Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company For personal use only DENVER GOLD FORUM Lawrie Conway – Managing Director and Chief Executive Officer 18-20 September 2023
Slide 2: Production Target
PRODUCTION TARGET Mungari Production Target and relevant proportions of Mineral Resources and Ore Reserves underpinning the Production Target The Mungari Production Target of 1.9Moz to 2.7Moz between FY24 and FY38 comprises 3% Proved Ore Reserves, 49% Probable Ore Reserves, 19% Indicated Mineral Res
Slide 3: 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 4: Evolution Snapshot
EVOLUTION SNAPSHOT MARKET CAPITALISATION1 A$6.9B / US$4.5B For personal use only MINERAL RESOURCES2 30Moz gold, 1.8Mt copper Red Lake ORE RESERVES2 11Moz gold, 1Mt copper FY24 PRODUCTION ~770koz +/- 5% (+18% vs FY23) GUIDANCE3 FY24 AISC GUIDANCE3,4 US$880/oz +/- 5% 21 consecutive dividends paid DIVI
Slide 5: Sustainability
SUSTAINABILITY Integrated into everything we do ▪ Keeping our people healthy and safe For personal use only ▪ Ongoing TRIF1 improvement, FY23 reduced by 19% ▪ Enhancing our social licence to operate ▪ Listening and partnering with the communities in which we operate on matters important to them ▪ 20
Slide 6: Clear and Consistent Strategy
CLEAR AND CONSISTENT STRATEGY A business that prospers through the cycle For personal use only Create sustainable value for stakeholders in an environmentally and socially responsible way High performing culture with values and reputation as non-negotiables Willing to take appropriate geological, op
Slide 7: Portfolio Structure and Journey
Percentage repaid At acquisition PORTFOLIO STRUCTURE AND JOURNEY Current – up to 25% Current – 26-50% Current – 90-99% Long life, high return assets Current – 100% 400 Return on investment For personal use only 350 20%+ ROI Annual production target – gold equivalent (koz) 300 Ernest Henry2 250 Cowal
Slide 8: Strong Pipeline of Organic Growth Projects
STRONG PIPELINE OF ORGANIC Red Lake (2038) GROWTH PROJECTS • Focused on stable and consistent production • Targeting 200koz pa (FY24: For personal use only guidance 170koz ±5%) • Future growth options exist to Ernest Henry (2040) Mt Rawdon increase production by ~30-60% when capex justified • Extens
Slide 9: Delivering Returns and Deleveraging
DELIVERING RETURNS AND DELEVERAGING ▪ Margin over ounces priority Production (koz) AISC (US$/oz)1 ▪ FY24 production guidance 770koz +/-5% at US$880/oz For personal use only ▪ FY25-26 targeting ~800koz pa ▪ Cost discipline to optimise margin and manage inflation 975 ~770 651 ▪ Capital Allocation 880
Slide 10: Dividends and Debt
DIVIDENDS AND DEBT Cumulative dividends declared (A$M) FY23 Final Dividend ▪ Fully franked 2 cents per share (~A$38M) For personal use only ▪ Supported by expected FY24 improved cash generation 1,053 1,128 943 ▪ Over A$1.1B returned to shareholders 732 459 87 ▪ Payment date: 6 October 2023 7 21 43 1
Slide 11: Summary
SUMMARY Focus on safe and reliable operational delivery – margin over ounces For personal use only Organic growth options to deliver long term returns Capital discipline – investing when needed and justified Cash generation benefit – upside at spot prices 11
Slide 12: Appendix 1: FY24 Guidance and FY23 Results
For personal use only APPENDIX 1: FY24 GUIDANCE AND FY23 RESULTS 12
Slide 13: FY24 Guidance: AUD
FY24 GUIDANCE: AUD Sustaining Major Major Gold (oz) AISC (A$/oz) FY24 Guidance Capital Project Capital Mine Development (+/-5%) (+/-5%) (A$M) (A$M) (A$M) For personal use only Group 770,000 1,370 190 – 230 325 – 350 125 – 140 Cowal 320,000 1,250 40 – 50 85 – 90 ~5 Ernest Henry 80,000 (2,000) 55 – 62
Slide 14: FY24 Guidance: USD
FY24 GUIDANCE: USD Sustaining Major Major Gold (oz) AISC1 (US$/oz) FY24 Guidance Capital1 Project Capital1 Mine Development1 (+/-5%) (+/-5%) (US$M) (US$M) (US$M) For personal use only Group 770,000 880 120 – 150 210 – 225 80 – 90 Cowal 320,000 800 25 – 30 55 – 57.5 ~3 Ernest Henry 80,000 (1,280) 35
Slide 15: FY23 Financial Highlights
FY23 FINANCIAL HIGHLIGHTS Financials Units FY232 FY22 Change For personal use only Statutory Profit After Tax A$M 163.5 323.3 (49%) Underlying Profit After Tax A$M 205.0 274.7 (25%) EBITDA A$M 844.5 898.8 (6%) EBITDA Margin % 38% 44% (14%) Operating Mine Cash Flow A$M 944.1 893.3 6% Capital Investme
Slide 16: Appendix 2: Project Updates
For personal use only APPENDIX 2: PROJECT UPDATES 16
Slide 17: Projects Appropriately Timed
PROJECTS APPROPRIATELY TIMED Project FY24 FY25 FY26 FY27 FY28 FY29 For personal use only Cowal Building to Commissioning underground 320,000+ oz and ramp up Red Lake Pathway to Commissioning (Upper Campbell) 200,000+ oz and ramp up Mungari expansion Commissioning and Mine life to 2038 Execution to 4
Slide 18: Ernest Henry – Significant Growth Potential
ERNEST HENRY – SIGNIFICANT GROWTH POTENTIAL Feasibility study scheduled for completion in Q3 FY25 Outcomes of Pre-feasibility study: • Mine life extended by 11 years out to 2040 For personal use only • Compelling economics with high NPV and short payback • A$690M NPV and IRR of 28% at A$2,400/oz & A
Slide 19: Cowal – Delivering Growth
COWAL – DELIVERING GROWTH Current operations – E42 Pit (Stage H) Underground mine development • Increasing ore tonnes and grade • First stope ore delivered in Q3 FY23, 10,000+ • Strip ratio of <1:1 development metres completed in FY23 For personal use only • Contributes significant proportion of mil
Slide 20: Mungari – Cornerstone Asset
MUNGARI – CORNERSTONE ASSET ▪ Consolidated regional ownership Mungari Mill expansion – key enabler for region ▪ Conventional crush and grind circuit, with conventional ▪ Track record of stable and consistent operations technologies For personal use only ▪ Expansion is a logical evolution of the regi
Slide 21: Red Lake: Focusing on Increasing Margin
RED LAKE FOCUSING ON INCREASING MARGIN Production (koz) For personal use only Consistent ▪ Operational flexibility - and stable sufficient contingency +40% ▪ Operational excellence - ~170 operations reliable delivery 115 121 Cultural ▪ Safety and people focus alignment FY22 FY23 FY24 Guidance All-in
Slide 22: Mt Rawdon Pumped Hydro – A Strategic Asset
MT RAWDON PUMPED HYDRO – A STRATEGIC ASSET For personal use only Lowest risk and cost of capacity pumped hydro project in Australia 22
Slide 23: Appendix 3: Mineral Resource and Ore Reserve
For personal use only APPENDIX 3: MINERAL RESOURCE AND ORE RESERVE 23
Slide 24: Group Gold Mineral Resources at December 2022
GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 M I N E R A L R E S O U R C E U P D AT E ) Gold Measured Indicated Inferred Total Resource Gold Gold Gold Gold Gold Gold Gold Cut-off Tonnes Tonnes Tonnes Gold Metal CP7 Project Type Tonnes (Mt) Grade Me
Slide 25: Group Gold Ore Reserves at December 2022
GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 O R E R E S E R V E U P D AT E ) Gold Proved Probable Total Reserve Competent Cut-off Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person8 Project Type (g/t Au) (Mt)
Slide 26: Group Resources & Reserves at December 2022
GROUP RESOURCES & RESERVES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 O R E R E S E R V E A N D M I N E R A L R E S O U R C E U P D AT E S ) Group Mineral Resource – contained copper Copper Measured Indicated Inferred Total Resource Copper CP3 Tonnes Copper Tonnes Copper Cop
Slide 27: For personal use only
For personal use only