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PowerPoint Presentation

Quarterly Results

September 2015

DISCLAIMER

Forward looking statements

• 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.

2

September 2015 quarter highlights

Addition of Cowal and Mungari significantly increases production at substantially lower average cost

• Transformational quarter - record quarterly Group gold production of 174,169 ounces (attributable) achieved at

  an average C1 cash cost of A$631 per ounce (US$458/oz)1 and AISC2 of A$882 per ounce (US$640/oz)

• Standout performance from Cowal with 46,419 ounces (attributable) from 69 days of ownership at a C1 cash cost of A$415/oz (US$301/oz) and AISC of A$524/oz (US$380/oz). Strong cash generation from Mungari with net mine cash flow of A$19.0 million from just 37 days of ownership

  Strong financial position

• Record quarter net mine cash flow of A$105.0 million - an increase of 154% quarter on quarter

• Early repayment of A$77.0 million into the Senior Secured Revolving Syndicated Facility reduced Group debt to A$530.0 million and net debt to A$481.8 million - gearing falls to a manageable 23% as at 30 September 2015

  Increasing mineral inventory

• Cowal Ore Reserve estimate increased by 40% to 2.18 million ounces gold3 and Mineral Resource estimate increased by 48% to 5.09 million ounces gold3 inclusive of Ore Reserves

  Discovery success

• Mauretania gold and copper discovery at Tennant Creek JV with Emmerson Resources (ASX:ERM): 30m grading 3.22g/t gold from 57m and 24m grading 1.07% copper from 78m in maiden drill program

• Broad, high-grade intersections returned at Cowal from resource definition drilling at Regal and Galway including: 73m (25m4) grading 4.79g/t gold from 207m (E46D3238), and 50m (17m4) grading 5.28g/t gold from 90m (1535DD24)

  Growing asset portfolio

• Unconditional takeover bid for Phoenix Gold (ASX:PXG) - Evolution currently owns and has received acceptances for 29.15%

1. All US dollar prices in this report have been calculated using the average AUD:USD exchange rate for the Sep 2015 quarter of US$0.726

2. AISC (All-in sustaining cost) includes C1 cash cost, plus royalty expense, sustaining capital expense, general corporate and administration. Calculated on per ounce sold basis

3. Full details of the Cowal Mineral Resource and Ore Reserve estimates are provided in the report entitled 'Resources and Reserves increased at Cowal' released on 26 August 2015 and is available to view on www.evolutionmining.com.au 3

4. Reported intervals are down hole widths as true widths are not currently known. An estimated true width (ETW) is provided

September quarter summary

Units	Dec quarter FY15	Mar quarter FY15	Jun quarter FY15	Sep quarter FY16
Gold produced	oz	113,280	103,305	113,821	174,169
By-product silver produced	oz	122,641	115,832	111,580	170,202
C1 cash cost1	A$/oz	692	736	690	631
All-in sustaining cost2	A$/oz	990	1,024	1,048	882
All-in Cost3	A$/oz	1,240	1,269	1,318	1,015
Gold sold	oz	117,359	103,211	111,783	179,256
Achieved gold price	A$/oz	1,428	1,562	1,533	1,559
Silver sold	oz	130,315	110,659	112,681	178,432
Achieved silver price	A$/oz	8	22	21	20

1. Before royalties and after by-product credits

2. Includes C1 cash cost, plus royalty expense, plus sustaining capital, plus general corporate and administration expense. Calculated on per ounce sold basis following transition to 'All-in' cost metric calculation to World Gold Council standards in FY16. Previously reported on a per ounce produced basis. Prior periods have not been restated

3. Includes AISC plus growth (major project) capital and discovery expenditure. Calculated on per ounce sold basis following transition to 'All-in' cost metric calculation to World Gold Council standards in FY16. Previously reported on a per ounce produced basis. Prior periods have not been restated

   4

   
   

   Improved scale and asset quality

   
   

   September quarter production ounces

   Group C1 costs, AISC1 & net mine cash flow

   
   

   Cracow Pajingo

   Mt Rawdon

   
   

   19,090

   
   

   23,890

   
   

   14,290

   9901,024

   1,048

   
   

   882

   
   

   Edna May Mt Carlton Cowal

   46,419

   
   

   24,213

   
   

   28,498

   
   

   17,769

   736

   692 691

   
   

   39.9 39.4 41.4

   
   

   631

   
   

   105.0

   Mungari

   FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1

   
   

4. Includes C1 cash cost, plus royalty expense, plus sustaining capital, plus general corporate and administration expense. Calculated on per ounce sold basis following transition to 'All-in' cost metric calculation to World Gold Council standards in FY16. Previously reported on a per ounce produced basis. Prior periods have not been restated

5




Operations

Cowal




• Standout performance with attributable gold production of 46,419oz (69 days of Evolution ownership) at C1 cash cost of A$415/oz and AISC of A$524/oz

• Costs substantially lower than

  planned due:

  • higher than anticipated grade

  • higher recoveries

  • lower capital spend

  • lower processing costs

• Net mine cash flow of A$38.9 million

• Cost guidance to be reviewed in January following a full quarter of ownership

  
  

  
  

  Production drilling at Cracow

  Cowal processing plant

  
  

  Cowal open pit October 2015: Stage g cutback looking west

  
  

  7

  Mungari

  
  

• Gold production of 19,090oz attributable (37 days of Evolution ownership) at C1 cash cost of A$690/oz; AISC of A$968/oz

• Net mine cash flow of A$19.0 million

• Plant performing at 1.7Mtpa - above nameplate capacity (1.5Mtpa) and at 97.6% utilisation

• Focus on asset integration and implementation of opportunities to unlock value

  
  

  Stage 2B cutback Stage 2A working floor

  
  

  Stage 1 pit and sump

  
  

  Mungari open pit (White Foil) October 2015 looking south to Stage 2 cutback

  
  

  First gold pour under Evolution ownership at Mungari

  8

  Cracow

  
  

• September 2015 quarter gold production of 23,890oz at C1 cash cost of A$669/oz and AISC of A$940/oz

• Continuing to improve on FY15 initiatives around scheduling, dilution management and metallurgical recovery

• Focus on production drilling to

  improve stoping flexibility in FY16

• Increased productivity achieved across production drills

  
  

  Development drilling at Cracow

  
  

  834

  50, 000

  
  

  670

  
  

  636669

  
  

  900

  
  

  
  

  600

  
  

  
  

  27,868oz

  25, 000

  
  

  
  

  23,280oz

  20,112oz

  23,890oz

  300

  
  

  
  

  0 0

  
  

  Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16

  Production gold (oz) C1 Cash Cost (A$/oz)

  9

  Edna May

  
  

• September quarter gold production of 17,769oz at C1 cash cost of A$1,315/oz; AISC of A$1,328/oz

• Unit costs increased due to lower production as a result of lower grade

• Operating costs increased due to classification of stripping activities as operating waste

• High plant utilisation (94.8%) resulted

  in record quarterly throughput

  
  

  Stage 2

  
  

  Edna May Stage 2 northern cutback looking north west October 2015

• December quarter focus on Stage 2 capital waste removal to access higher-grade ore

  
  

  50,000

  
  

  535663

  
  

  947

  1,315

  
  

  1,300

  
  

  1,000

  
  

  700

  
  

  
  

  29,906oz

  400

  
  

  25,000

  
  

  
  

  25,267oz

  22,283oz

  17,769oz

  100

  
  

  
  

  -200

  
  

  
  

  0

  
  

  Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16

  
  

  Production gold (oz) C1 Cash Cost (A$/oz)

  
  

  -500

  
  

  10

  Pajingo

  
  

• September quarter production of 14,290oz at C1 costs of A$941/oz; AISC of A$1,284/oz

• Higher costs due to the mining of lower grade areas in line with mine plan

• Net mine cash flow of A$4.7 million

• Total milling costs decreased through cost reduction initiatives

• Historic low grade stockpile being processed and achieving above plan grades

  
  

  Jumbo in operation at Pajingo

  
  

  853

  758

  
  

  842

  
  

  941

  
  

  900

  25, 000

  
  

  
  

  600

  
  

  
  

  14,118oz

  18,151oz

  15,583oz

  14,290oz

  300

  
  

  
  

  0 0

  
  

  Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16

  Production gold (oz) C1 Cash Cost (A$/oz)

  11

  Mt Rawdon

  
  

• September quarter production of 28,498oz at C1 cash of A$441/oz and AISC of A$700/oz

• Ongoing improvement initiatives around grinding and cyanide consumption delivered a 6% saving in unit processing costs

• Unit mining costs reduced to A$2.63/t - a 23% improvement over the past 12 months (FY15: A$3.41/t) due to:

  • Continued improvement in

    
    

    Mt Rawdon open pit October 2015 looking north to Stage 4 cutback - north and west walls currently being stripped

    
    

    900

    
    

    698 680

    mining productivity

  • Low fuel prices

  • Production drilling improvements

    
    

    50, 000

    
    

    25, 000

    564

    
    

    441

    
    

    600

  • Shorter haulage distances to the western waste dump from Stage 4 cutback




27,066oz

21,315oz

27,242oz

28,498oz

0




Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16




300




0




Production gold (oz) C1 Cash Cost (A$/oz)

12

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