~0.2g/t Au	-	-	-	120	0.27	1.0	3.1	0.22	0.022	120	0.27	1.1	7
Northparkes	Stockpiles	Various	5.8	0.45	0.084	-	-	-	-	-	-	5.8	0.45	0.084	8
Northparkes	Openpit	Various	12	0.77	0.30	3.5	0.93	0.10	0.15	1.14	<0.01	16	0.81	0.41	9
Northparkes	Underground	Various	170	0.22	1.2	260	0.13	1.1	39	0.16	0.20	460	0.17	2.5	10
Northparkes2	Total		180	0.26	1.6	260	0.14	1.2	40	0.16	0.21	480	0.19	3.0	8,9,10
Grand Total3			270	0.40	3.5	740	0.78	18	210	1.19	8.1	1,200	0.77	30

Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places.

Mungari Mineral Resource represent Evolution’s interest.
The Northparkes Mineral Resource represents Evolution’s interest. Northparkes Mineral Resource is now reported inclusive of Ore Reserves consistent with Evolution practice.
All Mineral Resources are reported inclusive of Ore Reserves.
Mineral Resources Competent Persons (CP) notes refer to: 1. Ben Reid 2. Phil Micale 3. Darren Hurst 4. Trevor Rabb 5. Paul Boamah 6. Ben Young 7. James Biggam 8. Riek Muller 9. Krista Sutton 10. David Richards

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 6 June 2025 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 2024

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Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person3
Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (Moz)
Cowal	Stockpiles	0.45g/t Au	43	0.53	0.74	-	-	-	43	0.53	0.74	1
Cowal	Open pit	0.45g/t Au	-	-	-	75	0.97	2.3	75	0.97	2.3	1
Cowal	Underground	0.6–1.8g/t Au	-	-	-	20	2.20	1.4	20	2.20	1.4	2
Cowal	Total		43	0.53	0.74	94	1.23	3.7	140	1.01	4.4	1,2
Ernest Henry	Underground	0.75–0.80% CuEq	32	0.65	0.66	47	0.33	0.50	78	0.46	1.2	3
Mungari	Stockpiles	Various	-	-	-	3.7	0.62	0.074	3.7	0.62	0.074	4
Mungari	Open pit	0.34–0.49g/t Au	-	-	-	43	1.04	1.4	43	1.04	1.4	4
Mungari	Underground	2.05–2.45g/t Au	0.62	4.47	0.088	3.6	4.55	0.52	4.2	4.54	0.61	5
Mungari1	Total		0.62	4.47	0.088	50	1.26	2.0	51	1.30	2.1	4,5
Red Lake	Total	NA	-	-	-	1.3	1.60	0.068	1.3	1.60	0.068	6
Red Lake	Underground	3.2–3.5g/t Au	-	-	-	13	4.46	1.9	13	4.46	1.9	7
Red Lake	Total		-	-	-	14	4.20	2.0	14	4.20	2.0	6,7
Mt Rawdon	Open pit	0.32g/t Au	0.48	0.37	<0.01	0.50	0.58	<0.01	0.98	0.48	0.015	8
Marsden	Open pit	0.3g/t Au	-	-	-	65	0.39	0.82	65	0.39	0.82	9
Northparkes	Stockpiles	Various	3.5	0.24	0.028				3.5	0.24	0.028	10
Northparkes	Open pit	0.34%-0.50% CuEq	4.2	0.34	0.046	1.5	0.41	0.020	5.8	0.36	0.066	11
Northparkes	Underground	0.32-0.58% CuEq	1.7	0.33	0.019	70	0.27	0.61	72	0.27	0.63	10,12
Northparkes2	Total		9.5	0.30	0.093	72	0.27	0.63	81	0.28	0.73	10,11,12
		Grand Total	86	0.58	1.6	340	0.88	10	430	0.82	11

Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places.

Mungari Ore Reserves represent Evolution's interest.
Northparkes Ore Reserves represent Evolution’s interest.
Group Gold Ore Reserve Competent Person (CP) notes refer to 1. Dean Basile (Mining One) 2. Peter Nichols 3. Michael Corbett 4. Tate Baillie 5. Ryan Bettcher 6. Ross Garling 7. Jack Caswell 8. Ben Young 9. Glen Williamson 10. Reik Muller 11. Sam Ervin 12. Sarah Webster.

Group copper Mineral Resources at 31 December 2024

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Copper	Copper	Copper	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource Tonnes (Mt) Copper Grade (%) Copper Metal (kt)	Total Resource Tonnes (Mt) Copper Grade (%) Copper Metal (kt)	Total Resource Tonnes (Mt) Copper Grade (%) Copper Metal (kt)	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 (%)
Ernest Henry	Underground	~0.7% Cu	31	1.39	430	49	1.26	610	31	1.12	350	110	1.26	1,400	1
Marsden	Openpit	~0.2g/t Au	-	-	-	120	0.46	550	3.1	0.24	7.5	120	0.46	560	2
Northparkes	Stockpile	Various	5.8	0.33	19	-	-	-	-	-	-	5.8	0.33	19	3
Northparkes	Openpit	Various	12	0.24	29	3.5	0.11	4.0	0.15	0.038	0.058	16	0.21	33	4
Northparkes	Underground	Various	170	0.56	930	260	0.50	1,300	39	0.47	180	460	0.52	2,400	5
Northparkes1	Total		180	0.53	980	260	0.49	1,300	40	0.46	180	480	0.51	2,400	3,4,5
Grand Total2 210 0.66 1,400 430 0.57 2,400 74 0.73 540 720 0.61 4,400

Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places.

Northparkes Mineral Resource represents Evolution’s interest. Northparkes Mineral Resource is now reported inclusive of Ore Reserves consistent with Evolution practice.
Mineral Resources are reported inclusive of Ore Reserves.
Mineral Resource Competent Persons (CP) notes refer to: 1. Phil Micale 2. James Biggam 3. Riek Muller 4. Krista Sutton 5. David Richards.

Group copper Ore Reserves at 31 December 2024

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Copper	Copper	Copper	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	CP2
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 Henry	Underground	0.75– 0.80% CuEq	32	1.07	340	47	0.55	250	78	0.76	600	1
Marsden	Open pit	0.3g/t Au	-	-	-	65	0.57	370	65	0.57	370	2
Northparkes	Stockpiles	Various	3.5	0.30	11	-	-	-	3.5	0.30	11	3
Northparkes	Open pit	0.34%-0.50% CuEq	4.2	0.36	15	1.5	0.39	6.0	5.8	0.36	21	4
Northparkes	Underground	0.32-0.58% CuEq	1.7	0.51	8.9	70	0.55	380	72	0.55	390	3,5
Northparkes1	Total		9.5	0.36	35	72	0.54	390	81	0.52	420	3,4,5
Grand Total 41 0.91 380 180 0.57 1,000 220 0.62 1,400

Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places.

Northparkes Ore Reserve represents Evolution’s interest.
Group Ore Reserve Competent Person (CP) notes refer to: 1. Michael Corbett 2 Glen Williamson 3. Riek Muller 4. Sam Ervin 5. Sarah Webster.

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AI assistant

EVOLUTION MINING LIMITED — Investor Presentation 2026

64885_rns_2026-02-22_934441aa-9fe0-4c0c-ad0c-ea4fc4a862d2.pdf

Forward looking statement

Non-International Financial Reporting Standards (IFRS) financial information

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

Creating long-term stakeholder value

Reliable delivery from a quality portfolio

Delivering consistent high returns

Disciplined capital allocation driving sustained high returns

Shareholder returns

Organic growth

Accretive acquisitions

High return projects approved to utilise latent capacity

Ernest Henry – Bert[1]

Northparkes – E22[1]

Further investment to enhance portfolio quality

FY26 half year highlights

Balance sheet flexibility significantly improved

Gearing improved significantly in last 2 years

Low cost & long tenor debt aligned with cash flows

Increasing shareholder returns

Consistent delivery increasing shareholder returns

Our operations

Mungari Red Lake

Ernest Henry

Northparkes – E22 block cave

Northparkes – advancing our long-term growth agenda

Expansion Study aims to quantify the full potential of Northparkes

Northparkes – unlocking future growth

Coarse Particle Flotation Project

Expansion Study

Ernest Henry – Bert an additional source for higher production

Project metrics

Northparkes – E22[1]

Ernest Henry – Bert[1]

FY26 guidance (USD)

FY26 guidance (AUD)

Record financial performance

Banking the benefits of high metal prices

Underlying EBITDA margin

Cost drivers and sensitivities

Long life, high return portfolio with plenty of upside

Portfolio average return on investment of 18% with 15 years reserve life[[1]]

Reserve life (years)

Mt Rawdon - opportunity to transition to a pumped hydro facility following conclusion of operations in FY26

Ernest Henry – optimising capacity to 2040+

Mine continuation study outcomes (September qtr 2025)

Ernest Henry – Bert an additional source for higher production

Ernest Henry – acquisition update

Cowal – a cornerstone asset through 2042

Updated metal purchase and sale agreement with Triple Flag[1]

Key terms of the updated agreement :[1]

Supports the development of the gold-rich E44 deposit at Northparkes & creates pathway to develop additional gold-rich deposits

Mungari – optionality with multiple ore sources

Leveraging a significant 7.2Moz Mineral Resource[1]

Mungari – accelerating value through discovery

Red Lake – focus on consistent cash generation

Expanding Canadian exploration pipeline

Group gold Mineral Resources at 31 December 2024

Group gold Ore Reserves at 31 December 2024

Group copper Mineral Resources at 31 December 2024

Group copper Ore Reserves at 31 December 2024

More from EVOLUTION MINING LIMITED

EVOLUTION MINING LIMITED Investor Presentation 2026