Evolution Mining Limited · ASX:EVN

Evolution Mining — Investor Presentation (September 2016)

27 slides from Evolution Mining's investor presentation, Sep 13, 2016

1. Slide 1: Updated Three Year Outlook and Investor Presentation

   ABN: 74 084 669 036 Registered Office P +61 2 9696 2900 F +61 2 9696 2901 Level 30 ASX Announcement 175 Liverpool Street Sydney NSW 2022 13 SEPTEMBER 2016 www.evolutionmining.com.au UPDATED THREE YEAR OUTLOOK AND INVESTOR PRESENTATION Evolution Mining Limited (ASX:EVN) is today releasing an Investor

2. Slide 2: Investor Presentation September 2016

   Investor Presentation September 2016

3. Slide 3: 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”, “intend”, “plan”,

4. Slide 4: Production target

   Production target Production target FY17 – FY19 Production AISC Sustaining capital Period Major project capital (A$M)2 (Koz) (A$/oz) (A$/M) FY171 800 – 860 900 – 960 90 – 120 105 – 130 FY18 820 – 880 840 – 900 80 – 110 110 – 215 FY19 830 – 890 830 – 900 75 – 105 75 – 210 Material Assumptions The mat

5. Slide 5: Evolution Mining overview

   Evolution Mining overview ASX code EVN Shares outstanding(1) 1,673M Market capitalisation(2) US$3,085M Average daily share turnover(3) US$23M Net debt (4) US$585M Forward sales(5) 706,989oz at A$1,624/oz Dividend policy 4% of revenue Major shareholders La Mancha 29%, Van Eck 7% Group attributable pr

6. Slide 6: Australia's 2nd largest producer

   Australia’s 2nd largest producer Cowal (100%) Ernest Henry(5)(6) (Evolution economic interest) Gold Reserves (Moz)(1) 2.85 Reserves (Moz)(7) 1.0Moz Au, 184Kt Cu Gold Resources (Moz)(1) 5.05 Resources (Moz)(7) 1.4Moz Au, 431Kt Cu Reserve Grade (Au g/t)(1) 0.9 Reserve Grade (Au g/t)(7) 0.54 g/t Au, 1.

7. Slide 7: Low cost production

   Low cost production  Declining cost base the result of:  upgraded asset quality  cost reductions  productivity gains  Evolution is now in the lowest cost quartile of global gold producers Group AISC1 (per ounce) Operating Mine Cash Flow (A$M) US$1,259 A$1,228 A$1,083 A$1,036 A$1,014 US$995 628

8. Slide 8: EBITDA margins

   EBITDA margins  Group EBITDA margins of 46% achieved in FY16  Strong margins from high quality acquisitions  Outstanding performance from Mt Carlton  Further margin expansion expected with addition of Ernest Henry Group EBITDA Margin (%) FY14 33% FY15 40% FY16 46% FY16 Site EBITDA Margin (%) 59%

9. Slide 9: Improving quality of asset portfolio

   Improving quality of asset portfolio $1,800 Bubble size represents FY17F attributable production guidance(1) Maintaining 6-8 mine strategy, Ernest 5,6 $1,600 recycling capital and delivering Henry (Gold price of A$1,750/oz less FY17F AISC long term, high margin growth Current indicative AISC margin

10. Slide 10: Three year outlook

    Three year outlook 00 Production (Koz) AISC (A$/oz) 00 1,400 00 880 890 1,200 860 960 900 00 1,000 900 800 00 600 00 803 800 820 830 1,036 1,014 900 400 840 830 00 438 200 0 - FY15A FY16A FY17 FY18 FY19 FY15A FY16A FY17 FY18 FY19 Production actual Production Low Production High AISC actual AISC Low

11. Slide 11: A stand-out amongst global peers

    A stand-out amongst global peers 1,000 900 Evolution pre Aug 2016 deals Evolution + Ernest Henry 800 Acacia IAMGOLD ex Pajingo Evolution ex Pajingo FY16A Production (Koz) 700 600 Northern Star Detour B2 Gold 500 OceanaGold (2) Centerra 400 St Barbara NewGold Resolute 300 Regis 200 Saracen 100 - 100

12. Slide 12: Balance sheet strength

    Balance sheet strength  Strong cash generation enabled Combined amortisation schedule of Facility B & D Term Loans (A$M) A$322 million in debt repayments during FY16 185 170  Gearing reduced from 32% in 120 105 July 2015 to 15% in June 2016 80  Expected pro-forma net debt of 30 ~A$780 post comple

13. Slide 13: Ernest Henry

    Ernest Henry  Large scale, long life, copper-gold Ernest Henry ore body looking west asset in Queensland operated by Glencore  Evolution’s economic interest1:  100% of gold and 30% of copper and silver produced over current 11 year Life of Mine (LoM) plan  30% contribution to current LoM product

14. Slide 14: Cowal

    Cowal Growth  Ore Reserves increased from 1.56Moz to 2.85Moz (+83%) under Evolution ownership(1)  Expansion of E42 pit prioritised  Current life of mine plan includes Stage H cutback to access an additional 1.4Moz  Prospects not included in life of mine plan:  E42 pit expansion beyond Stage H S

15. Slide 15: Mungari

    Mungari Growth  Significant potential to expand production and extend mine life  ~880 km2 land position in a world-class Zuleika North (49koz) terrane Ora Banda (312koz)  Potential for the discovery of new high- grade underground resources >1Moz Carbine >500koz  Recent resource definition drilli

16. Slide 16: Mt Carlton

    Mt Carlton A quality asset  One of the highest grade open pit gold mines in the world  Developed by Evolution and commissioned in 2013  Low mining strip ratio over life of mine  Strong FY16 performance driven by improved efficiencies and positive grade reconciliations  Upside opportunities from

17. Slide 17: Mt Rawdon

    Mt Rawdon A consistent performer  Successfully replaced all mining depletion under Evolution ownership (Nov 2011 Ore Reserves: 900Koz Au1)  Strong track record of cost reductions and mine life extensions  Current Life of Mine plan extends to FY26  Potential upside opportunities through increasin

18. Slide 18: Cracow and Edna May

    Cracow and Edna May Cracow Edna May Overview Overview  Current life of mine plan through to FY20  Current life of mine plan extends to FY22  Strong track record of replacing mined ounces  Nearing completion of capital intensive Stage 2  Potential mine life extension targets: open-pit cut back 

19. Slide 19: Pro-forma metrics of portfolio upgrade

    Pro-forma metrics of portfolio upgrade FY16A production (Koz, Au only) December 2015 Ore Reserves (%)(1)(2) Pajingo Edna 2% Ernest May Henry 69 88 15% Cracow Edna Mt May Rawdon Cowal 5.9Moz Cowal Cracow 6.8Moz 803 822 Mt Mt Carlton Rawdon Mungari Mt Mungari Carlton FY16A Sustaining and major capital

20. Slide 20: Executing a clear and sound strategy

    Executing a clear and sound strategy Australia  Low risk, politically stable jurisdiction  Cost base has normalised  Low Australian dollar Mid-tier  6 – 8 asset portfolio to ensure focus is maintained Low cost  Upgrading the quality of the portfolio  Driving down costs, improving productivity

21. Slide 21: ASX code: EVN

    ASX code: EVN www.evolutionmining.com.au

22. Slide 22: Appendix 1 JORC Mineral Resources and Ore Reserves Statements

    Appendix 1 JORC Mineral Resources and Ore Reserves Statements

23. Slide 23: Evolution Ore Reserves Dec 2015

    Evolution Ore Reserves Dec 2015 Gold Proved Probable Total Reserve Gold Gold Gold Gold Gold Gold Competent Cut-off Tonnes Tonnes Tonnes Project Type Grade Metal Grade Metal Grade Metal Person (g/t Au) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz) Cowal1 Open pit 0.40 39.93 0.71 906 59.47 1.02 1

24. Slide 24: Evolution Mineral Resources Dec 2015

    Evolution Mineral Resources Dec 2015 Gold Measured Indicated Inferred Total Resource Competent Cut-off Gold Gold Gold Gold Gold Gold Gold Gold Person Tonnes Tonnes Tonnes Tonnes Project Type (g/t Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) Au) (g/t) (koz) (g/t) (koz) (g/t) (k

25. Slide 25: Ernest Henry Mineral Resource and Ore Reserve Dec 2015

    Ernest Henry Mineral Resource and Ore Reserve Dec 2015 Mineral Resource Statement (at 31 December 2015) at a CuEq cut-off of 0.9% Tonnes Copper Copper Gold Gold Classification (Mt) Grade (%) Metal (kt) Grade (g/t) Metal (koz) Measured 16.1 1.29 208 0.67 347 Indicated 71.0 1.15 817 0.59 1,347 Inferre

26. Slide 26: Slide notes

    Slide 5 notes  The information in this document that relates to Evolution’s Mineral Resources and Ore Reserves is extracted from the ASX report entitled “Annual Mineral Resources and Ore Reserves Statement” created on 21 April 2016 (the “Report”). The Company confirms that it is not aware of any ne

27. Slide 27: Updated FY17 guidance

    Updated FY17 guidance Gold production All-in sustaining cost Updated FY17 Guidance (oz) (A$/oz) Cowal 245,000 – 260,000 885 – 945 Mungari 150,000 – 160,000 970 – 1,030 Mt Carlton 90,000 – 100,000 675 – 725 Mt Rawdon 90,000 – 100,000 960 – 1,040 Edna May 80,000 – 85,000 1,140 – 1,220 Cracow 80,000 –

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