EVOLUTION MINING LIMITED — Share Issue/Capital Change 2010

Jun 24, 2010

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25 June 2010

Dear Option Holder,

LISTED OPTIONS EXPIRING 30 JUNE 2010 (ASX Code : CAHO)

Please be advised that your options to subscribe for fully paid ordinary shares in the Company will expire on the 30 June 2010.

If you decide to exercise your options, you should complete the option exercise form previously provided to you in May 2010 and send that together with your exercise monies to the Company's share registry by 30 June 2010, 5pm (WST) :

Security Transfer Registrars Pty Ltd 770 Canning Highway, Applecross WA 6153

Telephone: (61 8) 9315 2333 Facsimile: (61 8) 9315 2233

Yours faithfully CATALPA RESOURCES LIMITED

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Graham Anderson Company Secretary

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CATALPA RESOURCES LIMITED

ABN 74 084 669 036

REGISTERED OFFICE CATALPA RESOURCES LIMITED FIRST FLOOR 9 HAVELOCK STREET WEST PERTH WA 6005

SHARE REGISTRY Security Transfer Registrars Pty Ltd All Correspondence to: PO BOX 535, APPLECROSS WA 6953 Tel (08) 9305 2333 Fax (08) 9305 2233 EMAIL: registrar@securitytransfer.com.au

7 May 2010

Dear Option Holder

YOUR OPTIONS TO ACQUIRE CATALPA RESOURCES LIMITED SHARES AT $1.032 PER SHARE EXPIRE ON 30 JUNE 2010

We are writing to you as a registered holder of 30 JUNE 2010 options in CATALPA RESOURCES LIMITED to remind you that the options will expire at 5:00pm (WST) on 30 JUNE 2010.

Your option holding may be exercised in whole or in part by payment of $1.032 for each option by no later than 30 JUNE 2010. If payment is not received by 5:00pm (WST) on 30 JUNE 2010 the options will lapse and all rights under the options will cease at that time.

Some of the courses of action available to you as a holder of these soon to expire options are:

• a) Exercise the options on or before 30 JUNE 2010.

• b) Sell your options. Quotation of the options will cease at the close of trading on 23 JUNE 2010.

• c) Do nothing (ie, allow your options to expire). If you do not exercise or sell your options they will expire on 30 JUNE 2010 and your right to subscribe for ordinary shares in CATALPA RESOURCES LIMITED at $1.032 per share will lapse.

There is no obligation on option holders to exercise their options. However, under paragraph 6.1 of Appendix 6A of the Australian Securities Exchange ( ASX ) Listing Rules, the Company is required to advise option holders of the information contained in this notice.

The market sale price of ordinary shares in CATALPA RESOURCES LIMITED on ASX was $1.47 on 6 May 2010, being the last trading day in Perth prior to the date of this notice.

During the three (3) months preceding the date of this notice:

• the highest market sale price of ordinary shares on ASX was $1.68 on 30 April 2010; and

• the lowest market sale price of ordinary shares on ASX was $1.21 on 8 February 2010.

If you wish to exercise your options then you must complete your “Notice of Exercise of Options” form on the reverse of this notice and forward it together with payment of $1.032 per option exercised to be received no later than 5:00pm (WST) on 30 JUNE 2010 to the Company’s share registry, being:

Security Transfer Registrars Pty Ltd PO Box 535 OR 770 Canning Highway APPLECROSS WA 6953 APPLECROSS WA 6953

Cheques should be made payable to “CATALPA RESOURCES LIMITED” in Australian dollars only and should be crossed “Not negotiable”. If you have any further questions please do not hesitate to contact our Registry on telephone (08) 9305 2333, facsimile (08) 9305 2233, or e-mail registrar@securitytransfer.com.au.

Yours faithfully

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GRAHAM ANDERSON COMPANY SECRETARY