Evolution Mining Limited · ASX:EVN

Evolution Mining — Diggers & Dealers 2016

24 slides from Evolution Mining's conference presentation, Aug 2, 2016

1. Slide 1: 2016 Diggers & Dealers

   For personal use only 2016 Diggers & Dealers 2 August 2016 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, forward For personal use only looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “exp

3. Slide 3: Production target

   Production target For personal use only Production target FY17 – FY19 Production AISC Sustaining capital Major project capital Period (koz) (A$/oz) (A$/M) (A$M) FY17 800 – 860 985 – 1,045 90 – 120 110 – 140 FY18 800 – 860 930 – 990 80 – 110 110 – 230 FY19 810 – 870 910 – 980 75 – 105 75 – 215 Materi

4. Slide 4: 2016 Melbourne Cup

   For personal use only 2016 Melbourne Cup Made with gold from Evolution’s Cowal Gold Mine 4

5. Slide 5: It's great to be an investor in gold miners…

   It’s great to be an investor in gold miners… US$/share Van Eck Gold Miners Index (GDX:US) For personal use only 30.00 25.00 +145% 20.00 15.00 10.00 19-Jan-16 19-Feb-16 19-Mar-16 19-Apr-16 19-May-16 19-Jun-16 19-Jul-16 5

6. Slide 6: …if you have the memory of a goldfish

   …if you have the memory of a goldfish US$/share Van Eck Gold Miners Index (GDX:US) For personal use only 70.00 60.00 50.00 -81% 40.00 30.00 20.00 10.00 0.00 2009 2010 2011 2012 2013 2014 2015 2016 6

7. Slide 7: Evolution Mining overview

   Evolution Mining overview ASX: EVN August 2014 August 2016 For personal use only Shares outstanding 712M 1,468M Market capitalisation1 A$555M A$4,110M Average daily share turnover A$1.8M A$30M Cash2 A$41M A$17M Debt2 A$127M A$285M Annual gold production 428koz 803koz 164,319oz at 706,989oz at Forwar

8. Slide 8: Australia's 2nd largest gold miner

   Australia’s 2nd largest gold miner For personal use only 1. FY17F production reflects midpoint of FY17 guidance released to ASX on 28 June 2016 Location bubble size denotes FY16 actual production Information on Mineral Resources and Ore Reserves is extracted from the report entitled “Annual Mineral

9. Slide 9: Production growth

   Production growth For personal use only Group attributable production 803,476 427,703 437,570 392,920 280,401 45,889 FY11 FY12 FY13 FY14 FY15 FY16 Gold equivalent production (oz) 9

10. Slide 10: Delivering results

    Delivering results For personal use only Group AISC1,2 (per ounce) Net Mine Cash Flow (A$M) US$1,259 428 A$1,228 A$1,083 A$1,036 A$1,014 US$995 US$867 138 US$739 91 11 FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16 AISC (A$/oz) AISC (US$/oz) 1. All-in Sustaining Costs (AISC) reflects C1 cash cost plus roya

11. Slide 11: Expanding margins

    Expanding margins For personal use only Group EBITDA Margin Group AIC1 Margin (A$/oz) 1,582 1,597 48% 1,489 1,442 463 40% 35% 33% 196 138 (16) FY13 FY14 FY15 FY16 Est FY13 FY14 FY15 FY16 AIC Margin (A$/oz) Achieved gold price (A$/oz) 1. All-in Costs reflects AISC plus major project and exploration e

12. Slide 12: Outlook

    Outlook For personal use only Production1 (koz) AISC1 (A$/oz) 870 1,045 860 860 990 980 1,036 1,014 985 803 800 800 810 930 910 438 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Production Low Production High AISC Low AISC High 1. Refer to slide 3 of this presentation for further information on

13. Slide 13: Cowal

    Cowal Growth For personal use only  Ore Reserves increased from 1.56Moz to 2.85Moz (+83%) under Evolution ownership  Expansion of E42 pit prioritised  Current life of mine plan (LOMP) includes Stage H cutback to access an additional E46 1.4Moz (adding 5 – 6 years to LOMP) E46 East  Prospects not

14. Slide 14: Mungari

    Mungari Growth For personal use only  Significant potential to expand production and extend mine life Zuleika North  ~880 km2 land position in a world-class terrane with (49koz) Ora Banda historic production of >10Moz gold (312koz)  Potential for the discovery of new high-grade >1Moz underground

15. Slide 15: Mt Carlton

    Mt Carlton A quality asset For personal use only  One of the world’s highest grade open pit gold mines; developed by Evolution & commissioned in 2013  Low mining strip ratio of 1.75:1 over LOMP  Strong FY16 performance driven by improved efficiencies and positive grade reconciliations  Upside op

16. Slide 16: Our people

    Our people “Systems drive big mining companies, people drive Evolution” For personal use only - Andrew Millar, Cracow GM  Talented and engaged workforce  Strong safety culture  Investing in developing our people  Graduate program  Guiding Our Leader’s Development program  Creating career devel

17. Slide 17: Staying on track

    Staying on track For personal use only Be sure of the strategic opportunity Improve the quality of the asset portfolio Understand our value add Build a business that prospers through the cycle 17

18. Slide 18: Allan Gray quote on waiting for opportunity

    For personal use only Sportspeople, entrepreneurs and leaders are all lauded for their actions. ‘Watching and waiting’ are rarely considered valuable. However, there are times when the most valuable thing you can do is to wait for the right opportunity. In the face of the relentless pressure to do s

19. Slide 19: Executing a clear and sound strategy

    Executing a clear and sound strategy  Operating in Australia For personal use only First world jurisdiction  Gold miners currently experiencing strong tailwinds Mid-tier  6 – 8 asset portfolio to ensure focus is maintained  Driving down costs and improving productivity Low cost  Upgrading the q

20. Slide 20: ASX code: EVN

    For personal use only ASX code: EVN www.evolutionmining.com.au

21. Slide 21: Evolution Mineral Resources December 2015

    Evolution Mineral Resources December 2015 Gold Measured Indicated Inferred Total Resource For personal use only Competent Person Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) (g/t) (koz) (g

22. Slide 22: Evolution Ore Reserves December 2015

    Evolution Ore Reserves December 2015 Gold Proved Probable Total Reserve For personal use only Competent Cut- Tonnes Gold Grade Gold Metal Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person Project Type Tonnes (Mt) Off (Mt) (g/t) (koz) (g/t) (koz) (Mt) (g/t) (koz) Cowal1 Open pit 0.40 39.93 0.

23. Slide 23: Mungari Mineral Resources

    Mungari Mineral Resources For personal use only Mungari Mineral Resources - December 20151 Measured Indicated Inferred Total Resource Tonnes Tonnes Tonnes Tonnes Cont. Cont. Cont. Cont. Mineral Resource Grade Au Grade Au Grade Au Grade Au Metal Au Metal Au Metal Au Metal Au (Mt) (g/t) (Mt) (g/t) (Mt

24. Slide 24: Mungari Regional Mineral Resources

    Mungari Regional Mineral Resources Mungari Regional Resources – December 20151 For personal use only Measured Indicated Inferred Total Resource Gold Tonnes Gold Grade Gold Metal Tonnes Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Project Prospect Cut-Off Grade (Mt) (g/t) (koz

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