Slide 1: March quarter 2025 results presentation
Inspired people creating a premier global gold company March quarter 2025 results presentation Lawrie Conway – Managing Director and Chief Executive Officer Jake Klein – Executive Chair Matt O’Neill – Chief Operating Officer Nancy Guay – Chief Technical Officer 15 April 2025
Slide 2: Forward looking statement
Forward looking statement This presentation prepared by Evolution Mining Limited ('Evolution' or 'the Company') includes 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', 'int
Slide 3: Another successful quarter
Another successful quarter Delivering to guidance with improving consistency Cash flow momentum continues Banking the benefit of high metal prices Multiple high value growth projects on track 3
Slide 4: Deleveraging accelerating & increasing returns
Deleveraging accelerating & increasing returns Material cash flow generation FY25 Group cash flow ▪ Generating high margin cash flow at $1,115/oz 1,115 ▪ Banking the upside of higher metal prices 859 ▪ Spot price is $630/oz above March quarter achieved price 561 207 ▪ Further improved cash flow expe
Slide 5: Cowal future as cornerstone asset secured
Cowal future as cornerstone asset secured Incremental benefits Compelling economics drives investment decision Net present value (NPV) ($M) ▪ Open pit mining extended by 10+ years and operations to 2042 2,310 875 ▪ Investment will develop three ore bodies adjacent to E42 pit Base case At spot price
Slide 6: Queensland Government commits to Mt Rawdon Pumped Hydro
Queensland Government commits to Mt Rawdon Pumped Hydro Queensland government is committed to delivering affordable, reliable and sustainable energy for QLD Mt Rawdon Pumped Hydro - one of the most advanced, lowest capital intensive pumped hydro projects in Australia Competitive on every important m
Slide 7: Operations on track to deliver guidance
Operations on track to deliver guidance All operations cash flow positive before major capital Safety – TRIF1 (12 month moving average) 9.0 Balance sheet What have we delivered? 8.0 7.7 ✓ Record quarterly net mine cash flow at Cowal ($210M) 7.1 ✓ Ernest Henry delivered $100M net mine cash flow ✓ Mun
Slide 8: Projects tracking well and delivering value
Projects tracking well and delivering value Projects driving organic growth: ✓ Mungari plant expansion project completed ✓ 9 months ahead of schedule ✓ 9% under the original $250M budget ✓ Cowal underground achieving mining rate ✓ Annualised rate of ~2.2Mtpa in March quarter ✓ Ramping up to 2.4Mtpa
Slide 9: Cowal operations extended to 2042
Cowal operations extended to 2042 Open pit mining extended by 10+ years Key benefits ▪ Pits to be mined over next 10 years: E42 - Stage I, E46, Galway Regal (GR), and E41 ▪ Maintains full utilisation of processing plant capacity ▪ Favourable proximity between ore sources and existing infrastructure
Slide 10: Further untapped potential at Cowal
Further untapped potential at Cowal Cowal is a world class mineralised system – with an endowment of 13.3Moz to date1 ▪ Track record of consistent, low-cost, resource replacement ~6Moz at $23/oz ($138M) ▪ OPC enables the full development of the resource potential by targeting higher grade undergroun
Slide 11: Set for a strong finish
Set for a strong finish Positioned for strong finish to FY25 Material cash flow generation expected to continue Projects driving organic growth across the portfolio Disciplined capital allocation, banking high metal prices 11
Slide 12: Appendix FY25 Guidance
Evolution Appendix eee = FY25 Guidance 972 ee a ee 12
Slide 13: FY25 guidance
FY25 guidance Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation ($/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 – 270 180 – 230 510 – 580 900 – 1,000 Cowa
Slide 14: Appendix Mineral Resources and Ore Reserves
Appendix Mineral Resources and Ore Reserves 14
Slide 15: 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 16: 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) Cowal1 Stockpiles 0.45g/t Au 40.4
Slide 17: 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 (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) M
Slide 18: 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) Grade (%) Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) Ernest Henry1 Underground 0.50 – 0.75% CuEq 24.6 1.
Slide 19: Evolution Mining
Evolution MINING