Evolution Mining Limited · ASX:EVN

Evolution Mining — Shareholder Meeting (November 2015)

26 slides from Evolution Mining's shareholder meeting presentation, Nov 25, 2015

1. Slide 1: Evolution Mining AGM Presentation

   For personal use only Evolution Mining AGM Presentation 25 November 2015

2. 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

3. Slide 3: Evolution Mining overview

   Evolution Mining overview For personal use only ASX Code EVN Shares outstanding 1,454M Market capitalisation1 A$1.8B Average daily share turnover A$15M Cash2 A$58M Debt2 A$530M Forward sales (Oct-15 to Dec-19) 807,100oz at A$1,590/oz Dividend policy 2% of revenue La Mancha 31% Major shareholders Van

4. Slide 4: Diversified Australian portfolio

   Diversified Australian portfolio  All assets 100% owned For personal use only  FY16 attributable production guidance of 730,000 – 810,000oz  Low cost with FY16 guidance of A$715 – 795/oz (C1) and A$990 – 1,060/oz (AISC) Cowal Pajingo Gold Reserves (Moz) 2.18 Gold Reserves (Moz) 0.10 Gold Resource

5. Slide 5: FY15 highlights

   FY15 highlights For personal use only A 50% reduction in our lost- Record low C1 cash costs time injury frequency rate1 and Record production of of A$711/oz and AISC4 of 20% reduction in our total 437,570 gold A$1,036/oz – globally recordable injury frequency equivalent3 ounces competitive at US$554

6. Slide 6: FY15 key profit metrics

   FY15 key profit metrics Gold sales1 C1 cash cost2 For personal use only A$/oz koz (Up 11%) 800 (Down 9%) 430 427 781 780 420 760 410 740 400 390 720 711 383 380 700 370 680 360 660 30/06/2014 30/06/2015 30/06/2014 30/06/2015 EBITDA margin2 Earnings per share3 45% (Up 21%) 40% cps (Up 110%) 40% 16.00

7. Slide 7: Three pillars

   Three pillars For personal use only Creating shareholder value Operations Discovery M&A  Using science and  Created in 2011 via  Consistent delivery to technology to improve combination of Conquest guidance since creation probability of and Catalpa  Mt Carlton developed and  Emmerson JV transfo

8. Slide 8: Business Development

   For personal use only Business Development

9. Slide 9: Changing landscape

   Changing landscape For personal use only  Since April 2013  Approximately ~23% of Australia’s annual gold production (2Moz p.a.) has changed ownership  Offshore majors:  High levels of gearing  Commitments to reduce debt  Difficult to repay debt from operating cash flow  Divesting non-core Au

10. Slide 10: The transactions

    The transactions  Mungari: For personal use only  Acquire 100% of La Mancha Resources Australia for 31% of combined entity  Acquire adjoining resources and exploration package – Phoenix Gold takeover  Cowal:  Acquire 100% of Cowal mine and tenements for US$550 million cash 10

11. Slide 11: The result

    The result Old Evolution New Evolution For personal use only 66 66 102 250 Cowal 93 Mungari Cracow 78 Edna May 102 Mt Carlton 99 Mt Rawdon 99 Pajingo 150 78 93 FY15 production (koz) FY15 Pro-forma production (koz) 730,000 - 810,000 346,979 392,920 427,703 437,570 302,842 FY11 FY12 FY13 FY14 FY15 FY1

12. Slide 12: Operations

    For personal use only Operations

13. Slide 13: Cowal

    Cowal  One of Australia’s most attractive gold assets For personal use only  FY16 attributable production guidance of 215 – 240koz Au at AISC of A$860 – A$950/oz  Substantially lowers Evolution’s cost profile and materially extends mine life  Significant historical capital investment positions a

14. Slide 14: Mungari

    Mungari  Located 20km west of Kalgoorlie For personal use only  Frog’s Leg underground gold mine  White Foil open pit gold mine  Mungari CIL processing plant  Under-explored 340km2 tenement package  Mineral Resources: 2.6Moz1 Au  Ore Reserves: 0.8Moz1 Au  FY16 attributable production guidanc

15. Slide 15: Original assets continue to deliver

    Original assets continue to deliver For personal use only FY 15 actual FY16 guidance Production C1 AISC Production C1 AISC (oz) (A$/oz) (A$/oz) (oz) (A$/oz) (A$/oz) Cracow 93,064 726 1,050 85,000 – 95,000 730 – 800 1,080 – 1,150 Pajingo 65,919 787 1,163 60,000 – 65,000 810 – 890 1,180 – 1,260 Mt Raw

16. Slide 16: FY16 off to a good start

    FY16 off to a good start For personal use only September 2015 quarter  Gold production of 174,169 ounces at AISC A$882/oz  Actual full quarter of production from all seven assets totalled ~216,700 ounces  Mine cash flow of A$105.0 million post all sustaining and major capital  A$77 million of de

17. Slide 17: Improved scale and cash flow

    Improved scale and cash flow For personal use only September 2015 quarter production ounces Group C1 costs, AISC1 & net mine cash flow 500.0 480.0 1,200 460.0 440.0 1,024 1,048 420.0 19,090 400.0 23,890 990 380.0 360.0 1,000 340.0 882 320.0 300.0 14,290 280.0 260.0 736 240.0 800 46,419 692 691 220.0

18. Slide 18: Discovery

    For personal use only Discovery

19. Slide 19: Discovery highlights

    Discovery highlights  Acquisition of Puhipuhi epithermal project in New Zealand For personal use only  Successful resource definition drilling of deeper resources at Edna May and outside of current Ore Reserves at Cowal (Regal and Galway)  Drilling guided by 3D seismic has extended mineralisation

20. Slide 20: FY16 priorities

    FY16 priorities Exploration expenditure commitment of A$25 – 30 million For personal use only   Focus on new projects at Cowal, Mungari and Puhipuhi  Continued drilling to better define Camembert discovery at Pajingo  Follow up drilling at Mauretania, Tennant Creek JV  Build balanced project pi

21. Slide 21: People

    For personal use only People

22. Slide 22: Our people

    Our people  Talented and engaged workforce For personal use only  Changing mindset from “same dirt, different shirt” to “same dirt, important shirt”  Investing in developing our people  Graduate program  Guiding Our Leader’s Development program  Creating career development opportunities  Rewa

23. Slide 23: Act like an owner

    Act like an owner Support each other (Edna May) For personal use only Protecting the environment Vaughan, our Gold Room Operator, regularly (Mt Carlton) demonstrates his willingness to help out for Darryl, Justin and Chris worked with the the greater good, including shovelling eight processing and m

24. Slide 24: Evolution Mining

    For personal use only Evolution Mining ASX Code: EVN www.evolutionmining.com.au

25. Slide 25: Evolution Mineral Resources – December 2014

    Evolution Mineral Resources Dec 2014 Evolution Mineral Resources – December 2014 Gold Measured Indicated Inferred Total Resource For personal use only Gold Gold Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Tonnes Project Type Cut-Off Grade Metal Grade Metal Grade Metal Grade Metal (Mt) (Mt) (M

26. Slide 26: Evolution Ore Reserves – December 2014

    Evolution Ore Reserves Dec 2014 For personal use only Evolution Ore Reserves – December 2014 Gold Proved Probable Total Reserve Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Project Type Cut-Off Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz) Cowal1 Open p

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