Evolution Mining Limited · ASX:EVN

Evolution Mining — BMO Conference 2022

25 slides from Evolution Mining's conference presentation, Feb 28, 2022

1. Slide 1: BMO Conference

   For personal use only BMO Conference 28 February 2022 Inspired people creating a premier global gold company

2. 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

3. Slide 3: Evolution Snapshot

   EVOLUTION SNAPSHOT For personal use only MARKET CAPITALISATION 1 US$5.8B PRO FORMA NET DEBT 2 US$906M Red Lake GOLD MINERAL RESOURCES 3 29.6Moz GOLD ORE RESERVES 3 10.3Moz FY22 PRODUCTION GUIDANCE >670koz FY22 AISC GUIDANCE 4 < US$865/oz OPERATING ASSETS 5 Ernest Henry PORTFOLIO MINE LIFE 5 14+ year

4. Slide 4: Consistent Strategy

   CONSISTENT STRATEGY Reserve Price Assumption (US$/oz)1,2 For personal use only 1,500 1,500 1,500 1,450 1,350 1,300 1,300 1,300 1,270 1,250 1,250 1,250 1,200 1,200 1,200 1,160 Proven team 1,050 Quality and margin over quantity 2022 AISC Guidance (US$/oz)2,3 Act counter- Return on cyclically to capita

5. Slide 5: Strong Foundations

   STRONG FOUNDATIONS TIER 1 JURISDICTIONS SUSTAINABILITY BALANCE SHEET For personal use only  Australia and Canada are  ‘Net Zero’ future commitment  Investment grade credit rating amongst the highest rated  Shared value of health and  Average debt maturity of over countries based on the Fraser s

6. Slide 6: Improving the Quality of the Portfolio

   IMPROVING THE QUALITY OF THE PORTFOLIO Accretive to shareholders For personal use only Principles Improve portfolio quality 4 cornerstone Concentrated high quality portfolio of assets assets acquired Cowal Red Lake Ernest Henry Mungari 2 districts consolidated 4 founding assets Motivated seller dive

7. Slide 7: High Quality Cornerstone Assets

   HIGH QUALITY CORNERSTONE ASSETS RETURNS GENERATED1 ORGANIC GROWTH For personal use only Cowal Mine life at acquisition 8 230 – 250kozpa in FY22 16% pa growing to 350kozpa Mine life now from FY24 6.5 19 Years owned Remaining mine life Red Lake Mine life at 13 ~200kozpa production acquisition Turnarou

8. Slide 8: Material Mine Life Extensions at Cowal

   MATERIAL MINE LIFE EXTENSIONS AT COWAL For personal use only Acquisition December July 2015 2021 Total acquisition cost US$550M Ore Reserves 1.6Moz 4.6Moz1 Mineral Resources 3.4Moz 9.6Moz1 Mine life 2024 2040 Plant capacity 7.2Mtpa ~9.0Mtpa Gold production 1.6Moz Operating cash flow US$1.25B Net min

9. Slide 9: Cowal Organic Growth Opportunities

   COWAL ORGANIC GROWTH OPPORTUNITIES For personal use only FUTURE OPPORTUNITIES 350kozpa from 230 – 250kozpa in FY22 FY24  Higher grade from Stage H post cutback completion  US$275M to develop the Underground mine  Government approvals received  Development on budget and schedule  First stoping o

10. Slide 10: Full Ownership of Ernest Henry Is a Game Changer

    FULL OWNERSHIP OF ERNEST HENRY IS A GAME CHANGER Copper Production (Cu kt) For personal use only ~60 November ~5 years January 38 2016 2022 34 US$650M Over 21 21 18 Acquisition of US$900M of US$725M to FY19A FY20A FY21A FY22PF FY23PF Economic net mine acquire full Interest1 cash flow ownership1 Oper

11. Slide 11: Excellent Potential for Further Growth at Ernest Henry

    EXCELLENT POTENTIAL FOR FURTHER GROWTH AT ERNEST HENRY For personal use only  Pre-feasibility Study (PFS) on a mine extension beyond FY26 underway – due for completion end of calendar year 2022  Glencore concept study cut off at the 875mRL  Evolution PFS considers a larger mine area down to the 7

12. Slide 12: Creating a New Future for Red Lake

    CREATING A NEW FUTURE FOR RED LAKE For personal use only 200kozpa milestone  Campbell mill operating at ≥2,000tpd by Q4  Red Lake mill operating at 1,000tpd 350kozpa goal FY23  Addition of Bateman mill provides 2Mtpa of site processing capacity from FY26  Currently the bottleneck  ~12Moz Minera

13. Slide 13: Red Lake Mining Transformation

    RED LAKE MINING TRANSFORMATION For personal use only Mining  Consistently mine 3,000 safe tonnes per day By June 2022 Mining  Development rates consistently above 1,200m per month Infrastructure  New locomotives to transport ore from Cochenour Mining  Access new mining fronts at Aviation and MMT

14. Slide 14: Mungari Elevated to a Cornerstone Asset

    MUNGARI ELEVATED TO A CORNERSTONE ASSET August December For personal use only 2015 2021 Mungari acquisition US$260M (August 2021) Kundana asset acquisition US$290M Ore Reserves 0.7Moz 1.2Moz1 Mineral Resources 1.8Moz 4.9Moz1 Mine life 2021 2033 Plant capacity 1.5Mtpa ~2.0Mtpa Gold production 838koz

15. Slide 15: First Time the District Is Under One Owner

    FIRST TIME THE DISTRICT IS UNDER ONE OWNER For personal use only  Significant ~5Moz Mineral Resource and 1.2Moz Ore Reserve  District consolidation along the highly prospective Zuleika shear zone  Potential for further extensions at Kundana and East Kundana  Plant expansion a key enabler to maxi

16. Slide 16: Hidden Option at Mt Rawdon

    HIDDEN OPTION AT MT RAWDON For personal use only  Mining operations to continue for two years, followed by processing of stockpiles  Opportunity to convert site into pumped hydro power station post mine life  Up to 2GW of generation capacity for 10 hours  Favourable location due to topography, e

17. Slide 17: Daring to Be Different

    DARING DARINGTO TOBE BEDIFFERENT DIFFERENT PORTFOLIO For personal use only TRANSFORMED STRONG MARGINS AND BALANCE SHEET HIGH-QUALITY RESOURCES & RESERVES STRONG FOCUS ON DELIVERY 17

18. Slide 18: Appendix

    For personal use only APPENDIX

19. Slide 19: 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

20. Slide 20: FY22 Guidance and Three-Year Outlook

    FY22 GUIDANCE AND THREE-YEAR OUTLOOK For personal use only Evolution Group FY22 FY23 FY24 830 915 725 Gold Production 855 (koz) 670 775 ~60 ~60 Copper 38 Production (kt)1 34 865 760 690 AISC2 825 720 (US$/Gold oz) 650 Sustaining 110 – 125 110 – 140 115 – 145 Capex (US$/M)3 Major Capital 320 – 365 38

21. Slide 21: Capital Outlook

    CAPITAL OUTLOOK SUSTAINING CAPITAL (US$)  Cowal $30 – 35M per year  Red Lake $40 – 50M (FY22); $45 – 60M (FY23 & FY24)  Ernest Henry $25 – 35M (FY22), $30 – 40M (FY23 & FY24) For personal use only Sustaining Capital (US$M) MAJOR CAPITAL (US$) Cowal FY22 FY23 FY24 110 - 125 115 - 145 Underground $

22. Slide 22: Evolution 2021 Gold Mineral Resources

    EVOLUTION 2021 GOLD MINERAL RESOURCES Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes CP5 Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (

23. Slide 23: Evolution 2021 Gold Ore Reserves

    EVOLUTION 2021 GOLD ORE RESERVES For personal use only Gold Proved Probable Total Reserve Competent Tonnes Gold Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Gold Metal Person6 Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) (g/t) (koz) (Mt) Grade (g/t) (koz) Cowal1 Open pit 0.45 23.9 0.46 35

24. Slide 24: Evolution 2021 Copper Reserves & Resources

    EVOLUTION 2021 COPPER RESERVES & RESOURCES Group Copper Mineral Resource Statement For personal use only Copper Measured Indicated Inferred Total Resource Copper Copper Copper Copper CP1 Tonnes Copper Tonnes Copper Tonnes Copper Tonnes Copper Project Type Cut-Off Metal Metal Metal Metal (Mt) Grade (

25. Slide 25: Evolution Mining

    For personal use only Evolution MINING

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