Slide 1: 2021 Full Year Financial Results
2021 FULL YEAR FINANCIAL RESULTS 19 AUGUST 2021 JAKE KLEIN – EXECUTIVE CHAIRMAN L AW R I E C O N WAY – F I N A N C E D I R E C T O R A N D C F O
Slide 2: Forward Looking Statement
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”, “expect”, “intend”, “plan”, “
Slide 3: Production Target & Forecast Financials
PRODUCTION TARGET & FORECAST FINANCIALS 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$M) 440 – 510 490 – 56
Slide 4: Highlights
HIGHLIGHTS SAFETY | EXCELLENCE | ACCOUNTABILITY | RESPECT Record FY21 Portfolio Strong Balance Net Profit positioned for high Sheet to margin growth support growth 4
Slide 5: Executing a Value Accretive Growth Strategy
EXECUTING A VALUE ACCRETIVE GROWTH STRATEGY Accretive to shareholders Principles Improve portfolio quality Concentrated portfolio of 6 – 8 assets Cowal Red Lake Ernest Henry Mungari Motivated seller Strategic Synergies Rationale Deep turnaround opportunity Geological upside 5
Slide 6: Mungari Consolidation
MUNGARI CONSOLIDATION Kundana and EKJV acquisition completed 18 August 2021 Fully funded by underwritten equity raising of A$400M Share Purchase Plan being well supported Targeting A$50M Closes on Friday 20 August 2021 High acceptance rate with over 90% of employees transitioning to Evol
Slide 7: Sustainability
SUSTAINABILITY INTEGRATED INTO EVERYTHING WE DO Keeping our people healthy and safe Through strong collective leadership Evolution Creating value continues to navigate COVID-19 safely with no material in the areas we impact on operations and supporting stakeholders choose to lead Environment, clim
Slide 8: Financial Highlights
Financials Units FY21 FY20 Change FINANCIAL HIGHLIGHTS Statutory Profit before tax A$M 496.2 408.6 21% Statutory Profit after tax1 A$M 345.3 301.6 14% Underlying Profit after tax1 A$M 354.3 405.4 (13%) EBITDA A$M 914.2 1,029.4 (11%) EBITDA Margin % 49% 53% (8%) AIC Margin A$/oz 673 764 (12%) Earning
Slide 9: Record Statutory Net Profit
RECORD STATUTORY NET PROFIT Record statutory profit up 14% to A$345.3M Strong underlying profit of A$354.3M By-product revenue up 27% due mainly to higher achieved copper price Operating costs driven by: Increased activity of A$26.6M (~3.5%) Price changes of A$5.8M (~1.0%) Lower non-ca
Slide 10: High EBITDA and Mine Cash Flow Margins
HIGH EBITDA AND MINE CASH FLOW MARGINS Benefits of portfolio approach focused on margins Operating margins of 50% Cash Flow Margins (% Revenue) Net mine cash margin after capital of 30% 58% 50% Group cash flow of 18% 38% 30% Continued high margin at cornerstone assets 28% 18% Cowal 58% Ern
Slide 11: Dividends
DIVIDENDS 120% Dividends declared (cps) 20 18 100% 16 Final dividend: 80% 14 12 Fully franked at 5 cents (~A$91M1) 9 60% 10 5 8 Payment date: 28 September 2021 40% 6 6 4 Record date: 31 August 2021 20% 1 2 3 7 7 4 1 1 2 3.5 3.5 2 0% 0 Full year dividend: FY15 FY16 FY17 FY18 FY19 FY20 FY21 Inte
Slide 12: Balance Sheet
BALANCE SHEET Continued Strengthening of Balance Sheet Pro-Forma Debt Maturity Profile (A$M) 477 Investment grade debut debt placement Increases average debt maturity from 3 to 7 years No material debt repayment until FY26 273 240 Undrawn revolver facility (A$360M) Low leverage at < 0.5x a
Slide 13: FY22 Guidance – Production and Cost
FY22 GUIDANCE – PRODUCTION AND COST Production Cowal benefits from higher grade ore (Stage H) FY22 Gold Production AISC (A$/oz) Red Lake driven by higher grade and throughput in Guidance* H2 Mungari will realise benefits of Kundana and EKJV Cowal 230,000 – 250,000 1,180 – 1,220 acquisition off
Slide 14: FY22 Guidance – Capital
FY22 GUIDANCE – CAPITAL Sustaining Capital Sustaining Cowal planned mobile fleet replacement and mill upgrades FY22 Major Capital Capital Red Lake investment linked to new growth in mine life Guidance (A$M) (A$M) Replacement mobile fleet (A$20 – 25M) Mine development (A$10 – 15M) Cowal 35.0
Slide 15: FY22 Guidance – Quarters
FY22 GUIDANCE – QUARTERS Production will ramp up based on mine plans and as projects are delivered AISC will trend down from ~A$1,450/oz in September Quarter Sustaining capital planned to be consistent quarter-on- quarter (QoQ) Cowal Process lower grade stockpile in September quarter 2021
Slide 16: Summary
SUMMARY BUILDING A GOLD COMPANY THAT PROSPERS THROUGH THE CYCLE Disciplined growth Continued focus A$943M returned investment in long- on margins over to shareholders life cornerstone ounces via 17 consecutive assets dividends 16
Slide 17: Appendix
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES APPENDIX
Slide 18: FY22 Guidance – Production Costs & Capital
FY22 GUIDANCE – PRODUCTION COSTS & CAPITAL All-in Sustaining Sustaining Gold Production Major Capital** FY22 Guidance Cost* Capital** (oz) (A$/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 – 60.0 130.0 – 155.0 Mungari 11
Slide 19: FY22 Guidance Discovery and Non-Cash
FY22 GUIDANCE DISCOVERY AND NON-CASH 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 0.0 Corporate 10.0 – 1
Slide 20: Production and Cost Outlook
PRODUCTION AND COST OUTLOOK Cornerstone assets driving production towards 1Mozpa by FY24 Production (koz) Cowal trends up to 350kozpa by FY24 from Stage H & Underground 940 – 1,010 Red Lake achieves >200kozpa in FY23 and >250kozpa in FY24 815 - 875 700 - 760 Mungari improved by Kundana and E
Slide 21: Capital Outlook
CAPITAL OUTLOOK SUSTAINING CAPITAL Equipment and infrastructure replacement due to longer mine life plans 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 CAPITAL 106 125 - 155 120 -
Slide 22: Evolution Mining
Evolution MINING