Slide 1: Global Metals and Mining Conference
For personal use only Global Metals and Mining Conference February 2018 Jake Klein – Executive Chairman
Slide 2: Forward looking statement
For personal use only Forward looking statement 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”, “expe
Slide 3: Overview
Overview Operating cash flow (A$M) ASX code EVN For personal use only Market capitalisation(2) US$3,710M / A$4,760M 707 Daily share turnover(3) US$27M / A$35M 628 415 306 168 245 Net bank debt(4) US$181M / A$232M (1) FY13 FY14 FY15 FY16 FY17 1H FY18 362,500oz at Forward sales(4) A$1,670/oz Group AIS
Slide 4: Diversified mid-tier gold miner
Diversified mid-tier gold miner For personal use only Mineral Ore Resources Reserves Mt Carlton Ernest Henry (Evolution economic interest) 13.3Moz (1) 6.6Moz (1) Mt Rawdon Cracow Mungari Since 2014: Cowal Ore Reserves increased by 200% Reserves per share increased by 26% Reserve life increased by 67
Slide 5: Clear and consistent strategy
Clear and consistent strategy For personal use only Building a reputation for reliability and transparency Reducing All-in sustaining costs Increasing free cash flow per share Increasing returns via dividends Extending reserve life Delivering superior financial returns 5
Slide 6: Portfolio management impact on AISC
Portfolio management impact on AISC Acquisition of Mungari economic For personal use only interest in acquisition with La Mancha Ernest (AISC ↓A$30/oz) Henry (AISC ↓A$100/oz) Cowal acquisition Mt Carlton FY10 FY18 (AISC ↓A$100/oz) first concentrate produced FY10 FY17 March 2013 FY10 FY16 Evolution (
Slide 7: Quality asset portfolio
Quality asset portfolio $2,500 For personal use only Ernest (Gold price of A$1,650/oz less H1 FY18 AISC)1 Henry Current indicative AISC margin (A$/oz) $2,000 Margin $1,500 Group average AISC margin A$865/oz Mt Carlton ~8.5 year reserve life $1,000 Cowal Mt Rawdon $500 Cracow Mungari Bubble size repr
Slide 8: EBITDA margins
EBITDA margins Site EBITDA margins of 37% to 67% able to support capital programs Group EBITDA Margin (%) For personal use only 53% Group EBITDA margin of 53%(1) 49% 46% Site EBITDA Margin 40% FY17 66% 64% 67% H1 FY18 (1) 33% 59% 58% 61% 55% 49% 45% 40% 39% 37% (1) FY14 FY15 FY16 FY17 H1 FY18 Co
Slide 9: Robust balance sheet
Robust balance sheet Dividends Declared Cents per Share Balance Sheet For personal use only Debt repaid since September 2015: A$687 million 3 Net debt position: A$232 million 2 Term Facility D: A$395 million 1 1 3.5 2 Cash balance: A$164 million 1 1 1 1 FY13 FY14 FY15 FY16 FY17 FY18 Undraw
Slide 10: Delivering value from investments
Delivering value from investments Assets developed or acquired For personal use only Asset Cost - A$263M Asset Cost - A$756M Asset Cost - A$358M Asset Cost - A$901M Capital Investment - A$127M Capital Investment - A$146M Capital Investment - A$127M Capital Investment - A$15M Average ROI - 25% p.a. A
Slide 11: Cowal
Cowal For personal use only EVOLUTION ACHIEVEMENTS UPSIDE OPPORTUNITIES SINCE ACQUISITION(1) GOLD PRODUCTION 633koz INCREASED THROUGHPUT NET MINE CASH FLOW A$409M FURTHER RESOURCE AND RESERVE MINING PERMIT EXTENDED BY 8 YEARS EXPANSION AT E41, E46, GALWAY/REGAL RESOURCES AND RESERVES EXPANSION REGIO
Slide 12: Cowal exploration
Cowal exploration Growth For personal use only Ore Reserves increased from 1.6Moz to 3.2Moz under Evolution ownership1 Opportunities E41 West follow-up drilling extends mineralisation along strike and down-dip of holes E41D2801 and E41D2802: 21m grading 2.19g/t Au from 349m and 88m grading 0.7
Slide 13: Ernest Henry
Ernest Henry Ernest Henry ore body looking west Large scale, long life, copper-gold asset operated by For personal use only Glencore Approximately A$600 million recently invested by Glencore in expanding the underground mine to 6.4Mtpa Evolution’s economic interest acquired 1 November 2016: 12
Slide 14: Mt Carlton
Mt Carlton For personal use only March Evolution Sept 2010 Delivery 2017 FEASIBILITY STUDY OFFTAKE PARTY SECURED LIFE OF MINE - 2025 DELCARED PROJECT GRAVITY CIRCUIT COMMISSIONED UNECONOMIC DEVELOPED BY EVOLUTION AND IN JUNE 2017 QTR COMMISSIONED IN 2013 (EXPECTED PAYBACK < 12 MONTHS) ENTERPRISE VAL
Slide 15: Mungari
Mungari Strategic footprint in world-class Kalgoorlie region For personal use only Total tenement package ~950km2 – previous owners focussed primarily on shallow, oxide mineralisation Resource definition drilling at White Foil to define new zones of mineralisation delivering results in line wi
Slide 16: Mt Rawdon and Cracow
Mt Rawdon Cracow FY17 net mine cash flow: A$36 million FY17 net mine cash flow: A$44 million For personal use only Current Life of Mine to 2026 Current Life of Mine to 2021 Increasing cash flows as strip ratio declines Recent resource definition drilling at Imperial delivering impressive
Slide 17: Focus
Focus For personal use only High quality, low cost, long life assets Discovery success Financial discipline Strong vision, values and sense of purpose Counter-cyclical investment A business that prospers through the cycle 17
Slide 18: ASX code: EVN
For personal use only ASX code: EVN www.evolutionmining.com.au
Slide 19: FY18 guidance
FY18 guidance All-in sustaining All-in sustaining For personal use only Gold production C1 cash costs1 C1 cash costs1,2 FY18 Guidance cost1 cost1,2 (oz) (A$/oz) (A$/oz) (US$/oz) (US$/oz) Cowal 235,000 - 245,000 660 – 720 950 – 1,000 510 – 560 740 – 780 Mungari 120,000 - 130,000 860 – 910 990 – 1,050
Slide 20: FY18 guidance – capital, discovery, D&A
FY18 guidance – capital, discovery, D&A Sustaining Resource Depreciation & Fair Value For personal use only Major Capital Discovery FY18 Capital Definition1 Amortisation2 Unwind Guidance (A$M) (A$M) (A$M) (A$M) (A$/oz) (A$M) Cowal 52.5 – 57.5 85 – 100 2.0 – 3.5 2.5 – 4.5 370 – 410 15 – 20 Mungari 10
Slide 21: Evolution Gold Ore Reserves
Evolution Gold Ore Reserves Gold Proved Probable Total Reserve Competent For personal use only Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person Project Type Cut-Off Tonnes (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) Cowal1 Open pit 0.4 43.7 0.71 994 73.02
Slide 22: Evolution Gold Mineral Resources
Evolution Gold Mineral Resources Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold Competent Tonnes Tonnes Tonnes Tonnes Project Type Cut-off Grade Metal Grade Metal Grade Metal Grade Metal Person (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz)
Slide 23: Evolution Copper Reserves and Resources
Evolution Copper Reserves and Resources Group Copper Ore Reserves Statement For personal use only Copper Proved Probable Total Reserve Competent Copper Copper Copper Grade Copper Copper Copper Person Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Grade (%) Metal (kt) (%) Metal (kt) Grade (
Slide 24: Cowal December 2016 MROR
Cowal December 2016 MROR Cowal Gold Mine Ore Reserves - December 2016 For personal use only Proved Probable Total Ore Reserve Cut-off (g/t Tonnes Grade Cont Metal Tonnes Grade Cont Metal Tonnes Grade Cont Metal Au) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) E42 Oxide 0.40 0
Slide 25: FY18 YTD production & costs summary
FY18 YTD production & costs summary Group Excl. December YTD FY18 Units Cowal Mungari Mt Carlton Mt Rawdon Cracow Ernest Henry Edna May Group Edna May For personal use only Total ore mined kt 4,250 338 363 1,931 259 3,376 10,517 1,130 11,647 Total tonnes processed kt 3,807 842 407 1,566 256 3,419 10
Slide 26: Diversified mid-tier gold miner
Diversified mid-tier gold miner 1▪ Cowal (100%) 4▪ Mt Rawdon (100%) For personal use only ▪ Gold Reserves 2016 (Moz)(1) 3.20 ▪ Gold Reserves 2016 (Moz)(1) 0.87 ▪ Gold Resources 2016 (Moz)(1) 5.04 ▪ Gold Resources 2016 (Moz)(1) 1.19 ▪ Reserve Grade 2016 (Au g/t) 0.85 ▪ Reserve Grade 2016 (Au g/t) 0.8
Slide 27: Cowal Ore Reserve growth
Cowal Ore Reserve growth Cowal Ore Reserve Changes For personal use only December 2014 to December 2016 4,000 3,500 87 29 326 494 Reserve ounces (koz) 3,000 309 69 900 2,500 231 2,000 471 1,500 3,200 2,848 1,000 1,555 500 0 2014 Reserve Stockpiles Stage G Stage H Depletion December Additions Model C
Slide 28: Cowal projects update
Cowal projects update Significant investment in Cowal’s future For personal use only Investing ~A$300 million over four years Delivers mine life through to 2032 Cornerstone asset with further extension opportunities Stage H cutback on track All pre-work complete Stage H cutback Ramped
Slide 29: Cracow
Cracow Recent resource definition drilling at For personal use only Imperial delivering impressive results1 8.7m (7.4m etw) at 10.99 g/t Au (IMU062) 8.3m (6.9m etw) at 46.22 g/t Au (IMU065) 5.8m (5.6m etw) at 12.65g/t Au (IMU072) 9.8m (9.4m etw) at 25.85g/t Au (IMU074) 11.2m (9.4m etw) at