Slide 1: Mungari site visit
For personal use only Mungari site visit 8 August 2017 Simon Jessop General Manager – Kalgoorlie Region
Slide 2: Forward looking statement
For personal use only 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”, “expe
Slide 3: Australia's 2nd largest gold miner
Australia’s 2nd largest gold miner 1 Cowal (100%) For personal use only Gold Reserves 2016 (Moz)(1) 3.20 Gold Resources 2016 (Moz)(1) 5.04 Reserve Grade 2016 (Au g/t) FY17A Au Production (koz) 0.85 263 5 Cracow (100%) FY17A AISC (A$/oz) 833 Gold Reserves 2016 (Moz)(1) 0.19 FY17 Net M
Slide 4: Developing a pipeline of Mineral Resources
Developing a pipeline of Mineral Resources Major footprint in the world-class Kalgoorlie region For personal use only ~950km2 across 346 tenements Resource definition and Discovery programs building momentum Strategically located 1.7Mtpa processing plant Ora Banda (92koz) Mungari Regional
Slide 5: Operational overview
Operational overview Residential and long term workforce For personal use only 600km east of Perth, Western Owner miner Workforce: ~270 employees and Location Australia, Australia or 20km West of Kalgoorlie ~70 contractors Mining method White Foil: conventional open-pit Frog’s Leg: underground
Slide 6: Site layout
Site layout For personal use only Kalgoorlie 20km 6
Slide 7: Zero harm
Zero harm LTIFR 1.2 For personal use only TRIFR 13.3 Improved safety culture driven by quality field discussions and Safety Assurance programs Ongoing focus on continued improvement in performance FY17 focus on critical controls (93% compliance) Lost Time Injury Frequency Rate (LTIFR) Tota
Slide 8: Community and Environment
Community and Environment Employee and community engagement For personal use only through Shared Value Projects Coolgardie Primary Bush Tucker completed Nature Play Garden completed Successful Site Family Fun Day attended by 220 employees (including contractors) and their families Alignmen
Slide 9: Mungari performance
Mungari performance FY17 performance For personal use only Gold production of 143,820 ounces AISC1 of A$1,143 per ounce Operating mine cash flow A$96 million Net mine cash flow A$59 million A$18 million invested in resource definition and discovery programs Frog’s Leg grade under budget
Slide 10: Mine geology
Mine geology Frog’s Leg For personal use only Quartz vein hosted deposit located on the lithological contact between the Victorious Basalt and the Black Flag Volcaniclastics Mineralised widths range from 0.2m to 5.0m Mineral Resource is being tested down-plunge in FY18 White Foil Mineral
Slide 11: Frog's Leg extensions
Frog’s Leg extensions Dedicated drill platforms For personal use only exist for both the Rocket and Mist lodes Additional drill platforms developed in June 2017 quarter Drilling into lower Mist to commence in September 2017 quarter ~13km of in-mine underground drilling is scheduled for FY18
Slide 12: White Foil
White Foil White Foil Open-Pit For personal use only Open pit optimisation resulted in less waste and >50koz added to Ore Reserves Stage 3 cutback will result in stockpile build as excess ore mined in FY19 and FY20 White Foil Underground Latest drill results intersected a broad mineralised zon
Slide 13: White Foil Resource Definition drilling
White Foil Resource Definition drilling Recent drilling below the north end of the pit has returned significant mineralised intervals and provided key For personal use only data which has resulted in a change to the interpretation The Sovereign Fault was intersected further up-hole which resulte
Slide 14: FY17 underground performance
FY17 underground performance For personal use only Units FY17 UG lateral development - capital kt 1,486 UG lateral development - operating kt 2,476 Total UG lateral development kt 3,962 UG ore mined kt 693 UG grade mined g/t 4.77 Frog’s Leg underground production commenced 2008 29% reduction in
Slide 15: FY17 open pit performance
FY17 open pit performance For personal use only Units FY17 OP capital waste kt 2,730 Stage 3 East OP operating waste kt 6,461 Stage 2B OP ore mined kt 1,044 OP grade mined g/t 1.20 Stage 3 West Life of mine strip ratio remaining Waste:ore 3.9:1 White Foil open-pit located <1km east of the Mungari
Slide 16: White Foil material movement
White Foil material movement For personal use only 16
Slide 17: FY17 plant performance
FY17 plant performance For personal use only Solid performance from Mungari Units FY17 processing plant Total tonnes processed kt 1,711 Successful tails dam harvesting of tails Grade processed g/t 2.81 for paste – increased capital utilisation Gold recovery % 93.1 and reduced pastefill costs Gol
Slide 18: Expanding the Mineral Resource base
Expanding the Mineral Resource base Resource test phase commenced in FY17 with nine months of regional work For personal use only Journey to continue in FY18 as results start to develop the resource base Regional Resources are being drill tested to improve the asset portfolio Mungari Reserve
Slide 19: Discovery at Evolution Mining
For personal use only Discovery at Evolution Mining 19
Slide 20: What we're looking for
What we’re looking for Our exploration focus For personal use only Gold discoveries >2 Moz Epithermal and orogenic lode gold deposits Host rock resource inventory 1997 – 2011 Will consider iron oxide copper-gold deposits IOCG (opportunistic) Palaeoplacer 13.2Moz 11.9Moz Skarn 3.0Moz Our appe
Slide 21: Australia – our primary focus
Australia – our primary focus Pine Ck Tennant >20Moz Creek For personal use only Tanami (Lode Au) >5 Moz >30Moz (IOCG) (Lode Au) Charters Towers Telfer >35Moz >30Moz (Epithermal, VHMS) Yilgarn Mt Isa >400Moz >17Moz (Lode Au) New England (IOCG) >15Moz Gold (IRGS, Epithermal endowment Yilgarn & Porphy
Slide 22: Challenges to opportunities
Challenges to opportunities Discovering quality deposits is becoming more challenging For personal use only Mature fields in Australia – low hanging fruit are rare Exploring deeper under cover – requires higher quality mineralisation and a larger appetite for risk We are developing a pipelin
Slide 23: Enablers
Enablers R&D to sponsor relevant innovation For personal use only Target models – mineral systems versus genetic models Drilling Data analysis Real time availability 100% utilisation Artificial intelligence Geophysics Seismic Airborne acquisition of induced polarisation measureme
Slide 24: Target model – Eastern Goldfields WA
Target model – Eastern Goldfields WA Multiple ages of For personal use only mineralisation Late basin conglomerates Upper mafic stratigraphy preserved Enriched Major, long-lived granitoids faults Image: Bleeker, 2012; Slide: John Dobe, 2016 24
Slide 25: Regional scale targeting Eastern Goldfields WA
Regional scale targeting Eastern Goldfields WA Major structures For personal use only Gravity highs Late basins Low metamorphic grade Enriched granitoids Legend Gold deposit > 1 Moz Major structure Gravity high (thick greenstone) Late basin sediments Targeting Elements Regional Gravity Enr
Slide 26: Our key exploration themes
Our key exploration themes Sharp focus on our objectives For personal use only Discoveries are declining in Australia – must look deeper under cover Innovation will enable deeper visualisation of potential targets Opportunities to compress discovery timelines by revolutionising drilling tech
Slide 27: Mungari Discovery
Mungari Discovery FY17 highlights FY18 plan For personal use only Spend increased by 280% to ~A$14 million Similar level of discovery expenditure to FY17 Doubled drill volume and built up Discovery and Resource definition Advance target pipeline teams Focus on priority areas at: Consolid
Slide 28: Project pipeline
Project pipeline ~180 targets currently identified on lease For personal use only 94 exploration stage targets under evaluation Testing top 20+ highest priority targets 28
Slide 29: Frog's Leg South
Frog’s Leg South Commenced testing targets along strike to the south For personal use only Poorly tested below 300m Drilling to the south determined extent of favourable stratigraphy Innis drilling targeting favourable hosts along Mungari Shear Frog’s Leg deposit Innis trend 1.0@53.1 0.2@10.
Slide 30: Blue Funnel South
Blue Funnel South For personal use only 7km strike of Zuleika Shear being tested 6,615,000mN Zone of structural Blue complexity has been Funnel poorly tested pit >100ppb gold anomaly defined >1,000 ppb Au anomaly >100 ppb Au anomaly 320,000mE 320,500mE 30
Slide 31: Ora Banda
Ora Banda Priority target area for exploration FY18 For personal use only Under-explored area with significant potential Variable ownership history has resulted in little focussed exploration over the past 15+ years Multiple Enterprise-style targets apparent Significant gold anomalies thro
Slide 32: Future opportunity
Future opportunity For personal use only All drilling All drilling All drilling >100m >200m depth depth •Bullant •Mt Pleasant •Bullant •Mt Pleasant •Bullant •Mt Pleasant Zuleika Shear Zone Zuleika Shear Zone Zuleika Shear Zone Kundana Kundana Kundana •Frog’s Leg •Frog’s Leg •Frog’s Leg •White Foil •
Slide 33: Regional Resource Definition
Regional Resource Definition Focus on quality – advancing regional For personal use only Mineral Resources and advanced targets towards Ore Reserves Recent positive results from drill testing priority targets reinforce the potential to increase the resource base Results returned along or adjac
Slide 34: Burgundy
Burgundy New zone of high-grade mineralisation intersected in the footwall at Burgundy. Best intersections For personal use only included: 17m (14.5m etw) grading 4.7g/t Au from 112m (BURC061) 21m (17.9m etw) grading 5.1g/t Au from 170m (BURC076) Schematic section (6,607,915mN) of recent drill
Slide 35: Emu
Emu Drilling at the Emu project has intersected high-grade mineralisation. For personal use only Best intersections included: 23.7m (14.2m etw) grading 13.7g/t Au from 90m including 5.4m (3.2m etw) grading 50.2g/t Au (EMUD004) Emu drill hole location plan of recent drilling Emu schematic cross
Slide 36: Summary
Summary Mungari process plant – a strategic asset in the West Kalgoorlie For personal use only area Excellent ground holding in world-class terrane ~950km2 ~48km of the Zuleika Shear Zone ~70km of the Kunanalling Shear Zone Large inventory of early to mid-stage targets New, energised t
Slide 37: Appendices
For personal use only Appendices
Slide 38: Mungari's Evolution
Mungari’s Evolution For personal use only First gold Evolution pour Mungari acquires Frog’s Mungari plant Phoenix Gold FY1 from Frog’s 2017 Leg Ore plant completed 0 Leg FY1 underground Reserve construction 2016 0 Limited mining of White Foil mine grows to commenced FY1 open-pit Processing 2015 0 14
Slide 39: Site Leadership Team
Site Leadership Team For personal use only GENERAL MANAGER Simon Jessop / ADMIN SUPERVSOR Maria Bryce OPERATIONS REGIONAL PEOPLE & CULTURE GEOLOGY DEVELOPMENT COMMERCIAL MANAGER EXPLORATION MANAGER MANAGER PROJECT MANAGER Arno Dippenaar Julian Woodcock Dianne Newell Andrew Engelbrecht MANAGER Brian
Slide 40: Process plant circuit
Process plant circuit For personal use only 40
Slide 41: Process equipment
Process equipment Power Gravity Circuit For personal use only Western Power – grid supply 2 * Knelson concentrator – 30” 40-60% of gold recovered via gravity Crushing Leaching Three stage crushing Primary: Metso 40” Single Toggle Jaw CIL circuit Crusher 2 x 1,140m3 leaching tan
Slide 42: Mining equipment
Mining equipment Underground mining equipment Open-pit mining equipment For personal use only Development drills Loading 1 x development jumbo – Sandvik DD421 1 x 250t Hitachi EX2600 1 x 200t PC2000 (backup) Production drills 1 x 110t Komatsu PC1250 (batters) 2 x longhole drills – Sa
Slide 43: Competent persons
Competent persons Competent Persons Statement For personal use only The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row, who is employed on a full-t
Slide 44: Mungari Ore Reserves Dec 2016
Mungari Ore Reserves Dec 2016 For personal use only Mungari Combined Ore Reserves - December 2016 Proved Probable Total Reserve Ore Reserve cut-off Tonnes Tonnes Tonnes Cont. Grade Au Cont. Metal Grade Au Cont. Metal Grade Au Metal (Mt) (g/t) Au (koz) (Mt) (g/t) Au (koz) (Mt) (g/t) Au (koz) Open Pit
Slide 45: Mungari Mineral Resources Dec 2016
Mungari Mineral Resources Dec 2016 For personal use only Mungari Mineral Resources - December 2016 Measured Indicated Inferred Total Resource Tonnes Tonnes Tonnes Tonnes Cont. Mineral Cont. Cont. Cont. Grade Grade Grade Grade Metal Resource Metal Au Metal Au Metal Au (Mt) Au (g/t) (Mt) Au (g/t) (Mt)
Slide 46: Mungari Regional Resources Dec 2016
Mungari Regional Resources Dec 2016 Mungari Regional Mineral Resources – December 2016 For personal use only Measured Indicated Inferred Total Resource Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Project Prospect Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt)
Slide 47: Evolution Gold Ore Reserves Dec 2016
Evolution Gold Ore Reserves Dec 2016 Gold Proved Probable Total Reserve For personal use only Competent Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person Project Type Cut-Off (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) Cowal1 Open pit 0.4 43.70 0.71
Slide 48: Evolution Gold Mineral Resources Dec 2016
Evolution Gold Mineral Resources Dec 2016 Gold Measured Indicated Inferred Total Resource For personal use only Competent Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes Person Project Type Cut-off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g
Slide 49: Evolution Copper MROR Dec 2016
Evolution Copper MROR Dec 2016 Group Copper Ore Reserves Statement For personal use only Copper Proved Probable Total Reserve Competent Copper Copper Copper Grade Copper Copper Copper Person Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Grade (%) Metal (kt) (%) Metal (kt) Grade (%) Metal
Slide 50: Mungari drill hole information
Mungari drill hole information Hole Hole Type Northing MGA (m) Easting MGA (m) RL AHD (m) Hole Length (m) Dip MGA Azi MGA From (m) Interval1 (m) ETW (m) Au(g/t) WFRD027 RCD 6,594,444 332,348 342 462.5 -58 130 271.55 1.45 1.1 32.49 For personal use only 286.5 80.2 64.2 1.98 Includes 286.8 10.1 8.10 2
Slide 51: JORC Code 2012 Table - Mungari
JORC Code 2012 Table 1 - Mungari For personal use only Section 1 Sampling Techniques and Data Criteria Commentary Sampling techniques Sampling of gold mineralisation at Mungari was undertaken using diamond core (surface and underground) and reverse circulation (RC) drill chips. All drill samples wer
Slide 52: JORC Code 2012 Table - Mungari
JORC Code 2012 Table 1 - Mungari For personal use only Section 1 Sampling Techniques and Data Criteria Commentary The primary sample is then pulverised in a one stage process, using a LM5 pulveriser, to a particle size of >85% passing 75um. Approximately 200g of the primary sample is extracted by sp
Slide 53: JORC Code 2012 Table - Mungari
JORC Code 2012 Table 1 - Mungari For personal use only Section 1 Sampling Techniques and Data Criteria Commentary Data spacing and distribution The nominal drill spacing for Resource Definition is 40m x 40m or in some areas 20m x 20m. This spacing includes data that has been verified from previous e
Slide 54: JORC Code 2012 Table - Mungari
JORC Code 2012 Table 1 - Mungari For personal use only Section 2 Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure Resource Definition drilling was undertaken on the following tenements: M15/830 status All tenements are in good standing and no known impediments ex
Slide 55: ASX code: EVN
For personal use only ASX code: EVN www.evolutionmining.com.au