Slide 1: Macquarie Australia Conference
For personal use only Macquarie Australia Conference 1 May 2018 Jake Klein – Executive Chairman
Slide 2: Forward looking statement
For personal use only 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”, “expe
Slide 3: Overview
Overview Operating cash flow (A$M) ASX code EVN For personal use only Market capitalisation(2) A$5.5B 707 Daily share turnover(3) A$30M 628 590 306 168 245 Net bank debt(4) A$187M (1) FY13 FY14 FY15 FY16 FY17 FY18 YTD 312,500oz at Forward sales(4) A$1,684/oz Group AISC(5) (per ounce) La Mancha 15% U
Slide 4: Diversified mid-tier gold miner
Diversified mid-tier gold miner For personal use only Mineral Ore Resources Reserves Mt Carlton Ernest Henry 14.24Moz (1) 7.05Moz (1) (Evolution economic interest) Mt Rawdon Cracow Mungari Since 2014: Cowal ▪ Ore Reserves increased by 215% ▪ Reserves per share increased by 32% ▪ Reserve life increas
Slide 5: Clear and consistent strategy
Clear and consistent strategy For personal use only Building a reputation for reliability and transparency Reducing All-in sustaining costs Increasing free cash flow per share Increasing returns via dividends Extending reserve life Delivering superior financial returns 5
Slide 6: Portfolio management impact on AISC
Portfolio management impact on AISC Acquisition of Mungari economic For personal use only interest in acquisition with La Mancha Ernest (AISC ↓A$30/oz) Henry (AISC ↓A$100/oz) Cowal acquisition Mt Carlton FY10 FY18 (AISC ↓A$100/oz) first concentrate produced FY10 FY17 March 2013 FY10 FY16 Evolution (
Slide 7: Quality asset portfolio
Quality asset portfolio $2,500 For personal use only (Gold price of A$1,700/oz less FY18 YTD AISC)1 Ernest Henry Current indicative AISC margin (A$/oz) $2,000 Group average Margin $1,500 AISC margin A$920/oz Mt Carlton ~9 year reserve life $1,000 Mt Cowal Rawdon $500 Cracow Mungari Bubble size repre
Slide 8: EBITDA margins
EBITDA margins Site EBITDA margins of 37% to 67% able to support capital programs Group EBITDA Margin (%) For personal use only 53% Group EBITDA margin of 53%(1) 49% 46% Site EBITDA Margin 40% FY17 66% 64% 67% H1 FY18 (1) 33% 59% 58% 61% 55% 49% 45% 40% 39% 37% (1) FY14 FY15 FY16 FY17 H1 FY18 Co
Slide 9: Robust balance sheet
Robust balance sheet Dividends Declared Cents per Share Balance Sheet For personal use only Debt repaid since September 2015: A$687 million 3 Net debt position: A$187 million 2 Term Facility D: A$395 million 1 1 3.5 2 Cash balance: A$208 million 1 1 1 1 FY13 FY14 FY15 FY16 FY17 FY18 Undraw
Slide 10: Delivering value from investments
Delivering value from investments Assets developed or acquired For personal use only Asset Cost - A$263M Asset Cost - A$756M Asset Cost - A$358M Asset Cost - A$901M Capital Investment - A$132M Capital Investment - A$183M Capital Investment - A$148M Capital Investment - A$16M Average ROIC - 24% p.a.
Slide 11: Cowal
Cowal For personal use only EVOLUTION ACHIEVEMENTS UPSIDE OPPORTUNITIES SINCE ACQUISITION(1) GOLD PRODUCTION 695koz INCREASED THROUGHPUT NET MINE CASH FLOW A$417M FURTHER RESOURCE AND RESERVE MINING PERMIT EXTENDED BY 8 YEARS EXPANSION AT E41, E46, GALWAY/REGAL RESOURCES AND RESERVES EXPANSION REGIO
Slide 12: Cowal exploration
Cowal exploration Growth For personal use only Ore Reserves increased from 1.6Moz to 3.0Moz under Evolution ownership1 Opportunities E41 West step out and infill drilling continues to return strong results with best recent intersection: 22m (8.4m etw) grading 1.1g/t Au from 176m and 19m (8.0m
Slide 13: Ernest Henry
Ernest Henry Ernest Henry ore body looking west Large scale, long life, copper-gold asset operated by For personal use only Glencore Approximately A$600 million invested by Glencore in expanding the underground mine to 6.8Mtpa Evolution’s economic interest acquired 1 November 2016: 1200 RL 1
Slide 14: Mt Carlton
Mt Carlton For personal use only March Evolution March 2010 Delivery 2018 FEASIBILITY STUDY OFFTAKE PARTY SECURED LIFE OF MINE - 2025 DECLARED PROJECT GRAVITY CIRCUIT COMMISSIONED UNECONOMIC DEVELOPED BY EVOLUTION AND IN JUNE 2017 QTR COMMISSIONED IN 2013 (EXPECTED PAYBACK < 12 MONTHS) ENTERPRISE VA
Slide 15: Mungari
Mungari Strategic footprint in world-class Kalgoorlie region For personal use only Total tenement package ~950km2 – previous owners focussed primarily on shallow, oxide mineralisation Resource definition drilling at White Foil to define new zones of mineralisation delivering results in line wi
Slide 16: Mt Rawdon and Cracow
Mt Rawdon Cracow FY17 net mine cash flow: A$36 million FY17 net mine cash flow: A$44 million For personal use only Current Life of Mine to 2025 Current Life of Mine to 2022 1.5 million ounces of gold produced since 2001 Recent resource definition drilling delivering mine life extensions
Slide 17: Focus
Focus For personal use only High quality, low cost, long life assets Discovery success Financial discipline Strong vision, values and sense of purpose Counter-cyclical investment A business that prospers through the cycle 17
Slide 18: ASX code: EVN
For personal use only ASX code: EVN www.evolutionmining.com.au
Slide 19: Original FY18 guidance
Original FY18 guidance1 All-in sustaining All-in sustaining For personal use only Gold production C1 cash costs2 C1 cash costs2,3 FY18 Guidance cost2 cost2,3 (oz) (A$/oz) (A$/oz) (US$/oz) (US$/oz) Cowal 235,000 - 245,000 660 – 720 950 – 1,000 510 – 560 740 – 780 Mungari 120,000 - 130,000 860 – 910 9
Slide 20: Evolution 2017 Gold Mineral Resources
Evolution 2017 Gold Mineral Resources Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes CP3 Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (
Slide 21: Evolution 2017 Gold Ore Reserves
Evolution 2017 Gold Ore Reserves Gold Proved Probable Total Reserve For personal use only Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes CP3 Project Type Cut-Off Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz) Cowal1 Open pit 0.4 46.64 0.70 1,049 69.64 0.89
Slide 22: Evolution 2017 Copper Reserves & Resources
Evolution 2017 Copper Reserves & Resources Group Copper Mineral Resources Statement Copper Measured Indicated Inferred Total Resource For personal use only Copper Copper Copper Copper Copper Copper Copper Copper Cut- Tonnes Tonnes Tonnes Tonnes CP3 Project Type Grade Metal Grade Metal Grade Metal Gr
Slide 23: Cowal December 2017 MROR
Cowal December 2017 MROR Cowal Mineral Resources - December 2017 For personal use only Measured Indicated Inferred Total Resource Mineral Resource Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Gold Grade Gold Metal Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) (g/t) (koz) (g/t)
Slide 24: FY18 YTD production & costs summary
FY18 YTD production & costs summary Group March YTD FY18 Units Cowal Mungari Mt Carlton Mt Rawdon Cracow Ernest Henry Edna May Group Excl. Edna May For personal use only Total ore mined kt 5,887 578 420 3,309 390 5,101 15,685 1,130 16,815 Total tonnes processed kt 5,802 1,247 603 2,361 385 5,087 15,
Slide 25: Diversified mid-tier gold miner
Diversified mid-tier gold miner For personal use only 1▪ Cowal (100%) 4▪ Mt Rawdon (100%) ▪ Gold Reserves 2017 (Moz)(1) 3.05 ▪ Gold Reserves 2017 (Moz)(1) 0.67 ▪ Gold Resources 2017 (Moz)(1) 6.08 ▪ Gold Resources 2017 (Moz)(1) 1.07 ▪ Reserve Grade 2017 (Au g/t)(1) 0.81 ▪ Reserve Grade 2017 (Au g/t)(