Evolution Mining Limited · ASX:EVN

Evolution Mining — Merger or Acquisition (April 2015)

27 slides from Evolution Mining's merger presentation, Apr 20, 2015

1. Slide 1: Combination with La Mancha Australia to create a leading mid-tier gold producer

   For personal use only Evolution Mining Combination with La Mancha Australia to create a leading mid-tier gold producer 20 April 2015

2. Slide 2: For personal use only

   For personal use only These materials have been prepared by Evolution Mining Limited (or “the Company”) and La Mancha International BV (or “La Mancha”). However, no representation or warranty expressed or implied is made as to the fairness, accuracy, correctness, completeness or adequacy of any stat

3. Slide 3: Building a major Australian gold producer

   Building a major Australian gold producer For personal use only  Evolution to acquire 100% of La Mancha’s Australian operations Combination with  La Mancha to be issued with new shares in Evolution representing 31% of the enlarged La Mancha Australia share capital of the group  Formation of a lon

4. Slide 4: Diversified Australian portfolio

   Diversified Australian portfolio For personal use only Pajingo Frog’s Leg Gold Reserves (Moz)1,3 0.16 Gold Reserves (Moz)2,3 0.44 Gold Resources (Moz)1,3 0.92 Gold Resources (Moz)2,3 0.77 FY2014A Au Production (Koz) 61 CY2014A Au Production (Koz) 125 FY2015E Au Production (Koz) 65-73 CY2015E Au Prod

5. Slide 5: A leading Australian gold producer

   A leading Australian gold producer For personal use only 2,942 Pro Forma Production Profile 600 575 565 432 FY15 Au Eq. production (koz) 420 400 360 330 315 220 205 186 200 180 150 145 141 120 98 88 0 Beadell New Evolution St Barbara Doray Resolute Norton Troy Medusa Northern Star Evolution Regis Ki

6. Slide 6: Increasing global relevance

   Increasing global relevance For personal use only Market Capitalisation 10,869 1,500 1,304 1,200 966 900 A$m 720 667 642 600 357 300 214 186 182 180 175 167 156 155 153 105 90 88 - Tribune Beadell New Evolution Resolute Doray Gold Road Norton Medusa Troy Northern Star Evolution St Barbara Kingsgate

7. Slide 7: Stand-out production and margins

   Stand-out production and margins For personal use only Bubble size represents Northern Star New Evolution market capitalisation 600 OceanaGold FY15 production guidance (koz eq.) 450 St Barbara Regis Resolute Evolution 300 Perseus Beadell Saracen 150 Kingsgate Medusa Troy Silver Lake Doray 0 100 200

8. Slide 8: Transaction summary

   Transaction summary For personal use only Transaction overview 1  Evolution to acquire 100% of La Mancha’s Australian operations  La Mancha to be issued 322.024 million new fully-paid ordinary shares in Evolution, representing 31% of Evolution’s enlarged share capital  Transaction has received un

9. Slide 9: Benefits to Evolution shareholders

   Benefits to Evolution shareholders  For personal use only Enhanced scale and Natural fit with Evolution portfolio and strategic growth objectives production base  Addition of new production centre in the prolific gold producing region of Kalgoorlie in Western Australia   Creating shareholder val

10. Slide 10: Overview of La Mancha

    Overview of La Mancha 2013 – 2014: Turn Around Story For personal use only 2015: Focus Strategy on Growth LA MANCHA GROUP 1 Strategic Long-term Partnership with Evolution  Privately owned  2014 Production: 285koz • Contribute our optimised and de-risked Mungari mining  2014 Prod (attributable): 2

11. Slide 11: Development of the LMA portfolio

    Development of the LMA portfolio For personal use only At the time of privatisation Key developments / achievements Today (August 2012)  51% ownership of the Frog’s Leg 1. Consolidated ownership of Frog’s Leg  100% ownership of all operations underground gold mine through the acquisition of Alacer

12. Slide 12: Growing production profile

    Growing production profile Gold Production FY11 - FY16 For personal use only 530,000 - 600,000 600,000 30,000 130,000 Gold production (Au Eq. koz) 400,000 - 440,000 40,000 40,000 400,000 427,703 200,000 392,886 400,000 400,000 346,979 302,842 0 FY11 FY12 FY13 FY14 FY15 FY16 Evolution La Mancha 1. As

13. Slide 13: Pro forma metrics

    Pro forma metrics Evolution La Mancha Combined Change For personal use only Annual Production (koz)1 400 - 440 130 - 160 530 - 600 +35% AISC (A$/oz)2,3 1,032 928 1,005 - $27/oz EBITDA Margin (%)2 42% 48% 44% + 2% Gearing (%)4 5.5% 28% 12.5% +7.0% Reserve (Au Eq, Moz)4 2.6 0.8 3.4 + 31% Resources (Au

14. Slide 14: Financial benefits

    Financial benefits Hedge Profile For personal use only  Hedging program at La Mancha supplements existing 250,000 1,600 Avg Hedged Price (A$/oz) Evolution hedges Hedged Production (oz)  Underpins cash flow over next few years 200,000 1,500  553koz hedged at A$1,564/oz 150,000 1,400  Evolution re

15. Slide 15: Asset overview

    Asset overview La Mancha’s Australian assets are For personal use only  located 20km directly west of Kalgoorlie in Western Australia and consist of:  Frog’s Leg underground gold mine  White Foil open pit gold mine  Mungari CIL processing plant  Relatively under-explored tenement package coveri

16. Slide 16: Frog's Leg

    Frog’s Leg Historical Production The high-grade Frog’s Leg For personal use only  koz 150 underground gold mine is a high quality, long-life asset which has seen 100 131 131 125 substantial capital investment since 105 underground mining commenced in 50 2008 0  Open pit mining commenced in 2004 20

17. Slide 17: White Foil

    White Foil For personal use only  The White Foil open-pit gold mine is located 2km to the west of the Frog’s Leg gold mine  Restarted in mid-2014 following the completion of the Mungari processing plant  White Foil produced 21,500 ounces of gold in the second half of CY2014 and is expected to del

18. Slide 18: Mungari processing plant

    Mungari processing plant For personal use only  The Mungari CIL processing plant was completed in May 2014 on time and on budget at a cost of A$110 million  Highly strategic asset, located in an active mining region with a significant gold endowment  Ore from both the Frog’s Leg and White Foil go

19. Slide 19: Regional exploration prospectivity

    Regional exploration prospectivity For personal use only  Land position in world-class terrane consists of 139 leases covering a total area of 340 km²  Located between the Zuleika and Kunanalling shear zones with historic production of >10Moz  Relatively under-explored due to:  Limited expenditu

20. Slide 20: The Evolution value proposition

    The Evolution value proposition For personal use only  Low risk – First World jurisdiction Australia  Third largest gold producing country globally  Costs rapidly reducing  Australian dollar depreciation  Evolution extending footprint into world class Kalgoorlie region of W.A.  Delivering on g

21. Slide 21: Evolution Mining

    For personal use only Evolution Mining ASX Code: EVN www.evolutionmining.com.au

22. Slide 22: La Mancha Management Team

    La Mancha Management Team For personal use only Naguib Sawiris, Chairman Executive Management Team Sebastien de MONTESSUS PRESIDENT AND CEO • Business graduate from ESCP in Paris • CEO of Areva Mining Group (Uranium) prior to La Mancha  Naguib Sawiris is one of the most renowned Egyptian businessme

23. Slide 23: Competent person statements

    Competent person statements For personal use only  The information in this announcement that relates to Evolution’s Mineral Resources and Ore Reserves is extracted from the report entitled “Annual Mineral Resources and Ore Reserves Statement” created on 25 June 2014 and is available to view at www.

24. Slide 24: Evolution Ore Reserve Statement Dec 2013

    Evolution Ore Reserve Statement Dec 2013 Gold Proved Probable Total Reserve For personal use only Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) Cracow1 Underground 3.5 0.18 7.1 40 0.60 6.

25. Slide 25: Evolution Mineral Resources Dec 2013

    Evolution Mineral Resources Dec 2013 Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz)

26. Slide 26: Evolution Mineral Resources Dec 2013 (continued)

    Evolution Mineral Resources Dec 2013 Continued from pervious slide For personal use only Gold Equiv. Tonnes Gold Equiv. Gold Grade Silver Grade Copper Grade Gold Metal Silver Metal Copper Metal Gold Equivalence Metal (Mt) Grade (g/t) (g/t) (g/t) (%) (koz) (koz) (kt) (koz) Measured 1.45 3.97 3.66 13.

27. Slide 27: La Mancha MROR Dec 2014

    La Mancha MROR Dec 2014 La Mancha Ore Reserves – December 2014 For personal use only Proved Probable Total Reserve Project Type Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) White Foil Open-pit - - - 6.35 1.5

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