Slide 1: Denver Gold Forum 2021
For personal use only Denver Gold Forum 2021 Inspired people creating a premier global gold company 1
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: Production Target & Forecast Financials
PRODUCTION TARGET & FORECAST FINANCIALS For personal use only Group Three-Year FY22 FY23 FY24 Outlook Production (oz) 700,000 – 760,000 815,000 – 875,000 940,000 – 1,010,000 AISC (A$/oz)1 1,220 – 1,280 1,125 – 1,185 1,170 – 1,230 Sustaining Capex (A$/M) 125 – 155 120 – 160 125 – 165 Major Capital (A
Slide 4: Evolution Snapshot
EVOLUTION SNAPSHOT Production Outlook (koz) 1,010 875 MARKET CAPITALISATION 1 US$5.3B For personal use only 760 NET DEBT 2 US$345M 940 815 GOLD MINERAL RESOURCES 3 26.4Moz 700 GOLD ORE RESERVES 3 9.9Moz RESERVE PRICE ASSUMPTION US$1,090/oz FY22 FY23 FY24 FY22 PRODUCTION GUIDANCE 700 – 760koz AISC Ou
Slide 5: Focused Portfolio of Assets in Tier 1 Jurisdictions
FOCUSED PORTFOLIO OF ASSETS IN TIER 1 JURISDICTIONS For personal use only Australia and Canada are amongst the highest rated Red Lake countries based on the Fraser Institute and World Bank metrics Ernest Henry Mt Carlton Mt Rawdon Mungari Cowal Evolution vs. peers World Bank investment attractiven
Slide 6: Levers to Net Zero
LEVERS TO NET ZERO FY21 Scope 1 & 2 emissions POTENTIAL For personal use only REDUCTION IMPACT SCALE Renewable energy2 32% Fleet replacement (electrification/hydrogen)1 Future fuels (eg low emissions diesel)1 High 68% Process improvement4 Scope 1 Scope 2 Energy efficiency1 Alternate suppliers with a
Slide 7: Executing a Value Accretive Growth Strategy
EXECUTING A VALUE ACCRETIVE GROWTH STRATEGY Accretive to shareholders For personal use only Principles Improve portfolio quality Concentrated portfolio of 6 – 8 assets Cowal Red Lake Ernest Henry Mungari Motivated seller Value Synergies Drivers Deep turnaround opportunity Geological upside 7
Slide 8: Superior Returns on Investment
SUPERIOR RETURNS ON INVESTMENT For personal use only Group EBITDA Margin 52% 53% 48% 48% 49% 46% Cowal Mungari2 Ernest Henry FY16 FY17 FY18 FY19 FY20 FY21 Date acquired July 2015 August 2015 November 2016 Total price (incl transaction costs) US$567M US$269M US$675M Net Cash Flow US$570M US$220M $US8
Slide 9: Cowal – A World Class Asset
COWAL – A WORLD CLASS ASSET For personal use only Acquisition in July 2015 July 2015 June 2021 9.7 Ore Reserves 1.6Moz 4.6Moz1 Mineral 8.6 Resources Mineral Resources 3.4Moz 9.7Moz1 7.4 (Moz) Mine life2 2024 2040 6.1 5.0 4.6 Plant capacity 7.2Mtpa ~9.0Mtpa 3.9 3.6 Ore Gold production 1.4Moz 3.4 3.2
Slide 10: Cowal – The Future
COWAL – THE FUTURE In the next three years US$285M investment in Cowal Underground For personal use only First underground ore scheduled for H2 FY23 Production Strong community and regulatory support for the project ramp-up to 350kozpa Higher grade ore source underpins production growth All-
Slide 11: Red Lake
RED LAKE In the next three years Red Lake Transformation – a clear pathway to 350kozpa For personal use only Production Mineral Resource of 11Moz1 with potential for further additions ramp-up to 200kozpa Growth plans accelerated by Battle North acquisition Investment now focused on mine develo
Slide 12: Red Lake District Consolidated
RED LAKE DISTRICT CONSOLIDATED For personal use only Red Lake (incl JV) tenements Battle North tenements acquired Mill Locations Bateman mill Campbell mill Red Lake mill N 10 km Milling capacity of 1.5Mtpa with expansion opportunity to 2.0Mtpa 12
Slide 13: Red Lake – The Pathway to 350,000 oz
RED LAKE – THE PATHWAY TO 350,000 OZ Upper Campbell McFinley1 HG Young For personal use only MR – 4.4Moz @ 10.4g/t Au MR – 1.4Moz @ 6.2g/t Au MR – 0.4Moz @ 5.4g/t Au Upper Red Lake MR – 1.2Moz @ 6.1g/t Au Upper Cochenour 1200m below surface Lower 11Moz Mineral Resource Cochenour + McFinley + Explora
Slide 14: Red Lake – The Pathway to 350,000 oz
RED LAKE – THE PATHWAY TO 350,000 OZ Upper Campbell McFinley1 HG Young For personal use only MR – 4.4Moz @ 10.4g/t Au MR – 1.4Moz @ 6.2g/t Au MR – 0.4Moz @ 5.4g/t Au Upper Red Lake MR – 1.2Moz @ 6.1g/t Au Upper Cochenour 1200m below surface Lower Stage one: 1 million tonnes Cochenour Stage two: 2 mi
Slide 15: Mungari – Another District Consolidated
MUNGARI – ANOTHER DISTRICT CONSOLIDATED Underground operating mines recently acquired Map of the Kundana Assets Legend For personal use only from Northern Star and Mungari Evolution Kundana Assets Located within 8km of Evolution’s low-cost Current ore sources Processing facilities Mungari Mill2
Slide 16: Ernest Henry – A World Class Asset
ERNEST HENRY – A WORLD CLASS ASSET For personal use only Generated US$230M of net mine cash flow in FY21 Net cash flow Ongoing resource drilling and advancing studies to extend ore body generated below 1200mRL since US$815M acquisition Targeting a 3 – 5 year mine life extension from 2026 Mine
Slide 17: Concentrated High Quality Portfolio
CONCENTRATED HIGH QUALITY PORTFOLIO Four long-life, high-margin assets For personal use only 2,500 Production Base2 Ernest Henry 2,000 100koz LOM AISC Margin (US$/oz)1 1,500 Cowal Red Lake Mungari 1,000 Mt Rawdon Mt Carlton 500 - - 2 4 6 8 10 12 14 16 18 20 Mine Life3 1. LOM AISC Margin based on Evo
Slide 18: Balance Sheet
BALANCE SHEET 120% Dividends declared (AUD cps) 20 18 100% 16 14 For personal use only 80% 12 Dividends: 9 60% 10 5 8 17 consecutive dividends declared since 2013 40% 6 6 4 A$943M returned to shareholders 20% 1 2 3 7 7 4 1 1 2 3.5 3.5 2 0% 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Interim (cps) Final
Slide 19: Building a gold company that prospers through the cycle
For personal use only Disciplined growth Portfolio located Continued focus investment in long- solely in tier 1 on return on life cornerstone jurisdictions capital assets Building a gold company that prospers through the cycle 19
Slide 20: Appendix
For personal use only Appendix 20
Slide 21: Evolution 2020 Gold Mineral Resources
EVOLUTION 2020 GOLD MINERAL RESOURCES For personal use only Gold Measured Indicated Inferred Total Resource Dec 19 Resource Gold Gold Gold Gold Gold Gold Gold Tonnes Gold Tonnes Tonnes Tonnes CP4 Gold Metal Project Type Cut-Off Metal Grade Metal Grade Metal Grade Metal (Mt) Grade (g/t) (Mt) (Mt) (Mt
Slide 22: Evolution 2020 Gold Ore Reserves
EVOLUTION 2020 GOLD ORE RESERVES For personal use only Dec 19 Gold Proved Probable Total Reserve Reserves Gold Gold Gold CP4 Tonnes Gold Tonnes Gold Grade Tonnes Gold Gold Metal Project Type Cut-Off Metal Metal Metal (Mt) Grade (g/t) (Mt) (g/t) (Mt) Grade (g/t) (koz) (koz) (koz) (koz) Cowal1 Open pi
Slide 23: Evolution 2020 Copper Resources & Reserves
EVOLUTION 2020 COPPER RESOURCES & RESERVES Group Copper Mineral Resource Statement For personal use only Dec 19 Copper Measured Indicated Inferred Total Resource Resources Copper Copper Copper Copper Copper Copper CP3 Tonnes Copper Tonnes Copper Tonnes Tonnes Copper Project Type Cut-Off Metal Metal
Slide 24: Kundana Assets Resources & Reserves
KUNDANA ASSETS RESOURCES & RESERVES Kundana Assets Mineral Resource Statement1 For personal use only Gold Measured Indicated Inferred Total Resource Gold Gold Tonnes Gold Grade Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Metal Project Metal Grade (Mt) (g/t) (Mt) Grade (g/t) (koz) (Mt)
Slide 25: FY22 Guidance – Production Costs & Capital
FY22 GUIDANCE – PRODUCTION COSTS & CAPITAL For personal use only All-in Sustaining Sustaining Gold Production Major Capital** FY22 Guidance Cost* Capital** (oz) (A$/oz) (A$M) (A$M) Cowal 230,000 – 250,000 1,180 – 1,220 35.0 – 40.0 260.0 – 280.0 Red Lake 155,000 – 165,000 1,600 – 1,660 55.0 – 60.0 13
Slide 26: FY22 Guidance – Discovery and Non-Cash
FY22 GUIDANCE DISCOVERY AND NON-CASH For personal use only Depreciation & Discovery FY22 Guidance Amortisation (A$M) (A$/oz) Cowal 410 – 460 5.0 - 10.0 Red Lake 330 – 380 15.0 – 20.0 Mungari 420 – 470 5.0 – 10.0 Mt Rawdon 700 – 750 0.0 – 2.0 Mt Carlton 520 – 570 0.0 – 3.0 Ernest Henry 1,420 – 1,470
Slide 27: Production and Cost Outlook
PRODUCTION AND COST OUTLOOK Cornerstone assets driving production towards 1Mozpa by FY24 Production (koz) For personal use only Cowal trends up to 350kozpa by FY24 from Stage H and Underground 940 – 1,010 Red Lake achieves >200kozpa in FY23 and >250kozpa in FY24 815 - 875 700 - 760 Mungari i
Slide 28: Capital Outlook
CAPITAL OUTLOOK SUSTAINING CAPITAL Equipment and infrastructure replacement due to longer mine life plans For personal use only Sustaining Capital Cowal A$35 – 45M per year (A$M) Red Lake A$40 – 45M (FY22); A$45M – 55M (FY23 & FY24) Red Lake mine development: A$15 – 20M per year MAJOR CAPITA
Slide 29: Evolution Mining
For personal use only Evolution MINING