Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company rsonal use only Mining Forum Americas Lawrie Conway – Managing Director and Chief Executive Officer 29 September 2026
Slide 2: Disclaimer
Disclaimer The information in this presentation is current as at 29 September 2026. It is in summary form and is not necessarily complete. It should be read together with the Evolution results for the year ended 30 June 2026. Forward-looking statement These materials prepared by Evolution Mining Lim
Slide 3: Key messages
Key messages rsonal use only Acquired well, unlocking value to improve portfolio quality Delivered consistent growth from continuing assets Focused on margin over ounces Leveraged to copper’s structural demand Significant untapped upside remains across the portfolio 3
Slide 4: Growth since FY22 to drive high margin growth for the next ~10yrs
Growth since FY22 to drive high margin growth for the next 5-10yrs ~920 ~890 rsonal use only koz AuEq1 koz AuEq1 Red Lake +12koz 198 Ernest Henry Mungari ~680 weather impact 197 +48koz ~(30)koz AuEq1 Cowal koz AuEq1 +70koz Au Northparkes 115 +82koz AuEq [28kt copper] +28koz Au +240koz AuEq 722 693 5
Slide 5: Delivering sector-leading margins through the cycle
Delivering sector-leading margins through the cycle $3,122 AISC US$/oz margin1 rsonal use only Margin expansion driven by: - Cost discipline - Northparkes acquisition $2,436 - Metal prices $2,460 $1,759 $1,131 $850 $867 $809 $759 $634 $581 $561 $799 $854 $434 $708 $341 $659 $646 $516 $488 $392 $417
Slide 6: Copper differentiation: significant value for shareholders
Copper differentiation: significant value for shareholders Copper driven by both supply and demand FY26 Revenue split High margin copper assets S&P Global forecasts global copper demand to rise ~50% by 20401 (C1 cost): rsonal use only ~42Mt Cu 22% ~28Mt Cu Copper Ernest Henry US$0.65/lb Northparkes
Slide 7: Value is not just bought … it is delivered after the acquisition
Value is not just bought … it is delivered after the acquisition Percentage repaid Portfolio average return on investment of 18% with 17 years reserve life1 up to 25% 26-50% rsonal use only 60 50-100% 350 100% FY27 gold production guidance (koz) (Mungari, Cowal, Red Acquisition FY26 gold production
Slide 8: Value is not just bought … it is delivered after the acquisition
Value is not just bought … it is delivered after the acquisition Percentage repaid Portfolio average return on investment of 18% with 17 years reserve life1 up to 25% 26-50% rsonal use only 60 50-100% 350 100% FY27 gold production guidance (koz) (Mungari, Cowal, Red Acquisition FY26 gold production
Slide 9: Cowal: significant cash generation while self-funding growth
Cowal: significant cash generation while self-funding growth Regal E46 Portal Warraga E42 Portal GR rsonal use only Underground: E41W ▪ Potential second Underground underground E41E ▪ Reserve grades are E42: ▪ Stage I cutback ~2x open pit establishes reserve grades E41: Key exploration production ba
Slide 10: Copper leverage with latent capacity and organic upside
Copper leverage with latent capacity and organic upside Ernest Henry rsonal use only Three steps to utilising latent mill capacity (~2.2Mtpa) • Bert project: +~6ktpa copper +~12kozpa gold, ramping from FY29 • Greater Duchess: +~10ktpa copper +~5kozpa gold from ~FY30¹ • Regional exploration upside po
Slide 11: Copper leverage with latent capacity and organic upside
Copper leverage with latent capacity and organic upside Ernest Henry Northparkes1 rsonal use only Near term mill growth: ~2% recovery uplift (coarse particle flotation) and 0.5Mtpa throughout increase, with 1Mtpa upside from FY28+ E22 + LOM infrastructure: (twin declines and material handling system
Slide 12: Stable cash flow generation with upside potential
Stable cash flow generation with upside potential Mungari Red Lake rsonal use only Stable production profile year-on-year Stable performance quarter-on-quarter Returned to major cash contributor Consistently cash positive Increasing high grade underground production to displace lower open pit ore: T
Slide 13: Rewarding our shareholders
Rewarding our shareholders Dividend policy sustainable through the cycle Dividends per share & gearing1 rsonal use only Shareholder returns 33% Policy targeting 60% payout of annual Group cash flow 28% 25% 21 15% 15% 27 consecutive dividends 7% 0% Record final dividend 21cps1 fully franked (up 62%)
Slide 14: Portfolio enhancement through high return investment
Portfolio enhancement through high return investment Asset Project IRR rsonal use only Cowal OPC1 34% 81% 115% E48 SLC2 77% 51% 128% Northparkes Coarse Particle Flotation2 23% 20% 43% E22 block cave2 28% 10% 38% Ernest Henry Bert2 23% 25% 48% Base case Upside price Group average Group average3 18% 0
Slide 15: Balanced long-life portfolio all playing their role
Balanced long-life portfolio all playing their role rsonal use only Significant cash generator with growth Cowal opportunity Ernest Henry Compelling copper growth exposure, backed by latent mill capacity and low-risk organic growth Northparkes Mungari Stable cash flow generation with upside potentia
Slide 16: Summary
Summary rsonal use only Acquired well, unlocking value to improve portfolio quality Delivered consistent growth from continuing assets Focused on margin over ounces Leveraged to copper’s structural demand Significant untapped upside remains across the portfolio 16
Slide 17: Evolution Mining
ersonal use only Evolution MINING
Slide 18: Appendix
rsonal use only Appendix
Slide 19: FY27 guidance
FY27 guidance Gold Copper Sustaining Major mine Major project Depreciation & FY27 AISC Exploration production production capital development capital amortisation guidance (A$/oz)1 2 3 (A$M) (koz) (kt) (A$M) capital (A$M) (A$M)4 (A$/oz)5 rsonal use only Group 660 – 730 63 – 70 1,795 – 1,995 265 – 325
Slide 20: Group gold Mineral Resources at December 2025
Group gold Mineral Resources at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockp
Slide 21: Group gold Ore Reserves at December 2025
Group gold Ore Reserves at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpiles,
Slide 22: Group copper Mineral Resources at December 2025
Group copper Mineral Resources at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stoc
Slide 23: Group copper Ore Reserves at December 2025
Group copper Ore Reserves at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpile
Slide 24: Evolution Mining
ersonal use only Evolution MINING