Slide 1: Correction to Denver Gold Forum Presentation
Evolution Mining Limited ABN 74 084 669 036 Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 24 175 Liverpool Street Sydney NSW 2000 www.evolutionmining.com.au ASX Announcement 18 September 2025 For personal use only Correction to Denver Gold Forum Presentation Evolution Mining Limited (ASX:
Slide 2: Denver Gold Forum
Inspired people creating a premier global gold company For personal use only Denver Gold Forum Lawrie Conway – Managing Director and Chief Executive Officer 15 September 2025
Slide 3: Forward looking statement
Forward looking statement These materials prepared by Evolution Mining Limited ('Evolution' 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', 'expect', 'intend
Slide 4: Delivering long-term stakeholder value
Delivering long-term stakeholder value MARKET CAPITALISATION1 US$12.9B (A$19.5B) For personal use only MINERAL RESOURCES2 30Moz gold, 4.4Mt copper ORE RESERVES2 11Moz gold, 1.4Mt copper FY26 PRODUCTION GUIDANCE3 710koz – 780koz FY26 AISC GUIDANCE3 US$1,120/oz – $1,225/oz 25th consecutive dividend de
Slide 5: Vision, purpose and strategy
Vision, purpose and strategy Our vision: Our purpose: Inspired people creating a To deliver long-term stakeholder value through low-cost production in a For personal use only premier global gold company safe, environmentally and socially responsible way To create a business that prospers through the
Slide 6: Investment opportunity - gold, gold equities & EVN
Investment opportunity - gold, gold equities & EVN Well-placed to bank the upside For personal use only De-globalisation (nationalism), de-dollarisation and digitisation Record FY25 AISC margin – spot gold price now ~30%1 higher 16,000.00 Central banks hold more gold than US Treasuries – first time
Slide 7: Copper differentiates our portfolio
Copper differentiates our portfolio 3 For personal use only ~25% of revenue from copper1 Ernest Henry1 C1 cost US$0.68/lb 48kt copper, 71koz gold Located in Cloncurry, Australia Northparkes1,2 C1 cost US$0.63/lb 28kt copper, 49koz gold Located in Parkes, Australia 1. For the year ended 30 June 2025
Slide 8: Sustainability integrated into everything we do
Sustainability integrated into everything we do TRIF1 35% improved For personal use only Health, Safety and 10.7 8.6 Wellbeing 7.7 5.0 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Committed to -7% -7% reducing Net Zero -14% -17% carbon 2,3,4 improvement footprint 30% 6+ high impact Positive community pro
Slide 9: We say, we do, we deliver
We say, we do, we deliver FY25 guidance1 FY25 achievements For personal use only Gold production (oz) 710,000 – 780,000 751,000 Copper production (t) 70,000 – 80,000 76,000 AISC (A$/oz) 1,475 – 1,575 1,572 Operating cash flow (A$M)2 1,805 2,288 Projects tracking to plan Mungari plant expansion – 9 m
Slide 10: Long life, high return portfolio with plenty of upside
Long life, high return portfolio with plenty of upside Percentage repaid Portfolio average return on investment of 18% with 15 years reserve life1 up to 25% For personal use only 26-50% 60 100% 350 FY26 gold production guidance (koz)2 (Mungari, Cowal, Return on investment FY26 gold production guidan
Slide 11: Growing shareholder returns commitment met
Growing shareholder returns commitment met Mine operating cash flow (A$M) Dividends per share & gearing (A$) For personal use only 33% 2,755 28% 20 25% 16 15% 15% 12 2,288 7% 7 6 4 FY25 Actual FY25 actual1 FY26guidance FY26 Guidance (midpoint (midpointat spot) at spot)2 FY20 FY21 FY22 FY23 FY24 FY25
Slide 12: Using shareholders funds wisely
Using shareholders funds wisely Investors have made money on all equity funded deals For personal use only 10.0 Compound Annual Growth Rate (CAGR)2 9.0 Northparkes 67% 8.0 Mungari 27% Cowal 26% 7.0 Mungari (Kundana) 25% Ernest Henry1 19% Kundana 6.0 5.0 Northparkes 4.0 Ernest Henry 3.0 Mungari 2.0 C
Slide 13: Growth options across the entire long-life portfolio
Growth options across the entire long-life portfolio Ernest Henry Cowal For personal use only Mine Continuation Open Pit Continuation (OPC) project ▪ Mine life to at least 20401 confirmed by feasibility study ▪ Extends open pit mining by 10 years and operations to 2042 2 ▪ Continuing sub-level cave
Slide 14: Sustainable high shareholder returns
Sustainable high shareholder returns Continued safe and reliable delivery For personal use only Cost and capital discipline margin over ounces Capturing the benefit of high metal prices Rewarding shareholders with dividend ~3x FY24 Balance sheet flexibility enhanced gearing 15% Well-sequenced growth
Slide 15: Appendix: FY26 guidance
Appendix For personal use only FY26 guidance
Slide 16: FY26 guidance (USD)
FY26 guidance (USD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY26 guidance production production capital development capital amortisation ($/oz)1,2 For personal use only (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 1,120 – 1,225 130 – 176 140 – 17
Slide 17: FY26 guidance (AUD)
FY26 guidance (AUD) Gold Copper Sustaining Major mine Major project Depreciation & AISC FY26 guidance production production capital development capital amortisation ($/oz)1,2 For personal use only (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 1,720 – 1,880 200 – 270 215 – 27
Slide 18: FY26 guidance (AUD continued)
FY26 guidance (AUD continued) ▪ FY26 group production in line with FY25 ▪ Disciplined investment in growing production and life For personal use only ▪ Mungari – mill commissioning continues, targeting ▪ FY26 total capital ~$132 (A$200) million lower than FY251 200kozpa rate in 2H ▪ No change to fiv
Slide 19: Appendix: Financial performance
Appendix For personal use only Financial performance
Slide 20: FY25 record financial performance
FY25 record financial performance Record underlying profit Record final dividend – up ~3x A$958M A$0.13 per share For personal use only Strong EBITDA margin Record earnings per share 51% A$0.46 per share Mungari expansion delivered under Record Group cash flow budget & early, Cowal OPC approved A$78
Slide 21: Record financial performance summary
Record financial performance summary Financials Units FY24 FY25 Change For personal use only Statutory profit after tax A$M 422 926 119% Underlying profit after tax A$M 482 958 99% EBITDA A$M 1,428 2,161 51% Underlying EBITDA A$M 1,513 2,207 46% EBITDA margin % 47 51 9% Operating mine cash flow A$M
Slide 22: Cost drivers and sensitivities
Cost drivers and sensitivities FY25 key cost drivers1 FY26 cash flow sensitivities (A$M)2 For personal use only Operating costs (+/-5%) 100 - 110 Grinding Media/ Diesel Explosives Copper price (+/- $1,100/t) 70 - 80 3% 3% Reagents 4% Gold price (-/+ $100/oz) 60 - 70 Royalties 6% Contract Labour Copp
Slide 23: Record profit
Record profit Consistent, reliable delivery & gold price ▪ Gold price moved significantly during FY25, especially in 2H For personal use only ▪ Full year contribution by Northparkes ▪ Cowal benefitting from continued ramp up of higher-grade underground gold production ▪ Red Lake delivered consistent
Slide 24: Appendix: Portfolio Overview
Appendix For personal use only Portfolio Overview
Slide 25: Ernest Henry – optimising capacity to 2040+
Ernest Henry – optimising capacity to 2040+ Mine continuation study outcomes For personal use only ▪ Captured significant ore additions during study ▪ Ore sourced from a combination of: ▪ Continuing SLC below 1125mRL via combination of trucking to existing materials handling infrastructure ▪ Additio
Slide 26: Ernest Henry – new growth prospects
Ernest Henry – new growth prospects ▪ Corella Project1: the addition of 15 exploration For personal use only tenements near Ernest Henry covering ~1,220km2 ▪ Cloncurry North Project2: 80% earn-in agreement with private exploration company Red Fox Resources Pty Ltd covering 3 exploration leases with
Slide 27: Cowal – a cornerstone asset through 2042
Cowal – a cornerstone asset through 2042 Open pit continuation delivers baseload feed, sweetened by underground For personal use only ▪ Open pit mining extended by 10 years and operations to 20421 ▪ Maintains full utilisation of processing plant capacity ▪ Incremental production of ~2Moz at IRR2 of
Slide 28: Cowal – further potential underground
Cowal – further potential underground Cowal is a world class mineralised system – with an endowment of 13.8Moz to date1 For personal use only ▪ Track record of consistent, low-cost, resource replacement ~6Moz at A$23/oz (A$138M) ▪ Underground resource growth has potential to create additional signif
Slide 29: Cowal – bund construction progressing to plan
Cowal – bund construction progressing to plan For personal use only 28
Slide 30: Cowal – bund construction progressing to plan
Cowal – bund construction progressing to plan For personal use only 29
Slide 31: Northparkes – multiple potential production sources
Northparkes – multiple potential production sources Underground operations Site overview For personal use only ▪ E48 − First lift (E48L1) completed December 2023 − Sub level cave (SLC) of E48L2 due to be executed from FY25, benefitting from existing infrastructure − E48 was the first fully automated
Slide 32: Northparkes – multiple production options
Northparkes – multiple production options E48 sub-level cave ▪ Economics improved with 5 sub levels & ~10-year life For personal use only ▪ Project now in execution phase ▪ Very attractive capex ▪ ~A$60M1 over next 5 years E48 block cave (mined) ▪ Already included in Group 5-year capex profile ▪ Imp
Slide 33: Northparkes – infrastructure provides growth options
Northparkes – infrastructure provides growth options Unlocking haulage capacity For personal use only Future access ▪ E22 Block cave study completed in June 2024 E22 key parameters ▪ E22 Trade-off study completed June quarter 2025 Mining method Caving ▪ Capital for block cave option (if approved) sp
Slide 34: Mungari – transitioning back to material cash flow
Mungari – transitioning back to material cash flow Mill expansion project completed Mining at Castle Hill For personal use only First ore from Castle Hill mine Construction of Jardumar village June quarter 2025 Plant expansion completed 9 months early, 9% under budget 33
Slide 35: Mungari – optionality with multiple ore sources
Mungari – optionality with multiple ore sources High grade underground with long term base load from Castle Hill open pit For personal use only Leveraging a significant 7.2Moz Mineral Resource1 ▪ Conventional mining method for eastern goldfields ▪ Ore volume: ~80% open pit, ~20% underground ▪ Castle
Slide 36: Mungari – accelerating value through discovery
Mungari – accelerating value through discovery ▪ Low-cost resource discovery at A$19/oz (A$70M)1 For personal use only ▪ Discovery strategy and key highlights: ▪ Sustain high-grade underground production for +5 yrs ▪ Recent discovery success at Genesis and Solomon2 ▪ Mill baseload feed – proven up a
Slide 37: Red Lake – focus on consistent cash generation
Red Lake – focus on consistent cash generation ▪ Positive cash generation of A$74 million underpinned For personal use only by safe, consistent and reliable delivery in FY25 ▪ Record operating and mine cash flow, gold production, mining and processing rates ▪ Mined and milled ore production stabilis
Slide 38: Red Lake – focus on margin over ounces
Red Lake – focus on margin over ounces For personal use only 37 For more information on Evolution’s Mineral Resources and Ore Reserves as at 31 December 2024 see the appendix of this presentation.
Slide 39: Mt Rawdon – transitioning to pumped hydro
Mt Rawdon – transitioning to pumped hydro Environmental Impact Study submitted in May 2024 to the Queensland For personal use only government, providing pathway to state and federal regulatory approval of the project. Lowest risk and cost of projected pumped hydro capacity in Australia1 38 1. Based
Slide 40: Appendix: Mineral Resources and Ore Reserves
Appendix For personal use only Mineral Resources and Ore Reserves
Slide 41: Group gold Mineral Resources at December 2024
Group gold Mineral Resources at 31 December 2024 Gold Measured Indicated Inferred Total Resource Cut-off Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal CP4 Project Type (g/t Au) (Mt) Grade (g/t) (Moz) (Mt) Grade (g/t) (Moz) (Mt) Grade (g/t) (Moz) (Mt) Gra
Slide 42: Group gold Ore Reserves at December 2024
Group gold Ore Reserves at 31 December 2024 Gold Proved Probable Total Reserve Competent Cut-off Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person3 Project Type Tonnes (Mt) (g/t Au) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Cowal Stockpiles 0.45g/t Au 43 0.53
Slide 43: Group copper Mineral Resources at December 2024
Group copper Mineral Resources at 31 December 2024 Copper Measured Indicated Inferred Total Resource Copper CP3 Tonnes Copper Tonnes Copper Copper Tonnes Copper Copper Tonnes Copper Copper Project Type Cut-off Grade Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) For person
Slide 44: Group copper Ore Reserves at December 2024
Group copper Ore Reserves at 31 December 2024 Copper Proved Probable Total Reserve CP2 Copper Copper Copper Copper Copper Copper Project Type Cut-Off Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) For personal use only Grade (%) Metal (kt) Grade (%) Metal (kt) Grade (%) Metal (kt) Ernest Henry Underground 0.75
Slide 45: For personal use only
For personal use only