Evolution Mining Australia’s newest mid-tier gold producer September 2012 Jake Klein – Executive Chairman Disclaimer This presentation has been prepared by Evolution Mining Limited (“Evolution Mining”) and consists of slides for a presentation concerning the company. By reviewing/attending this presentation, you acknowledge and agree the following. This presentation includes forward-looking statements. Forward-looking statements inherently involve subjective judgement and analysis and are subject to a number of risks, uncertainties, contingencies and other factors, many of which are outside the control of, and may be unknown to, Evolution Mining. As such, actual results or performance may vary materially from those expressed or implied by forward-looking statements. The types of factors that could cause such variation in actual results or performance include (without limitation) commodity prices, operational problems and general economic conditions. Given these factors, under reliance should not be placed on forward-looking statements, which speak only as at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Evolution Mining does not undertake any obligation to publicly update or revise any forward-looking statements contained in this presentation, including (without limitation) where Evolution Mining’s expectations change in relation to such statements and where there is a change in events, conditions or circumstances providing the basis for any such statement. No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability, fairness or correctness of the information contained in this presentation. To the maximum extent permitted by law, Evolution Mining and its related bodies corporate and affiliates, and each of their respective directors, officers, employees, agents and representatives, disclaim any liability or responsibility for loss or damage arising from or in connection with the use of the information contained in this presentation. Who we are Corporate Information Mt Carlton ASX Code EVN Index S&P ASX200 Shares 707.6M Last Price 1 A$1.65ps Market A$1.1B Edna May Capitalisation 2 Daily Turnover A$1.6M Cracow Cash 3 A$142.0M Debt 3 A$31.5M Cracow Gold Plant, Queensland 224,177oz at Forward Sales 3 A$1,573/oz Major Shareholder Newcrest 33% Pajingo Mt Rawdon 1. As at 28 Aug 2012 2. 3 month average as at 28 Aug 2012 3. As at 30 June 2012. Gold $2,000 Still in a gold bull market $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 Spot Gold Price (US$/oz) $400 $200 $0 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Source: IRESS Gold shares have underperformed $2,000 1.80x $1,800 1.60x $1,600 1.40x $1,400 1.20x $1,200 1.00x Gold (US$/oz) $1,000 P/NAV at Spot Gold at P/NAV 0.80x $800 Producer P/NAV At Spot Gold $600 0.60x Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Camp construction Investor frustration and anxiety is palpable Source: FactSet, Bloomberg, Stifel Nicolaus Access to capital Precious Metals Mining Equity Financings 16.0 14.0 TSX ASX 12.0 10.0 8.0 US$ billions 6.0 4.0 2.0 - 2009 2010 2011 2012 YTD Camp construction Capital has been cheap and easy Source: Thomson Reuters, CIBC World Markets What is weighing gold stocks down? Resource Nationalism Capital Blowouts Failure to Meet Guidance The new normal • Will be more accurately priced Political Risk • Australia to be re-rated favourably Capital • Key focus Discipline • Capital less freely available and more expensive Dividends • More focus on returning money to shareholders • Will be more difficult and expensive to fund single Consolidation asset companies As at 24 Aug 2012 Australian Gold Sector Market Cap (A$M) 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 500 0 Newcrest 20,808 Regis Alacer Perseus Evolution Resolute Medusa Kingsgate Change is required and is coming is and required Change is CGA Silver Lake OceanaGold Gold One Beadell St Barbara Endeavour Nthn Star Integra Allied Troy Kingsrose Saracen Gryphon Tanami PMI Gold Red 5 Norton Focus Single assetcompany Multiple assetcompany Ramelius Azimuth Intrepid Ampella Sihayo Citigold Gold Road Unity Where do you want to be? Last 5 years relative price performance 900 800 Mid-tier producers have 700 delivered best returns 600 500 400 315% Indexed price Indexed 300 272% 200 143% 100 37% - Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Global Senior Producers Global Mid-tier Producers Global Developers Gold Price Global Senior Producers: Barrick Gold Corp., Newmont Mining Corp., Newcrest Mining Ltd., Goldcorp Inc., AngloGold Ashanti Ltd. and Gold Fields Ltd. Global Mid-tier Producers: Evolution Mining, Semafo Inc., Randgold Resources Ltd., IAMGOLD Corp., African Barrick Gold PLC, Teranga Gold Corp., Avocet Mining PLC, Avion Gold Corp., Perseus Mining Ltd. and Resolute Mining Ltd. Global Developers: Keegan Resources Inc., Ampella Mining Ltd., Orezone Gold Corp., Banro Corp., Chalice Gold Mines Ltd. and Volta Resources Inc. Source: Credit Suisse Australia’s newest mid-tier producer . All assets 100% owned . Excellent exploration potential . 3.5Mozeq Ore Reserves . 7.1Mozeq Mineral Resources . Defined growth profile Evolution FY13 Production Outlook 370koz – 410koz AuEq Australia’s newest mid-tier producer Evolution created 2 November 2011 Dec Q 2011 – 89,812oz at A$698/oz Mar Q 2012 – 84,122oz at A$809/oz Jun Q 2012 – 97,149oz at A$762oz FY2012 total production of 346,979oz – within guidance FY2012 average cash cost of A$771/oz – below guidance Notes: Production represents total production i.e. assumes 100% asset ownership at all dates. Ownership interest in Cracow increased from 30% to 100% on 2 November 2011, 100% of Mt Rawdon acquired 2 November 2011, and 100% of Pajingo acquired 18 October 2011. Cash costs are before royalties and after silver credits. Australia’s newest mid-tier producer FY12 Corporate Highlights – merger delivers as planned Strong underlying profit result of A$63 million (for partial year ownership) Operations deliver record underlying EBITDA* of A$225 million Investment of A$244 million in operational predictability and growth Strong balance sheet maintained with cash of A$141.8 million EBITDA (A$k) Contribution to site EBITDA 33% 29% 20% 18% 80,000 $74M $65M 60,000 $45M $41M 40,000 20,000 0 Mt Rawdon Cracow Edna May Pajingo * Site EBITDA is before all corporate administration costs, non-recurring items and exploration expenses Cracow Consistent production – operating since 2004 Mine Type Underground Produced 102,565oz at a cash cost of A$678/oz in Minerals Gold and silver FY12 Mineralisation type Low-sulphidation epithermal FY13 outlook of 90,000 – 100,000oz at a cash Throughput 550ktpa cost of A$780 – A$820/oz Average grade 6g/t gold 120,000 Recovery 93% 101,724oz 102,565oz 90,000-100,000oz FY13 production 100,000 90,000 – 100,000oz outlook 80,000 FY13 cash cost A$780 – A$820/oz 60,000 outlook Mine Life 5 years 40,000 Production (oz) Ore Reserves 0.24Moz gold 20,000 Mineral Resources 0.9Moz gold 0 FY2011A FY2012A FY2013F Production ounces Guidance Range Pajingo Field has produced 2.6Moz since 1996 – and Mine Type Open pit and underground excellent, demonstrable exploration upside Minerals Gold remains Mineralisation type Low-sulphidation epithermal Produced 75,747oz at a cash cost of A$780/oz in FY12; a 165% increase on FY11 Throughput 650ktpa Average grade 6.2g/t UG and 3.6g/t OP FY13 outlook of 85,000 – 90,000oz at a cash cost of A$730 – $780/oz Recovery 95% FY13 production 100,000 85,000 – 90,000oz 85,000-90,000oz outlook 80,000 75,747oz FY13 cash cost A$730 – A$780/oz outlook 60,000 45,889oz Mine Life 5 years 40,000 Ore Reserves 0.14Moz gold 20,000 Production (oz) Mineral Resources 0.7Moz gold (excl. Twin Hills) 0 FY2011A FY2012A FY2013F Production ounces Guidance Range Edna May Turnaround underway; focus on reducing costs Mine Type Open pit Produced 73,264oz at a cash cost of A$949/oz in Minerals Gold and silver FY12 Reef structures and gold Mineralisation type stockwork FY13 outlook of 75,000 – 80,000oz at a cash cost of A$840 – A$890/oz Throughput 2.6Mtpa Studies to increase plant throughput to over Average grade 1.0g/t gold 3Mtpa via secondary crushing completed – with Recovery 90% positive results FY13 production Edna May Crushing Circuit 100,000 75,000 – 80,000oz outlook 75,000-80,000oz 80,000 73,264oz FY13 cash cost 65,593oz A$840-A$890/oz outlook 60,000 40,000 Mine Life 9 years 20,000 Ore Reserves 0.9Moz gold Production (oz) 0 Mineral Resources 1.7Moz gold FY2011A FY2012A FY2013F Production ounces Guidance Range Mt Rawdon Consistent production Mine Type Open pit Produced 95,403oz at a cash cost of A$684/oz in Minerals Gold and silver FY12 Mineralisation type Volcanic hosted FY13 outlook of 95,000 – 110,000oz at a cash Throughput 3.5Mtpa cost of A$600 – A$660/oz Average grade 1.0g/t gold Higher production in FY13 due to access to higher grade ore sources Recovery 90% 120,000 FY13 production 95,000-110,000oz 95,000 – 110,000oz outlook 100,000 95,403oz 89,636oz FY13 cash cost A$600-A$660/oz 80,000 outlook 60,000 Mine Life 8 years 40,000 Ore Reserves 0.9Moz gold Production (oz) 20,000 Mineral Resources 1.0Moz gold 0 FY2011A FY2012A FY2013F Production ounces Guidance Range Mt Carlton Key growth project – commissioning on Stage Construction schedule for December quarter Mine Type Open pit Project capital cost forecast of A$170-180M is Minerals Gold, silver and copper fully funded from cash and cashflow Mineralisation type High-sulphidation epithermal Mt Carlton to be the lowest cost mine in the Throughput 800,000tpa portfolio in FY2014 Average grade V2 open pit – 3.7g/t gold eq.