Evolution Mining Limited · ASX:EVN
Evolution Mining — Macquarie Australia Conference 2026
38 slides from Evolution Mining's conference presentation, May 5, 2026
Slide 1: Macquarie Australia Conference 2026
Inspired people creating a premier global gold company Macquarie Australia Conference 2026 Lawrie Conway – Managing Director & Chief Executive Officer 5 May 2026
Slide 2: Forward looking statement
Forward looking statement These materials prepared by Evolution Mining Limited ('Evolution' 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
Slide 3: The world order is changing
The world order is changing…. Long term gold price forecast Structural not cyclical: up by ~100% in 2 years • Precious metal prices increasingly reflect shifts away from globalisation and a changing world order $15,312 $5,224 Central bank buying $13,935 • Rebalancing reserves - away from USD toward
Slide 4: Sustainable high-margin cash generation
Sustainable high-margin cash generation ▪ Group net mine cash flow YTD ~$1.6 billion Rapid deleveraging; net cash; further upside in June Quarter ▪ Group operating mine cash flow YTD ~$2.5 billion 33% 1700 1500 30% 28% ▪ High margin cashflows from consistent delivery and cost control 1300 25% 23% Ne
Slide 5: Long life, high return portfolio with plenty of upside
Long life, high return portfolio with plenty of upside Percentage repaid Portfolio average return on investment of 18% with 15 years reserve life1 up to 25% 26-50% 60 100% 350 FY26 gold production guidance (koz) (Mungari, Cowal, Red Return on investment FY26 gold production guidance (koz) (Ernest He
Slide 6: Disciplined capital allocation driving sustained high returns
Disciplined capital allocation driving sustained high returns Accretive deals Organic growth Shareholder returns Value is not just “bought” … its High return projects approved ▪ NPO & EHO Projects Delivering record returns built after the acquisition ▪ Northparkes Operations (NPO) ▪ Cowal OPC ahead
Slide 7: Further investment to enhance portfolio quality
Further investment to enhance portfolio quality Asset Project IRR 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 Evolution Group 18% Group average average 0% 20% 40% 60
Slide 8: Delivering sustainable consistent high returns
Delivering sustainable consistent high returns Operational delivery to plan Record financial performance Maintaining capital discipline Rewarding our shareholders Maximising value of the portfolio 8
Slide 9: Appendix
Evolution os We ;
Slide 10: Appendix: Portfolio overview
Appendix Portfolio overview
Slide 11: Our operations
Our operations Mungari Red Lake Cowal Northparkes Ernest Henry ▪ ▪ Material cash ▪ Asset now ▪ Strong cash Expansion successfully ▪ Consistent commissioned generation unlocked to drive contributor whilst production ▪ ▪ Open Pit growth advancing future Moved back to high cash ▪ Positive cash flow con
Slide 12: Copper is the differentiator in our portfolio
Copper is the differentiator in our portfolio Comprises 25% - 30% sales A key enabler of the global energy and digital transitions Average time from copper discovery to production of 18 years1 Mined grades and the rate of major new discoveries both in decline Supply challenges creating market tightn
Slide 13: Northparkes – advancing our long-term growth agenda
Northparkes – advancing our long-term growth agenda Expansion Study aims to quantify the full potential of E44 Northparkes (off page) ▪ Assessing options to materially increase mill throughput ▪ Evaluating new open pit potential alongside underground projects ▪ Optimising the long-term mine-to-mill
Slide 14: Northparkes – E22 block cave
Northparkes – E22 block cave ▪ Long-life, low-cost bulk underground operation enables ▪ $545M capital spread over ~5 years (EVN share) continued plant utilisation at ~7.4Mtpa ▪ Delivery de-risked through optimised access, ventilation ▪ Supports transition to 8Mtpa and materials-handling design ▪ Ini
Slide 15: Northparkes – unlocking future growth
Northparkes – unlocking future growth Coarse Particle Flotation Project ▪ Enhanced recovery (~2%) for copper and gold ▪ Improves energy efficiency and increases throughput ▪ Commissioning expected to be completed in 2H FY28 ▪ Generates returns of1 ▪ 23% at base case metal prices ▪ 43% at upside meta
Slide 16: Ernest Henry – optimising capacity to 2040+
Ernest Henry – optimising capacity to 2040+ Mine continuation study outcomes (September qtr 2025) ▪ Captured significant ore additions during study ▪ Ore sourced from a combination of: ▪ Continuing SLC below 1125mRL via trucking to existing materials handling infrastructure ▪ Additional ore sources
Slide 17: Ernest Henry – Bert an additional source for higher production
Ernest Henry – Bert an additional source for higher production ▪ Incremental addition to existing mining operations1 ▪ Unlocks latent mill capacity ▪ Increases gold and copper production Open pit (previously mined) ▪ Enhances mine plan flexibility – independent operations ▪ Estimated 7 year mine lif
Slide 18: Ernest Henry – acquisition update
Ernest Henry – acquisition update ▪ Subsequent to the end of the December 2025 quarter, Evolution consolidated additional exploration ground in proximity to Ernest Henry Operations via the acquisition of subsidiary Isa Tenements Pty Ltd from GBM Resources Limited. ▪ This is consistent with the group
Slide 19: Cowal – a cornerstone asset through 2042
Cowal – a cornerstone asset through 2042 ▪ Track record of consistent, low-cost, resource replacement ~6Moz at $23/oz ($138M), endowment 13.8Moz to date1 ▪ Open pit mining extended by 10 years and operations to 20422, providing baseload feed ▪ Underground resource growth has potential to create addi
Slide 20: Cowal
Cowal E411 1. See ASX Announcement titled, 'Exploration Update - Promising Exploration Results from Mungari and Cowal, Progress on New Discovery Opportunities', dated 15 April 2026 20 and available to view on our website at www.evolutionmining.com.
Slide 21: Cowal
Cowal Oban1 1. See ASX Announcement titled, 'Exploration Update - Promising Exploration Results from Mungari and Cowal, Progress on New Discovery Opportunities', dated 15 April 2026 and available to view on our website at 21 www.evolutionmining.com.
Slide 22: Mungari – optionality with multiple ore sources
Mungari – optionality with multiple ore sources Net mine cash flow $322M for FY26 year to date, exceeds the $212M plant expansion project ▪ On track to achieve 200kozpa run rate 2H FY26 Leveraging a significant 7.2Moz Mineral Resource1 ▪ Conventional mining method for eastern goldfields ▪ Ore volume
Slide 23: Mungari – accelerating value through discovery
Mungari – accelerating value through discovery ▪ Low-cost resource discovery at $19/oz ($70M)1 ▪ Discovery strategy and key highlights: ▪ Sustain high-grade underground production for +5 yrs ▪ Recent discovery success at Genesis and Solomon2 ▪ Mill baseload feed – proven up and with upside ▪ Castle
Slide 24: Mungari
Mungari 1. See ASX Announcement titled, 'Exploration Update - Promising Exploration Results from Mungari and Cowal, Progress on New Discovery 24 Opportunities', dated 15 April 2026 and available to view on our website at www.evolutionmining.com.
Slide 25: Red Lake – Consistent cash generation
Red Lake – Consistent cash generation ▪ Net mine cash flow ~$300M in net mine cash flow in the past 21 months. ▪ Record net mine cash flow in March quarter FY26 $104M. ▪ Contingency & flexibility – three mining fronts, stockpile capacity, and optimising milling capacity. ▪ Record mill throughput FY2
Slide 26: Red Lake
Red Lake For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2025 see the appendix of this presentation. 26
Slide 27: Promising Exploration Results from Mungari and Cowal
Promising Exploration Results from Mungari and Cowal1 Mungari, Western Australia ▪ Step-out drilling at Genesis and Arctic continues to return high-grade results outside Mineral Resources2 and located near underground infrastructure. Cowal, New South Wales ▪ Surface drilling at E41 has returned sign
Slide 28: Expanding Canadian exploration pipeline
Expanding Canadian exploration pipeline ▪ New high-quality exploration projects – acquisition of Two Times Fred and option to acquire Clisbako, both located in highly prospective region of central British Columbia, a district known for long-life and large-scale gold and copper-gold mines. ▪ Under-ex
Slide 29: FY26 guidance
FY26 guidance Gold Copper Sustaining Major mine Major project Depreciation & AISC FY26 guidance production production capital development capital amortisation ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2 Group 710 – 780 70 – 80 1,640 – 1,760 200 – 270 225 – 310 500 – 605 1,150 – 1,300 Cowa
Slide 30: Low cost & long tenor debt aligned with cash flows
Low cost & long tenor debt aligned with cash flows ($M) 477 273 273 ▪ All bank term loans repaid No debt repayments 153 153 ▪ No debt repayment until FY29 for 2.5 years ▪ Low fixed debt cost at average rate of 4.47% FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 USPP 30
Slide 31: Summary of key cost drivers
Summary of key cost drivers1 Grinding Media/ Explosives Diesel 3% 2% No material operational disruptions due to the Reagents 4% impact of the global fuel supply situation Royalties 6% Contract Labour Contracts in place with major oil distribution 24% companies which continue to fulfil their obligati
Slide 32: FY26 sensitivities
FY26 sensitivities 1 1 32 1. Sensitivities shown are forecast FY26 and do not include H1 actual.
Slide 33: Appendix: Mineral Resources and Ore Reserves
Appendix Mineral Resources and Ore Reserves
Slide 34: Group gold Mineral Resources at 31 December 2025
Group gold Mineral Resources at 31 December 2025 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, “OP” denot
Slide 35: Group gold Ore Reserves at 31 December 2025
Group gold Ore Reserves at 31 December 2025 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, “OP” denotes op
Slide 36: Group copper Mineral Resources at 31 December 2025
Group copper Mineral Resources at 31 December 2025 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, “OP” den
Slide 37: Group copper Ore Reserves at 31 December 2025
Group copper Ore Reserves at 31 December 2025 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, “OP” denotes
Slide 38: Evolution Mining
Evolution MINING
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