Evolution Mining Limited · ASX:EVN

Evolution Mining — Denver Gold Forum 2018

19 slides from Evolution Mining's conference presentation, Sep 24, 2018

1. Slide 1: 2018 Denver Gold Forum

   2018 aegtt Wes “g SS \ DENVER GOLD FORUM e LAWRIE CONWAY - FINANCE DIRECTOR AND CFO

2. Slide 2: Forward Looking Statement

   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”, “inten: “plan”, “es

3. Slide 3: Australian gold producers in good shape

   For personal use only A$/oz Australian dollar gold price per ounce Australian gold producers in good shape… 1,900 A$ gold price ▪ Generating record profits 1,800 ▪ Reliable operating performance 1,700 ▪ Exciting organic growth opportunities 1,600 ▪ Strong balance sheets 1,500 ▪ Robust A$ gold price

4. Slide 4: For personal use only

   For personal use only North ASX code EVN America 30.3% Market capitalisation(1) A$4.5B / US$3.4B Australia 47.9% Average daily turnover(2) A$32M / US$24M UK and Net debt(3) A$72M / US$54M Europe 250,000oz at 18.3% Forward sales(3) A$1,711/oz Other Asia Payout of 50% of 0.4% 3.1% Dividend policy afte

5. Slide 5: For personal use only

   For personal use only Ernest Mt Carlton Henry Mt Rawdon Cracow Mungari Cowal 5

6. Slide 6: Operating cash flow and Group AISC

   For personal use only Group AISC Impact April 2015 Mungari acquisition  A$30/oz May 2015 Cowal acquisition  A$100/oz August 2016 Ernest Henry economic interest acquisition  A$100/oz August 2016 Pajingo divestment  A$15/oz September 2017 Edna May divestment  A$50/oz Operating cash flow (A$M) Gro

7. Slide 7: Return on Invested Capital and Asset Payback

   For personal use only Size of Return on Invested Capital (%) and Asset Payback (%) bubble represents Return on Invested Capital Cracow Mt Carlton 17%p.a. for 24%p.a. for 6.5 years 5 years 100%+ Asset Payback (%) Mt Rawdon 13%p.a. for 6.5 years Cowal 23%p.a. for 50% 3 years Mungari Ernest Henry 20%p.

8. Slide 8: For personal use only

   For personal use only Connors Arc Cowal Mungari E42 OP Regional Mungari Mungari Drummond 150koz OP + UG Basin Cracow Cowal Mt Cowal UG Cowal Regional Carlton Stage H 300koz Mt UG FTL Carlton Tennant OP Creek Mt Marsden Rawdon Ernest OP Henry Ernest >1200m Henry UG Cracow Regional 8

9. Slide 9: Cowal FY18 Performance

   For personal use only FY18 PERFORMANCE Current value adding major projects Gold production 258koz ▪ Stage H cutback – extends mine life to 2032 A$877/oz AISC US$658/oz ▪ Float Tails Leach – increase recoveries by 4 – 6% Tonnes processed 7,795kt ▪ GRE46 underground exploration decline Grade processed

10. Slide 10: For personal use only

    ≥ 2 kilometres For personal use only Inferred Mineral Resource: 5.9Mt at 3.2 g/t Au for 603koz Stage G – current surface 1.6@58.2 1535DD324 MSO shapes 7.5@10.0 1535DD330 Stage H final pit shell 500 metres Area of recent infill drilling & Discovery of Dalwhinnie Lode Drill hole intersections are extr

11. Slide 11: For personal use only

    For personal use only 86,300mE 86,400mE 86,500mE 86,600mE E46D3170 700mRL 1@7.9 E46D3219 E46RCD3061A 2@16.2 600mRL E46D3171 1@38.0 500mRL MSO E46D3219 shapes 6@67.3 E46D3202 1@17.4 400mRL 1535DD331H 3@69.9 This information is extracted from the presentation entitled “2018 Investor Day” released to t

12. Slide 12: Ernest Henry FY18 Performance

    For personal use only FY18 PERFORMANCE Gold production1 95koz 1,200mRL Copper production1 21kt Tonnes processed1 6,759kt Grade processed 0.56g/t Au, 1.12% Cu A$(641)/oz Drilling target AISC1 US$(480)/oz Operating cash flow2 A$231M / US$173M Current Mineral Net mine cash flow 2 A$219M / US$164M Resou

13. Slide 13: Mungari FY18 Performance

    For personal use only FY18 PERFORMANCE Gold production 118koz A$1,181/oz AISC US$886/oz Tonnes processed 1,654kt Grade processed 2.36g/t Au Operating cash flow A$71M / US$53M Net mine cash flow A$24M / US$18M EBITDA margin 35% ROIC 14% ▪ Ore Reserves and Mineral Resources provide solid 10 year base

14. Slide 14: Mt Carlton FY18 Performance

    N Open pit For personal use only FY18 PERFORMANCE Stage 3 - Gold production 112koz current A$535/oz AISC US$401/oz N Tonnes processed 801kt Grade processed 5.61g/t Au Open pit Operating cash flow A$140M Stage 4a Net mine cash flow A$109M EBITDA margin 64% ROIC 34% N ▪ Generating exceptional returns

15. Slide 15: Cracow and Mt Rawdon FY18 Performance

    For personal use only FY18 PERFORMANCE CRACOW MT RAWDON Gold production 90koz 105koz A$1,181/oz A$884/oz AISC US$886/oz US$663/oz Tonnes processed 529kt 3,241kt Grade processed 5.63g/t Au 1.14g/t Au Operating cash flow A$46M / US$35M A$69M / US$52M Net mine cash flow A$37M / US$28M A$50M / US$38M EB

16. Slide 16: For personal use only

    For personal use only AISC AIC Low cost A$797/oz 12% 4% A$1,033/oz EBITDA AIC High margin 53% 8% A$612/oz 8% margin margin Group Cash flow High cash cash flow per share generation 4% 2% A$396M 23 cents Strong Gearing Dividends balance 2.7% 83% 7.5 cents 50% sheet 16

17. Slide 17: Production and AISC Outlook

    Production Outlook (koz) For personal use only ▪ Production profile of >700koz for next 3 years 11 22 770 770 750 ▪ Decrease from FY18 due to divested asset and grade trending to reserve level ▪ Consistent contribution across the portfolio 833 780 720 720 700 ▪ Outlook is a base case with upside pot

18. Slide 18: A Bright Future

    us@gnly if A. nal. For perso A BRIGHT FUTURE Operations Continued reliable delivery Intense focus on cost improvements Developing innovative new technology Discovery Upgrading our exploration pipeline Cowal success to add significant value A$40 - 55M exploration investment in FY19 Business Developme

19. Slide 19: For personal use only

    For personal use only Evolution MIINTINE

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