Slide 1: 2023 Annual General Meeting Presentation
Inspired people creating a premier global gold company For personal use only 2023 ANNUAL GENERAL MEETING PRESENTATION Lawrie Conway – Managing Director and Chief Executive Officer 23 November 2023
Slide 2: Production Target
PRODUCTION TARGET Mungari Production Target and relevant proportions of Mineral Resources and Ore Reserves underpinning the Production Target The Mungari Production Target of 1.9Moz to 2.7Moz between FY24 and FY38 comprises 3% Proved Ore Reserves, 49% Probable Ore Reserves, 19% Indicated Mineral Res
Slide 3: Forward Looking Statement
FORWARD LOOKING STATEMENT These materials prepared by Evolution Mining Limited (‘Evolution’ 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
Slide 4: Evolution Snapshot
EVOLUTION SNAPSHOT MARKET CAPITALISATION1 $6.98B MINERAL RESOURCES2 30Moz gold, 1.8Mt copper For personal use only ORE RESERVES2 11Moz gold, 1Mt copper Red Lake FY24 PRODUCTION ~770koz +/- 5% (+18% vs FY23) GUIDANCE3 FY24 AISC GUIDANCE3 ~$1,370/oz +/- 5% 21 consecutive dividends paid – DIVIDENDS ove
Slide 5: Sustainability
SUSTAINABILITY Integrated into everything we do For personal use only ✓ Health, safety and wellbeing Improving Total Recordable Injury 19% frequency in FY231 ✓ Risk management including climate- related risk Net Zero progress: reduced absolute ✓ Environmental management including water ~11% emission
Slide 6: Clear and Consistent Strategy
CLEAR AND CONSISTENT STRATEGY A business that prospers through the cycle For personal use only Create sustainable value for stakeholders in an environmentally and socially responsible way High performing culture with values and reputation as non-negotiables Willing to take appropriate geological, op
Slide 7: Portfolio of Long-Life High Return Assets
Percentage repaid At acquisition PORTFOLIO OF LONG-LIFE HIGH RETURN ASSETS Current – up to 25% Current – 26-50% Current – 90-99% Current – 100% 400 Return on investment For personal use only 350 20%+ ROI Annual production target – gold equivalent (koz) 300 Renewable Energy Project Option: Ernest Hen
Slide 8: Strong Pipeline of Organic Growth Projects
STRONG PIPELINE OF ORGANIC Red Lake (2038) GROWTH PROJECTS • Focused on stable and consistent production • FY24: guidance 170koz ±5% For personal use only • Targeting 200koz pa • Future growth options exist to Ernest Henry (2040) Mt Rawdon increase production by ~30-60% when capex justified • Extens
Slide 9: Delivering Returns and Deleveraging
DELIVERING RETURNS AND DELEVERAGING ▪ Margin over ounces priority Production (koz) AISC ($/oz) For personal use only ▪ FY24 production guidance 770koz +/-5% ▪ FY25-26 targeting ~800koz pa ▪ Cost discipline to optimise margin and manage inflation ~770 1,450 651 ~1,370 ▪ Capital Allocation FY23 FY24 G
Slide 10: Dividends and Debt
DIVIDENDS AND DEBT Cumulative dividends declared ($M) FY23 Dividend ▪ Fully franked 4 cents per share (~$75M) For personal use only ▪ Over A$1.1B returned to shareholders 1,053 1,128 943 ▪ Ensuring consistent returns to shareholders 732 459 87 ▪ Demonstration of confidence in balance sheet 7 21 43 1
Slide 11: FY24 Q1 Highlights
FY24 Q1 HIGHLIGHTS For personal use only FY24 guidance maintained1 • 770,000oz gold and AISC of $1,370/oz • AISC 16% to $1,612/oz • Mine operating cash flow 42% to $280M • Ernest Henry resumed normal operations • Key contract awarded for Mungari 4.22 1. See ASX Announcement titled ‘September 2023 Qu
Slide 12: FY24 Q1 Highlights: Exploration Drilling Results - Mungari and Cowal
FY24 Q1 HIGHLIGHTS For personal use only Exploration Drilling Results - Mungari and Cowal1 FY24 guidance maintained1 • Potential for additional high-grade mineralisation: • 770,000oz gold and AISC of $1,370/oz ✓ Outside of known Mineral Resources • AISC ✓ 16% mining Near active to $1,612/oz fronts •
Slide 13: FY24 Q1 Highlights: Exploration Drilling Results - Mungari and Cowal
FY24 Q1 HIGHLIGHTS For personal use only Exploration Drilling Results - Mungari and Cowal1 • Potential for additional high-grade mineralisation: ✓ Outside of known Mineral Resources ✓ Near active mining fronts • Underground Mineral Resources expected to grow Figure 2 - Cowal: Long section – view wes
Slide 14: FY24 Q1 Highlights: Ernest Henry Underground Drilling
FY24 Q1 HIGHLIGHTS Ernest Henry recommenced underground drilling:1,2 For personal use only ✓ Drilling program recommenced in September guidance maintained1 FY242023 • ✓ Two rigsgold 770,000oz in place drillingoffrom and AISC underground $1,370/oz platforms • AISC 16% to $1,612/oz ✓ Drill targets are
Slide 15: Summary
SUMMARY Focus on safe and reliable operational delivery – margin over For personal use only ounces Organic growth options to deliver long term returns Capital discipline – investing when needed and justified Cash generation benefit – upside at spot prices 15
Slide 16: Questions
For personal use only QUESTIONS 16
Slide 17: Appendix
For personal use only APPENDIX 17
Slide 18: Years of Evolution
12 YEARS OF EVOLUTION Successful track record of portfolio optimisation through disciplined approach to M&A For personal use only Mungari – cornerstone asset Cowal – cornerstone asset Mungari – cornerstone asset Red Lake – cornerstone asset acquisition (ii) Ernest Henry – cornerstone acquisition: Er
Slide 19: FY24 Guidance
FY24 GUIDANCE Sustaining Major Major Gold (oz) AISC (A$/oz) FY24 Guidance Capital Project Capital Mine Development (+/-5%) (+/-5%) ($M) ($M) ($M) For personal use only Group 770,000 1,370 190 – 230 325 – 350 125 – 140 Cowal 320,000 1,250 40 – 50 85 – 90 ~5 Ernest Henry 80,000 (2,000) 55 – 62.5 45 –
Slide 20: Projects Appropriately Timed
PROJECTS APPROPRIATELY TIMED Project FY24 FY25 FY26 FY27 FY28 FY29 For personal use only Cowal Building to Commissioning underground 320,000+ oz and ramp up Red Lake Pathway to Commissioning (Upper Campbell) 200,000+ oz and ramp up Mungari expansion Commissioning and Mine life to 2038 Execution to 4
Slide 21: Earn In Joint Venture Agreement - Northern Superior Resources
EARN IN JOINT VENTURE AGREEMENT NORTHERN SUPERIOR RESOURCES For personal use only ▪ 6 Nov 2023: Option granted to Evolution by Northern Superior Resources Inc (NSR) to acquire 75% stake in NSR’s October Gold Project1: ▪ ~120kms south-west of Timmins in Ontario ▪ Large land package, significant geolo
Slide 22: Group Gold Mineral Resources at December 2022
GROUP GOLD MINERAL RESOURCES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 M I N E R A L R E S O U R C E U P D AT E ) Gold Measured Indicated Inferred Total Resource Gold Gold Gold Gold Gold Gold Gold Cut-off Tonnes Tonnes Tonnes Gold Metal CP7 Project Type Tonnes (Mt) Grade Me
Slide 23: Group Gold Ore Reserves at December 2022
GROUP GOLD ORE RESERVES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 O R E R E S E R V E U P D AT E ) Gold Proved Probable Total Reserve Competent Cut-off Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person8 Project Type (g/t Au) (Mt)
Slide 24: Group Resources & Reserves at December 2022
GROUP RESOURCES & RESERVES AT 31 DECEMBER 2022 ( W I T H E R N E S T H E N R Y J U N E 2 0 2 3 O R E R E S E R V E A N D M I N E R A L R E S O U R C E U P D AT E S ) Group Mineral Resource – contained copper Copper Measured Indicated Inferred Total Resource Copper CP3 Tonnes Copper Tonnes Copper Cop
Slide 25: For personal use only
For personal use only