Evolution Mining Limited · ASX:EVN

Evolution Mining — Diggers & Dealers Forum 2015

29 slides from Evolution Mining's conference presentation, Aug 4, 2015

1. Slide 1: Evolution Mining - Diggers & Dealers Forum 2015

   For personal use only Evolution Mining Diggers & Dealers Forum 2015 4 August 2015 Jake Klein - Executive Chairman

2. Slide 2: Forward looking statements

   Forward looking statements  These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, For personal use only forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “exp

3. Slide 3: US$ gold

   US$ gold For personal use only US$/oz 2,000 US$1,923/oz April 2013 Crash 1,750 1,500 1,250 1,000 US$1,077/oz 750 US$714/oz 500 250 0 2008 2009 2010 2011 2012 2013 2014 2015 US$ Gold 3

4. Slide 4: Investor pain

   Investor pain Van Eck Gold Miners Index (GDX) For personal use only US$/share 70.00 US$65.06 60.00 50.00 -80% 40.00 30.00 20.00 US$16.37 10.00 US$13.17 0.00 2008 2009 2010 2011 2012 2013 2014 2015 GDX 4

5. Slide 5: The Australian opportunity

   The Australian opportunity  Australia – a strategic footprint for global For personal use only US$/oz Global C1 Cost Curve 2014 gold majors a decade ago 2,000  Since then:  Political uncertainty  Skills left sector 1,500  Cost inflation  A$ appreciation 1,000  Low exploration priority  Major

6. Slide 6: A$ gold

   A$ gold A$ versus US$ Gold Price For personal use only US$/oz A$/oz 1,500 1,700 1,450 1,650 1,400 A$ Gold (RHS) 1,600 1,550 1,350 1,500 1,300 1,450 1,250 1,400 1,200 1,350 1,150 1,300 1,100 US$ Gold (LHS) 1,250 1,050 1,200 31-Oct-14 30-Nov-14 31-Dec-14 31-Jan-15 28-Feb-15 31-Mar-15 30-Apr-15 31-May-

7. Slide 7: Changing landscape

   Changing landscape For personal use only  Offshore majors:  High levels of gearing  Difficult to repay debt from operating cash flow  Divesting non-core Australian assets  Approximately 2 million ounces or ~23% of Australia’s annual gold production has changed ownership since April 2013 Austral

8. Slide 8: GDX composition

   GDX composition  Australia is the world’s second largest gold producer For personal use only  Australian listed gold companies make up only 8% of the Van Eck Gold Miners Index  40 stocks in the GDX index – only three have a primary listing on the ASX % of net Gold production 2014 GDX Country Weig

9. Slide 9: Evolution Mining overview

   Evolution Mining overview ASX Code EVN For personal use only Pro forma shares outstanding 1,438M Pro forma market capitalisation A$1,438M Average daily share turnover A$10M Pro forma cash A$50M Pro forma debt A$630M Forward sales 552,805oz at A$1,565/oz Dividend policy 2% of gold revenue La Mancha 3

10. Slide 10: Three pillars

    Three pillars For personal use only Creating shareholder value Operations Discovery M&A Act like owners to Using science and Improve the quality of technology to asset portfolio maintain a cost and through opportunistic, improve probability productivity focus of transformational logical, value over

11. Slide 11: Growing production profile

    Growing production profile For personal use only Gold equivalent production1 (oz) 100,000 760,000 427,703 437,570 392,920 346,979 302,842 FY11 FY12 FY13 FY14 FY15 Pro forma FY15 Annual Production 1. Gold equivalent is defined as gold plus payable silver from the A39 deposit at Mt Carlton 11

12. Slide 12: Sustained annual cost savings

    Sustained annual cost savings  Evolution has achieved sustainable Group-wide cost reductions of over For personal use only A$42.1 million per annum  In addition, the Group is currently benefiting from lower diesel prices which have historically constituted between 5 – 7% of total site spend  The

13. Slide 13: FY15 operating highlights

    FY15 operating highlights  Record annual production of 437,570oz at globally competitive costs: For personal use only  C1 cash cost: A$711/oz (US$554/oz1)  AISC: A$1,036/oz (US$807/oz1)  AIC: A$1,293/oz (US$1,007/oz1)  All five operations met or exceeded production guidance  Record full year m

14. Slide 14: Cash flow

    Cash flow  Strong cash flow momentum since Mt Carlton declared commercial production in July 2013 For personal use only  Accelerated in FY15 due to lower costs, increased production and higher A$ gold price A$M 100 Free Cash Flow 50 0 -50 -100 -150 Mt Carlton development -200 30-Jun-12 31-Dec-12 3

15. Slide 15: Improving asset quality

    Improving asset quality La Mancha strategic partnership For personal use only  Mungari located 20km directly west of Kalgoorlie  Frog’s Leg underground gold mine  White Foil open pit gold mine  Mungari CIL processing plant  Relatively under-explored tenement package covering 340km2  Mineral Re

16. Slide 16: A cornerstone asset

    A cornerstone asset Cowal acquisition For personal use only  One of Australia’s most attractive gold assets  Annual production of 230 – 260koz at a pro-forma AISC of A$850 – A$900/oz  Substantially lowers Evolution’s cost profile and materially extends mine life  Significant historical capital i

17. Slide 17: Diversified Australian portfolio

    Diversified Australian portfolio Cowal Pajingo For personal use only Gold Reserves (Moz)3 1.56 Gold Reserves (Moz)1 0.10 Gold Resources (Moz)3 3.44 Gold Resources (Moz)1 0.82 CY2014A Au Production (Koz) 268 FY2014A Au Production (Koz) 61 CY2015E Au Production (Koz) 230 - 260 Pajingo Mt Carlton FY201

18. Slide 18: Discovery strategy

    Discovery strategy  Investing A$25M per year to target transformational discoveries through brownfields and For personal use only greenfields exploration  Highly experienced exploration team  Recognition of intrinsic potential of early stage projects and de-risking using science and technology to

19. Slide 19: Expanding footprint

    Expanding footprint For personal use only 1. Strategic investment of 19.8% stake in Phoenix Gold 2. La Mancha Australia acquisition (announced on 20 April 2015) remains subject to FIRB approval 19

20. Slide 20: Our people

    Our people  Talented and engaged workforce For personal use only  Changing mindset from “same dirt, different shirt” to “same dirt, important shirt”  Investing in developing our people  Graduate programme  Guiding Our Leader’s Development programme  Creating career development opportunities 

21. Slide 21: The Evolution value proposition

    The Evolution value proposition Australia  Low risk, politically stable jurisdiction For personal use only  Second largest gold producing country globally  Costs rapidly reducing, Australian dollar depreciation  Recently acquired high quality assets in W.A. and N.S.W. Delivery  Delivered on gui

22. Slide 22: Evolution Mining

    For personal use only Evolution Mining ASX Code: EVN www.evolutionmining.com.au

23. Slide 23: Footnotes from slide 17: Diversified Australian Portfolio

    For personal use only Footnotes from slide 17: Diversified Australian Portfolio 1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement 2014” released to ASX on 14 May 2015 and is available to view on www.evolutionmining.com.au. 2. This informati

24. Slide 24: For personal use only

    For personal use only  The information in this document that relates to Evolution’s Mineral Resources and Ore Reserves is extracted from the ASX report entitled “Annual Mineral Resources and Ore Reserves Statement” created on 14 May 2015 (the “Report”) and is available to view at www.evolutionminin

25. Slide 25: Evolution Ore Reserves December 2014

    Evolution Ore Reserves December 2014 For personal use only Evolution Ore Reserves – December 2014 Gold Proved Probable Total Reserve Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Project Type Cut-Off Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz) Cracow1

26. Slide 26: Evolution Mineral Resources December 2014

    Evolution Mineral Resources December 2014 Evolution Mineral Resources – December 2014 For personal use only Gold Measured Indicated Inferred Total Resource Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (M

27. Slide 27: Cowal Mineral Reserves December 2014

    Cowal Mineral Reserves December 2014 Cowal Mineral Reserves – December 2014 For personal use only Proven Probable Total Reserve Cut-off Tonnes Tonnes Tonnes Type Gold Grade Contained gold Gold Grade Contained gold Gold Grade Contained gold (g/t Au) (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz)

28. Slide 28: Cowal Mineral Resources December 2014

    Cowal Mineral Resources December 2014 Cowal Mineral Resources – December 2014 at a variable cut-off For personal use only Measured Indicated Inferred Total Resource Type Tonnes Gold Grade Contained Tonnes Gold Grade Contained Tonnes Gold Grade Contained Tonnes Gold Grade Contained (Mt) (g/t) gold (k

29. Slide 29: La Mancha Australia Ore Reserves and Mineral Resources December 2014

    La Mancha Australia Ore Reserves and Mineral Resources December 2014 La Mancha Ore Reserves – December 2014 For personal use only Proved Probable Total Reserve Project Type Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (

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