Slide 1: Inspired people creating a premier global gold company
Inspired people creating a premier global gold company For personal use only Macquarie Australia Conference Lawrie Conway, Managing Director and CEO 6-8 May 2025
Slide 2: Forward looking statement
Forward looking statement This presentation prepared by Evolution Mining Limited ('Evolution' or 'the Company') includes 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', 'int
Slide 3: Delivering long-term stakeholder value
Delivering long-term stakeholder value MARKET CAPITALISATION1 $17.1B For personal use only MINERAL RESOURCES2 32.7Moz gold, 4.1Mt copper ORE RESERVES2 11.5Moz gold, 1.3Mt copper FY25 PRODUCTION GUIDANCE3 710koz – 780koz FY25 AISC GUIDANCE3 $1,475/oz – $1,575/oz 24 consecutive dividends, DIVIDENDS pa
Slide 4: Why gold?
Why gold? The end of US ‘exceptionalism’ … For personal use only De-globalisation (nationalism) and de-dollarisation $13,047 Central bank buying continues as geopolitical uncertainties persist $5,075 Margin expansion rewards gold equities vs gold price Record AISC margin YTD in 2025 Margin compressi
Slide 5: Copper benefitting from energy transition years
Copper benefitting from energy transition 18 years For personal use only Average time copper discovery to production1 US$2 trillion in mining investments needed by 2050 to meet net-zero targets2 It’s not just demand Tight global mine supply and resilient demand supporting higher prices long term US
Slide 6: Copper differentiates our portfolio
Copper differentiates our portfolio 4 ~26% For personal use only of revenue from copper1 ~34% of Mineral Resources comprised of copper2 1 Ernest Henry US $0.83/lb Cu 36kt, Au 53koz Located in Cloncurry, Australia 1,3 Northparkes US $0.61/lb Cu 21kt, Au 37koz Located in Parkes, Australia 1. Based on
Slide 7: Executing a consistent strategy
Executing a consistent strategy Since inception (2011): For personal use only Continuously improving portfolio focused on margin over ounces ~3½ fold increase in group production1 16% ROI for current assets, all acquired since 2015 Mine life increased to 18 years (3-fold) 40% increase in gold Ore Re
Slide 8: Success underpinned by our people and sustainability
Success underpinned by our people and sustainability Safety – TRIF1 (12 month moving average) 9.0 For personal use only Health, Safety 8.0 7.7 7.1 and Wellbeing 5.4 5.4 31 Dec 23 31 Mar 24 30 Jun 24 30 Sep 24 31 Dec 24 31 Mar 25 FY22 FY23 FY24 Committed to reducing -7% -9% ~ -12% carbon -30% footpri
Slide 9: Disciplined allocation of capital rewarding shareholders
Disciplined allocation of capital rewarding shareholders Investors have made money on all equity funded deals For personal use only 10.0 Compound Annual Growth Rate (CAGR) 9.0 Northparkes 87% 8.0 Mungari 28% Cowal 27% 7.0 Mungari (Kundana) 26% Kundana Ernest Henry1 20% 6.0 5.0 Northparkes 4.0 Ernest
Slide 10: We have a margin advantage through-the-cycle
We have a margin advantage through-the-cycle $2,320 • Our preference of ‘margin over ounces’ resonates with shareholders For personal use only • AISC margin has improved in step with portfolio enhancement and cost management discipline • Consistent margin performance even during high inflation or lo
Slide 11: 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 16% with a further 18 years mine life up to 25% For personal use only 26-50% 100% 350 Return on investment Cowal Annual production – gold equivalent1 (koz) 300 20%+ ROI 250 Ernest Henry
Slide 12: Cowal to continue as a high return cornerstone asset
Cowal to continue as a high return cornerstone asset Open pit continuation delivers baseload feed, sweetened by underground For personal use only ▪ Extends open pit mining by 10+ years and maintains full utilisation of processing plant capacity 3 ▪ Incremental production of ~2Moz at IRR of 34 – 71%
Slide 13: There's a time for deals and a time to make money
There’s a time for deals and a time to make money Now is the time to make money… Gold spot price For personal use only ~$1,100/oz > YTD Banking the benefits of high prices Cash flow generation (avg) 842 Organic growth pipeline reduces urgency to acquire 511 Funding organic growth pipeline in timely
Slide 14: Positioned for long term success
Positioned for long term success For personal use only Set for a strong finish to FY25 Material cash flow generation expected to continue Projects driving organic growth across the portfolio Disciplined capital allocation, banking high metal prices 14
Slide 15: Appendix: FY25 guidance
Appendix For personal use only FY25 guidance
Slide 16: FY25 guidance
FY25 guidance Gold Copper Sustaining Major mine Major project Depreciation & AISC FY25 guidance production production capital development capital amortisation ($/oz)1,2 For personal use only (koz) (kt) ($M)3 capital ($M)4 ($M)5 ($/oz)2,6 Group 710 – 780 70 – 80 1,475 – 1,575 215 – 270 180 – 230 510
Slide 17: Appendix: March Quarter 2025 and FY24 financial performance
Appendix For personal use only March Quarter 2025 and FY24 financial performance
Slide 18: On track to deliver on guidance
On track to deliver on guidance All operations cash flow positive before major capital Safety – TRIF1 (12 month moving average) For personal use only 9.0 Balance sheet What have we delivered? 8.0 7.7 ✓ Record quarterly net mine cash flow at Cowal ($210M) 7.1 ✓ Ernest Henry delivered $100M net mine c
Slide 19: Deleveraging accelerating & increasing returns
Deleveraging accelerating & increasing returns Material cash flow generation Cash balance & gearing ▪ Generating high margin cash flow at $1,115/oz 33% For personal use only 30% ▪ Banking the upside of higher metal prices 25% 23% ▪ Spot price is $630/oz above March quarter achieved price 19% ▪ Furth
Slide 20: Financial performance – improving through FY25
Financial performance – improving through FY25 For personal use only Financials Units FY24 H1 FY25 H1 Change Statutory profit after tax $M 97 365 277% Underlying profit after tax $M 158 385 144% EBITDA $M 487 985 102% Underlying EBITDA $M 573 1,014 77% Underlying EBITDA margin % 43% 50% 16% Operatin
Slide 21: Cost drivers and sensitivities well known
Cost drivers and sensitivities well known H1 FY25 Key Cost Drivers1 2 For personal use only Grinding Media/ Diesel Explosives 3% 3% Reagents 4% Contract Labour 26% Royalties 5% 50 – 55 Electricity 10% 2 FY25 AISC sensitivities (A$/oz) Employee labour Other 23% 11% Maintenance Parts 15% 1. Cost drive
Slide 22: Appendix: Portfolio Overview
Appendix For personal use only Portfolio Overview
Slide 23: 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 24: Projects tracking well and delivering value
Projects tracking well and delivering value Projects driving organic growth: For personal use only ✓ Mungari plant expansion project completed ✓ 9 months ahead of schedule ✓ 9% under the original $250M budget ✓ Cowal underground achieving mining rate ✓ Annualised rate of ~2.2Mtpa in March quarter ✓
Slide 25: Ernest Henry: reliable delivery, cash generation & endowment
Ernest Henry: reliable delivery, cash generation & endowment Mine extension to ~2040 – study progressing ▪ Feasibility Study due June quarter 2025 ▪ Study scope increased - Ernie Junior drilling extending mineralisation 300m north of the For personal use only mine extension footprint, now incorporat
Slide 26: Cowal - a cornerstone asset through 2042
Cowal - a cornerstone asset through 2042 Incremental benefits Compelling economics drives investment decision For personal use only Net present value (NPV) ($M) ▪ Open pit mining extended by 10+ years and operations to 2042 2,310 875 ▪ Investment will develop three ore bodies adjacent to E42 pit Bas
Slide 27: Underground - further untapped potential at Cowal
Underground - further untapped potential at Cowal Cowal is a world class mineralised system – with an endowment of 13.3Moz to date1 For personal use only ▪ Track record of consistent, low-cost, resource replacement ~6Moz at $23/oz ($138M) ▪ Underground resource growth has the ability to create addit
Slide 28: 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 29: LOM infrastructure underpins potential growth & caving options
LOM infrastructure underpins potential growth & caving options Unlocking haulage capacity creates growth options For personal use only Future access ▪ Block cave study completed in June 2024 E22 key parameters ▪ E22 FS Block Cave outcomes presented to the Board in 2H CY24 E22 Ore Reserve (Mt) 42 Cu
Slide 30: Mungari mill – well ahead on time and budget
Mungari mill – well ahead on time and budget Processing plant: ▪ Single stage crusher, For personal use only SABC, leaching, in-pit tailings deposition ▪ Throughput 600tph Existing (4.2Mtpa) following crushing expansion SAG mill ▪ Total recovery – 93% Leaching Thickener New crushing Stockpile 30
Slide 31: Underground high-grade ore to sweeten the mill feed
Underground high-grade ore to sweeten the mill feed 5.9Moz endowment1 – 3 mining hubs in first 5 years ▪ Conventional mining method for eastern goldfields For personal use only ▪ Ore volume - ~80% open pit, ~20% underground ▪ Castle Hill ▪ Base load open pit ore feed to mill ▪ Early contractor invol
Slide 32: Resource growth/conversion options via high-grade UG options
Resource growth/conversion options via high-grade UG options ▪ High-grade drilling results at the Genesis For personal use only Genesis discovery outside of the Mineral Resource – continued growth proximal to planned underground mining fronts ▪ Drilling confirming the geological model, tracing the m
Slide 33: Looking ahead – Mungari Reserve growth strategy
Looking ahead – Mungari Reserve growth strategy ▪ Consolidated large-scale (748km2) landholding over key prospective corridors For personal use only ▪ Track record of discovery to support growth ▪ December 2023 Mineral Resource increased by 532Koz (+11%) year-on-year to 5.9Moz (net of mining depleti
Slide 34: Red Lake: focus on consistent positive cash generation
Red Lake: focus on consistent positive cash generation FY25 delivery underpinned by FY24 groundwork For personal use only ▪ Focused on positive cash generation and reliable delivery in FY25 ▪ Mined and milled ore production stabilised ~1Mtpa rate March 2025 quarter ▪ Higher grade, production and cas
Slide 35: Campbell Red Lake
Campbell Red Lake Margin over ounces focus & optimising the endowment mill Stockpiles mill Any excess ore to stockpiles Cochenour For personal use only shaft CYD Reid decline Balmer (#3) shaft shaft Services Red Lake only R zone Upper Sulphides Aviation HW7 Cochenour Campbell Lower 35
Slide 36: Mt Rawdon Pumped Hydro - Queensland Government now committed
Mt Rawdon Pumped Hydro - Queensland Government now committed Queensland government is committed to delivering For personal use only affordable, reliable and sustainable energy for QLD Mt Rawdon Pumped Hydro - one of the most advanced, lowest capital intensive pumped hydro projects in Australia Compe
Slide 37: Value creation: transitioning to pumped hydro
Value creation: transitioning to pumped hydro For personal use only Lowest risk and cost of projected pumped hydro capacity in Australia1 37 1. Based on industry analysis of comparable projects prepared by the Mt Rawdon Pumped Hydro project
Slide 38: Evolution of Evolution
Evolution of Evolution FY25 2 FY24 1 AuEq FY22 FY23 For personal use only FY20 FY21 Au FY18 FY19 Mt Rawdon FY17 Cracow Northparkes FY16 Pumped Hydro divested acquisition Kundana FY15 acquisition FY14 Ernest Edna May Red Lake acquisition FY13 Henry divested FY12 acquisition of economic Mungari intere
Slide 39: Appendix: Mineral Resources and Ore Reserves
Appendix For personal use only Mineral Resources and Ore Reserves
Slide 40: Group gold Mineral Resources at December 2023
Group gold Mineral Resources at 31 December 2023 Gold Measured Indicated Inferred Total Resource Cut-off Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal Tonnes Gold Gold Metal CP9 Project Type (g/t Au) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Grade (g/t) (koz) (Mt) Gra
Slide 41: Group gold Ore Reserves at December 2023
Group gold Ore Reserves at 31 December 2023 Gold Proved Probable Total Reserve Competent Cut-off Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Person10 Project Type Tonnes (Mt) (g/t Au) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) For personal use only Cowal1 Stock
Slide 42: Group copper Mineral Resources at December 2023
Group copper Mineral Resources at 31 December 2023 Copper Measured Indicated Inferred Total Resource Tonnes Copper Tonnes Tonnes Tonnes CP6 Copper Copper Copper Copper Copper Copper Copper Project Type Cut-off Grade For personal use only (Mt) Metal (kt) (Mt) Grade (%) Metal (kt) (Mt) Grade (%) Metal
Slide 43: Group copper Ore Reserves at December 2023
Group copper Ore Reserves at 31 December 2023 Copper Proved Probable Total Reserve CP5 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 Henry1 Underground 0.5
Slide 44: For personal use only
For personal use only