Slide 1: Capital management
rsonal use only Capital management Frances Summerhayes – Chief Financial Officer 15 September 2026
Slide 2: Disclaimer
Disclaimer The information in this presentation is current as at 15 September 2026. It is in summary form and is not necessarily complete. It should be read together with the Evolution results for the year ended 30 June 2026. Forward-looking statement These materials prepared by Evolution Mining Lim
Slide 3: Key messages
Key messages rsonal use only Quality high-margin portfolio driving cash generation and shareholder value Balance sheet supports strategy through the cycle Disciplined capital allocation delivering high returns Rewarding our shareholders 3
Slide 4: Banking the upside from a high-margin portfolio
Banking the upside from a high-margin portfolio High-margin portfolio; all assets cash generative Underlying EBITDA margin (%) Operating mine cash flow ($B)2,3 rsonal use only 67% 64% 65% 62% 57% 57% 3.6 55% 50% 51% 48% 48% 46% 3.4 Cowal Ernest Henry Northparkes Red Lake Mungari Group FY25 FY26 FY26
Slide 5: Balance sheet underpins strategic flexibility through the cycle
Balance sheet underpins strategic flexibility through the cycle Balance sheet flexibility Rapid deleveraging; net cash¹ rsonal use only 33% Net cash position 25% Liquidity of $1.9B at June 2026 15% 1,622 No debt repayments due until FY29 1,425 849 Low fixed debt cost at average rate of 4.47% FY23 FY
Slide 6: Disciplined capital allocation delivering sustained high returns
Disciplined capital allocation delivering sustained high returns Balance sheet supports strategy in all aspects through the cycle rsonal use only Accretive deals1 Organic growth Shareholder returns ~$250M FY26 $850M FY26 $833M Unlocking Northparkes via the Triple Cowal Ernest Henry Flag Agreement Am
Slide 7: Disciplined allocation of capital rewarding shareholders
Disciplined allocation of capital rewarding shareholders Equity used for accretive deals, not for balance sheet or hedge book refinancing rsonal use only 20.00 Compound Annual Growth Rate (CAGR) Northparkes 64% 18.00 Mungari 29% 16.00 Cowal 29% 14.00 Mungari (Kundana) 30% 1 Ernest Henry 22% 12.00 10
Slide 8: Portfolio enhancement through high return investment
Portfolio enhancement through high return investment Asset Project IRR rsonal use only Cowal OPC1 34% 81% 115% E48 SLC2 77% 51% 128% Northparkes Coarse Particle Flotation2 23% 20% 43% E22 block cave2 28% 10% 38% Ernest Henry Bert2 23% 25% 48% Base case Upside price Group average Group average3 18% 0
Slide 9: Rewarding our shareholders
Rewarding our shareholders Dividend policy sustainable through the cycle Dividends per share & gearing rsonal use only Shareholder returns 33% Policy targeting 60% payout of annual Group cash flow 28% 25% 21 15% 15% 27 consecutive dividends 7% 0% Record final dividend 21cps fully franked (up 62%) -2
Slide 10: Summary
Summary rsonal use only Quality high margin portfolio driving cash generation and shareholder value Balance sheet supports strategy through the cycle Disciplined capital allocation delivering high returns Rewarding our shareholders 10
Slide 11: Appendix
rsonal use only Appendix
Slide 12: Group gold Mineral Resources at December 2025
Group gold Mineral Resources at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockp
Slide 13: Group gold Ore Reserves at December 2025
Group gold Ore Reserves at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpiles,
Slide 14: Group copper Mineral Resources at December 2025
Group copper Mineral Resources at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stoc
Slide 15: Group copper Ore Reserves at December 2025
Group copper Ore Reserves at 31 December 2025 rsonal use only Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpile
Slide 16: FY27 guidance
FY27 guidance Gold Copper Sustaining Major mine Major project Depreciation & FY27 AISC Exploration production production capital development capital amortisation guidance ($/oz)1 ($M) rsonal use only (koz) (kt) ($M) capital ($M) ($M) ($/oz)2 Group 660 – 730 63 – 70 1,795 – 1,995 265 – 325 440 – 500