Global Metals, Mining & Steel Conference 2017 May 2017 Jake Klein – Executive Chairman
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”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. � Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. � Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. � Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. � All US dollar values in this presentation are calculated using an AUD:USD dollar exchange rate of US$0.75 unless otherwise stated 2
Executing a clear and consistent strategy � Low risk, first world, politically stable jurisdiction Australia � Highly skilled mining workforce � 6 – 8 asset portfolio to ensure focus is maintained Mid-tier � Five consecutive years of reducing All-in Sustaining Costs Low cost � Among the lowest cost gold producers in the world � Five consecutive years of meeting production and cost guidance Reliability � Peer leading free cash flow per ounce generation Strong returns � Capital growth and increasing dividends Strong cash flow funding near mine and regional exploration � Growth Delivering value accretive acquisitions to improve portfolio quality � Building a business that prospers through the cycle 3
Overview ASX code EVN Shares outstanding 1,683M Market capitalisation (1) A$3,685M / US$2,765M Average daily share turnover (2) A$25M / US$19M Net debt (3) A$541M / US$406M Forward sales (3) 518,992oz at A$1,639/oz Dividend policy 4% of revenue Major shareholders La Mancha 28% (4) , Van Eck 8% Group gold production (ounces) 830,000 – 820,000 – 800,000 – 890,000 803,476 880,000 860,000 437,570 427,703 392,920 280,401 FY12 FY13 FY14 FY15 FY16 FY17F FY18F FY19F (3) As at 31 March 2017 (1) Based on share price of A$2.19 per share on 8 May 2017 (4) Relevant Interest 4 (2) Average daily share turnover for three months through to 8 May 2017
Upgrading the quality of our asset portfolio $1,800 Bubble size represents FY17F (Gold price of A$1,700/oz less FY17F AISC guidance) (1) production guidance (1) $1,600 Ernest Henry Current indicative AISC margin (A$/oz) $1,400 Group Reserve life > 8 years $1,200 Mt $1,000 Carlton $800 Cowal Mt Mungari Rawdon Edna $600 May Cracow Pajingo $400 $200 - 2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs 14 yrs Indicative reserve life based on FY17 production level (1)(2) Source: Data sourced from company reported figures and guidance where available. Keep to this font and colour for pictures (1) This information is extracted from the report entitled “FY16 Preliminary Results, FY17 Guidance and FY19 Outlook” released b y Evolution to ASX on 28 June 2016 and is available to view on www.asx.com.au (2) This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evol ution to ASX on 20 April 2017 and is available to view on www.asx.com.au 5
Australia’s 2 nd largest gold miner Ernest Henry (5)(6) Cowal (100%) (Evolution economic interest) � Gold Reserves 2016 (Moz) (1) 3.20 � Reserves 2016 (7) 0.96Moz Au, 182kt Cu � Gold Resources 2016 (Moz) (1) 5.04 � Resources 2016 (7) 1.73Moz Au, 315kt Cu � Reserve Grade 2016 (Au g/t) 0.85 � Reserve Grade 2016 (7) 0.50g/t Au, 1.02% Cu � FY16A Au Production (koz) 238 � CY15A Production 88koz Au � FY17F Au Production (koz) (2) 245 – 260 � FY16A Production (3) 88koz Au � FY17F AISC (A$/oz) (2) 885 – 945 � FY16A AISC (4) A$(59)/oz payable Au Ore Reserves: 7.0Moz Mineral Resources: 14.2Moz Mt Carlton (100%) Mungari (100%) Gold Reserves 2016 (Moz) (1) 0.60 � Gold Reserves 2016 (Moz) (1) 0.73 � � Gold Resources 2016 (Moz) (1) 2.73 � Gold Resources 2016 (Moz) (1) 0.98 � Reserve Grade 2016 (Au g/t) 4.7 � Reserve Grade 2016 (Au g/t) 2.2 � FY16A Au Production (koz) 137 � FY16A Au Production (koz) 113 � FY17F Au Production (koz) (2) 150 – 160 � FY17F Au Production (koz) (2) 90 – 100 FY17F AISC (A$/oz) (2) 970 – 1,030 � FY17F AISC (A$/oz) (2) 675 – 725 � Mt Rawdon (100%) Edna May (100%) � Gold Reserves 2016 (Moz) (1) 0.87 Cracow (100%) � Gold Reserves 2016 (Moz) (1) 0.43 � Gold Resources 2016 (Moz) (1) 1.19 � Gold Resources 2016 (Moz) (1) 0.85 Gold Reserves 2016 (Moz) (1) 0.19 � � Reserve Grade 2016 (Au g/t) 0.8 � Reserve Grade 2016 (Au g/t) 1.6 � Gold Resources 2016 (Moz) (1) 0.52 � FY16A Au Production (koz) 85 � FY16A Au Production (koz) 71 � Reserve Grade 2016 (Au g/t) 5.7 � FY17F Au Production (koz) (2) 90 – 100 � FY17F Au Production (koz) (2) 80 – 85 � FY16A Au Production (koz) 91 � FY17F AISC (A$/oz) (2) 960 – 1,040 � FY17F AISC (A$/oz) (2) 1,140 – 1,220 � FY17F Au Production (koz) (2) 80 – 85 FY17F AISC (A$/oz) (2) 1,100 – 1,160 � Keep to this font and colour for pictures See slide 24 for footnotes and the appendix of this presentation for further information on Mineral Resources and Ore Reserves Bubble size denotes FY17 forecast production 6 Mineral Resources and Ore Reserves are depleted to 31 December 2016
Cowal March July Evolution 2015 Performance 2017 MINING MINING + 8 years 2024 2032 PERMIT TO PERMIT TO 2014 + 2.28Moz 2 1.56Moz 1 2016 3.20Moz 3 RESERVES RESERVES + 2.24Moz 2 3.43Moz 1 2014 MINERAL 2016 MINERAL 5.04Moz 3 RESOURCES RESOURCES July 2015 – March 2017 GOLD 439koz PRODUCTION ADDITIONAL UPSIDE PURCHASE NET MINE A$703M - CO-TREAT OXIDES A$292M - INCREASE THROUGHPUT CASH FLOW PRICE - E41, E46, GALWAY/REGAL DISCOVERY A$22.2M SPEND 1. Barrick (Australia Pacific ) Pty Limited estimate depleted to 31 December 2014 - refer to ASX release 26 Aug 2015 entitled “Resources and Reserves Increased at Cowal ” available to view at www.asx.com.au 2. Prior to mining depletion 7 3. Depleted to 31 December 2016
Additional opportunities at Cowal � Assessing further asset enhancement opportunities including: E46 � Co-treatment of high-grade oxide stockpiles to bring forward treatment E46 East � Increased gold production of 10 – 12koz per annum � Secondary crushing E42 � Increase throughput to 9.0 – 9.5Mtpa to bring forward Galway/Regal treatment of low-grade Open at depth stockpiles E41 West � Continued drilling to convert significant mineral endowment outside of existing reserves E41 East � E46, E41, Galway and Regal Cowal gold mineralisation and E42 open pit outline 8
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