Evolution Mining Limited · ASX:EVN
Evolution Mining — BMO Conference 2026
42 slides from Evolution Mining's conference presentation, Feb 23, 2026
Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company Lawrie Conway – Managing Director and Chief Executive Officer 23 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: Creating long-term stakeholder value
Creating long-term stakeholder value MARKET CAPITALISATION1 $21.5B (A$30.6B) MINERAL RESOURCES2 30Moz gold, 4.4Mt copper ORE RESERVES2 11Moz gold, 1.4Mt copper FY26 PRODUCTION GUIDANCE3 710koz – 780koz Au; 70kt – 80kt Cu FY26 AISC GUIDANCE3 $1,150/oz – $1,230/oz 26th consecutive dividend declared, D
Slide 4: Reliable delivery from a quality portfolio
Reliable delivery from a quality portfolio Operational delivery to plan Record financial performance Maintaining capital discipline Rewarding our shareholders Maximising value of the portfolio 4
Slide 5: 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) $515M (A$785M)1 ▪ Bert deposit (Ernest Henry) ▪ Utilises
Slide 6: Disciplined capital allocation driving sustained high returns
Disciplined capital allocation driving sustained high returns Shareholder returns Organic growth Accretive acquisitions Maintaining our commitment to High return projects just approved Delivering on organic growth Doing the right deals at the right time reward shareholders – 26th ▪ Northparkes ▪ Mun
Slide 7: High return projects approved to utilise latent capacity
High return projects approved to utilise latent capacity Northparkes – E221 Ernest Henry – Bert1 ▪ Long-life, low-cost bulk underground operation ▪ Incremental to existing mining operations ▪ Supports transition to ~8Mtpa ▪ Increases production and unlocks latent mill capacity ▪ Initial production f
Slide 8: 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 9: FY26 half year highlights
FY26 half year highlights Record interim dividend - up ~3x Record underlying EBITDA 1 A$0.20ps $1.0B (A$1.6B) Record earnings per share Record underlying EBITDA margin A$0.38ps 57% Good safety performance TRIF of 5.82 Record underlying profit after tax Production on track $515 (A$785M)1 365koz Au, 3
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 ▪ Deleveraging continues with gearing at 6% ▪ All bank term loans repaid – final A$280 million repaid in the half year ▪ Cash balance increased to A$967
Slide 11: Increasing shareholder returns
Increasing shareholder returns ▪ Commitment to increase returns met Dividends per share & gearing (A$) 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 ▪ Over A$2B in dividends declared to date 10 9 5 6 7 20
Slide 12: 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 13: Evolution Mining
Evolution MINING
Slide 14: Appendix
Evolution os We ; i 30 ee 14
Slide 15: 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 16: Northparkes – E22 block cave
Northparkes – E22 block cave ▪ Long-life, low-cost bulk underground operation enables ▪ A$545M capital spread over ~5 years (EVN share) continued plant utilisation at ~7.4Mtpa ▪ Delivery de-risked through optimised access, ventilation ▪ Supports transition to 8Mtpa and materials-handling design ▪ In
Slide 17: Northparkes – advancing our long-term growth agenda
Northparkes – advancing our long-term growth agenda Expansion Study aims to E44 Execution quantify the full potential of (off page) PFS level studies Northparkes Concept level studies ▪ Assessing options to Major Tom E51 Northparkes materially increase mill processing plant throughput ▪ Evaluating n
Slide 18: Northparkes – unlocking future growth
Northparkes – unlocking future growth Coarse Particle Flotation Project ▪ Enhanced recovery (~2%) for copper and gold ▪ Improves energy efficiency and increases throughput ▪ Commissioning expected to be completed in 2H FY28 ▪ Generates returns of1 ▪ 23% at base case metal prices ▪ 43% at upside meta
Slide 19: Ernest Henry – Bert an additional source for higher production
Ernest Henry – Bert an additional source for higher production ▪ Incremental addition to existing mining operations1 ▪ Unlocks latent mill capacity ▪ Increases gold and copper production Open pit ▪ Enhances mine plan flexibility – independent operations (previously mined) ▪ Estimated 7 year mine lif
Slide 20: Project metrics
Project metrics Northparkes – E221 Ernest Henry – Bert1 ▪ Long-life, low-cost bulk underground operation enables ▪ Incremental addition to existing mining operations continued plant utilisation at ~7.4Mtpa ▪ Unlocks latent mill capacity ▪ Supports transition to 8Mtpa ▪ Increases gold and copper prod
Slide 21: FY26 guidance (USD)
FY26 guidance (USD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY26 guidance production production capital development capital amortisation ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2 Group 710 – 780 70 – 80 1,150 – 1,230 140 – 190 160 – 215 350 – 425 805 – 910 Co
Slide 22: FY26 guidance (AUD)
FY26 guidance (AUD) 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 ($/oz)2 Group 710 – 780 70 – 80 1,640 – 1,760 200 – 270 225 – 310 500 – 605 1,150 – 1,30
Slide 23: Record financial performance
Record financial performance Financials Units FY26 H1 FY25 H1 Change Statutory profit after tax A$M 767 365 110% Underlying profit after tax A$M 785 385 104% EBITDA A$M 1,562 985 59% Underlying EBITDA A$M 1,589 1,014 57% EBITDA margin % 57% 50% 14% Operating mine cash flow A$M 1,733 991 75% Net mine
Slide 24: Banking the benefits of high metal prices
Banking the benefits of high metal prices ▪ Record Group net mine cash flow of A$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 ▪ Operations delivered ~A$660M more than the prior 57%
Slide 25: Cost drivers and sensitivities
Cost drivers and sensitivities H1 FY26 key cost drivers1 FY26 cash flow sensitivities (A$M)2 Operating costs (+/-5%) 100 - 110 Grinding Media/ Explosives Diesel 3% 2% Copper price (+/- $1,100/t) 70 - 80 Reagents 4% Gold price (+/- $100/oz) 60 - 70 Royalties 6% Contract Labour Copper volume (+/- 5%)
Slide 26: Portfolio overview
Appendix Portfolio overview
Slide 27: 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 28: 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 29: 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 ▪ Enhances mine plan flexibility – independent operations (previously mined) ▪ Estimated 7 year mine lif
Slide 30: 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 31: Cowal – a cornerstone asset through 2042
Cowal – a cornerstone asset through 2042 ▪ Track record of consistent, low-cost, resource replacement ~6Moz at $23/oz (A$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 add
Slide 32: 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 33: Mungari – optionality with multiple ore sources
Mungari – optionality with multiple ore sources Net mine cash flow A$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 34: Mungari – accelerating value through discovery
Mungari – accelerating value through discovery ▪ Low-cost resource discovery at A$19/oz (A$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 ▪ Castl
Slide 35: Red Lake – focus on consistent cash generation
Red Lake – focus on consistent cash generation ▪ Net mine cash flow - ~A$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
Slide 36: 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 37: Mineral Resources and Ore Reserves
Appendix Mineral Resources and Ore Reserves
Slide 38: 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 39: 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 40: Group copper Mineral Resources at 31 December 2024
Group copper Mineral Resources at 31 December 2024 Copper Measured Indicated Inferred Total Resource Tonnes Copper Tonnes Tonnes Tonnes CP3 Copper Copper Copper Copper Copper Copper Copper Project Type Cut-off Grade (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) M
Slide 41: 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 42: Evolution Mining
Evolution MINING