Slide 1: Executing a growth strategy focused on sustainable high margin ounces
Executing a growth strategy focused on sustainable high margin ounces 16 July 2021
Slide 2: Forward Looking Statement
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”, “expect”, “intend”, “plan”, “
Slide 3: Production Target
PRODUCTION TARGET Group Three- FY22 FY23 FY24 Year Outlook Production (oz) 670,000 – 730,000 750,000 – 810,000 880,000 – 950,000 Cautionary statement concerning the proportion of Exploration Targets Of Evolution’s Group Production Outlook, 4% is comprised of Exploration Targets. The potential quanti
Slide 4: Executing a growth strategy focused on sustainable high margin ounces
EXECUTING A GROWTH STRATEGY FOCUSED ON SUSTAINABLE HIGH MARGIN OUNCES ▪ Sustainable, long life, low cost, high margin assets to cornerstone Evolution’s future ▪ Clear plan to grow Group annual gold production to Red Lake over 900koz from FY24 ▪ Board approval of projects at Cowal and Red Lake extend
Slide 5: Sustainability - integrated into everything we do
SUSTAINABILITY - INTEGRATED INTO EVERYTHING WE DO ▪ Keeping our people healthy and safe ◼ Through strong collective leadership Evolution continues to operate safely through COVID-19 with Creating value in the areas we no material impact on operations choose to lead ▪ Environment, climate risk and em
Slide 6: FY21 & June Quarter Review
FY21 & June Quarter Review
Slide 7: FY21 Operating Results
FY21 OPERATING RESULTS ▪ Strong cash flow underpins future growth ▪ Operating mine cash flow of A$937 million and net mine cash flow of A$555 million ▪ Production of 681koz ounces delivered to original guidance of 670 – 730koz and was ~2% below the bottom end of revised guidance of 695 – 710koz issu
Slide 8: June 2021 Quarter Highlights
JUNE 2021 QUARTER HIGHLIGHTS ▪ Commitment to "Net Zero" emissions by 2050 ▪ MSCI ESG rating upgraded to sector leading ‘AA’ ▪ Record low costs achieved at Ernest Henry; strong quarter at Mt Carlton ▪ Cowal performed well despite 12-day unplanned shut down ▪ Production adversely impacted by seismicit
Slide 9: Cowal – A World Class Asset
COWAL – A WORLD CLASS ASSET 9.7 Mineral 8.6 Resources 7.4 (Moz) ▪ Evolution acquired Cowal in July 2015 6.1 5.0 4.6 3.9 ▪ Acquisition price plus all subsequent 3.4 3.6 4.6 Ore 3.2 3.0 3.9 3.6 Reserves investment fully repaid with 17+ year mine life 3.2 3.0 (Moz) remaining 1.6 1.6 FY15 FY16 FY16 FY17
Slide 10: Cowal Underground Approval
COWAL UNDERGROUND APPROVAL 1,200RL Feasibility Study mine design A$380 million capital 1,000RL investment to achieve 350kozpa goal 800RL ▪ Board approval received for the accelerated development of the Cowal 600RL underground operation Probable Ore Reserve Stopes Life of Mine Indicated & Inferred St
Slide 11: Cowal Underground Key Milestones
COWAL UNDERGROUND KEY MILESTONES ▪ Production is targeted to ramp up to ~350kozpa over the next three years at Cowal ▪ Major capital items: ▪ ~A$240M for surface infrastructure, paste plant, process plant modifications and accommodation village ▪ ~A$140M for initial mine development ▪ Production sch
Slide 12: Red Lake – Recapitalise, Expand, Optimise
RED LAKE – RECAPITALISE, EXPAND, OPTIMISE Board has approved a clear and defined pathway to annual production of 350koz ▪ Large Mineral Resource of 11Moz1 ▪ 15+ year life of mine plan ▪ Stage 1 transformation plan ahead of schedule to produce over 200,000 ounces per year at an AISC of <US$1,000 per
Slide 13: Red Lake Operations
Bateman mill RED LAKE OPERATIONS A Red Lake Cochenour shaft CYD box cut Campbell shaft Balmer Lake Airport Reid shaft Red Lake mill Campbell mill #3 Shaft Red Lake N B 1,000m 13
Slide 14: A Large Mineral System
A LARGE MINERAL SYSTEM A Upper Campbell B McFinley1 MR – 4,408koz (10.4g/t Au) Decline OR – 1,847koz (7.4g/t Au) Upper Red Lake MR – 1,199koz (6.1g/t Au) HG Young MR – 427koz (5.4g/t Au) 1200m below surface Cochenour MR – 1,425koz (5.6g/t Au) OR – 287koz (6.2g/t Au) Lower Campbell MR – 1,097koz (6.9
Slide 15: Stage 1 Transformation on Track
STAGE 1 TRANSFORMATION ON TRACK Achievements: FY22 FY23 First 12 months ▪ Consolidated land position through Battle North acquisition ▪ Consistent monthly development rate of ▪ Increase combined processing capacity to ▪ Commenced development of decline into 1,200m above 1.5Mtpa Upper Campbell ▪ Incr
Slide 16: Key Milestones
KEY MILESTONES FY22 FY23 FY24 December 2021 June 2022 December 2022 June 2023 December 2023 June 2024 Half Year Half Year Half Year Half Year Half Year Half Year ▪ Delivery of three-year transformation plan on Mineral Updated McFinley Resource McFinley bulk Mineral Resources track with FY21 Geology
Slide 17: Three-year Outlook
Three-year Outlook
Slide 18: Production Target & Forecast Financials
PRODUCTION TARGET & FORECAST FINANCIALS Group Three- FY22 FY23 FY24 Year Outlook Production (oz) 670,000 – 730,000 750,000 – 810,000 880,000 – 950,000 AISC 1,220 – 1,280 1,125 – 1,185 1,170 – 1,230 (A$/oz)1 Sustaining 120 – 150 115 – 155 120 – 160 Capex (A$/M) Major Capital 440 – 510 490 – 560 290 –
Slide 19: Production and Cost Outlook
PRODUCTION AND COST OUTLOOK ◼ Cornerstone assets driving production to >900koz by FY24 Production (koz) ◼ Cowal trends up to 350koz by FY24 from Stage H & Underground ◼ Red Lake achieves >200koz in FY23 and >250koz in FY24 ◼ Discipline applied at Mungari by removing high-cost Boomer ounces 750 - 810
Slide 20: Capital Outlook
CAPITAL OUTLOOK SUSTAINING CAPITAL ◼ Equipment and infrastructure replacement due to longer mine life plans Sustaining Capital (A$M) ◼ Cowal A$35 – 45M per year ◼ Red Lake A$40 – 45M (FY22); A$45M – 55M (FY23 & FY24) ◼ Red Lake mine development: A$15 – 20M per year 106 120 - 150 115 - 155 120 - 160
Slide 21: Capital Management
CAPITAL MANAGEMENT Debt Repayment Schedule (A$M) Robust Balance Sheet 50 50 ◼ Modest gearing1 of 15% as at 30 June 2021 50 50 240 ◼ Cash and liquidity of A$815M2 105 120 135 115 ◼ Strong cash generation to fund growth projects FY22 FY23 FY24 FY25 FY26 ◼ Work is advanced on restructuring debt profile
Slide 22: Summary
SUMMARY ▪ Delivered original FY21 production and cost guidance ▪ Cowal and Red Lake growth projects driving significant value ▪ Robust Three-Year Outlook building towards annual low-cost production of 900koz 22
Slide 23: Appendix
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Slide 24: Sustainability Principles
SUSTAINABILITY PRINCIPLES The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner Be an employer of choice Demonstrate robust risk Contribute positively to Actively manage clima
Slide 25: Evolution 2020 Gold Mineral Resources
EVOLUTION 2020 GOLD MINERAL RESOURCES Gold Measured Indicated Inferred Total Resource Dec 19 Resource Gold Gold Gold Gold Gold Gold Gold Tonnes Gold Tonnes Tonnes Tonnes CP4 Project Type Cut-Off Metal ( Grade Metal Grade Metal Grade Metal Gold Metal (Mt) Grade (g/t) (Mt) (Mt) (Mt) koz) (g/t) (koz) (
Slide 26: Evolution 2020 Gold Ore Reserves
EVOLUTION 2020 GOLD ORE RESERVES Dec 19 Gold Proved Probable Total Reserve Competent Reserves Tonnes Gold Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Gold Metal Person4 Gold Metal Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) (g/t) (koz) (Mt) Grade (g/t) (koz) (koz) Cowal1 Open pit 0.45 2
Slide 27: Evolution 2020 Copper Reserves & Resources
EVOLUTION 2020 COPPER RESERVES & RESOURCES Group Copper Mineral Resource Statement Dec 19 Copper Measured Indicated Inferred Total Resource Resources Tonnes Copper Copper Copper Copper Copper Copper CP3 Copper Tonnes Copper Tonnes Tonnes Copper Project Type Cut-Off Metal Metal Grade Metal Grade Meta
Slide 28: Evolution
Evolution MIINTINE