Slide 1: Investor Day
Evolution MINING Investor Day 28 June 2016
Slide 2: Inspired people creating Australia’s premier gold company
Inspired people creating Australia’s premier gold company 2
Slide 3: Forward looking statements
Forward looking statements 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”
Slide 4: Production target
Production target Production target FY17 – FY19 Production AISC Sustaining capital Major project capital Period (koz) (A$/oz) (A$/M) (A$M) FY17 800 – 860 985 – 1,045 90 – 120 110 – 140 FY18 800 – 860 930 – 990 80 – 110 110 – 230 FY19 810 – 870 910 – 980 75 – 105 75 – 215 Material Assumptions The mat
Slide 5: Agenda
Agenda 8:30 – 9:00 Registration 9:00 – 9:10 Industry Landscape Bryan O’Hara Group Manager Investor Relations 9:10 – 9:30 Strategic Vision Jake Klein Executive Chairman 9:30 – 9:50 Financial Strength Lawrie Conway Finance Director and CFO 9:50 – 10:00 Zero Harm Simon Delander General Manager Health,
Slide 6: Industry landscape
Industry landscape 28 June 2016 Bryan O’Hara Group Manager Investor Relations
Slide 7: Australian gold mining’s renaissance
Australian gold mining’s renaissance Strong recovery from an extremely challenging period Nearly one quarter of Australia’s annual mine production has changed ownership Recapitalisation of assets and reinvestment in exploration is creating organic growth opportunities Excellent operating env
Slide 8: Strategic vision
Strategic vision 28 June 2016 Jake Klein Executive Chairman
Slide 9: Play Cowal video
MINI Play Cowal video
Slide 10: Key messages
Key messages FY16 has been an outstanding year FY17 is expected to be even better Our current business is not only sustainable, but expected to strengthen We are confident in the potential to extend mine lives across our asset base Our people are our future 10
Slide 11: Our people
Our people “Systems drive big mining companies, people drive Evolution” - Andrew Millar, Cracow GM Talented and engaged workforce Strong safety culture Investing in developing our people Graduate program Guiding Our Leader’s Development program Creating career development opportunities
Slide 12: The journey so far
The journey so far May 2010 November 2011 July 2015 December 2015 Management team Merger of equals Acquisition of cornerstone Compulsory acquisition appointed to between Conquest asset – Cowal Gold Mine of Phoenix Gold Conquest Mining. and Catalpa to form completed Single asset: Mt Evolution. Additi
Slide 13: Production growth
Production growth Group attributable production 800,000* 427,703 437,570 392,920 280,401 45,889 FY11 FY12 FY13 FY14 FY15 FY16F Gold equivalent production (oz) * FY16 production forecast is based on actuals through to 31 May 2016 plus a forecast for the month of June 2016 13
Slide 14: Guiding principles
Guiding principles Be sure of the strategic opportunity Improve the quality of the asset portfolio Understand our value add Build a business that prospers through the cycle 14
Slide 15: FY19 ambitions
FY19 ambitions We will have a group portfolio generating superior returns with 6 – 8 assets and an average mine life of 8 – 10 years We will have 6 – 8 active exploration and development programs of quality, including brownfields We will be open to all good gold, silver and copper-gold investment op
Slide 16: Preliminary FY16 & June quarter estimates
Preliminary FY16 & June quarter estimates June quarter1 Record production of approximately 213,000 gold ounces AISC2 of approximately A$1,075 per ounce (US$783/oz)3 FY161 Record production of approximately 800,000 gold ounces AISC2 of approximately A$1,000 per ounce (US$728/oz)3 Balance shee
Slide 17: Delivering results
Delivering results Group AISC (per ounce) Net Mine Cash Flow (A$M) US$1,259 405* A$1,228 A$1,083 A$1,036 A$1,000* US$995 US$867 138 US$728* 91 11 FY13 FY14 FY15 FY16F FY13 FY14 FY15 FY16F AISC (A$/oz) AISC (US$/oz) * FY16 forecasts are based on actuals through to 31 May 2016 plus a forecast for the
Slide 18: Financial strength
Financial strength 28 June 2016 Lawrie Conway Finance Director and CFO
Slide 19: Overview
Overview FY17 Guidance • Production, costs and cash to build on FY16 performance • Sustainable low cost production profile FY19 Outlook • Investing now for future production pipeline • Capturing cost savings in favourable market conditions Costs and margin • Expanding margins at asset and group leve
Slide 20: FY17 guidance
FY17 guidance Production (koz) 860 Group production of 800 - 860koz Full year contribution from Cowal and Mungari 800 800 Grade changes at Mt Rawdon (+15-20%); Edna May 438 (+15%); Mt Carlton (-17%); and Cracow (-10%) Other physical metrics to generally be in line with FY15 FY16 Est FY17 FY1
Slide 21: FY17 capital
FY17 capital Sustaining Capital (A$M) Investment in Cowal and resource definition drilling 120 program driving sustaining capital Cowal sustaining capital directed to Stage H drilling 77 100 90 and study work Resource definition investment increased from FY15 FY16 Est FY17 A$20 – A$25M to A$35
Slide 22: Production outlook
Production outlook Production (koz)2 Production guidance at >800koz for next 3 years1,2 860 860 870 Longer life assets provide base production of 600 - 650koz per year over next 3 years1,2 Shorter life assets have a record of life extensions 800 800 800 810 Opportunities exist to keep pipeli
Slide 23: Cost outlook
Cost outlook AISC (A$/oz)1 AISC trending down over next 3 years 1,045 990 980 Increase in production from higher margin sites No material upward pressure on input costs 1,036 1,000 985 930 910 Sustaining capital peaks in FY17 FY15 FY16 Est FY17 FY18 FY19 AISC Low AISC High Focus on operati
Slide 24: Capital outlook
Capital outlook Sustaining Capital (A$M)1 120 Declining sustaining capital profile 110 105 Predominantly consists of: Resource definition 77 100 90 80 75 Tailings facilities Equipment replacement Compliance projects FY15 FY16 Est FY17 FY18 FY19 Sustaining Capex Low Sustaining Capex High
Slide 25: Cost drivers
Cost drivers Top seven expense groups Very favourable market conditions for costs of account for goods and services ~78% of total costs Recent contract negotiations have seen reductions in order of 5 – 40% Leverage from addition of Cowal and Mungari Other, 22% evident in recent tenders Labou
Slide 26: Sensitivities and hedging
Sensitivities and hedging Gold Price +/- A$100/oz - A$M Impact Cash flow sensitivity to gold price movement (60) (55) FY17 55 60 (±A$100/oz) is A$55 – 75M over next 3 years Cost base is heavily A$ denominated in (~85%) (65) (60) FY18 60 65 Currency movement of US$0.01 equates to ±A$2.0M (75) (
Slide 27: Margins
Margins Group EBITDA Margin 48% Healthy margins 40% Operating (EBITDA) of 48% 35% 33% All in Cost Margins of A$455/oz Margins expansion in last two years EBITDA up by 45% AIC up by 330% FY13 FY14 FY15 FY16 Est Gold price up only 10% in same period Quality of Cowal and Mungari evident
Slide 28: Debt
Debt Gearing and Leverage Ratio 60% 2.1 Balance sheet rapidly deleveraging 1.56 40% 1.6 Cash and undrawn debt of A$220M 0.79 1.1 32.0% 0.48 0.6 Debt at end of FY16 is A$285M 20% 0.15 22.4% 15.3% 0.1 Revolver Facility: A$95M 4.3% 0% -0.4 Term Facility: A$190M Jun-15 Pre Equity Jul-15 Dec-15
Slide 29: Dividends
Dividends Dividend paid semi-annually since maiden dividend in February 2013 Balance sheet position allows for review of policy Percentage of revenue approach remains method of dividend Dividend policy doubles payout rate to 4% of revenue from end of FY16 Dividend payout metrics compare we
Slide 30: Summary
Summary Good production base with increasing mine life Investing for extension of current production rate and mine life Costs have reduced and no near term pressures expected Margins and cash flow are very healthy at group and site level Debt level well under control and will remain focus
Slide 31: Zero harm
Zero harm 28 June 2016 Simon Delander General Manager – Health, Safety and Environment
Slide 32: Continuous improvement
Continuous improvement Total Recordable Injury Frequency Rate Significant Safety Occurrence Frequency Rate (TRIFR) (SSOFR) 35 30 30 25 25 Cowal and Mungari Cowal and Mungari 20 acquisitions acquisitions 20 15 15 10 10 5 5 0 0 TRIFR: Total recordable injury frequency rate. The frequency of total reco
Slide 33: Safety programs
Safety programs Beyond Zero Safety Leadership Vehicle Incident prevention programs Health & Wellbeing program OHS & Risk assurance programs Safety perception survey Evolution Group Mine Rescue Challenge 33
Slide 34: Environment
Environment Developed Environmental standards High frequency group environmental assurance programs ISO 14001 accreditation at Cowal Environmental enhancement programs External review of environmental practises and processes Waste rock storage trials at Mt Rawdon 12 cells established – N
Slide 35: Asset optimisation
Asset optimisation 28 June 2016 Mark Le Messurier Chief Operating Officer
Slide 36: Overview
Overview Summary of results and performance Keys to success Strategy and achievements Building a foundation for a strong future 36
Slide 37: FY16 Group performance
FY16 Group performance • A strong performance in its first year under Evolution ownership Cowal • Developed a detailed understanding of future opportunities • FY16 result confirms the outstanding value of this acquisition Mungari • Focused on integration and alignment • An exceptional year deliverin
Slide 38: Operating philosophy
Operating philosophy Support our people Excel in planning, assessment and production standards Work hard to build our reserve base Set high expectations and deliver to the plan Relentlessly drive for higher margins 38
Slide 39: FY19 outlook
FY19 outlook Production (koz) AISC (A$/oz) 860 860 870 1,045 990 980 800 800 800 810 1,036 1,000 985 930 910 438 FY15 FY16 Est FY17 FY18 FY19 FY15 FY16 Est FY17 FY18 FY19 Production Low Production High AISC Low AISC High 39
Slide 40: Cowal: A cornerstone asset
Cowal A cornerstone asset 28 June 2016 Jason Greive General Manager - Cowal
Slide 41: Overview
Overview Growth Ore Reserves increased from 1.56Moz to 2.85Moz (+83%) under Evolution ownership Expansion of E42 pit prioritised Current life of mine plan (LOMP) includes Stage H cutback to access an additional 1.4Moz (adding 5 to 6 years to LOMP) E46 Prospects not included in LOMP: E42 cu
Slide 42: Site summary
Site summary Residential workforce Approximately 40km north-east of West Location Workforce: 264 employees and 91 contractors Wyalong in New South Wales, Australia Shift roster: 7:7 Mining method Conventional open pit Minerals Gold Mining commenced 2005 and processing in 2006 Structurally ho
Slide 43: Cowal performance and outlook
Cowal performance and outlook FY16 performance1 Estimated Gold production of 236,000 ounces (from ~11 months of ownership) AISC2 of A$810 per ounce Net mine cash flow of A$146 million FY17 guidance Gold production guidance of 245,000 – 260,000 ounces AISC of A$885 – A$945 per ounce Susta
Slide 44: Business improvement
Business improvement Organisational restructure 7% reduction in workforce – cost saving of A$3.6M/year Implementation of planning and development team to drive asset growth & transformation Wall steepening to unlock reserve potential (IRA now at 61 degrees) OR increased by 76,000oz “Drill
Slide 45: Pit design – wall steepening
Pit design – wall steepening Historical representation of wall steepening - M+I+I >0.4g/t Design Changes G75º – 2013 G80º – 2014 G90º - 2015 45
Slide 46: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources Cowal Reserve & Resources as a function of pit design Barrick Dec 2014 Dec to Evolution Dec 2015 Reserve/Resource Ounces (koz) 6,000 272 202 5,000 448 725 4,000 900 350 201 3,000 471 155 76 309 5,046 2,000 2,848 1,000 2,181 1,555 0 Barrick Dec 2014 Reserve +0.40g/t
Slide 47: E42 stage H cutback
E42 stage H cutback 47
Slide 48: Current E42 drilling
Evolution MINING Hole £420D1716 Current Depth - 340m Planned Depth - 650m Hole F42DD1714 Parent hole completed [Se : Hole £4200 17128 Current Depth: - 600m Planned Depth - 850m Hole E42DD1711 Current Depth 510m Planned Depth 860m Day, - i Hole E42DD1710. - Hole E42DD1715. o- lete Current Depth - 380
Slide 49: Cowal E42 pit shells and contained ounces
Cowal E42 pit shells and contained ounces Indicated and Inferred Unclassified Ore Waste Resources Resources movement movement (koz) (koz) (Mt) (Mt) Stage G 1,250 3 27.7 8.3 Stage H1 1,250 90 36.1 104.3 A$1,800/oz shell 725 85 Total 3,225 178 1. Ore and Waste movements are estimates only. Stage H Fea
Slide 50: E42 Stage H Cutback – drilling results
E42 Stage H Cutback – drilling results Reported intervals are down hole widths as true widths are not currently known. Further information on reported exploration results is provided in the Drill Hole Information Summary and JORC Code 2012 Table 1 provided in the appendices of this presentation 50
Slide 51: Potential beyond Stage H
Potential beyond Stage H Ramping-up drill programs E42 beyond stage H Exploring the potential for cutback to extend further west of current Stage H design 17,000m planned for FY17 (Gated Capital – Dependent on Stage H drilling results) Satellite pits Defining the extents of E41, E46 and Re
Slide 52: Near mine resource definition
Near mine resource definition 52
Slide 53: Planning and development
Planning and development Immediate focus (FY17): E42 resource definition drilling (Stage H & beyond) E42 Stage H Feasibility Study Dual Leach Feasibility Study Targeting recovery increase of 5% to 7% Approvals | Mod 13 to development consent Longer term focus: Plant throughput upgrad
Slide 54: Permitting
Permitting Current permit – Mod 12 Operations currently approved to 31 December 2024 with plant throughput limited to 7.5Mtpa Stage H can be commenced with Mod 12 New permit required for current LOMP – Mod 13 Mod13 required to underpin current LOM (including Stage H) Targeting submission Q3
Slide 55: A transformational asset
A transformational asset Substantial potential to grow and transform asset Development path now well understood (interdependencies, approvals and priorities) Demonstrated commitment to growing and transforming asset (drilling & studies) Prioritising E42 Stage H cut back (and assessing upside
Slide 56: Mungari: A strategic gold province
Mungari A strategic gold province 28 June 2016 Simon Jessop General Manager – Kalgoorlie operations
Slide 57: Overview
Overview Growth Significant potential to expand production and extend mine life ~880 km2 land position in a world-class terrane located between the Zuleika and Kunanalling shear zones with historic production of >10Moz gold Potential for the discovery of new high-grade underground resources
Slide 58: Site summary
Site summary Residential workforce 600km east of Perth, Western Australia, Location Workforce: ~272 employees and ~75 contractors Australia or 20km West of Kalgoorlie White Foil: conventional open-pit Mine rosters: Mining method Frog’s Leg: underground Underground and mill 7/7 – 4 panel Mine
Slide 59: Location plan
Location plan 1. See Mungari Mineral Resources and footnotes provided in the appendices of this presentation for details Mineral Resource estimates. Northern Star (NST) Mineral Resources sourced from Northern Star website 59
Slide 60: Business improvement
Business improvement Safety TRIFR significantly improved from 32.0 to 10.8 Workforce restructure – site leadership team management roles brought back to site Underground drill platforms aggressively developed for resource and reserve growth Seismicity management – increased ground support to
Slide 61: Mungari performance and outlook
Mungari performance and outlook FY16 performance1 Estimated Gold production of 135,000 ounces (from ~10 months of ownership) AISC2 of A$1,025 per ounce Net mine cash flow of A$82 million FY17 guidance Gold production of 150,000 – 160,000 ounces AISC of A$970 – A$1,030 per ounce Sustainin
Slide 62: Long term outlook
Long term outlook Ore Reserves 665koz1 Current mine life extends to FY22 which includes: Frog’s Leg (underground) Ore Reserves White Foil (open pit) Ore Reserves Potential near term extensions: Frog’s Leg, White Foil, Cutters Ridge (open pit), Red Dam (open pit), Burgundy (open pit) Gr
Slide 63: Frog’s Leg extensions
Frog’s Leg extensions This information is extracted from the report entitled “Quarterly Report for the period ending 31 March 2016” released to ASX on 21 April 2016 and is available to view on www.evolutionmining.com.au.. Reported intervals are down hole widths as true widths are not currently known
Slide 64: White Foil extensions
White Foil extensions White Foil Open Pit High-grade shoot defined under stage 2A and the outside the A$1,800/oz pit shell Xx L Will form part of the Underground YY L scoping study review Geotechnical work underway to assess ZZ L increased wall angles AA L White Foil Underground ETC Scoping
Slide 65: Zuleika Shear gold endowment
Zuleika Shear gold endowment Deposits on the Zuleika Shear >1Moz Frog’s Leg Raleigh Pegasus Deposits on the Zuleika Shear >500koz Rubicon-Hornet >1Moz Red Dam >500koz Bullant Strzelecki >200koz Broads Dam – Blue Funnel Millennium-Centenary Deposits on the Zuleika Shear >200koz Barkers Mi
Slide 66: Mungari Regional Mineral Resources
Mungari Regional Mineral Resources Mungari Regional Mineral Resources 2.7Moz gold1 Tenement package increased to ~880km2 (from ~350km2) post Phoenix Gold acquisition Initial focus on resource model updates and Zuleika North (49koz) Ora Banda drilling 15km of the highly prospective Zuleika (312
Slide 67: Exploration strategy
Exploration strategy Seismic Data Integration Historic Drilling, Geology, Geochemistry High Resolution Geophysics (magnetics, gravity, seismic) Alteration and Regolith Mapping 4D studies Integrate all data in 3 dimensions and factor in timing relationships Improved understanding of str
Slide 68: Unlocking the potential
Unlocking the potential Aspiring to develop a 10 year mine life based on tenement package, regional resources and key strategic infrastructure Mungari process plant – a strategic asset in the Kundana area Focus on developing a pipeline by unlocking the large regional resource base of >2Moz gol
Slide 69: Mt Carlton – Delivering exceptional results
Mt Carlton – Delivering exceptional results 28 June 2016 Richard Hay General Manager – Mt Carlton
Slide 70: Overview
Overview A quality asset One of the highest grade open pit gold mines in the High-grade feeder trends world Developed by Evolution and commissioned in 2013 Low mining strip ratio of 1.75:1 over LOMP V2 pit A39 pit Strong FY16 performance driven by improved efficiencies and positive grade rec
Slide 71: Site summary
Site summary One of the highest grade open pit gold mines in the Approximately 150km south of Townsville, world Location Queensland, Australia Workforce: 143 employees and 21 contractors Mining method Conventional open pit Mine rosters:8/6 days day shift/night shift rotation Minerals Gold, sil
Slide 72: Play Mt Carlton video
Play Mt Carlton video 72
Slide 73: Business improvement
Business improvement Mining Owner-maintain mining fleet (cost saving of A$5.0M per annum) Drill and blast re-tender Re-designing pit resulting in reduced strip ratio Processing Increased utilisation through better maintenance practices Stabilisation of float circuit Improved filtration e
Slide 74: Mt Carlton performance and outlook
Mt Carlton performance and outlook FY16 performance1 Estimated Gold production of 113,000 ounces AISC2 of A$715 per ounce Net mine cash flow of A$103 million FY17 guidance Gold production guidance of 90,000 – 100,000 ounces AISC of A$675 – A$725 per ounce Sustaining capital: A$10M – A$15
Slide 75: V2 material movement
V2 material movement Evolution A Surface mined as at March 2016 Year (FY) Waste mined Ore mined (Mt) (Mt) HB 2016 MM x07 36 13 MM 21% 25 08 MH x. 15 07 _ MM 2020 «05 0.8 Section A - B : Looking North 1 2021 0.4 1.0 0.1 03 co Suen alo Scien 015 2022 75
Slide 76: Long term outlook
Long term outlook Ore Reserves 709koz1 Current mine life extends to FY22 which includes: V2 reserves Beyond 2022 Consumption of scheduled LOM high grade run rate is ~70% due to positive reconciliation Significant potential to extend mine life by adding to reserves below existing V2 pit
Slide 77: Resource potential below V2 reserve pit
Resource potential below V2 reserve pit A B V2 Reserve Pit 77
Slide 78: Conceptual targets
Conceptual targets A B V2 Reserve Pit Lower West Zone East Zone Rhyodacite Link Zone The West, East and Link zones are high-grade exploration targets with a combined tonnage of approximately 650,000 to 750,000 tonnes grading 6g/t to 8g/t Au for 125,000 to 200,000 gold ounces. These Exploration Targe
Slide 79: Resource definition drilling update
Resource definition drilling update SW HC15DD1147 – 10m @ 22g/t Au from 69m1 HC15DD1146 – 8m @ 5g/t Au from 107m1 Additional ounces - discrete zones of brecciated advanced argillic alteration and enargite veining 1. This information is extracted from the report entitled “Quarterly Report for the p
Slide 80: Structural targets
Structural targets Capsize Trend Far East target Alunite New East target Alteration Target V2 pit Mining A39 pit Lease Boundary 80
Slide 81: Mt Rawdon: Strong future cash generation
Mt Rawdon Strong future cash generation 28 June 2016 Mark Boon General Manager – Mt Rawdon
Slide 82: Overview
Overview Mt Rawdon has successfully replaced all mining depletion under Evolution ownership (November 2011 Ore Reserves: 0.9Moz Au) A strong track record of cost reductions and mine life extensions Current life of mine plan extends to FY26 Potential upside opportunities: Metallurgical reco
Slide 83: Business improvement
Business improvement Moved to owner operator in July 2014 – savings of ~A$9M per year Mobile Maintenance focus on condition monitoring and component sourcing (benefiting from market conditions) Smarter drill and blast – improved fragmentation and plant throughput Ore (Mine to Mill) – ramping
Slide 84: Mt Rawdon performance and outlook
Mt Rawdon performance and outlook FY16 performance1 Estimated Gold production of 84,000 ounces AISC2 of A$1,015 per ounce Net mine cash flow of A$4 million FY17 guidance Gold production guidance of 90,000 – 100,000 ounces AISC of A$960 – A$1,040 per ounce Sustaining capital: A$10M – A$15
Slide 85: Mt Rawdon material movement
Mt Rawdon material movement 85
Slide 86: Edna May Underground potential
Edna May Underground potential 28 June 2016 Mark Le Messurier Chief Operating Officer
Slide 87: Overview
Overview Current life of mine plan extends to FY22 Maximum value to be achieved through mining the Stage 2 open-pit and the underground Currently developing phase 1 of the Edna May underground targeting an initial resource of ~200koz gold Growth Underground resource remains open at depth G
Slide 88: Business improvement
Business improvement Significant savings through contract renegotiations Open pit equipment dry hire Drill and blast Explosives Process plant optimistation Throughput increased from 2.6Mtpa to a sustainable 2.9Mtpa 88
Slide 89: Edna May performance and outlook
Edna May performance and outlook FY16 performance1 Estimated Gold production of 71,000 ounces AISC2 of A$1,395 per ounce Net mine cash flow of A$4 million FY17 guidance Gold production guidance of 80,000 – 85,000 ounces AISC of A$1,140 – A$1,220 per ounce Sustaining capital: A$3M – A$5M
Slide 90: Edna May Mineral Resources (Dec 2015)
Edna May Mineral Resources (Dec 2015) Greenfinch 67koz Edna May open pit 408koz Golden Point open pit 44koz Edna May Underground 301koz See Edna May Mineral Resources and footnotes provided in the appendices of this presentation for details on Mineral Resource estimates. Edna May Mineral Resources e
Slide 91: Cracow: A reliable producer
Cracow A reliable producer 28 June 2016 Mark Le Messurier Chief Operating Officer
Slide 92: Overview
Overview Current life of mine plan through to FY20 Strong track record of replacing depleted ounces Net mine cash flow (post sustaining and major capital) A$M Potential mine life extensions 50 40 Two highest priority targets: 39 30 33 30 Fault G/J 20 Fault I/Phoenix South 18 10 Recent re
Slide 93: Business improvement
Business improvement Move to owner miner in July 2013 Estimated cost saving in excess of A$20 million per year Dilution management Reduced movement of underground material, processing less waste Fine grind project Potential increase in recoveries by 1.5 – 2.0% from H2 FY17 onwards Rene
Slide 94: Cracow performance and outlook
Cracow performance and outlook FY16 performance1 Estimated Gold production of 93,000 ounces AISC2 of A$1,005 per ounce Net mine cash flow of A$39 million FY17 guidance Gold production guidance of 80,000 – 85,000 ounces AISC of A$1,100 – A$1,160 per ounce Sustaining capital: A$10M – A$15M
Slide 95: Cracow Ore Reserve replacement
Cracow Ore Reserve replacement 1,500 Griffin–Denmead–Sth Empire 1,000 Coronation Tipperary 500 Kilkenny Gold (koz) Imperial 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -500 Cumulative Depletion (koz) -1,000 Reserves (koz) Mineral Resource -1,500 (koz) 95
Slide 96: Near mine and discovery targets
Near mine and discovery targets Empire Crown Kilkenny Tipperary Royal 96
Slide 97: Pajingo: A great FY16
Pajingo A great FY16 28 June 2016 Mark Le Messurier Chief Operating Officer
Slide 98: Overview
Overview Very strong cash generation in FY16 Net mine cash flow (post sustaining and major capital) LOMP currently extends to end of FY19 A$M 30 Current production rate expected to be 27 20 maintained over next three years 10 14 Camembert recently added to Mineral 7 Resources 0 -6 Potential
Slide 99: Business improvement
Business improvement Site restructure in 2014 - campaign milling (four days per week) to align with mining profile Increased development physicals despite moving from three jumbos to two Increased stoping tonnes through improved drill performance despite narrower vein widths Extraction of re
Slide 100: Pajingo performance and outlook
Pajingo performance and outlook FY16 performance1 Estimated Gold production of 68,000 ounces AISC2 of A$1,150 per ounce Net mine cash flow of A$27 million FY17 guidance Gold production guidance of 65,000 – 70,000 ounces AISC of A$1,230 – A$1,270 per ounce Sustaining capital: A$7M – A$10M
Slide 101: Reserve replacement
Reserve replacement Pajingo Mineral Resources and Ore Reserves vs depletion 1,500 1,000 500 Increases at Jandam and Zed Gold (koz) 0 pre 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1997 -500 -1,000 -1,500 Reserves (koz) -2,000 Depletion -2,500 Miner
Slide 102: Camembert
Camembert Most advanced and prospective underground exploration target at Pajingo Expected to provide ore supply in FY18 and FY19 102
Slide 103: Inspired people
Inspired people 28 June 2016 Paul Eagle General Manager – People and Culture
Slide 104: Our people
Our people People are critical to our success Evolution’s established reputation and current market conditions have seen an increase in the number and quality of candidates for new roles We’re creating opportunities for our people Overall turnover has reduced to 17% (from 30% in 2013) Employ
Slide 105: Point of difference
Point of difference We have a culture that people like (safety first, Act Like an Owner, team spirit, mateship, supportive, and focused) and we want to protect that as a point of difference We have a highly engaged and capable workforce evidenced by our Engagement Survey results: 98% willing t
Slide 106: Play welcome video
MINI Play welcome video 106
Slide 107: Community spirit & partnership
Community spirit & partnership 28 June 2016 Evan Elstein Company Secretary, VP – IT & Community
Slide 108: Key focus areas
Key focus areas Minimising community impacts Landholder Cultural and heritage Indigenous protection relations Community Relations Local Procurement Community and investment Employment Sustainable Community Community Development complaints (or Shared and Value) enquiries Projects 108
Slide 109: Community spirit in FY16
Community spirit in FY16 Shared value project: Gudjuda Aboriginal Reference Group – market garden and native plant nursery (Mt Carlton): New Indigenous jobs created Over 20 Indigenous traineeship opportunities Enabled Gudjuda to secure A$350k funding from the Queensland Government Local co
Slide 110: Partnerships
Partnerships A partnership case study – Puhipuhi, New Zealand Extensive community consultation and dedicated website Comprehensive environmental baseline study prior to drilling Cultural accountability training for Evolution staff and contractors Local employment and procurement where poss
Slide 111: Unlocking exploration opportunities
Unlocking exploration opportunities 28 June 2016 Roric Smith VP Discovery, Chief Geologist
Slide 112: Australia and New Zealand
Australia and New Zealand Project commencement dates FY17: A$25 – 30M H2 FY14 Tennant Creek discovery spend H2 FY15 Puhipuhi, Wirralie H1 FY16 Mungari H2 FY16 Cowal A total tenement holding of 9,888 km² 112
Slide 113: Tennant Creek
Tennant Creek • High-grade, high-value Cu-Au ironstone hosted orebodies Opportunity • WG Corridor ground and haematite dominant oxide systems • Extensions and new small orebodies Risk • Tennant Creek Field potential depleted • Potential for a greenfield discovery 1Moz gold at >10g/t Value Propositio
Slide 114: Regional targets
Regional targets Evolution MINING WARREGO te == DEVIL To Darwin (approx 1.000kn) NORTHERN / STAR / | h N we @ 2016 Exploration Targets @ Wer mine {] Exploration Licence! @ smallProspect [BB mining Lease @ Developing Tribute Mine ~~ CLEO'S GIFT MT ARGO by (2p ROK 500K) 114
Slide 115: Aeromagnetics
Aeromagnetics RTP1VD with historic drilling 115
Slide 116: Puhipuhi
Puhipuhi Opportunity • Excellent potential for high-grade greenfield Au±Ag discoveries in poorly explored epithermal district • Exploration for blind targets failing to generate new discovery to date Risk • Stakeholder resistance / reputation / environment • Potential for a 2 – 4Moz high-grade (>10g
Slide 117: Overview
Overview Puhipuhi project covers 91km² in the Northland region of the North Island of New Zealand Located approximately 180km northeast of Auckland Limited exploration since 1980s Rock chip samples – high grade gold Soils coincident Au, As, Hg, Sb Previous drilling – deep high grade gold
Slide 118: Drill targets
Drill targets *Controlled Source Audio-frequency Magnetotellurics 118
Slide 119: Cowal geology
Cowal geology Compression and fold-thrust belt geometry controls gold mineralisation Significant implications for deep exploration at Cowal Section validation of geological relationships West East 119
Slide 120: Regional Cu/Au potential
Regional Cu/Au potential Work completed Regional review of Cu + Au potential Drill density different – but Evolution ground contains multiple centers Next Steps Detailed review of all previous exploration for Cu-Au porphyry systems Revised structural model Greenfield team Cu/(Pb+Zn) ratio
Slide 121: East Giral orogenic targets
East Giral orogenic targets ELA 5297 ELA 5297 Max Au Max As 121
Slide 122: Mungari – unlocking the Zuleika
Mungari – unlocking the Zuleika Strzelecki K2 Innis SW Kurrawang NE Syncline 6 km 20 km Resolving the third dimension of structures critical for next phase of discovery 122
Slide 123: Greenfield pipeline
Greenfield pipeline Evolution MINING Budgeted Greenfield Project Pipeline Create the value platform Crystallise the value 4D E Goldfield Metallogenic +Zuleika PK. FS. 12.21.26. Zhw Cowal + Lachlan Cowal new targets Project generation Target definition Drill testing 123
Slide 124: M&A is in our DNA
M&A is in our DNA 28 June 2016 Aaron Colleran VP – Business Development & Investor Relations
Slide 125: The ideal acquisition
The ideal acquisition The rules are reasonably simple: Improve the quality of the portfolio Logical Value accretive Opportunistic But delivery is not simple. It requires: The ability to recognise the opportunity The ability to execute acquisition opportunities The ability to integr
Slide 126: A history of growth through M&A
A history of growth through M&A June 2010 Conquest Mining launches a hostile takeover of North Queensland Minerals Followed by acquisition of Heemskirk’s 40% interest in Pajingo June 2011 Conquest and Catalpa announce merger of equals and acquisition of Newcrest’s interest in Mt Rawdon (100%)
Slide 127: Our DNA
Our DNA Understand the risks - chase the opportunity Build capacity and use stepping stone transactions Improve the quality of the portfolio Value accretive, opportunistic and logical 127
Slide 128: Current environment
Current environment Majors divesting non-core assets to pay down debt is likely to Rationalisation slow however they will continue to sell assets as they move to portfolio rationalisation There will be an increased focus on strategic M&A, particularly Consolidation amongst junior miners, to repositi
Slide 129: ‘Watching and waiting’ quote
Sportspeople, entrepreneurs and leaders are all lauded for their actions. ‘Watching and waiting’ are rarely considered valuable. However, there are times when the most valuable thing you can do is to wait for the right opportunity. In the face of the relentless pressure to do something, waiting pati
Slide 130: Closing comments
Closing comments 28 June 2016 Jake Klein Executive Chairman
Slide 131: Q&A
Q&A 28 June 2016 Jake Klein Executive Chairman
Slide 132: Appendices
Evolution MINING Appendices 28 June 2016
Slide 133: Exploration target
Exploration target Exploration Targets - Cracow The Killarney exploration target of approximately 95,000 to 140,000 tonnes grading 4.2g/t to 6.3g/t Au for 13,000 to 29,000 gold ounces is based on exploration drill results. The potential quantity and grade is conceptual with insufficient drilling to
Slide 134: Competent persons
Competent persons Competent Persons Statement The information in this report that relates to Exploration Results and Exploration Targets 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-time basis by Evolution Mining Limi
Slide 135: Cowal drill hole information
Cowal 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) E42D1710 DDH 35839.075 85791.736 1211.923 804.3 -50 25 106 1 3.12 188 2 1.41 210 2 1.14 218 3 1.96 256 7 2.17 275 2 1.18 280 3 1.65 288 5 6.0
Slide 136: Cowal drill hole information
Cowal 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) E42D1710A continued 490 2 2.69 496 1 5.96 509 4 1.67 525 3 1.4 538 1 2.34 544 3 3.27 573 2 22.8 581 9 1.3 598 6 3.32 635 6 3.96 646 3 1.1 658
Slide 137: Cowal drill hole information
Cowal 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) E42D1710C continued 710 7 1.88 E42D1710C DDH 36020.0 885878.0 982 771.28 -40 27 261 2 2.22 325 2 3.56 339 1 1.12 348 1 2.07 358 1 2.45 366 2
Slide 138: JORC Code 2012 Table 1 - Cowal
JORC Code 2012 Table 1 - Cowal Section 1 Sampling Techniques and Data Criteria Commentary Sampling techniques Reported holes consist of directional diamond core drilling. Diamond drill holes were positioned strategically to provide even spaced coverage, infill gaps in the existing drill data set and
Slide 139: JORC Code 2012 Table 1 - Cowal
JORC Code 2012 Table 1 - Cowal Section 1 Sampling Techniques and Data Criteria Commentary Location of data points All drill hole collars were surveyed using high definition DGPS. All drill holes were surveyed using a downhole survey camera. The first survey reading was approximately 18m from surface
Slide 140: JORC Code 2012 Table 1 - Cowal
JORC Code 2012 Table 1 - Cowal Section 2 Reporting of exploration results Criteria Commentary Mineral tenement and land tenure The Cowal Mine is located on the western side of Lake Cowal in central New South Wales, approximately 38 km north of West Wyalong and 350 km west of Sydney. Drilling documen
Slide 141: Evolution Mineral Resources December 2015
Evolution Mineral Resources December 2015 Gold Measured Indicated Inferred Total Resource Competent Person Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz)
Slide 142: Evolution Ore Reserves December 2015
Evolution Ore Reserves December 2015 Gold Proved Probable Total Reserve Competent Cut- Tonnes Gold Grade Gold Metal Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person Project Type Tonnes (Mt) Off (Mt) (g/t) (koz) (g/t) (koz) (Mt) (g/t) (koz) Cowal1 Open pit 0.40 39.93 0.71 906 59.47 1.02 1,94
Slide 143: Mungari Mineral Resources
Mungari Mineral Resources Mungari Mineral Resources - December 20151 Measured Indicated Inferred Total Resource Tonnes Tonnes Tonnes Tonnes Cont. Cont. Cont. Cont. Mineral Resource Grade Au Grade Au Grade Au Grade Au Metal Au Metal Au Metal Au Metal Au (Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (ko
Slide 144: Mungari Regional Mineral Resources
Mungari Regional Mineral Resources Mungari Regional Resources – December 20151 Measured Indicated Inferred Total Resource Gold Tonnes Gold Grade Gold Metal Tonnes Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Project Prospect Cut-Off Grade (Mt) (g/t) (koz) (Mt) (koz) (Mt) (g/t
Slide 145: ASX code: EVN
ASX code: EVN www.evolutionmining.com.au