Slide 1: Cowal Site Visit
For personal use only COWAL SITE VISIT JOHN PENHALL – GENERAL MANAGER 31 March 2021
Slide 2: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY For personal use only We would like to acknowledge the Wiradjuri people who are the Traditional Custodians of the Land. We would also like to pay respect to the Elders both past and present of the Wiradjuri Nation and extend that respect to other Indigenous Australians who
Slide 3: Forward Looking Statement
FORWARD LOOKING STATEMENT For personal use only 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
Slide 4: Premier Global Mid-Tier Gold Company
PREMIER GLOBAL MID-TIER GOLD COMPANY For personal use only BEST IN CLASS FINANCIAL RETURNS EBITDA margin1 of 56% 2.8 Sector leading cash flow per ounce Dividends per ounce2 of A$341 HIGH QUALITY PORTFOLIO Red Lake Long-life, low-cost cornerstone operations Tier 1 jurisdictions Focused portfolio of 6
Slide 5: Sustainability Principles
SUSTAINABILITY PRINCIPLES The objective of our sustainability efforts is to deliver long-term stakeholder value through For personal use only safe, low-cost gold production in an environmentally and socially responsible manner Be an employer of choice Demonstrate robust risk Contribute positively to
Slide 6: Evolution Snapshot
EVOLUTION SNAPSHOT For personal use only Production increasing by 17% over next two years (koz) ASX CODE EVN 850 770 MARKET CAPITALISATION (1) A$7.4B 730 790 700 670 AVERAGE DAILY TURNOVER(2) A$50M H1 FY21 350 NET DEBT(3) A$87M FY21 FY22 FY23 Payout of 50% of DIVIDEND POLICY Production guidance low
Slide 7: Cowal – A Cornerstone Asset
COWAL – A CORNERSTONE ASSET For personal use only Building towards sustainable, reliable, low-cost COWAL CONTRIBUTION production of 350,000 ounces per annum TO EVOLUTION GROUP PRODUCTION OPERATING CASH Continued growth opportunities from high-grade H1 FY21 (OUNCES) FLOW underground ore body which re
Slide 8: Cowal – A World Class Deposit
COWAL – A WORLD CLASS DEPOSIT For personal use only Approximately 38km north-east of West Location Wyalong in New South Wales, Australia Mining Lease (ML 1535 & ML1791) encompasses an area of 2,886 hectares and Property lies within Evolution’s total property holding of ~14,200 hectares Sydney Commen
Slide 9: Value Accretion
VALUE ACCRETION 9.7 Mineral 8.6 For personal use only Resources 7.4 (Moz) Evolution acquired Cowal in July 2015 6.1 5.0 4.6 3.9 3.6 Ore 3.4 3.2 4.6 2015 2020 3.0 3.9 3.6 Reserves 3.2 3.0 (Moz) 1.6 1.6 Ore Reserves 1.6Moz 4.6Moz FY15 FY16 FY16 FY17 FY18 FY19 FY20 FY23+ Mineral Resources 3.4Moz 9.7Moz
Slide 10: Sustainability
SUSTAINABILITY I N T E G R AT E D I N TO E V E RY T H I N G W E D O ▪ Risk based decision approach supported by policies & standards ▪ For personal use only ▪ Water Management Risk Management framework aligned with ▪ Increased return water for reuse from Australian and International standards Integr
Slide 11: Sustainability – Safety & Health
SUSTAINABILITY – SAFETY & HEALTH For personal use only Key initiatives to improve our safety performance Total Recordable Injury Frequency (TRIF) of 5.2 8.0 ▪ Lead Indicators 6.0 ▪ 265% increase in hazard reports, ~1,600 safety interactions completed monthly over the past 12 months 4.0 2.0 ▪ People,
Slide 12: Cowal Growth Strategy
COWAL GROWTH STRATEGY For personal use only Building towards consistent, reliable, low-cost production for 20+ years ▪ Underground development – pathway to 350kozpa ▪ Underground Feasibility Study underway ▪ 3.0Moz Mineral Resource, 1.0Moz Ore Reserve ▪ High-grade orebodies open at depth ▪ Process p
Slide 13: Underground Feasibility Study
UNDERGROUND FEASIBILITY STUDY Feasibility Study Life of Mine design of For personal use only underground development and stopes North Leveraging Progressing design opportunity and procurement • Delivered increased • Early contractor Resources and Reserves involvement in mining and • Optimising mine
Slide 14: Pathway to >350kozpa of Low-Cost Production
PATHWAY TO >350KOZPA OF LOW-COST PRODUCTION For personal use only Achievements Key milestones to 350kozpa+ FY2016 FY2017 – 2018 FY2019 – 2020 FY2021 – FY2023 FY2024 + Acquired in July Mine permit extended to Warraga UNDERGROUND DEVELOPMENT ▪ Accelerate underground 2015 2032 underground production th
Slide 15: Regional Opportunity
REGIONAL OPPORTUNITY For personal use only World class geologic setting for gold and copper- gold deposits 1,358 km2 landholding in the Junee-Narromine Belt GRE46 of the Macquarie Arc E42 E41 Multiple target styles: ▪ Epithermal gold deposits (eg E42, GRE46, E41) E39 ▪ Porphyry copper-gold deposits
Slide 16: Key Takeaways
KEY TAKEAWAYS For personal use only Cowal – a cornerstone Evolution operation Building towards 350kozpa of sustainable, reliable, low- cost gold production Underground Feasibility Study and permitting progressing well with exploration decline extension underway Supportive stakeholders and government
Slide 17: Appendix
For personal use only APPENDIX
Slide 18: Cowal Site Layout
Integrated Waste Landform E42 Open Pit Lookout – E42 Open Pit For personal use only Lookout – Lake Cowal Current Underground Portal Lake Cowal Processing plant COWAL SITE LAYOUT kilometres 18
Slide 19: E42 Open Pit
E42 OPEN PIT For personal use only LARGE OPEN PIT PROVIDING LONG-TERM ORE BASE LOAD ▪ Stage H cutback ▪ Increasing ore volumes and grade mined in the second half of FY21 ▪ Strip ratio to fall below 1:1 in FY23 ▪ Equipment strategy review underway – opportunity to rationalise fleet with reducing re-h
Slide 20: Mining Fleet
MINING FLEET For personal use only Haulage/mine trucks Shovels/excavators/loaders IWL Equipment • 20 x Cat 789C Dump Trucks • 1 x Liebherr 9400 Excavator • 3 x Hitachi Excavators • 3 x Cat 785C Dump Trucks • 1 x Liebherr 994B Excavator • 4 x 777F Caterpillar Haul trucks Drilling equipment • 1 x Lieb
Slide 21: Resource and Reserve Expansion
RESOURCE AND RESERVE EXPANSION ▪ Investment in drilling expected to continue to grow Mineral Resources and Ore Reserves For personal use only Section of Cowal GRE46 underground area. Orange shows the outline Long projection of the GRE46 structure looking west showing the of the December 2018 mineabl
Slide 22: Further Growth Potential
FURTHER GROWTH POTENTIAL For personal use only GRE46 Underground E42 Warraga decline Planned Galway decline Dec 2020 Mineral Resources Open Dec 2020 Ore Reserves Open Cowal Mineral Resources of 9.7Moz gold (Dec 2019: 8.6Moz) Cowal Ore Reserves of 4.6Moz gold (Dec 2019: 3.6Moz) 22
Slide 23: Galway Exploration Decline
GALWAY EXPLORATION DECLINE For personal use only ▪ Organic growth enabler N ▪ Establishes next stage of diamond drill platforms to continue strategic drilling program ▪ Contract awarded to Barminco for development and Existing Workings Galway Decline diamond drilling Planned Drilling Long Section Mi
Slide 24: Process Flowsheet
For personal use only PROCESS FLOWSHEET 24
Slide 25: Process Equipment
PROCESS EQUIPMENT Power supplied from NSW Grid – AGL Mineral liberation/recovery For personal use only • Primary crushing: Metso 54-75 Superior MK-II gyratory crusher • Method: flotation, regrind, CIL of concentrate and Float tails Grinding • Equipment: 2 x SK1200 and 10 x OK200TC (flotation), Metso
Slide 26: Plant Performance
PLANT PERFORMANCE For personal use only Increased plant availability and throughput ▪ Twinning of critical pumps completed Mill Throughput ▪ Change from three to six monthly planned 1,200 major shutdowns 1,100 1,000 Tonnes per operating hour Float Tails Leach benefits being realised 900 ▪ Blending o
Slide 27: Water Strategy
WATER STRATEGY Existing saline bores For personal use only Objective: Reduce reliance on fresh water sources Increase water recycling and reduce water usage • Increased Integrated Waste Landform decant Future drilling targets return capacity • Tails flocculation trial – engineering study completed D
Slide 28: Innovation
INNOVATION Data Analytics For personal use only ▪ Remote monitoring and analysis of grinding mill operating data with improvement in grind from p80 – 212 µm to a p80 of 160 µm Technology Trials – Augmented and Virtual Reality HoloLens mobile maintenance trials in the open pit ▪ HoloLens for maintena
Slide 29: E39 Prospect
E39 PROSPECT ▪ 5km south of existing E42 mine For personal use only ▪ Large copper anomalous footprint (~5km x 1.5km) ▪ Historic drilling by Geopeko (1980s) mostly shallow (to top of fresh rock) ▪ Anomalous copper over long intervals in limited deeper drilling ▪ Drilling planned for June 2021 quarte
Slide 30: South Cowal
SOUTH COWAL ▪ 5km south of existing E42 mine ▪ Copper and gold anomalism For personal use only ▪ Large copper anomalous footprint (~5km x 1.5km) ▪ Historic DD hole 7750DD032 intersected strongly ▪ Historic drilling by Geopeko (1980’s) mostly magnetite-chlorite-epidote altered andesite lava shallow (
Slide 31: Evolution 2020 Gold Mineral Resources
EVOLUTION 2020 GOLD MINERAL RESOURCES For personal use only 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
Slide 32: Evolution 2020 Gold Ore Reserves
EVOLUTION 2020 GOLD ORE RESERVES For personal use only 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)
Slide 33: Evolution 2020 Copper Reserves & Resources
EVOLUTION 2020 COPPER RESERVES & RESOURCES Group Copper Mineral Resource Statement For personal use only Dec 19 Copper Measured Indicated Inferred Total Resource Resources Copper Copper Copper Copper Copper Copper CP3 Tonnes Copper Tonnes Copper Tonnes Tonnes Copper Project Type Cut-Off Metal Metal
Slide 34: Cowal Dec 2020 Mineral Resources and Ore Reserves
COWAL DEC 2020 MINERAL RESOURCES AND ORE RESERVES Cowal Mineral Resources - December 2020 For personal use only Measured Indicated Inferred Total Resource Mineral Resource Cont. Metal Au Cont. Metal Au Cont. Metal Au Cont. Metal Au Tonnes (Mt) Grade Au (g/t) Tonnes (Mt) Grade Au (g/t) Tonnes (Mt) Gr
Slide 35: History of Cowal
HISTORY OF COWAL For personal use only 1988 2000 2002 2006 2015 2017 2019 2021 North Limited North Limited is Homestake Mining First gold is Evolution Mining Mine life is extended Underground UG resources increased undertakes acquired by Rio merges with Barrick poured in April acquires Cowal to 2032
Slide 36: Evolution Mining
For personal use only Evolution MIINTINE