Slide 1: BMO Metals & Mining Conference
For personal use only BMO Metals & Mining Conference 27 February 2023 Inspired people creating a premier global gold company
Slide 2: 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 3: Evolution Snapshot
EVOLUTION SNAPSHOT For personal use only MARKET CAPITALISATION1 US$3.7B MINERAL RESOURCES2 30Moz gold, 1.8Mt copper Red Lake ORE RESERVES2 10Moz gold, 660kt copper FY23 PRODUCTION 720koz +/- 5% GUIDANCE FY23 AISC GUIDANCE3 US$855/oz +/- 5% 20 consecutive dividends DIVIDENDS paid - over A$1 billion i
Slide 4: Sustainability and Mt Rawdon Pumped Hydro Project
Mt Rawdon Pumped Hydro Project – more SUSTAINABILITY information at https://mtrawdonhydro.com.au ▪ Keeping our people healthy and safe For personal use only ▪ TRIF1 improvement of ~13% since start of FY23 ▪ Safeguard our social licence to operate ▪ Committed to our Net Zero target2 and supporting ou
Slide 5: Consistent Strategy
CONSISTENT STRATEGY For personal use only Returns Mine life Principles Value drivers generated3 Accretive to Motivated Cowal shareholders seller ~$530M 17+ years Improve Synergies portfolio Ernest quality Deep Henry ~$1,300M 8+ years turnaround Concentrated opportunity high quality Mungari portfolio
Slide 6: Ernest Henry – A World Class Asset
ERNEST HENRY – A WORLD CLASS ASSET For personal use only ◼ Mineral Resource increases as at December 2022 1 ▪ 36% increase in contained copper to 1.2Mt year on year ▪ 37% increase in contained gold to 2.3Moz year on year ◼ Mine Extension Pre-Feasibility Study extended to June quarter 2023 to incorpo
Slide 7: Cowal Underground Mine Design
COWAL Underground mine design For personal use only ▪ Mine life to 2040+ with 4.3Moz contained Gold Ore Reserves and 8.8Moz contained Gold Mineral Resources ▪ ~US$265M new underground mine on schedule and budget ▪ Cost inflation has been within contingency levels FY23 Stopes FY24 Stopes FY25+ Stopes
Slide 8: Red Lake Transformation
RED LAKE TRANSFORMATION For personal use only 12Moz geological endowment in a world-class gold district New high grade mine at Upper Campbell Red Lake Production ramping up in 4Q FY23 Ramping Up New mining fronts and modernised equipment driving 200koz production uplift 160koz Processing upgrades wi
Slide 9: Mungari Future Growth Project
MUNGARI FUTURE GROWTH PROJECT For personal use only Current state Future Growth Project Future potential 4.2Mtpa 2Mtpa ✓ Simple plant design processing processing capacity capacity ✓ Unlocks regional Key Upcoming ore sources ~30 Milestones months Cost Optimisation Gold ✓ Lower processing build and P
Slide 10: Dividends and Debt
Cumulative Dividends (A$M) DIVIDENDS AND DEBT For personal use only ▪ FY23 Interim Dividend ▪ Fully franked 2.0 cents per share (~A$37M) 943 1,053 1,090 732 ▪ Major Capital Peaking 459 ▪ FY23 Guidance: A$530 - $600M 7 21 43 87 171 298 ▪ FY24 Outlook: A$330 - $380M FY13 FY14 FY15 FY16 FY17 FY18 FY19
Slide 11: Key Takeaways
KEY TAKEAWAYS For personal use only SECTOR LEADING COST AND MARGIN POSITION OPERATING CASH FLOWS FUNDING GROWTH PROJECTS ROBUST BALANCE SHEET AND LIQUIDITY HIGH-QUALITY RESOURCES & RESERVES 11
Slide 12: Appendix
For personal use only Appendix 12
Slide 13: FY23 Guidance & FY24 Outlook
FY23 GUIDANCE & FY24 OUTLOOK Production AISC $/oz Sustaining Major For personal use only FY23 Guidance (+/-5%) (+/-5%) Capital Capital Group 720,000 $1,240 $190 - $240M $530 - $600M Cowal 275,000 $1,250 $40 - $50M $325 - $360M Ernest Henry 82,500 ($2,600) $65 - $80M $35 - $45M Red Lake 160,000 $1,88
Slide 14: Growth Since Inception
GROWTH SINCE Group Mineral Resources growth since inception (koz) INCEPTION For personal use only Divestments Depletion Growth Gold Mineral Resources growth of 336% Acquisitions Gold Ore Reserves growth of 186% ▪ Reinforces strategy of identifying and acquiring assets in the right geological address
Slide 15: FY23 Sensitivities and Cost Drivers
FY23 AISC Sensitivities FY23 Cash flow Sensitivities COST DRIVERS ($/oz) ($M) Grade (+/- Au Price (-/+ 5%) 43 – 48 A$100/oz) 65 – 70 For personal use only ◼ Discipline on cost management & capital allocation Cu Price Cu Price (-/+ ◼ Sector leading AISC (+/- 80 – 90 A$1,100/t) 58 – 63 A$1,100/t) ◼ Ca
Slide 16: Strategic Copper Exposure
STRATEGIC COPPER EXPOSURE ▪ Diminishing number of gold-copper assets in Tier 1 For personal use only jurisdictions held outside majors ▪ Strategic portfolio weighting to copper Gold-copper producing assets (ex majors) in (Ernest Henry) underpins Evolution’s Australia and Canada shown low cost positi
Slide 17: Group Gold Mineral Resources at December 2022
GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022 Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold M Gold Gold Gold Gold Gold Cut-off Tonnes Tonnes Tonnes Gold Metal CP6 Project Type Tonnes (Mt) Grade etal (k Grade Metal Grade Metal Grade (g/t Au) (Mt) (Mt) (Mt) (koz) (
Slide 18: Group Gold Ore Reserves at December 2022
GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022 Gold Proved Probable Total Reserve Competent For personal use only Cut-off Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person8 Project Type (g/t Au) (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) Cowal1,2 Open
Slide 19: Group Resources & Reserves at December 2022
GROUP RESOURCES & RESERVES AT 31 DECEMBER 2022 Group Mineral Resource – contained copper For personal use only Copper Measured Indicated Inferred Total Resource Copper CP1 Tonnes Copper Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper Project Type Cut-off Grade (Mt) Metal (kt) (Mt) Gra
Slide 20: Ernest Henry Drill Hole Information
Ernest Henry Drill Hole Information For personal use only Hole type Northing MGA Easting MGA Elevation AHD Hole Length Hole ID Dip MGA Azi MGA From (m) To (m) Interval1 (m) ETW (m) Au (g/t) Cu (%) (m) (m) (m) (m) EH1286 Diamond 7,739,197 469,928 -322.35 491.4 16.4 311.0 350.0 360.0 10.0 7.0 1.91 1.0
Slide 21: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry The following information is provided in accordance with Table 1 of Appendix 5A of the JORC Code 2012 - Section 1 (Sampling Techniques and Data), Section 2 (Reporting of Exploration Results) For personal use only Section 1 Sampling Techniques and Data (Criteria in th
Slide 22: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sub-sampling • Drill core is cut in half to produce an approximate 5kg sample using an automatic core saw, with one half submitted for assay, and If core, whether c
Slide 23: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Location of data Accuracy and quality of surveys used to locate drill holes (collar and down-hole ▪ Collar coordinates are picked up by EHO site surveyors using a L
Slide 24: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 2 Reporting of Exploration Results (Criteria in the preceding section apply to this section) Criteria JORC Code explanation Commentary Mineral tenement and Type, reference name/number, location and ownership including agreements or ▪ The
Slide 25: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Geology Deposit type, geological setting and style of mineralisation. ▪ The Ernest Henry Deposit is an Iron Oxide Copper Gold (IOCG) hosted within a sequence of
Slide 26: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should
Slide 27: JORC Code Table – Ernest Henry
JORC Code Table 1 – Ernest Henry For personal use only Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, ▪ Intersection lengths and grades are reported as down-hole, l
Slide 28: Evolution Mining
For personal use only Evolution MINING