Slide 1: 2026 Half Year Financial Results
Inspired people creating a premier global gold company 2026 Half Year Financial Results Lawrie Conway – Managing Director and Chief Executive Officer Fran Summerhayes – Chief Financial Officer Nancy Guay – Chief Technical Officer 11 February 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: Delivering consistent high returns
Delivering consistent high returns Operational delivery to plan Record financial performance Maintaining capital discipline Rewarding our shareholders Maximising value of the portfolio 3
Slide 4: Delivering consistent high returns
Delivering consistent high returns Delivering record financial performance and dividend Capital discipline enabling even higher returns 104% Investment in high return projects approved Underlying profit after tax ▪ E22 block cave (Northparkes) $785M ▪ Bert deposit (Ernest Henry) ▪ Utilises excess pr
Slide 5: Disciplined capital allocation driving sustained high returns
Disciplined capital allocation driving sustained high returns Shareholder returns Organic growth Accretive acquisitions Delivering record returns High return projects approved FY26 major project capital updated Expanded Canadian exploration ▪ Northparkes Operations (NPO) to $500 – 605M reflecting fo
Slide 6: 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 7: Half year financial performance
Half year financial performance Fran Summerhayes Chief Financial Officer 7
Slide 8: FY26 half year highlights
FY26 half year highlights Record interim dividend - up ~3x Record underlying EBITDA $1.6B 20 cps Record earnings per share Record underlying EBITDA margin 38 cps 57% Good safety performance TRIF of 5.81 Record underlying profit after tax Production on track $785M 365koz Au, 36kt Cu Record Group cash
Slide 9: Banking the benefits of high metal prices
Banking the benefits of high metal prices ▪ Record Group net mine cash flow of $1.1B Underlying EBITDA margin ▪ Group operating costs and sustaining capital were in line with prior year with all operations delivering positive net mine cash flow 57% ▪ Operations delivered ~$660M more than the prior c
Slide 10: Balance sheet flexibility significantly improved
Balance sheet flexibility significantly improved Gearing improved significantly in last 2 years Low cost & long tenor debt aligned with cash flows ($M) ▪ Deleveraging continues with gearing at 6% ▪ All bank term loans repaid – final $280 million repaid in the half year ▪ Cash balance increased to $9
Slide 11: Increasing shareholder returns
Increasing shareholder returns ▪ Commitment to increase returns met Dividends per share & gearing 33% 28% 25% ▪ Dividend policy unchanged ~50% annual group cash flow ~20 15% 15% 7% 6% ▪ 26th consecutive dividend since FY13 -2% 20 16 12 13 9 ▪ Over $2B in dividends declared to date 10 5 6 7 20 6 4 7
Slide 12: Projects update
Projects update Nancy Guay Chief Technical Officer 12
Slide 13: Our operations
Our operations Mungari Red Lake Cowal Northparkes Ernest Henry ▪ Expansion successfully ▪ Material cash ▪ Asset now ▪ Strong cash ▪ Consistent commissioned generation unlocked to drive contributor whilst production ▪ Moved back to high cash ▪ Open Pit growth advancing future ▪ Positive cash flow con
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: Northparkes – advancing our long-term growth agenda
Northparkes – advancing our long-term growth agenda Expansion Study aims to E44 Execution quantify the full potential of (off page) PFS level studies Northparkes Concept level studies ▪ Assessing options to Major Tom E51 Northparkes materially increase mill processing plant throughput ▪ Evaluating n
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 ▪ Enhances mine plan flexibility – independent operations mined) ▪ Estimated 7 year mine lif
Slide 18: Consistent delivery increasing shareholder returns
Consistent delivery increasing shareholder returns Continued safe and reliable delivery Cost and capital discipline margin over ounces Capturing the benefit of high metal prices Rewarding shareholders with dividend ~3x HY25 Balance sheet flexibility enhanced gearing 6% Well-sequenced growth via mult
Slide 19: Evolution Mining
Evolution MINING
Slide 20: Appendix
Evolution os We ; ie 30 ee 20
Slide 21: Record financial performance
Record financial performance Financials Units FY26 H1 FY25 H1 Change Statutory profit after tax $M 767 365 110% Underlying profit after tax $M 785 385 104% EBITDA $M 1,562 985 59% Underlying EBITDA $M 1,589 1,014 57% EBITDA margin % 57% 50% 14% Operating mine cash flow $M 1,733 991 75% Net mine cash
Slide 22: FY26 guidance
FY26 guidance Gold Copper Sustaining Major mine Major project Depreciation & AISC FY26 guidance production production capital development capital amortisation ($/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 23: Cost drivers and sensitivities
Cost drivers and sensitivities H1 FY26 key cost drivers1 Grinding Media/ Explosives Diesel 3% 2% Reagents 4% Royalties 6% Contract Labour 24% Electricity 9% Employee labour Other 22% 12% Maintenance Parts 18% 1. Cost drivers are based on FY26 H1 actual 23 2. Sensitivities shown are forecast FY26 and
Slide 24: 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 25: Appendix Portfolio overview
Appendix Portfolio overview
Slide 26: 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 27: 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 28: 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 29: Updated metal purchase and sale agreement with Triple Flag
Updated metal purchase and sale agreement with Triple Flag1 Key terms of the updated agreement:1 • Evolution will receive an advance amount from Triple Flag, by way of a refundable deposit, equal to A$120 million,2 payable on 15 December 2026 (‘Refundable Deposit’). • Subject to the terms of the Agr
Slide 30: Mungari – optionality with multiple ore sources
Mungari – optionality with multiple ore sources Net mine cash flow $147M for FY26 half year equal to ~68% of mill expansion capital ▪ On track to achieve 200kozpa run rate 2H FY26 Leveraging a significant 7.2Moz Mineral Resource1 ▪ Conventional mining method for eastern goldfields ▪ Ore volume: ~80%
Slide 31: 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 32: Red Lake – focus on consistent cash generation
Red Lake – focus on consistent cash generation ▪ Net mine cash flow - ~$200M in net mine cash flow in the past 18 months ▪ Contingency improved through establishment of a surface stockpile, strengthening operational resilience and contingency mining options ▪ Operational flexibility - three mining f
Slide 33: 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 34: Appendix Mineral Resources and Ore Reserves
Appendix Mineral Resources and Ore Reserves
Slide 35: Group gold Mineral Resources at 31 December 2024
Group gold Mineral Resources at 31 December 2024 Gold Measured Indicated Inferred Total Resource Cut-off Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal CP4 Project Type (g/t Au) (Mt) Grade (g/t) (Moz) (Mt) Grade (g/t) (Moz) (Mt) Grade (g/t) (Moz) (Mt) Gra
Slide 36: Group gold Ore Reserves at 31 December 2024
Group gold Ore Reserves at 31 December 2024 Gold Proved Probable Total Reserve Competent Cut-off Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person3 Project Type Tonnes (Mt) (g/t Au) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Cowal Stockpiles 0.45g/t Au 43 0.53
Slide 37: Group copper Mineral Resources at 31 December 2024
Group copper Mineral Resources at 31 December 2024 Copper Measured Indicated Inferred Total Resource Copper CP3 Tonnes Copper Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper Project Type Cut-off Grade (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) M
Slide 38: Group copper Ore Reserves at 31 December 2024
Group copper Ore Reserves at 31 December 2024 Copper Proved Probable Total Reserve CP2 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 Henry Underground 0.75 – 0.80% CuEq 32 1.07
Slide 39: Evolution Mining
Evolution MINING