Evolution Mining : BMO Metals and Mining Conference Presentation

BMO GLOBAL METALS &

MINING CONFERENCE

F E B RUA RY 2020

J A K E K L E I N - E X E C U T I V E C H A I R M A N

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.

Non-IFRS Financial Information

The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA and Underlying Profit. The non-IFRS information has not been subject to audit or review by the Company's external auditor and should be used in addition to IFRS information.

All US dollar values in this presentation are calculated using an AUD:USD exchange rate of $0.67 unless stated otherwise

2

EVOLUTION SNAPSHOT

ASX code	EVN
Market capitalisation(1)	US$5.2B / A$7.7B
Average daily turnover(2)	US$40M / A$60M
Net cash(3)	US$114M / A$170M
Dividend policy	Payout of 50% of
free cash flow

Mineral Resources(4)	15.2Moz
Ore Reserves(4)	6.6Moz
Reserve price assumption	A$1,450/oz
FY20 production guidance	725koz
FY20 AISC guidance	US$630 - US$660/oz
A$940 - A$990/oz

Dividends

(cents per share)

													6
											4
									3					7
		1	1	2			3.5	3.5
				2
1	1	1	1
	FY13		FY14			FY15		FY16		FY17		FY18		FY19		FY20 H1
				Interim (cps)				Final (cps)

1. Based on share price of A$4.51 per share on 19 February 2020
2. Average daily share turnover for one month through to19 February 2020
3. As at 31 December 2019
4. Excludes Red Lake. Further information can be found on our website,www.evolutionmining.com.auor from the ASX release entitled
   "Annual Mineral Resources and Ore Reserves Statement" on 12 February 2020

Evolution Register

Other

Asia 10%

5%

UK & Europe	Australia
12%
44%

North America	Major shareholders
Van Eck 13.1%
29%
BlackRock 7.0%
	Fidelity 5.1%	3

CLEAR AND CONSISTENT STRATEGY

A portfolio of 6 to 8 assets generating superior returns with

an average mine life of at least 10 years

Build a reputation for sustainability, reliability and transparency

Embed financial discipline across the business

An active pipeline of quality exploration and development projects

Open to all quality gold, silver and copper-gold value accretive

investments

Red Lake

Ernest Henry	Mt Carlton

Cracow		Mt	Rawdon

MungariCowal

4

H1 FY20 HIGHLIGHTS

Sector leading

financials supporting execution of strategy

• Record profit
• Record cash flow
• Strong margins
• Debt free
• Dividend doubled

Portfolio enhanced through Red Lake acquisition

• Future cornerstone asset
• Turnaround commenced
• Transaction due to complete at end of March 2020

Material improvement in mineral inventory at high margin assets

• 1.1 million ounces added at GRE46 with total Cowal resources now at 8.6Moz
• New reserves at Ernest Henry with the addition of three levels below 1200RL

5

SUSTAINABILITY PRINCIPLES

The objective of our sustainability efforts is to deliver long-term stakeholder value through safe, low-cost gold production in an environmentally and socially responsible manner

Be an employer of choice	Demonstrate robust risk	Contribute positively to local,	Actively manage climate	Protect and enhance our
attracting the most talented	management and safety	regional and national	related risks and	reputation as a trusted
people and foster a safe,	leadership	sustainability efforts by	opportunities including	partner and provide
diverse and inclusive		achieving an outstanding	improving energy efficiency	community benefits that
workplace		level of environmental	and the responsible	endure beyond the life of our
		stewardship	management of water	mines

Advance the outcomes for indigenous peoples and protect their cultural heritage

Respect the human rights of all our stakeholders

Be transparent at all levels of Corporate Governance, comply with applicable laws and regulations and operate at the highest standards of financial and ethical behaviour

Relentlessly drive for operational excellence through an innovative culture and inspired people delivering to plan

OUR VALUES: SAFETY

EXCELLENCE

ACCOUNTABILITY

RESPECT

6

SUSTAINABILITY

• Improvement in safety performance
• • TRIF reduced to 8.4 from recent peak of 9.3
• Inclusion in Dow Jones Sustainability Index Australia
• • One of only two ASX listed gold miners
• Bushfires and drought assistance
• • Donation of A$3M and ongoing support from Evolution volunteers
• Shared Value Projects
• • 11 projects approved in last 18 months to provide enduring benefits to our communities
• Diversity of our future leaders
• • Two-thirdsof 2020 graduate intake are female
• Elevating Sustainability across our business
• • Dedicated position on Leadership Team
  • Fiona Murfitt, GM Sustainability, commenced in January 2020

Group safety performance (TRIF)

		9.3
7.8	8.3	8.4

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

COWAL WATER SECURITY

Executing a water security plan to mitigate drought risk with the objective of long-term self sufficiency

• Second pipeline across Lake Cowal commissioned
• • Pumping capacity increased by ~40%
• Three additional bores in Eastern Saline Bore Field
• • Increases extraction of saline water by June 2020
• Additional bore fields identified to further de- risk supply
• Increased focus on recycled water with re-use up to 50%
• Low reliance on surface fresh water
• • Less than 20% of daily water requirement

Risk of potential water related

impact on production has

subsided

Heavy rainfall recorded at Cowal

operation in early February

Wyangala Dam level rising

Lachlan River rising

8

FY20 HALF-YEAR FINANCIAL HIGHLIGHTS

Record underlying net	Record	Earnings
profit after tax	EBITDA	per share
62% to A$149.1M	23% to A$441.2M	61% to 8.7cps

Mine operating	Net mine	Record Group
cash flow	cash flow	cash flow
32% to A$511.8M	48% to A$351.8M	119% to A$242.4M

Doubled interim	Debt free	Red Lake transaction
dividend to 7.0cps	A$300M debt repaid	funds fully
fully franked	in half-year	committed

QUALITY PORTFOLIO

• Evolution is among the highest margin producers of the top ten gold miners in the Van Eck Gold Miners Index

All-in Sustaining Cost (US$/oz)

			938	966	983	995	1,012
	894	897
880
713
564

Kirkland Lake

Evolution

Newcrest

Barrick

Gold Fields

Agnico Eagle

Newmont

Kinross

Northern Star

Anglogold Ashanti

ASX primary listing

Non-ASX primary listing

Source: Company filings

1. AISC reported for December 2019 half-year (six months) for ASX listed companies

2. AISC reported for 2019 calendar year (12 months) for non ASX listed companies. Anglogold Ashanti AISC reported for 2019 YTD to September (nine months)

3. US dollar AISC for ASX listed companies calculated using the average Dec 2019 half-year AUD:USD exchange rate of 0.6846

10

GROUP CASH FLOW

• Since July 2015
• • Operating cash flow: A$3.4B
  • Net mine cash flow: A$2.3B
  • Free cash flow: A$1.7B
  • Debt repaid: A$1.1B
  • Dividends declared: A$550M
• Strong net cash flow reflected in portion of assets repaid
• Investing in future production
• • Major capital at Cowal and Red Lake
  • Discovery expenditure and Cowal, Red Lake, Mungari and greenfields

				H1 FY20 Mine Cash Flow (A$M)
300												512		600
250	210													500
200														400
150		135										300
100						49		46		352		200
	142	129	43
50	28				100
-					-7	41	18	30				0
-50	Cowal			Ernest Mt Carlton Mungari	Mt Rawdon	Cracow EVN Group	-100
			Henry
			Net Mine Cashflow		Mine Capex	Operating Cashflow

Asset Payback

100%100%		100%100%
		88%
79%	76%	72%
59%
47%		45%
38%

Cowal	Mungari	Mt Carlton Mt Rawdon	Cracow	Ernest Henry
				FY19 H1		FY20 H1

11

SECTOR LEADING DIVIDENDS

• Committed to investing in growth and returning funds to shareholders
• Dividend policy payout of 50% of free cash flow

225		Dividends (US$ per ounce produced)
			Six months to December 2019
	95	93	78
			65
				54
					40
						25
								7	0
Evolution	Northern Star Agnico Eagle	Barrick	Newmont	Newcrest	Kirkland Lake	Gold Fields	Anglogold	Kinross
				Goldcorp				Ashanti

ASX primary listing

Non-ASX primary listing

Source: Company filings

Notes: 1. Dividends declared for December 2019 half-year (6 months) for all companies

1. Anglogold Ashanti dividend calculated using the 2018 annual dividend
2. Average AUD:USD exchange rate for the half-year of 0.6846

12

COWAL

▪	Sustainable, reliable, low cost asset
▪	Production objective >300koz p.a.
	▪ Float Tails Leach circuit
	▪	Plant expansion
	▪	2.5Moz underground resource

E46 Open Pit

E42 Open Pit	GRE46 Dalwhinnie
	Underground

▪	Underground mine Pre-Feasibility Study
▪	Stage H cutback
▪	Integrated Waste Landform

E41 Open Pits

Cowal December 2019

Resources 8.6Moz Au Reserves 3.6Moz Au

FY20 GUIDANCE

Gold production	255 - 265koz
AISC	A$930 - A$980/oz

(1) Prior to mining depletion of 1.4Moz

PERFORMANCE SINCE JULY 2015 ACQUISITION

Gold production	1.2Moz
Net mine cash flow	A$660M
Mining permit extended by 8 years	2024 → 2032
Ore Reserves increased by 3.4Moz(1)	1.6Moz → 3.6Moz gold
Plant throughput increased by ~1.8Mtpa	7.2Mtpa → 9.0Mtpa
Improved recoveries from float tails leach	+6%
Discovery of a new ore body	Dalwhinnie lode

GRE46 DALWHINNIE UNDERGROUND

• GRE46 Dalwhinnie underground resource increased by 77% from 1.4Moz to 2.5Moz
• Maiden underground Ore Reserve to be declared in CY2020
• Mineralisation remains open at depth and along strike
• Underground mine Pre-Feasibility Study commenced
• Base case mining rates of 1Mtpa with upside cases being assessed

All Mineral Resources and Ore Reserves referenced are extracted from the report entitled "Annual Mineral Resources and Ore Reserves Statement" released to the ASX on 12 February 2020 and available to view at evolutionmining.com.au. The company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement

Cowal GRE46 Dalwhinnie underground

Mineral Resource increased by 77% to 2.5Moz

Section of Cowal GRE46 underground area. Red shows the outline of the December 2018

mineable shape optimiser (MSO) outlines and yellow shows the December 2019 MSO

outlines. Planned drilling from the exploration decline is shown in blue

December 2019 Underground Mineral Resource

30Mt grading 2.6g/t for 2.5Moz Au

14

ERNEST HENRY

• History of reliable operational delivery
• Evolution's interest generated free cash flow of
  A$129M in the six months to December 2019

• Early addition of three new sub-levels to reserves
• 18,000m drill program planned for 2020 calendar year targets extensions to resources and reserves below the 1200mRL
• Evolution's interest moves to 49% of all gold, copper and silver below the 1200mRL

FY20 GUIDANCE

Gold production1	87.5 - 92.5koz
Copper production1	19 - 21kt
AISC	A$(590) - A$(540)/oz

1. Metal production is reported as Evolution's share of payable production

Dec qtr drilling campaign

Cross section of Ernest Henry looking east

at 1200mRL drill platform

15

RED LAKE ACQUISITION

• Evolution implementing plans to transform Red Lake into a cornerstone asset
• High grade, long life, underground gold mine in Canada's most prolific gold district
• Under-capitalisedasset with significant turnaround opportunity
• Outstanding exploration potential with historical head grades of +20g/t Au
• Three-yearturnaround plan underway with Evolution committed to US$100 million capital investment in existing operations and US$50 million exploration spend

CANADA

Red Lake gold mine

Ontario

Turnaround plan targeting:

Annual production >200koz

AISC<_us24_12c_000>

16

RED LAKE UPDATE

Exploration

• Immense exploration potential a
  key driver of the acquisition
• Drilling has commenced with 5 rigs focused on Cochenour and Red Lake
• • Ramping up to 6 - 8 rigs by
    April 2020
  • Initially targeting near mine

  resource definition and

  extensional drilling

Mining

• Mining plan will focus on large
  high productivity zones
• Commenced work to return to historical ore production rates by increasing development rates to 1,000m per month
• Decommission excess fixed assets and mobile equipment
• Invest in larger scale mining
  fleet

Processing

• • Improve reliability and
    utilisation of Campbell Mill
• Red Lake Mill to be put on care and maintenance; available for batch treating as required
• • Upgrade oxygen plant and thickener feedwell to reduce

processing consumable costs

17

17

RED LAKE PLANNED DRILLING

Cochenour Shaft

Reid Shaft

#3 Shaft

Surface

CAMPBELL

High Speed Tram (HST)

	▪ Drilling has commenced with 5 rigs
	focused on Cochenour and Red Lake
COCHENOUR	▪ FY21 resource definition and discovery
	budget of A$20 - 25 million for
	1000m
	approximately 100,000 drill metres
			Composite Long Section

UPPER RED

LAKE

LOWER RED

LAKE

-1000mbs

-2000mbs

Planned resource definition	Mineralisation	Existing mine
and discovery drilling	wireframes	development

18

SUMMARY

Sector leading	Portfolio enhanced	Material improvement
financials supporting	through Red Lake	in mineral inventory
execution of strategy	acquisition	at high margin assets

19

FY20 GUIDANCE: PRODUCTION, COSTS & CAPITAL

	Gold production1	All-in	Sustaining	Major Capital
FY20 Guidance	Sustaining Cost2	Capital
	(oz)	(A$/oz)	(A$M)	(A$M)
Cowal	255,000	- 265,000	930	- 980	25 - 35	130	- 155
Mungari	115,000 - 125,000	1,230	- 1,280	10 - 15	10	- 15
Mt Carlton3	70,000	- 75,000	1,150	- 1,225	20 - 25	50	- 60
Mt Rawdon4	80,000	- 85,000	1,490	- 1,540	10 - 15	10 - 12.5
Cracow	82,500	- 87,500	1,200	- 1,250	15 - 20	10 - 12.5
Ernest Henry	87,500	- 92,500	(590)	- (540)	10 - 15
Corporate			45	- 50	0 - 5
Group	Around 725,000	940	- 990	90 - 130	195	- 235
Ernest Henry (Cu t)	19,000	- 21,000			Towards Bottom	Towards Top
Mt Carlton (Cu t)	2,000	- 3,000

1. Original Group production guidance: 725,000 - 775,000 ounces
2. Original Group AISC guidance of A$890- A$940/oz was based on a gold price of A$1,750/oz and copper price of A$8,800/t Group AISC guidance was revised A$50/oz higher to A$940 - A$990/oz on 15 October 2019 comprising of:
3. • A$20/oz increase due to revised metal price assumptions of gold A$2,100/oz and copper A$8,400/t which impact royalties and by-product credits
   • A$30/oz increase due to pit wall stability issues at Mt Rawdon requiring a revised mine plan
4. Mt Carlton original guidance was 95,000 - 105,000 ounces at an AISC of A$800 - A$850/oz
5. Mt Rawdon original guidance was 90,000 - 100,000 ounces at an AISC of A$1,210 - A$1,260/oz

FY20 GUIDANCE - CAPITAL

Major project capital items

• Cowal:

◼	Stage H cut-back	A$	75	- 85M
◼	IWL	A$	35	- 40M
◼	Process plant projects & Other	A$	5	- 10M
◼	Underground Design and PFS Study	A$	15	- 20M

• Mt Carlton:

◼	Underground development	A$	30	- 35M
◼	Open pit mine development	A$	15	- 20M
◼	Plant Optimisation	A$	5	- 10M

• Mungari:

	◼	Mine Development	A$	7	- 10M
	◼	Cutters Ridge	A$	3	- 5M
◼	Mt Rawdon:
	◼	Mine Development & LOM Buttress	A$	10	- 12.5M
◼	Cracow:
	◼	Underground development	A$	10	- 12.5M

	Sustaining	Major Capital
FY20 Guidance	Capital
(A$M)
	(A$M)
Cowal	25 - 35	130	- 155
Mungari	10 - 15	10	- 15
Mt Carlton	20 - 25	50	- 60
Mt Rawdon	10 - 15	10 - 12.5
Cracow	15 - 20	10 - 12.5
Ernest Henry	10 - 15
Corporate	0 - 5
Group	90 - 130	195	- 235
	Towards Bottom	Towards Top

22

EVOLUTION 2019 GOLD MINERAL RESOURCES

	Gold			Measured			Indicated			Inferred		Total Resource
			Tonnes	Gold	Gold	Tonnes	Gold	Gold	Tonnes	Gold	Gold	Tonnes	Gold	Gold	CP3
Project	Type	Cut-Off	Grade	Metal	Grade	Metal	Grade	Metal	Grade	Metal
(Mt)	(Mt)	(Mt)	(Mt)
			(g/t)	(koz)	(g/t)	(koz)	(g/t)	(koz)	(g/t)	(koz)
Cowal	Open pit	0.35	-	-	-	164.15	0.87	4,602	21.09	0.92	626	185.25	0.88	5,229
Cowal	Stockpile		42.79	0.63	860	-	-	-	-	-	-	42.79	0.63	860
Cowal	UG	1.5	-	-	-	6.79	3.03	661	22.93	2.50	1,842	29.72	2.62	2,502
Cowal	Total		42.79	0.63	860	170.94	0.96	5,263	44.02	1.74	2,468	257.76	1.04	8,591	1
Cracow1	Total	2.2	0.33	7.99	84	0.74	5.88	141	1.48	2.54	121	2.55	4.21	345	2
Mt Carlton	Open pit	0.35	-	-	-	3.55	2.04	233	0.40	1.12	14	3.96	1.90	247
Mt Carlton	Stockpile		0.35	1.06	12	4.84	0.54	84	-	-	-	5.19	0.58	96
Mt Carlton	UG	2.55	-	-	-	0.45	4.83	70	0.04	3.28	5	0.50	4.70	75
Mt Carlton	Total		0.35	1.06	12	8.85	1.36	387	0.45	1.33	19	9.64	1.35	418	3
Mt Rawdon1	Total	0.17	6.44	0.37	76	36.86	0.65	769	12.93	0.52	217	56.23	0.59	1,062	4
Mungari1	Open pit	0.5	0.58	1.30	24	38.38	1.22	1,508	6.49	1.52	317	45.45	1.27	1,849
Mungari	UG	1.8	0.53	5.34	91	1.77	3.28	187	3.17	2.77	283	5.47	3.18	560
Mungari1	Total		1.11	3.22	115	40.15	1.31	1,695	9.66	1.93	600	50.92	1.47	2,409	5
Ernest Henry2	Total	0.9	7.70	0.65	161	47.90	0.62	950	9.00	0.61	177	64.60	0.62	1,288	6
Marsden	Total	0.2	-	-	-	119.83	0.27	1,031	3.14	0.22	22	122.97	0.27	1,053	7
Total			58.72	0.69	1,307	425.27	0.75	10,236	80.68	1.40	3,624	564.67	0.84	15,167

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

Mineral Resources are reported inclusive of Ore Reserves.

1 Includes stockpiles 2 Ernest Henry Operation cut-off 0.9% CuEq

3Group Mineral Resources Competent Person (CP) Notes refer to 1. James Biggam; 2. Michael Smith; 3. Chris Wilson; 4. Tim Murphy; 5. Andrew Engelbrecht; 6. Colin Stelzer (Glencore); 7. Michael Andrew

Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2019" released 4 February 2020 and available to view at www.glencore.com. The Company confirms that it is not

aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver

produced from an agreed area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. The Ernest Henry Resource is reported here on the basis of economic interest and not the entire mine resource. The above reported
figures constitute 79.5% of the total Ernest Henry gold resource.	23

EVOLUTION 2019 GOLD ORE RESERVES

	Gold			Proved			Probable			Total Reserve
Project	Type	Cut-Off	Tonnes (Mt)	Gold Grade	Gold Metal	Tonnes (Mt)	Gold Grade	Gold Metal	Tonnes	Gold Grade	Gold Metal	CP3
(g/t)	(koz)	(g/t)	(koz)	(Mt)	(g/t)	(koz)
Cowal	Open pit	0.45	-	-	-	89.43	0.96	2,773	89.43	0.96	2,773	1
Cowal	Stockpile		42.79	0.63	860	-	-	-	42.79	0.63	860
Cowal	Total		42.79	0.63	860	89.43	0.96	2,773	132.22	0.85	3,634	1
Cracow1	Underground	3.1	0.39	5.95	74	0.21	5.67	38	0.61	5.78	114	2
Mt Carlton	Open pit	1.8	-	-	-	1.51	3.58	174	1.51	3.58	174	3
Mt Carlton	Stockpile		0.35	1.06	12	4.84	0.54	84	5.19	0.58	96	3
Mt Carlton	Underground	3.2	-	-	-	0.36	3.44	40	0.36	3.44	40	4
Mt Carlton	Total		0.35	1.06	12	6.71	1.38	299	7.06	1.37	311
Mt Rawdon1	Open pit	0.24	3.73	0.45	53	20.92	0.72	485	24.65	0.68	538	5
Mungari1	Open pit	0.75	0.58	1.28	24	10.55	1.40	476	11.12	1.40	500
Mungari	Underground	2.9	0.43	4.05	56	0.07	5.35	12	0.50	4.25	68
Mungari1	Total		1.01	2.47	80	10.62	1.43	489	11.63	1.52	568	6
Ernest Henry2	Underground	0.9	6.10	0.80	156	33.40	0.47	505	39.40	0.52	660	7
Marsden	Open pit	0.3	-	-	-	65.17	0.39	817	65.17	0.39	817	4
		Total	54.37	0.71	1,235	226	0.74	5,406	281	0.74	6,642

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding 1 Includes stockpiles

2 Ernest Henry Operation cut-off 0.9% CuEq

3Group Ore Reserve Competent Person (CP) Notes refer to 1. Ryan Kare; 2. Matt Gray; 3. Sam Patterson; 4. Anton Kruger; 5. Mark Boon; 6. Ken Larwood; 7. Mike Corbett (Glencore);
Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2019" released 4 February 2020 and available to view at www.glencore.com. The Company confirms that
it is not aware of any new information or data that materially affects the information included in the Reports and that all material assumptions and parameters underpinning the estimates in the Reports continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of
future copper and silver produced from an agreed life of mine area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. Ernest Henry Reserve is reported here on the basis of economic interest and not the	24
entire mine reserve. The above reported figures constitute 89.5 % of the total Ernest Henry gold reserve.

EVOLUTION 2019 COPPER RESERVES & RESOURCES

Group Copper Mineral Resource Statement

	Copper				Measured						Indicated				Inferred				Total Resource
			Cut-	Tonnes	Copper	Copper		Tonnes		Copper	Copper	Tonnes		Copper		Copper	Tonnes		Copper	Copper	CP3
Project	Type		Metal			Metal			Metal		Metal
	Off	(Mt)	Grade (%)			(Mt)		Grade (%)	(Mt)		Grade (%)		(Mt)		Grade (%)
			(kt)				(kt)				(kt)		(kt)
Marsden	Total		0.2	-	-	-			119.83			0.46	553	3.14		0.24			7	122.97		0.46		560	1
Ernest Henry2	Total		0.9	2.60	1.17	30			20.90			1.16	243	7.10		1.16			83	30.60		1.16		356	2
Mt Carlton1	Open pit		0.35	0.35	0.21	1			3.55			0.36	13	0.40		0.18			1	4.30		0.33		14
Mt Carlton	Underground		2.55	-	-	-			0.45			0.77	3	0.04		0.53			0	0.50		0.75		4
Mt Carlton1	Total			0.35	0.21	1			4.01			0.41	16	0.45		0.21			1	4.80		0.38		18	3
			Total	2.95	1.04	31			144.74			0.56	812	10.69		0.85			91	158.37		0.59		934
					Group Copper Ore Reserve Statement
	Copper					Proved						Probable					Total Reserve
				Cut-		Copper	Copper			Copper	Copper		Copper	Copper	CP3
Project		Type	Tonnes (Mt)	Grade	Metal	Tonnes (Mt)	Grade	Metal	Tonnes (Mt)	Grade	Metal
	Off
					(%)			(kt)			(%)		(kt)					(%)		(kt)
Marsden				0.3	-				-			-	65.17	0.57		371		65.17	0.57		371	1
Ernest Henry2	Total			0.9	1.80			1.50			27	13.20	0.93		123		15.10	1.00		150	2
Mt Carlton1	Open pit	1.8	0.35			0.21			1	1.51	0.61		9		1.86	0.54		10	3
Mt Carlton	Underground	3.2	-				-			-	0.36	0.39		1		0.36	0.39		1	1
Mt Carlton1	Total				0.35			0.21			1	1.88	0.57		11		2.22	0.51		11
				Total	2.15			1.29			28	80.25	0.63		505		82.49	0.65		532

Group Mineral Resources Competent Person3 (CP) Notes refer to: 1. Michael Andrew; 2. Colin Stelzer (Glencore); 3 Chris Wilson. Group Ore Reserve Competent Person3 (CP) Notes refer to: 1. Anton Kruger; 2. Mike Corbett (Glencore). 3. Sam Patterson; The following notes relate to the tables above. Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding. Mineral Resources are reported inclusive of Ore Reserves. Evolution cut-off grades are reported in g/t gold. 1 Includes stockpiles 2 Ernest Henry Operation cut-off 0.9% CuEq

Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled "Glencore Resources and Reserves as at 31 December 2019" released 4 February 2020 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Reports. Evolution Mining has an economic interest earning rights to 100% of the revenue from future gold production and 30% of future copper and silver produced from an agreed life of mine area, and 49% of future gold, copper and silver produced from the Ernest Henry Resource outside the agreed area. Ernest Henry Reserve is reported here on the basis of economic interest and not the entire mine reserve. The above reported figures constitute 37.4% of the total Ernest Henry copper resource and 33.9 % of the total

Ernest Henry copper reserve.

25

H1 FY20 EBITDA MARGINS

• High margin at long life assets of Cowal (59%) and Ernest Henry (69%)
• Continued improvement at Mungari and Cracow
• Margin at Mt Carlton and Mt Rawdon expected to improve in second half
• Group margin consistently around 50%
• Strong net cash generation by assets reflected in portion of asset repaid

Site EBITDA Margin

FY19 H1

FY20 H1

52%	59%	65%	69%	58%						54%
						46%
				45%	31%		34%	40%
					27%
Cowal	Ernest Henry Mt Carlton	Mt Rawdon	Mungari	Cracow

Group EBITDA Margin (%)

FY20 H1	49%
FY19	48%
FY18 (1)	53%
FY17 (1)	49%
FY16	46%

Asset Payback

		FY19 H1	FY20 H1
		100%100%	76% 88%	100%100%
79%				72%
59%		47%			45%
	38%
Cowal	Mungari Mt Carlton Mt Rawdon Cracow	Ernest
					Henry

(1) FY18 excludes Edna May, FY17 excludes Pajingo	26

H1 FY20 MINE OPERATING COSTS - KEY DRIVERS

• Operating costs being well controlled with heavy focus on top 7 cost categories
• Labour cost and royalties account for net change in operating costs
• Employee labour rates moved within the 3½% - 4½% guided range
• Other cost changes minimal and offset each other
• Still seeing input cost reduction opportunities in a number of consumables

		Mine Operating Costs (A$M)	(1)
		5.2	0.6	2.3	386.1
	7.9	2.6			0.5
371.6		(0.2)			(4.4)

Mine	Employee	Contract	Maintenance Royalties	Power	Reagents	Diesel	Other	Mine
Operating	Labour	Labour	Parts					Operating
Costs -								Costs -
December								December
2018								2019

FY20 H1 Key Cost Drivers (2)

Other
20%	Employee
	Labour
	27%
Diesel
5%
Reagents
5%
Power	Contract
7%	Labour
	17%

RoyaltiesMaintenance

8% Parts

11%

(1)	Excludes Inventory Movements (FY19 H1 A$6.1M; FY20 H1 A$33.1M)
(2)	Excludes Ernest Henry but includes Group Overheads and Discovery costs	27

MUNGARI

• Strategic footprint in world-class gold district
• 10-yearbase load production platform
• Plant throughput increased to 2.0Mtpa
• Studies ongoing to optimise the Life of Mine plan to maximise the 2.5Moz Mineral Resource base
• 19.9% interest in Tribune Resources
• Continued commitment to discovering high grade ounces with FY20 exploration budget of A$15 - 20M

FY20 GUIDANCE

Gold production	115 - 125koz
AISC	A$1,230 - A$1,280/oz

28

QUEENSLAND OPERATIONS

FY20 GUIDANCE	MT CARLTON	CRACOW	MT RAWDON
Gold production	70 - 75koz	82.5 - 87.5koz	80 - 85koz
AISC	A$1,150 -	A$1,200 -	A$1,490 -
A$1,225/oz	A$1,250/oz	A$1,540/oz

QUEENSLAND EXPLORATION

Drummond Exploration Project (Evolution earning 80%)

• Early-stageepithermal (low-sulphidation) vein project (520km2)

Connors Arc Exploration Project (Evolution 100%)

• Large land package (3,500km2) prospective for low (e.g. Cracow) and high sulphidation (e.g. Mt Carlton) epithermal deposits

29

TRANSFORMATION AND EFFECTIVENESS PIPELINE

Operating

Development Projects

Trial Phase

Conceptual/Scoping

Idea

Production Optimiser | Data Lake | Float Tails Leach | HIG Mill | Tele-remote drilling | OLGA | Geo - Seismic data link | Visual Performance Centres - Collaboration Hub | Titan (excavator load monitoring) | Chrysos- Gamma activated assay | Carbon Scout | HoloLens | Obzervr (AM App)

Glycine Leaching | Ore Sorting | OEE | MiOps Fleet Management

Ore Pre-Benefication | Virtual Curtain | Production In hole tracking | InSar monitoring | AI (geotech / geology, processing, asset management)

Nano Filtration | Automation | Expanded Drone Usage | Electric/Autonomous UG Equipment | Pump Hydro | Haulage Alternatives | E-ISL | Imdex BlastDog technology

In Mine Recovery | Renewable Energy Options | CN

Resin Recovery | PGNAA | On Demand Ventilation |

Seismic TSF Monitoring | Remote Fan Hanger | RedT

Energy Storage

Notes:
HIG - High intensity grinding mill. OLGA - On-line gold analyser. E-ISL denotes Electrokinetic in-situ leaching.. InSar denotes satellite monitoring of ground deformation, PGNAA denotes Prompt Gamma Neutron Activation	30
Analysis, BlastDog: Multi variable/high precision OP blast hole probe technology, RedT Energy Storage: Vanadium redox low risk off grid energy storage

M&A STRATEGY

• The rules are simple:
• • Improve the quality of the portfolio
  • Logical
  • Value accretive
  • Opportunistic
• But delivery is not simple. It requires the ability to:
• • Recognise the opportunity
  • Execute the transaction
  • Integrate acquired assets

Improve portfolio quality

Remain disciplined

31