Evolution Mining Limited · ASX:EVN

Evolution Mining — Macquarie Australia Conference 2016

23 slides from Evolution Mining's conference presentation, May 5, 2016

1. Slide 1: Evolution Mining – Macquarie Australia Conference

   For personal use only Evolution Mining Macquarie Australia Conference 5 May 2016 Lawrie Conway – Finance Director and CFO

2. Slide 2: Forward looking statement

   For personal use only 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”, “expe

3. Slide 3: Evolution Mining overview

   Evolution Mining overview ASX Code EVN For personal use only Shares outstanding 1,468M Market capitalisation1 A$3,110M Average daily share turnover ~A$20M Cash2 A$20M Debt2 A$370M Forward sales (Apr-16 to Jun-20) 795,688oz at A$1,620/oz Dividend policy (Six dividends declared since Feb-13) 2% of rev

4. Slide 4: Australian gold mining's renaissance

   Australian gold mining’s renaissance 2015 Gold production by country  Australia: For personal use only Gold production 2015E Rank Country  World’s second largest gold producer (metric tonnes) 1 China 457  First world jurisdiction 2 Australia 277  Excellent operating environment 3 Russia 256 4 Un

5. Slide 5: Australia's 2nd largest gold miner

   Australia’s 2nd largest gold miner  Diversified, 100% owned portfolio providing: For personal use only  consistent, reliable production  attractive organic growth opportunities FY16 YTD reflects 9 months of production from July 2015 to March 2016 Bubble size denotes FY15 actual full year producti

6. Slide 6: Low cost production

   Low cost production  Declining cost base the result of: For personal use only  upgraded asset quality  cost reductions  productivity gains  Evolution is now in the lowest cost quartile of global producers AISC margin (A$/oz) 1,547 1,528 1,444 1,442 1,489 Gold price 1,429 1,303 1,070 1,067 1,035

7. Slide 7: We act like owners

   We act like owners For personal use only Cheaper and longer life pastefill paddles Accessing additional ounces (Mungari) (Pajingo) Our operators in the Frog’s Leg underground pastefill Our team identified an opportunity to explore new ways to team halved the cost of the paddles required for safely a

8. Slide 8: Expanding EBITDA margins

   Expanding EBITDA margins  Group EBITDA margins continue to expand For personal use only Group EBITDA Margin 30-Jun-14 33% 40% 30-Jun-15 47% 31-Dec-15 Site EBITDA Margin 59% 59% 51% 53% 52% 47% 48% 48% 45% 41% 42% 40% 38% 33% 29% 29% 15% Cowal Mungari Mt Carlton Mt Rawdon Edna May Cracow Pajingo 30-

9. Slide 9: Strong cash flow momentum

   Strong cash flow momentum  Mine cash flow post all sustaining and major capital expenditure continues to show For personal use only strong positive momentum  March 2016 quarter net mine cash flow of A$105.8 million  Cash generated primarily directed towards A$237.0 million in early debt repayment

10. Slide 10: March 2016 quarter highlights

    March 2016 quarter highlights  Record quarterly Group gold production of 208,963 ounces at an AISC of A$1,015/oz For personal use only  Record quarterly production from Cowal of 70,803 ounces at an AISC of A$757/oz  Record operating mine cash flow of A$154.9 million and net mine cash flow, post a

11. Slide 11: Cowal – A cornerstone asset

    Cowal A cornerstone asset For personal use only  One of Australia’s most attractive gold assets E46  FY16 attributable production guidance of 225 – 240koz Au at AISC of A$800 – E46 East A$850/oz Hole  Strong net cash generation of A$121.5 E42 E46D3238 25m at million in first eight months of owner

12. Slide 12: Mungari – Large foothold in a world-class district

    Mungari Large foothold in a world-class district For personal use only  Located 20km directly west of Kalgoorlie  Frog’s Leg underground & White Foil open pit  1.6Mtpa Mungari CIL processing plant  Under-explored ~920 km2 tenement package  FY16 attributable production guidance of 120 – 135koz A

13. Slide 13: Mt Carlton – Delivering exceptional results

    Mt Carlton Delivering exceptional results For personal use only  One of the highest grade open pit gold mines in High-grade feeder trends the world  Developed by Evolution; commissioned in 2013  FY16 production guidance of 100 – 105 koz Au V2 pit at AISC of A$760 – A$810/oz A39  FY16 YTD net min

14. Slide 14: Mt Rawdon – A consistent performer

    Mt Rawdon A consistent performer For personal use only  Delivered consistent, reliable performance since Evolution’s inception in 2011 High-grade feeder trends  Mt Rawdon has successfully replaced all mining depletion under Evolution ownership V2 pit (November 2011 Ore Reserves: 0.9Moz Au) A39  A

15. Slide 15: Operations update

    Operations update Edna May For personal use only  Mining currently focused on Stage 2 cutback  Access to higher gold ore grades expected in the June 2016 quarter  Phase 1 development of the Edna May underground approved (A$16.0M) targeting an initial resource of 200koz gold  FY16 YTD net mine ca

16. Slide 16: Delivering on growth

    Delivering on growth Old Evolution New Evolution For personal use only 63 Cowal 66 93 Mungari 93 233 Cracow Edna May 102 103 Mt Carlton 99 Mt Rawdon Pajingo 78 128 86 90 FY15A production (koz) FY16E production guidance midpoint (koz) Group production 770,000 – 820,000 392,920 427,703 437,570 302,842

17. Slide 17: Executing a clear and sound strategy

    Executing a clear and sound strategy  Operating in Australia For personal use only First world jurisdiction  Gold miners currently experiencing strong tailwinds Mid-tier  6 – 8 asset portfolio to ensure focus is maintained  Driving down costs and improving productivity Low cost  Upgrading the q

18. Slide 18: Evolution Mining

    For personal use only Evolution Mining ASX Code: EVN www.evolutionmining.com.au

19. Slide 19: Evolution Mineral Resources Dec 2015

    Evolution Mineral Resources Dec 2015 Measured Indicated Inferred Total Resource For personal use only Gold Gold metal Gold grade Gold metal Gold grade Gold metal Gold grade Gold metal Project Type Cut-Off Tonnes (Mt) Gold grade (g/t) Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) (koz) (g/t) (koz) (g/t) (koz)

20. Slide 20: Evolution Ore Reserves Dec 2015

    Evolution Ore Reserves Dec 2015 For personal use only Gold Proved Probable Total Reserve Cut- Gold grade Gold metal Gold grade Gold metal Gold grade Gold metal Project Type Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Off (g/t) (koz) (g/t) (koz) (g/t) (koz) Cowal1 Open pit 0.40 39.93 0.71 906 59.47 1.02 1,94

21. Slide 21: FY 2016 YTD group summary

    FY 2016 YTD group summary For personal use only Units Sep quarter FY16 Dec quarter FY16 Mar quarter FY16 FY16 YTD Gold produced oz 174,169 203,700 208,963 586,832 By-product silver produced oz 170,202 169,767 242,328 582,296 C1 Cash Cost A$/oz 631 759 752 718 All-In Sustaining Cost1 A$/oz 882 1,016

22. Slide 22: FY 2016 YTD net mine cash flow

    FY 2016 YTD net mine cash flow For personal use only Operating cashflow Sustaining capital Major projects Net mine cashflow March 2016 quarter cash flow (A$M) (A$M) (A$M) (A$M) Cowal 59.4 (6.9) 0.0 52.5 Mungari 26.8 (5.9) (4.5) 16.5 Cracow 19.0 (2.8) (2.8) 13.4 Edna May 0.3 (2.1) (0.9) (2.7) Mt Carl

23. Slide 23: FY 2016 YTD summary by site

    FY 2016 YTD summary by site July 2015 – Mar 2016 Units Cowal Mungari Mt Rawdon Edna May Cracow Pajingo Mt Carlton Group For personal use only UG lat dev - capital m - 815 - - 1,784 1,751 - 4,350 UG lat dev - operating m - 1,133 - - 2,133 1,401 - 4,666 Total UG lateral development m - 1,947 - - 3,917

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