Slide 1: BMO Global Metals & Mining Conference
For personal use only BMO GLOBAL METALS & MINING CONFERENCE Jake Klein – Executive Chairman MARCH 2021
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 Production increasing by 17% over next two years (koz) 850 770 For personal use only 730 790 ASX CODE EVN 670 700 H1 FY21 350 MARKET CAPITALISATION (1) US$5.4B / A$7.2B AVERAGE DAILY TURNOVER(2) US$30M / A$40M FY21 FY22 FY23 Production guidance low Production guidance high YTD pro
Slide 4: Sustainability
SUSTAINABILITY I N T E G R AT E D I N TO E V E RY T H I N G W E D O For personal use only Keeping our people healthy and safe ◼ Zero COVID-19 cases at our operations with A$2M+ to support communities ◼ Safety: strong reporting, investigating, assurance and learning culture ESG focus – creating value
Slide 5: Premier Global Mid-Tier Gold Company
PREMIER GLOBAL MID-TIER GOLD COMPANY BEST IN CLASS FINANCIAL RETURNS For personal use only EBITDA margin1 of 56% 2.8 Sector leading cash flow per ounce Dividends per ounce of US$247 HIGH QUALITY PORTFOLIO Long life, low cost cornerstone operations Tier 1 jurisdictions Focused portfolio of 6 - 8 asse
Slide 6: Sector Leading Returns
SECTOR LEADING RETURNS For personal use only High margin business Dividends Declared (A$ cents per share) ◼ FY21 half-year: 9 ◼ EBITDA margin1: 56% 6 ◼ NPAT margin: 24% 4 3 7 7 ◼ Group cash margin: 22% 1 1 1 1 1 2 1 2 3.5 3.5 ◼ Return on equity2: 18% FY13 FY14 FY15 FY16 Interim (cps) FY17 FY18 FY19
Slide 7: Quality Drives Value
QUALITY DRIVES VALUE Gold Equivalent Ore Reserves (Moz) For personal use only ▪ Increasing reserves and resources per share without diluting quality ▪ Sector low gold price assumption of A$1,450 9.6 11.8 9.3 8.6 (~US$1,090) per ounce used to estimate reserves 7.8 5.9 ▪ Since FY15: 2.2 1 ▪ Gold Equiv
Slide 8: Cowal – Growing to 350kozpa
COWAL – GROWING TO 350KOZPA For personal use only Achievements Key milestones to achieve 350kozpa+ FY2016 FY2017 - 2018 FY2019 - 2020 FY2021 – FY2023 FY2024 + Acquired in July 2015 Mine permit extended to 2032 Warraga underground Regulatory approval for Accelerate underground exploration decline und
Slide 9: Cowal 1Moz Underground Ore Reserve
COWAL 1MOZ UNDERGROUND ORE RESERVE For personal use only Warraga decline Planned Galway decline Mineral Resources GRE46 Ore Reserves Underground E42 Open Open Cowal Mineral Resources of 9.6Moz gold (Dec 2019 – 8.6Moz) Cowal Ore Reserves of 4.6Moz gold (Dec 2019 – 3.6Moz) 9
Slide 10: Red Lake
RED LAKE For personal use only ◼ Acquired 1 April 2020 ◼ Large Mineral Resource of 11Moz ◼ Third highest Ore Reserve grade of operating mines in Canada of 6.9g/t gold ◼ Stage 1 transformation plan ahead of schedule to produce over 200,000 ounces per year at an AISC of <US$1,000 per ounce ◼ Long term
Slide 11: Red Lake 2.9Moz Ore Reserve
RED LAKE 2.9MOZ ORE RESERVE Decline For personal use only HG Young Upper Red Lake MR – 427koz (5.4g/t Au) MR – 1,199koz (6.1g/t Au) Upper Campbell MR – 4,408koz (10.4g/t Au) OR – 1,847koz (7.4g/t Au) Existing Workings Resource Reserve Lower Campbell MR – 1,097koz (6.9g/t Au) OR – 148koz (6.5g/t Au)
Slide 12: Red Lake – Transformation Ahead of Schedule
RED LAKE – TRANSFORMATION AHEAD OF SCHEDULE For personal use only Achievements Key projects for success June 2020 Qtr Sept 2020 Qtr Dec 2020 Qtr FY21 FY22 FY23 FY24 + Acquisition in April 2020 11Moz Maiden Mineral 2.9Moz Maiden Ore Reserves 200kozpa AISC <US$1,000/oz 300-500Kozpa Resource (JORC) (JO
Slide 13: Ernest Henry
ERNEST HENRY For personal use only ▪ Excellent margin and returns ▪ Repaid 100% of invested capital ▪ Average annual return of 25% ▪ Record half-year net mine cash flow of A$157M ▪ Efficient, low-cost sub level cave ▪ Annual gold production of 85 – 90koz1 ▪ Attractive copper exposure of ~20ktpa1 ▪ 2
Slide 14: Best in Class Financial Returns
BEST IN CLASS FINANCIAL RETURNS For personal use only HIGH QUALITY PORTFOLIO ATTRACTIVE GROWTH PROFILE Red Lake Mt Carlton Ernest Henry Mt Rawdon Mungari Cowal OUR VALUES: SAFETY EXCELLENCE ACCOUNTABILITY RESPECT 14
Slide 15: Appendix
For personal use only APPENDIX
Slide 16: Sustainability Principles
SUSTAINABILITY PRINCIPLES The objective of our sustainability efforts is to deliver long-term stakeholder value through For personal use only safe, low-cost gold production in an environmentally and socially responsible manner Be an employer of choice Demonstrate robust risk Contribute positively to
Slide 17: Financial Highlights
Financials Units H1 FY21 H1 FY20 Change For personal use only Statutory Profit after tax1 A$M 228.7 147.2 55% Underlying Profit after tax1 A$M 234.0 149.1 57% EBITDA Margin % 52% 49% 6% AIC Margin A$/oz 852 655 30% Earnings Per Share cps 13.4 8.7 55% Mine Cash flow2 A$M 354.0 351.8 1% H1 FY21 Group
Slide 18: FY21 Guidance: Production and Costs
FY21 GUIDANCE: PRODUCTION AND COSTS For personal use only Gold production All-in sustaining cost Sustaining Capital Major Capital FY21 Guidance (oz) (A$/oz) (A$M) (A$M) Cowal 205,000 – 230,000 990 – 1,040 12.5 – 17.5 170.0 – 180.0 Red Lake 125,000 – 135,000 2,050 – 2,100 55.0 – 60.0 30.0 – 40.0 Mung
Slide 19: FY21 Guidance: Discovery and Non-Cash
FY21 GUIDANCE: DISCOVERY AND NON-CASH For personal use only Depreciation & Resource Discovery FY21 Guidance Amortisation* Definition** A$/oz A$M A$M Cowal 320 – 370 3.0 – 5.0 35.0 – 45.0 Red Lake 400 – 450 10.0 – 15.0 15.0 – 20.0 Mungari 300 – 350 1.0 – 2.0 8.0 – 13.0 Mt Rawdon 550 – 600 1.0 – 2.0 1
Slide 20: 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 Project Type Cut-Off Metal Grade Metal Grade Metal Grade Metal Gold Metal (Mt) Grade (g/t) (Mt) (Mt) (Mt
Slide 21: Evolution 2020 Gold Ore Reserves
EVOLUTION 2020 GOLD ORE RESERVES For personal use only Dec 19 Gold Proved Probable Total Reserve Competent Reserves Tonnes Gold Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Gold Metal Person4 Gold Metal Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) (g/t) (koz) (Mt) Grade (g/t) (koz) (koz)
Slide 22: Evolution 2020 Copper Reserves & Resources
EVOLUTION 2020 COPPER RESERVES & RESOURCES 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 23: Portfolio Improvements Creating Value
PORTFOLIO IMPROVEMENTS CREATING VALUE FY21 For personal use only FY20 FY19 FY18 FY17 FY16 Red Lake FY15 Edna acquisition Cracow Mungari Ernest May divested acquisition Henry divested Acquisition of economic interest Cowal Pajingo acquisition divested Mungari acquisition Evolution Mining share price
Slide 24: Group MROR Growth Since Inception
GROUP MROR GROWTH SINCE INCEPTION For personal use only Group Mineral Resources growth of 283% Group Ore Reserves growth of 186% Divestments ▪ Reinforces strategy of identifying and acquiring assets with strong mineral endowment where value can be Acquisitions Depletion Growth unlocked by the Discov
Slide 25: For personal use only
For personal use only Evolution MIINTINE