Evolution Mining Limited · ASX:EVN

Evolution Mining — Corporate Update (September 2018)

33 slides from Evolution Mining's corporate update, Sep 5, 2018

1. Slide 1: Cowal Site Visit

   COWAL SITE VISIT CRAIG FAWCETT - GENERAL MANAGER 5 SEPTEMBER 2018

2. Slide 2: Forward Looking Statement

   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”, “expect”, “intend”, “plan”, “

3. Slide 3: Evolution's Cornerstone

   EVOLUTION’S CORNERSTONE

4. Slide 4: Cowal – a world class deposit

   Cowal – a world class deposit For personal use only Approximately 40km north-east of West Location Wyalong in New South Wales, Australia Mining Lease (ML 1535) encompasses an area Property of 2,636 hectares and lies within Evolution’s total property holding of ~13,152 hectares Commencement Mining co

5. Slide 5: Safety performance (TRIF)

   Total recordable injury frequency (TRIF) 25 For personal use only 20 FY18 performance 15 ◼ 2 recordable injuries in FY18 10 5 ◼ 1 lost time injury in FY18 0 ◼ 4 incidents in FY18 Current performance Cowal Evolution ◼ 39 days since last LTI ◼ Total recordable injury frequency (TRIF) currently at 5.1

6. Slide 6: Environmental assessment and community support

   For personal use only Strict Environmental Assessment (EA) guidelines ◼ ISO14001 certified ◼ ICMI certified ◼ Annual independent audits and internal compliance reviews ◼ LCCC environmental studies, monitoring and initiatives Strong local community support ◼ Partnership with Wiradjuri Condobolin Corp

7. Slide 7: Business improvement cost savings

   For personal use only Business improvement cost savings Key Projects 16.0 ~130% better than target ▪ Mining 14.0 ▪ Drilling, fuel, tyres, maintenance: A$4.0M 12.0 10.0 ▪ Processing operations ▪ A$M 8.0 Milling efficiency, grinding media and reagents: A$4.9M 6.0 ▪ Processing maintenance 4.0 ▪ Plannin

8. Slide 8: Throughput and processing cost

   For personal use only Tonnes/hour SAG Liner change A$/t Processed 1000 March 17 16.00 15.50 980 15.00 960 14.50 940 14.00 920 13.50 13.00 900 12.50 880 12.00 860 Power price increased 11.50 840 11.00 Tonnes produced per hour Cost (A$/t processed) 8

9. Slide 9: Mod – Permitting

   For personal use only Mod 14 – Permitting Mod 12 – Mod 13 – submitted March required to unlock previous permit current permit 2018 further potential ▪ Operations 2024 ▪ Operations ▪ Enables plant ▪ Major changes with plant extended to 2032 expansion up to such as new pits throughput at ▪ Underpins c

10. Slide 10: Integrated Waste Landform and plant expansion

    For personal use only ▪ Integrated Waste Landform (IWL) Proposed layout of Integrated Waste Landform (IWL) joining with current waste dump and surrounding TSF ▪ Proposed tailings solution to support plant expansion to 9.8Mtpa ▪ Footprint contained within existing Mining Lease boundary ▪ Key enabler

11. Slide 11: A significant investment in Cowal's future

    For personal use only A significant investment in Cowal’s future Stage H cutback on track ▪ Planned material movement achieved in FY18 ▪ Capital stripping scheduled to be completed in FY21 Float Tails Leach project on time and on budget Stage H cutback ▪ Expected to increase recoveries by 4 – 6% ▪ E

12. Slide 12: E42 and Marsden reserves and resources

    For personal use only E42 Reserves 3.0Moz Resource 4.1Moz Past Production 2.8Moz Total E42 Endowment >6Moz December 2017 Resource 5.8Moz Au Reserves 3.0Moz Au Marsden Reserve: 817koz Au, 371kt Cu Resource: 1.0 Moz, 560kt Cu 12

13. Slide 13: New high-grade infill drilling results

    For personal use only ▪ New high-grade intercepts from infill drilling include: Hole ID Intercept *downhole width From 1535DD331B 32m@2.63g/t 753m 1535DD331C 10m@1.6g/t 747m New high-grade infill 1535DD331D 24m@1.71g/t 712m 28m@3.82g/t 766m 5m@16.44g/t 805m drilling results 1535DD331E 33m@3.43g/t 75

14. Slide 14: Infill drilling and Dalwhinnie Lode discovery

    ≥ For personal use only 2 kilometres Inferred Mineral Resource: 5.9Mt at 3.2 g/t Au for 603koz Stage G – current surface 1.6@58.2 1535DD324 MSO shapes 7.5@10.0 Stage H final pit shell 1535DD330 500 metres Area of recent infill drilling & Discovery of Dalwhinnie Lode See the Appendix of this presenta

15. Slide 15: GRE46 long section

    For personal use only 86,300mE 86,400mE 86,500mE 86,600mE E46D3170 700mRL 1@7.9 E46D3219 E46RCD3061A 2@16.2 600mRL E46D3171 1@38.0 500mRL MSO E46D3219 shapes 6@67.3 E46D3202 1@17.4 400mRL 1535DD331H 3@69.9 Further information on reported exploration results is provided in the Drill Hole Information

16. Slide 16: GRE46 underground exploration decline design

    For personal use only 2 kilometres Stage G – current surface Stage H final pit shell MSO shapes Design details • 2,000 metres, 5.5mW x 5.5mH, 1:7 downward gradient • A$20–22 million development • A$6–7 million underground drilling (36,000m) • Permit submitted with Division of Resources & Geoscience

17. Slide 17: Opportunity

    For personal use only Opportunity ▪ Confirm and expand high grade GRE46 resource ▪ UG project studies and production permitting ▪ Blend 3 – 4g/t Au underground feed and open pit ore to improve head grade ▪ Targeting 750 – 1,000ktpa production rate ▪ Accelerate underground schedule to match plant exp

18. Slide 18: For personal use only

    For personal use only 18

19. Slide 19: E41 Drilling Constrained

    E41 DRILLING CONSTRAINED

20. Slide 20: Regional exploration targets

    For personal use only East Girral ▪ Structurally hosted Au Milly Milly ▪ Au-Cu porphyry South Cowal ▪ Au-Cu porphyry E46 Nth E46 Nth East E41 ▪ Au and Au-Cu porphyry Girral E40 E39 New Tenements ▪ Additional tenements over Volcanic Rocks of Milly Macquarie Arc Milly Sth Cowal ▪ New geophysics (gravi

21. Slide 21: East Girral air core drilling

    For personal use only East Girral Air Core Drilling East Girral Program Max Au in Hole Au > 0.3 g/t ▪ FY18 aircore drilling has delineated a significant geochemical anomaly ▪ New Magnetics and follow up drilling to commence in the coming months ▪ Landholder liaison completed with positive responses

22. Slide 22: Exploration targets and resource pipeline

    For personal use only E42 Lodes Central Cowal (Au, North Cowal Cu) GRE46 (Au) GRE46 (Au) South E38 Central Cowal E40 E41 Extensions Marsden (Cu-Au) E46Nth E46 West (Au) E43 (Au, Cu) Eastern Cowal LogJam E42 Corridor Decoy GRE 46 Extensions Caloola E41 E and E41 W E35 E41 E and E41 Phoenix Pits (Au)

23. Slide 23: Current Ore Reserves and mine plan to 2032

    For personal use only Current Ore Reserves and mine plan to 2032 Underground development on GRE46 to commence in June 2019 half year Planning underway to achieve a consistent production rate in excess of 300kozpa for 20+years 23

24. Slide 24: Appendix

    APPENDIX 5 D Evolution MINING

25. Slide 25: Cowal Gold Mineral Resources - December 2017

    For personal use only Cowal Gold Mineral Resources - December 2017 Measured Indicated Inferred Total Resource Mineral Resource Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Cont. Cont. Metal Cont. Metal Cont. Metal Metal Au (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (

26. Slide 26: Cowal project history

    For personal use only 1988 2000 2002 2006 2015 2017 North Limited North Limited is Homestake Mining First gold is poured in Evolution Mining Mine life is extended undertakes extensive acquired by Rio Tinto merges with Barrick April 2006 acquires Cowal Gold to 2032 exploration at Lake Gold Operation

27. Slide 27: Marsden copper-gold project

    For personal use only ◼ Provides additional long term optionality ◼ Acquired from Newcrest in August 2016 ◼ Pre-feasibility Study ◼ Core across key sections re-logged ◼ Key considerations ◼ Ore processing ◼ Detailed design and scheduling ◼ Ore haulage (17km direct line to Cowal) ◼ Approvals and perm

28. Slide 28: Processing plant equipment and suppliers

    For personal use only ◼ Power supplied by AGL ◼ Mineral liberation/recovery ◼ Crushing ◼ Method: flotation, regrind, CIL of concentrate ◼ Equipment: 2 x SK1200 and 10 x OK200TC ◼ Primary crushing: Metso 54-75 Superior MK- II gyratory crusher (flotation), Metso Vertimill (VTM1000WB), 2 x Metso 355kW

29. Slide 29: Processing flowsheet

    Milling Cyclones Stockpile Pebble Flash Flotation For personal use only Ore Cells (covered) Crushers Feed Primary Crusher SAG Mill Ball Mill Flotation Cells FTL Thickener Flotation Tail CIL Cyanide Regrind Deslime Destruct Cyclones Cyclones Reactor LF Thickener TSF Concentrate CIL Cyanide Destruct R

30. Slide 30: Mining fleet and equipment

    ▪ ▪ For personal use only Haulage/mine trucks Shovels/excavators/loaders − 16 x Cat 789C Dump Trucks − 1 x Liebherr 9400 Excavator − 5 x Cat 785 Dump Trucks − 1 x Liebherr 994B Excavator ▪ Drilling equipment − 1 x Hitachi EX3600 Excavator − 3 x Atlas Copco D65 (Hired) − 1 x Hitachi EX1200 Excavator

31. Slide 31: Project Arrive Alive and Project Vital

    For personal use only Project Arrive Alive ▪ Fatigue management identified as a major operational risk ▪ Industry leading fatigue management policy and practices developed ▪ Strong emphasis on education and awareness to enable self-regulation ▪ Enhancement of rosters and journey management ▪ Support

32. Slide 32: Cowal 2017 awards

    For personal use only ◼ Mining Operation of the Year 2017 ◼ NSW Mineral Council’s Safety Excellence Award 2017 (Project Arrive Alive) ◼ SES Commissioner’s Commendation 2017 (2016 flood mitigation and relief work) ◼ Runner up in the NSW Mineral Council’s Community Excellence Award 2017 (Project Bridg

33. Slide 33: For personal use only

    For personal use only Evolution MIINTINE

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