Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company For personal use only Denver Gold Forum Lawrie Conway – Managing Director and Chief Executive Officer 16 September 2024
Slide 2: Forward looking statement
Forward looking statement 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
Slide 3: Evolution snapshot
Evolution snapshot MARKET CAPITALISATION1 $5.8B / A$8.6B MINERAL RESOURCES2 32.7Moz gold, 4.1Mt copper For personal use only ORE RESERVES2 11.5Moz gold, 1.3Mt copper FY25 PRODUCTION 710koz – 780koz GUIDANCE3 FY25 AISC GUIDANCE3,4 $995/oz – $1,060/oz A$1,475/oz – A$1,575/oz 23 consecutive dividends p
Slide 4: Vision, purpose and strategy
Vision, purpose and strategy Our vision: Our purpose: Inspired people creating a To deliver long-term stakeholder value through low-cost production in a For personal use only premier global gold company safe, environmentally and socially responsible way To create a business that prospers through the
Slide 5: Positioned for success
Positioned for success Gold and copper prices For personal use only moving higher High quality portfolio advantageously placed Investment grade balance sheet Proven team in place Consistent delivery and high cash generation 5
Slide 6: Sustainability – integrated into everything we do
Sustainability – integrated into everything we do 10.7 TRIF1 down For personal use only Health, Safety 8.8 28% and Wellbeing 7.7 FY22 FY23 FY24 FY22 FY23 FY24 Committed to reducing -7.0% -9.4% -14.3% carbon -30% footprint2 Emissions reduction 2030 target Indigenous outcomes ▪ Supporting recognition
Slide 7: Long life, high return portfolio
Long life, high return portfolio Percentage repaid Portfolio average return on investment of 15% with a further 18 years mine life up to 25% For personal use only 26-50% 100% 350 Return on investment Cowal Annual production – gold equivalent1 (koz) 300 20%+ ROI Ernest Henry 250 EVN Average 200 15-20
Slide 8: Portfolio differentiation – gold plus copper
Portfolio differentiation – gold plus copper Copper ✓ Cashflow: significant and stable, prospering through the cycle For personal use only ✓ Long-life, large ore bodies, providing economies of scale ✓ Low-cost operations, well placed on the global cost curve ✓ Tier 1 locations – regulatory, geology,
Slide 9: High margin, high cash generation to continue in FY25
High margin, high cash generation to continue in FY25 Operating mine cash flow ($M) Production guidance For personal use only ▪ Gold: 710,000 – 780,000 ounces $1,220 A$1,805 ▪ Copper: 70,000 – 80,000 tonnes $1,010 A$1,541 Cost guidance FY24 actual2,4 FY25 guidance (midpoint at spot)3,4 ▪ All-in Sust
Slide 10: Increasing shareholder returns as we deleverage
Increasing shareholder returns as we deleverage Dividends per share & gearing (A$) Shareholder returns 17.0 16 For personal use only 15.0 30% 33% ▪ 23rd consecutive dividend 13.0 12 28% 25% 25% 11.0 20% ▪ Fully franked A$0.05 per share – up 150% 9.0 15% 7.0 15% 6 710% ▪ Higher dividends as deleverag
Slide 11: Extensive growth options across the portfolio
Extensive growth options across the portfolio For personal use only Near term (FY25) Medium term ✓ Cowal underground (higher grade) ramping up to ✓ Cowal Open pits extend mine life to 2042 2.4Mtpa in FY26 ✓ Ernest Henry Bert discovery, potential additional ✓ Ernest Henry mine extension FS due end Ma
Slide 12: Summary
Summary FY24 – Record financial performance For personal use only FY25 – Positioned to deliver High return, long life portfolio Cash generation momentum with copper differentiation (~30% sales) Right capital allocation mix – reinvestment, deleveraging & dividends 12
Slide 13: Appendix: FY25 guidance
Appendix For personal use only FY25 guidance
Slide 14: FY25 guidance (AUD)
FY25 guidance (AUD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation For personal use only ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 1,475 – 1,575 215 – 270 150 – 20
Slide 15: FY25 guidance (USD)
FY25 guidance (USD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation For personal use only ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 995 – 1060 150 – 190 100 – 140 2
Slide 16: Appendix: FY24 Financial Performance
Appendix For personal use only FY24 Financial Performance
Slide 17: FY24 highlights
FY24 highlights Improvements in all key For personal use only sustainability metrics Low-cost production 717koz at A$1,477/oz Record underlying profit up 135% to A$482m High cash margin & cash flow FY25 building on FY24 Deleveraging continuing Gearing down to 25% Improved shareholder returns – Full
Slide 18: Record financial performance
Record financial performance Financials Units FY23 FY24 Change For personal use only Statutory profit after tax A$M 164 422 158% Underlying profit after tax A$M 205 482 135% EBITDA A$M 839 1,428 70% Underlying EBITDA A$M 904 1,513 67% EBITDA margin % 38% 47% 24% Operating mine cash flow A$M 944 1,53
Slide 19: Cost drivers and sensitivities well known
Cost drivers and sensitivities well known FY25 cash flow sensitivities (A$M) Key cost drivers FY241 For personal use only Operating costs (+/-5%) 95 – 105 Diesel Royalties 4% Copper price (-/+ $1,100/t) 75 – 85 5% Gold price (-/+ $100/oz) 65 – 70 Other 14% Contract Labour Copper volume (-/+5%) 50 –
Slide 20: Delivering improved margins
Delivering improved margins Focus on margin over ounces Cash flow (A$M) For personal use only ▪ Significant margin and cash growth 1,539 ▪ Banking upside of high metal prices 944 583 ▪ Cowal: Consistent high cash contributor 367 36 (116) ▪ Ernest Henry: Reliable delivery and cash generation Group ca
Slide 21: Appendix: Portfolio Overview
Appendix For personal use only Portfolio Overview
Slide 22: Ernest Henry: reliable delivery and cash generation
Ernest Henry: reliable delivery and cash generation Mine extension to ~2040 – study progressing ▪ Feasibility Study due March quarter 2025 ▪ Study scope increased - Ernie Junior drilling extending mineralisation 300m north of the For personal use only mine extension footprint, now incorporated in Fe
Slide 23: Cowal: long life consistent cash contributor
Cowal: long life consistent cash contributor Acquisition Current ▪ Cornerstone asset of the portfolio 1.6Moz1 (35%) 4.5Moz2 (39%) For personal use only Ore Reserves (% of group) Mineral Resources (% of group) 3.4Moz1 (31%) 8.8Moz2 (28%) ▪ Long mine life ahead – mining lease to 2045 Mine life 2024 (9
Slide 24: Cowal: multiple long term ore sources
Cowal: multiple long term ore sources E46 For personal use only E41W E42 Regal Galway E41E Underground Inferred Mineral Planned Development – Ore Reserve Resource – Dec 2023 – Dec 2023 Underground Indicated Mineral Proposed Open Pits EIS 2023 Resource – Dec 2023 Stopes – Probable Ore Reserve – Propo
Slide 25: Northparkes: world class, long life, low cost
Northparkes: world class, long life, low cost For personal use only Location Approximately 27km north-west of Parkes in New South Wales, Australia Property Mining Lease (MLs 1247, 1367, 1641, 1743) encompasses an area of 2,673 hectares Commencement Mining commenced 1993 and processing 1994 Mining me
Slide 26: Northparkes: exceeding early expectations
Northparkes: exceeding early expectations ▪ Generating cash from day 1 Net mine cash flow ($M)1 ▪ Delivered $74M in first 6½ months For personal use only ▪ Operating costs and capital better than plan 1 IMMEDIATE CASH ▪ Copper benefit 136 GENERATION ▪ Production of ~25kt per year 74 ▪ Copper price u
Slide 27: Northparkes: multiple potential production sources
Northparkes: multiple potential production sources Underground operations Site overview For personal use only ▪ E48 − First lift (E48L1) completed December 2023 − Sub level cave (SLC) of E48L2 due to be executed from FY25, benefitting from existing infrastructure − E48 was the first fully automated
Slide 28: Mungari: pivoting to major cash contributor
Mungari: pivoting to major cash contributor ▪ Consistent operations under Evolution ownership ▪ Over 1 million ounces of gold produced For personal use only ▪ Avg production 130koz pa FY22-24 ▪ ~A$950 million operating mine cash flow ▪ ~A$480 million1 net mine cash flow ▪ Mungari 4.2 – Mill expansio
Slide 29: Red Lake: focus on consistent positive cash generation
Red Lake: focus on consistent positive cash generation FY25 delivery underpinned by FY24 groundwork For personal use only ▪ Targeting positive cash generation and reliable delivery in FY25 ▪ Production trend favorable through 2HFY24 ▪ Trend continuing in FY25, ~12.5koz per month, up ~25% on FY24 ▪ R
Slide 30: Mt Rawdon: transitioning to pumped hydro
Mt Rawdon: transitioning to pumped hydro Environmental Impact Study submitted in May 2024 to the Queensland For personal use only government, providing pathway to state and federal regulatory approval of the project. Lowest risk and cost of projected pumped hydro capacity in Australia1 30 1. Based o
Slide 31: Appendix: Mineral Resources and Ore Reserves
Appendix For personal use only Mineral Resources and Ore Reserves
Slide 32: Group gold Mineral Resources at December 2023
Group gold Mineral Resources at 31 December 2023 Gold Measured Indicated Inferred Total Resource Cut-off Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal CP9 Project Type (g/t Au) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Gra
Slide 33: Group gold Ore Reserves at December 2023
Group gold Ore Reserves at 31 December 2023 Gold Proved Probable Total Reserve Competent Cut-off Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person10 Project Type Tonnes (Mt) (g/t Au) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) For personal use only Cowal1 Stock
Slide 34: Group copper Mineral Resources at December 2023
Group copper Mineral Resources at 31 December 2023 Copper Measured Indicated Inferred Total Resource Tonnes Copper Tonnes Tonnes Tonnes CP6 Copper Copper Copper Copper Copper Copper Copper Project Type Cut-off Grade For personal use only (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal
Slide 35: Group copper Ore Reserves at December 2023
Group copper Ore Reserves at 31 December 2023 Copper Proved Probable Total Reserve CP5 Copper Copper Copper Copper Copper Copper Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) For personal use only Grade (%) Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) Ernest Henry1 Underground 0.5
Slide 36: For personal use only
For personal use only