Evolution Mining Limited · ASX:EVN
Evolution Mining — BMO Global Metals, Mining & Critical Minerals Conference 2025
36 slides from Evolution Mining's conference presentation, Feb 24, 2025
Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company For personal use only BMO Global Metals, Mining & Critical Minerals Conference Lawrie Conway, Managing Director and Chief Executive Officer 24 February 2025, Florida, USA
Slide 2: Forward looking statement
Forward looking statement This presentation prepared by Evolution Mining Limited ('Evolution' or 'the Company') includes 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', 'int
Slide 3: Evolution snapshot
Evolution snapshot MARKET CAPITALISATION1 $8.1B/A$12.7B For personal use only MINERAL RESOURCES2 32.7Moz gold, 4.1Mt copper ORE RESERVES2 11.5Moz gold, 1.3Mt copper FY25 PRODUCTION GUIDANCE3 710koz – 780koz $996/oz - $1,063/oz FY25 AISC GUIDANCE3 A$1,475/oz – A$1,575/oz 24 consecutive dividends, DIV
Slide 4: Clear and consistent strategy
Clear and consistent strategy To create a business that prospers through the cycle, we: For personal use only Integrate Drive a Take appropriate Build a portfolio Have financial sustainability high-performing geological, of up to discipline centred into everything culture with values operational and
Slide 5: Delivering at the right time
Delivering at the right time For personal use only Consistent, safe, low-cost production Multiple value accretive growth options Exploration driving resource growth Balance sheet supporting strategy Increasing shareholder returns 5
Slide 6: FY25 H1 Highlights
FY25 H1 Highlights Record For personal use only Improvements in all key Tracking at ~52% of guidance Operating cash flow $656M sustainability metrics 388koz gold and 38kt copper (A$991M) up 60% TRIF down 39% 1 at $1,084/oz (A$1,638/oz) Net mine cash flow $288M (A$435M) up 114% H1 group cash flow $18
Slide 7: High cash generation set to continue
High cash generation set to continue Portfolio well placed to benefit from spot price upside Operating mine cash flow (US$M)1 For personal use only ▪ Cowal: Consistent high cash contributor 1,395 ▪ Ernest Henry: Reliable delivery and cash generation ▪ Northparkes: Low capital intensity, leverage to
Slide 8: Balancing debt and shareholder returns
Balancing debt and shareholder returns ▪ Dividend policy unchanged - around 50% group cash flow Dividends per share & gearing (A$) 16 14 For personal use only ▪ 24 consecutive dividends, paid over $760M (A$1.2B)1 33% 12 28% 7 9 25% ▪ FY25 H1 dividend: 5.0 cents per share (A$7.0 cps)2 5 7 23% 6 ▪ Sha
Slide 9: Long life, high return portfolio
Long life, high return portfolio Percentage repaid Portfolio average return on investment of 16% with a further 18 years mine life up to 25% For personal use only 26-50% 100% 350 Return on investment Cowal Annual production – gold equivalent1 (koz) 300 20%+ ROI 250 Ernest Henry 200 EVN Average 15-20
Slide 10: Extensive growth options: well sequenced with smooth capital profile
Extensive growth options: Well sequenced with smooth capital profile Mungari MQ25 JQ25 DQ26 For personal use only • Mill Expansion Project – early commissioning Cowal • Open Pit Continuation – Board approval sought • Commencement expected in FY26 Ernest Henry • Mine Extension Feasibility Study • Out
Slide 11: Critical minerals portfolio differentiation
Critical minerals portfolio differentiation Copper ~25% For personal use only 4 of revenue from copper1 ~31% of Mineral Resources comprised of copper2 1 Ernest Henry US $1.02/lb Cu 48kt, Au 68koz Located in Cloncurry, Australia 1,3 Northparkes US $0.89/lb Cu 28kt, Au 48koz Located in Parkes, Austral
Slide 12: Margin improvement exceeds peers through the cycle
Margin improvement exceeds peers through the cycle Industry AISC Margin US$/oz3 EVN AISC Margin US$/oz1,2 $1,444 For personal use only $1,131 $1,177 • Canaccord data/slides $850 $867 $809 $759 $883 $634 $561 $581 $691 $545 $672 $434 $513 $343 $341 $468 $336 $442 $319 $319 $317 $276 $262 $242 $203 20
Slide 13: Appendix: FY25 guidance
Appendix For personal use only FY25 guidance
Slide 14: FY25 guidance (USD)
FY25 guidance (USD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation For personal use only ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 995 – 1,060 150 – 190 115 – 155
Slide 15: FY25 guidance (AUD)
FY25 guidance (AUD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation For personal use only ($/oz)1,2 (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 1,475 – 1,575 215 – 270 175 – 22
Slide 16: Appendix: FY25 H1 and FY24 financial performance
Appendix For personal use only FY25 H1 and FY24 financial performance
Slide 17: FY25 H1 financial performance (AUD)
FY25 H1 financial performance (AUD) Financials Units FY24 H1 FY25 H1 Change Financials Financials Units Units FY24 FY24H1 H1 FY25 FY25H1 H1 Change Change For personal use only Statutory profit after tax $M 97 365 277% Statutory Statutoryprofit profitafter aftertax tax A$M $M 9797 365 365 277% 277% U
Slide 18: Cost drivers and sensitivities well known (AUD)
Cost drivers and sensitivities well known (AUD) H1 FY25 Key Cost Drivers1 FY25 FY25 Cash cash flow sensitivities Flow Sensitivities A$M (A$M)2 For personal use only Grinding Media/ Diesel Explosives 3% Operating costs (+/-5%) 95 – 105 3% Reagents 4% Copper price (-/+ $1,100/t) 75 – 85 Contract Labou
Slide 19: FY24 financial performance (AUD)
FY24 financial performance (AUD) Financials Units FY23 FY24 Change For personal use only Statutory profit after tax A$M 164 422 158% Underlying profit after tax A$M 205 482 135% EBITDA A$M 839 1,428 70% Underlying EBITDA A$M 904 1,513 67% EBITDA margin % 38% 47% 24% Operating mine cash flow A$M 944
Slide 20: Appendix: Portfolio Overview
Appendix For personal use only Portfolio Overview
Slide 21: Investment grade balance sheet
Investment grade balance sheet ▪ Net debt reduced by A$345M since Dec 2023, after A$140M in dividends Net Debt (A$M) For personal use only ▪ Balance sheet ratios materially improved from good base 1,638 ▪ USPP interest rate fixed with no currency exposure 1,425 1,293 ▪ Long dated debt, 75% of debt t
Slide 22: Ernest Henry: reliable delivery and cash generation
Ernest Henry: reliable delivery and cash generation Mine extension to ~2040 – study progressing ▪ Feasibility Study due March quarter 2025 ▪ Study scope increased - Ernie Junior drilling extending mineralisation 300m north of the For personal use only mine extension footprint, now incorporated in Fe
Slide 23: Cowal: multiple long term ore sources
Cowal: multiple long term ore sources E46 For personal use only E41W E42 Regal Galway E41E Underground Inferred Mineral Planned Development – Ore Reserve Resource – Dec 2023 – Dec 2023 Underground Indicated Mineral Proposed Open Pits EIS 2023 Resource – Dec 2023 Stopes – Probable Ore Reserve – Propo
Slide 24: Northparkes: multiple potential production sources
Northparkes: multiple potential production sources Underground operations Site overview For personal use only ▪ E48 − First lift (E48L1) completed December 2023 − Sub level cave (SLC) of E48L2 due to be executed from FY25, benefitting from existing infrastructure − E48 was the first fully automated
Slide 25: Mungari process plant overview
Mungari process plant overview Processing plant: ▪ Single stage crusher, For personal use only SABC, leaching, in-pit Existing tailings deposition SAG mill crushing ▪ Throughput 600tph (4.2Mtpa) following expansion ▪ Total recovery – 93% Leaching Thickener New crushing Stockpile 25
Slide 26: Mining from hubs
Mining from 3 hubs 5.9Moz endowment1 – 3 mining hubs in first 5 years ▪ Conventional mining method for eastern goldfields For personal use only ▪ Ore volume - ~80% open pit, ~20% underground ▪ Castle Hill ▪ Base load open pit ore feed to mill ▪ Early contractor involvement on track for mining ▪ Kund
Slide 27: Kundana centre upside
Plan view of Kundana Centenary open pit Kundana Kundana centre upside Barkers open pit Strzelecki Discovering new high-grade veins open pit For personal use only ▪ Exploration historically focused on the two main lines of lode (Centenary Main Vein and Strzlecki/Xmas) ▪ Success on identified lodes pr
Slide 28: Red Lake: focus on consistent positive cash generation
Red Lake: focus on consistent positive cash generation FY25 delivery underpinned by FY24 groundwork For personal use only ▪ Targeting positive cash generation and reliable delivery in FY25 ▪ Production trend favorable through 2HFY24 ▪ Trend continuing in FY25, ~12.5koz per month, up ~25% on FY24 ▪ R
Slide 29: Red Lake ore sources
Ore sources Campbell Stockpiles Red Lake Any excess ore to mill mill stockpiles Cochenour For personal use only shaft CYD Reid decline Balmer (#3) shaft shaft Services Red Lake only R zone Upper Sulphides Aviation HW7 Cochenour Campbell Lower 29
Slide 30: Mt Rawdon: transitioning to pumped hydro
Mt Rawdon: transitioning to pumped hydro Environmental Impact Study submitted in May 2024 to the Queensland For personal use only government, providing pathway to state and federal regulatory approval of the project. Lowest risk and cost of projected pumped hydro capacity in Australia1 30 1. Based o
Slide 31: Appendix: Mineral Resources and Ore Reserves
Appendix For personal use only Mineral Resources and Ore Reserves
Slide 32: Group gold Mineral Resources at December 2023
Group gold Mineral Resources at 31 December 2023 Gold Measured Indicated Inferred Total Resource Cut-off Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal CP9 Project Type (g/t Au) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Gra
Slide 33: Group gold Ore Reserves at December 2023
Group gold Ore Reserves at 31 December 2023 Gold Proved Probable Total Reserve Competent Cut-off Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person10 Project Type Tonnes (Mt) (g/t Au) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) For personal use only Cowal1 Stock
Slide 34: Group copper Mineral Resources at December 2023
Group copper Mineral Resources at 31 December 2023 Copper Measured Indicated Inferred Total Resource Tonnes Copper Tonnes Tonnes Tonnes CP6 Copper Copper Copper Copper Copper Copper Copper Project Type Cut-off Grade For personal use only (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal
Slide 35: Group copper Ore Reserves at December 2023
Group copper Ore Reserves at 31 December 2023 Copper Proved Probable Total Reserve CP5 Copper Copper Copper Copper Copper Copper Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) For personal use only Grade (%) Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) Ernest Henry1 Underground 0.5
Slide 36: For personal use only
For personal use only
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