Evolution Mining Limited · ASX:EVN

Evolution Mining — Macquarie Australia Conference 2022

22 slides from Evolution Mining's conference presentation, May 5, 2022

1. Slide 1: Inspired people creating a premier global gold company

   Inspired people creating a premier global gold company For personal use only MACQUARIE AUSTRALIA CLICK TO CONFERENCE EDIT MASTER TITLE STYLE Jake Klein – Executive Chairman May 2022 1

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 looking statements can generally be identified by the For personal use only use of forward looking words such as “may”, “will”, “expec

3. Slide 3: Winds of Change – 6 Ws

   WINDS OF CHANGE – 6 Ws For personal use only WAR WAR WORK Deglobalisation – importance of People want to work differently safe jurisdictions WATER WORK WATER WIFI Rising ESG hurdles WOMEN 6 Ws Cyber risk and productivity breakthrough potential WIFI WOMEN WACC Need a more inclusive and Cost of capita

4. Slide 4: Evolution Snapshot

   EVOLUTION SNAPSHOT For personal use only MARKET CAPITALISATION 1 $7.1B NET DEBT 2 $1,259M Red Lake GOLD MINERAL RESOURCES 3 29.6Moz GOLD ORE RESERVES 3 10.3Moz FY22 PRODUCTION GUIDANCE ~650koz FY22 AISC GUIDANCE 4 < $1,190/oz OPERATING ASSETS 5 Ernest Henry PORTFOLIO MINE LIFE 5 14+ years Van Eck Mt

5. Slide 5: Strong Foundations

   STRONG FOUNDATIONS TIER 1 JURISDICTIONS SUSTAINABILITY BALANCE SHEET For personal use only  Australia and Canada are  ‘Net Zero’ future commitment  Investment grade credit rating amongst the highest rated  Shared value of health and  Low interest cost with countries based on the Fraser safety U

6. Slide 6: Consistent Strategy

   CONSISTENT STRATEGY Reserve Assumption (US$/oz)1,2 For personal use only 1,500 1,500 1,500 1,450 1,350 1,300 1,300 1,300 1,270 1,250 1,250 1,250 Proven team 1,200 1,200 1,200 Quality and 1,160 1,050 margin over quantity Act counter- 2022 AISC Guidance (US$/oz)2,3 Return on cyclically to capital driv

7. Slide 7: March Quarter Key Points

   MARCH QUARTER KEY POINTS For personal use only AISC $990/oz Operating Mine Net Mine SECTOR 18th consecutive (US$717/oz) Cash Flow Cash Flow 1 LEADING LOW $125M dividend $269M AISC 27% 33% 135% $55M Red Lake Outstanding performance at Ernest Henry transformation PORTFOLIO 2 TRANSFORMATION on track AI

8. Slide 8: Cowal – A World Class Asset

   COWAL – A WORLD CLASS ASSET For personal use only  +1Mtpa mined from  Underground underground development in construction  Higher grade stage H ore  1 open pit (E42) mining mined Stage H  Stage H mining towards higher grade  New open pits and E42  8.7Mtpa processing extension studies rate  N

9. Slide 9: Cowal Underground Progress

   COWAL UNDERGROUND PROGRESS For personal use only  Resource definition drilling ahead of schedule  4.8km of development complete  First production ore scheduled by June quarter FY23  ~0.5Mt to be mined FY23 ramping up to over 1Mt in FY24 and 2Mt in FY25  On budget and schedule for critical path

10. Slide 10: Creating a New Future for Red Lake

    CREATING A NEW FUTURE FOR RED LAKE For personal use only 200kozpa milestone  Campbell mill operating at ≥2,000tpd by Q4  Red Lake mill operating at 1,000tpd 350kozpa FY23  Addition of Bateman mill increases total processing capacity to 2Mtpa goal from FY26  Mining productivity is the key to unlo

11. Slide 11: Red Lake Pathway to 350kozpa

    RED LAKE PATHWAY TO 350KOZPA For personal use only  2Mtpa mining rate:  1Mtpa Lower Red Lake  Mining productivity ramp-up and Cochenour  District land position with  CYD decline development significant Mineral Resource  1Mtpa Upper Campbell  First stope ore from Upper  3 plants operating: 

12. Slide 12: Red Lake Transformation on Track

    RED LAKE TRANSFORMATION ON TRACK Positive trend in quarterly metrics For personal use only UG Development (m) 3,919  Reinvestment in mine 3,803 >1,200m/month development 3,132 for 6 months Mine development Ore Mined (kt) 243  Increase mining rates to 194 match processing capacity 169 25% Mine prod

13. Slide 13: Immediate Benefits from Full Ownership of Ernest Henry

    IMMEDIATE BENEFITS FROM FULL OWNERSHIP OF ERNEST HENRY Copper Production (Cu t) For personal use only 13,352 November ~5 years January ~5 years 2016 2022 5,498 4,550 $880M 4,119 Over $1.25B Acquisition of $1B to of net mine Economic acquire full cash flow Interest1 ownership1 Q4FY21 Q1FY22 Q2FY22 Q3

14. Slide 14: Excellent Potential for Further Growth at Ernest Henry

    EXCELLENT POTENTIAL FOR FURTHER GROWTH AT ERNEST HENRY For personal use only  Pre-feasibility Study (PFS) on a mine extension beyond FY26 underway – due for completion end of calendar year 2022  Glencore concept study cut off at the 875mRL  Evolution PFS considers a larger mine area down to the 7

15. Slide 15: Mungari District Under One Owner for the First Time

    MUNGARI DISTRICT UNDER ONE OWNER FOR THE FIRST TIME For personal use only  Significant ~5Moz Mineral Resource and 1.2Moz Ore Reserve  District consolidation along the highly prospective Zuleika shear zone  Potential for further extensions at Kundana and East Kundana  Plant expansion provides a p

16. Slide 16: Mt Rawdon Pumped Hydro

    MT RAWDON PUMPED HYDRO  Studying option to convert site into pumped hydro For personal use only power station post mine life  Up to 2GW of generation capacity for 10 hours  Supports Queensland target of 50% renewable energy by 2030  4-5 year construction phase will add over 300 jobs  Long-term

17. Slide 17: Daring to Be Different

    DARING DARINGTO TOBE BEDIFFERENT DIFFERENT CONCENTRATED PORTFOLIO IN TIER 1 For personal use only JURISDICTIONS ORGANIC GROWTH FROM CORNERSTONE ASSETS HIGH-QUALITY RESOURCES & RESERVES STRONG MARGINS AND BALANCE SHEET 17

18. Slide 18: Appendix

    For personal use only APPENDIX

19. Slide 19: Evolution 2021 Gold Mineral Resources

    EVOLUTION 2021 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 CP5 Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (

20. Slide 20: Evolution 2021 Gold Ore Reserves

    EVOLUTION 2021 GOLD ORE RESERVES For personal use only Gold Proved Probable Total Reserve Competent Tonnes Gold Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Gold Metal Person6 Project Type Cut-Off (Mt) Grade (g/t) (koz) (Mt) (g/t) (koz) (Mt) Grade (g/t) (koz) Cowal1 Open pit 0.45 23.9 0.46 35

21. Slide 21: Evolution 2021 Copper Reserves & Resources

    EVOLUTION 2021 COPPER RESERVES & RESOURCES Group Copper Mineral Resource Statement For personal use only Copper Measured Indicated Inferred Total Resource Copper Copper Copper Copper CP1 Tonnes Copper Tonnes Copper Tonnes Copper Tonnes Copper Project Type Cut-Off Metal Metal Metal Metal (Mt) Grade (

22. Slide 22: Evolution Mining

    For personal use only Evolution MINING

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