Evolution Mining : Annual General Meeting Presentation

AGM PRESENTATION

28 NOVEMBER 2019

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.

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CLEAR AND CONSISTENT STRATEGY

A portfolio of 6 to 8 assets generating superior returns with an average mine life of at least 10 years

Open to all		Build a
quality gold,	Inspired	reputation for
silver and	sustainability,
copper-gold	people	reliability and
value	creating	transparency
accretive
investments	Australia's
	Premier gold
	company	Embed
		financial
An active pipeline of	discipline
quality exploration	across the
and development	business
projects

Safety	Excellence	Accountability	Respect
			3

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	Relentlessly drive for
Corporate Governance,	operational excellence
comply with applicable laws	through an innovative culture
and regulations and operate	and inspired people
at the highest standards of	delivering to plan
financial and ethical
behaviour

OUR VALUES: SAFETY

EXCELLENCE

ACCOUNTABILITY

RESPECT

4

OUR PEOPLE

Right people, right roles - focus on excellence

• Increased role clarity and accountability for our people with our 'right level' approach to achieve operational excellence
• Delivering a sustainable talent pipeline with annual Graduate and Vacation programs
• • 50% female graduate and 39% female vacation intake
  • Targeting 50/50 gender representation in FY20
• Developing our internal talent with 33% of career opportunities awarded to our people
• Recognising and rewarding our people for innovation
• • Act Like an Owner Program
  • Explorathon
• Real time 'pulse' feedback to enhance engagement
• Enhancing our approach to diversity and inclusion
• • Continued flexible work arrangements offering
  • Women in Mining mentoring and networking forums

Inspired people creating Australia's

premier gold mining company

5

SNAPSHOT

ASX code	EVN
Market capitalisation(1)	A$6.6B
Average daily turnover(2)	A$60M
Net cash(3)	A$92M
New dividend policy	Payout of 50% of free
cash flow
FY20 production guidance(4)	725 - 775koz
FY20 AISC guidance(4)	A$940 - A$990/oz
Mineral Resources(5)	21.5Moz
Ore Reserves(5)	9.4Moz
Reserve life(5)	~10 years
Reserve price assumption	A$1,350/oz
	Van Eck 12.8%
Major shareholders(5)	La Mancha 8.9%
	BlackRock 6.9%

Cumulative Dividends (A$M) and

cents per share declared

600															9.5		10
												7.5				9
500															8
																		7
400									5
																6
300																		5
							3							459		4
200			2	2
								298				3
	1													2
							171
100			21	43	87
	7										1
0																-
		FY13		FY14		FY15		FY16		FY17			FY18		FY19
				Cumulative Dividends Declared A$M (Pre-DRP)				Cents per share

1. Based on share price of A$3.90 per share on 26 November 2019
2. Average daily share turnover for one month through to 26 November 2019
3. As at 30 September 2019
4. Excludes any FY20 production contribution from Red Lake
5. See Appendix for details on Evolution Mineral Resources and Ore Reserves at December 2018. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

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ACQUISITION OF RED LAKE GOLD COMPLEX

• 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
• Tier-1mining friendly jurisdiction
• Transaction fully funded via 100% debt
• Reserves, Resources and production per share accretive

CANADA

Red Lake gold complex

Ontario

Mineral Resources1 of 19.4Mt grading 11.2g/t for 7.0Moz Au

Ore Reserves1 of 9.2Mt grading 7.0g/t for 2.1Moz Au

1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using

the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore 7 Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

HIGH-GRADE ASSET IN ONE OF CANADA'S MOST PROLIFIC GOLD DISTRICTS

Investment phase required to rejuvenate operations and transform into cornerstone asset

• Evolution's aim is for Red Lake to become a cornerstone asset with annual production in excess of 200koz per annum at an All-in Sustaining Costs (AISC) below US$1,000 per ounce
• Under-investmentin development and exploration in recent years
• Committed three year US$100 million investment phase to recapitalise asset, increase mining rates, reduce costs and restore asset to profitable production
• Low production and elevated AISC during three year turnaround

Historical gold production (koz) AISC (US$/oz)

Goldcorp cornerstone asset	Under-investment in development	Proposed turnaround	Potential to become an
				and exploration; declining grade	phase	Evolution cornerstone asset
							1,600	Planned capital
							investment in existing	Aim is for
					1,181	988		operations	annual production
896	880	934	906	872			US$100M	>200koz
508	493	414						Exploration spend	at AISC
376					US$50M	<>1,000/oz
		324		276	160
				209	150 -
2012A	2013A	2014A	2015A	2016A	2017A	2018A	2019E		Post turnaround phase

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RED LAKE OVERVIEW

Current ownership

Location

Tenement package

Commencement year

Production

Plant capacity

CY2018A production and AISC

CY2019F production and AISC

FY2020F Evolution attributable production and AISC1

Current Life of Mine

Reserves

(as at 30 June 2018)2

Measured & Indicated

Resources

(as at 30 June 2018)2

• Newmont Goldcorp 100%
• North western Ontario, Canada
• ~460km2
• Mining operations commenced in 1949
• Gold
• 1.1Mtpa
• 276koz @ US$988/oz
• 150 - 160koz @ ~US$1,600/oz
• 30 - 35koz @ A$2,250 - A$2,400/oz
• 2032
• 9.2Mt @ 7.0g/t for 2.1Moz Au
• 19.4Mt @ 11.2g/t for 7.0Moz Au

Strong safety culture - Total Recordable Injury Frequency (TRIF)3

12 10.4

10

8

6	5.4
4.5

1. Three months attributable production to Evolution in FY2020 assuming Red Lake transaction completion on 31 March 2020. Group FY20 guidance will be updated post completion of transaction.
2. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re-certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.
3. Per million hours

4				2.3
				1.7
2
0
2015 YE	2016 YE	2017 YE	2018 YE	2019 YTD

9

KEY OPPORTUNITIES TO UNLOCK VALUE

Mining

• Improve drill and blast practices to

increase mining recovery and

• reduce dilution

• Improve mining fleet efficiency and
  effectiveness
• • Rationalisation of material
  • • 
      movement
    • Improve geological data

  management

Processing

• Optimise processing plants by

consolidating processing facilities

• • Install and commission Acacia reactor to improve gold recovery
  • Strategic blending of mill feed
• Improve utilization of existing plant
• • 
    capacity
  • Potential introduction of ore
    sorting technology

Exploration

• Significant near mine targets

identified at Red Lake, Campbell and

• Cochenour

• Large Mineral Resource with

potential to increase conversion to

• Ore Reserves

• Longer term regional exploration and
• 
  consolidation opportunities

10

10

IMMENSE REGIONAL EXPLORATION UPSIDE

Historic production of over 25Moz at +20g/t

• One of the largest, highest grade gold camps in North America with a 457km2 land package in a highly prospective district
• Mineral Resource1: 19.4Mt at 11.2g/t Au for 7.0Moz
• Ore Reserve1: 9.2Mt at 7.0/t Au for 2.1Moz
• Commitment to a US$50 million exploration expenditure over three years with a planned drill program of 100,000 metres per annum
• Significant upside identified at Red Lake - Campbell and Cochenour complexes along with excellent long term regional potential to grow the current Resource base
• Highest priority targets include:
• • Cochenour - Upper Main Zone, INCO
  • Red Lake - Aviation Complex
  • HG Young
• Strong potential to find additional high-grade ore bodies as a result of very small geometric footprint of this style of mineralisation

1. Mineral Resources and Ore Reserves of Red Lake are taken from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018, which was released by Goldcorp on 22 February 2019 and is available on www.sedar.com. Those Mineral Resources and Ore Reserves have been prepared using the Canadian NI 43-101 Standards, and are not JORC compliant (for example, under NI 43-101, Mineral Resources are reported inclusive of Ore Reserves). Evolution expects that, when it re- certifies Red Lake Mineral Resources and Ore Reserves following completion of the transaction, Ore Reserves will be revised 30% to 40% lower, using Evolution's estimation methodology and to allow for mining depletion from 1 July 2018.

11

STRONG BALANCE SHEET MAINTAINED

• Red Lake transaction funded by new debt tranche
• • 5-yearterm loan of A$600 million
  • 3-yearperformance bond facility of C$125 million
• Existing facilities renewed for 3-years
• • Revolver facility of A$360 million
  • Performance bond facility of A$175 million
• Continued strong support from banking syndicate of company with improved terms and unsecured facilities
• Modest level of gearing of ~13% expected at completion of Red Lake transaction
• Ernest Henry term loan facility to be fully repaid upon completion of transaction (A$250 million)
• Liquidity in excess of A$600 million expected at completion
• Red Lake funding allows for unchanged dividend policy
• • Payout based on group cash flow before debt
  • Targeting payout rate of 50%

Red Lake facility amortisation schedule (A$M)

	100	110	120	140
		80
50
FY20	FY21	FY22	FY23	FY24	FY25

Evolution historic gearing ratio (%)

Cowal

acquisition

32.0%			Ernest Henry
								acquisition					Red Lake
								22.0%
18.9%										acquisition
					15.7%
								14.7%
8.8%										9.5%	3.0%	~13.0%
																		1.8%
																				-1.5%
	Jul-2015	Nov-2016										Mar-2020

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DIVERSIFIED PORTFOLIO IN TIER 1 JURISDICTIONS

		Cowal	Mungari	Mt Carlton	Mt Rawdon	Cracow	Ernest Henry	Red Lake3
	Gold Reserves	3.88	0.63	0.62	0.57	0.19	0.75 Au, 136kt Cu	2.05
	(Moz) 1
	Gold Resources	7.42	2.51	0.82	1.00	0.45	1.47 Au, 387kt Cu	6.97
	(Moz) 1
	Reserve Grade	0.85	1.80	4.00	0.70	5.10	0.54 Au,1.05% Cu	6.95
	(Au g/t) 1
	FY19A Au	252	121	107	95	81	97koz Au, 21kt Cu	276
	production (koz)	(CY18)
	FY20F Au	255-265	115-125	95-105	85-90	82.5-87.5	87.5-92.5	150-160
	production (koz)2	(CY19F)
	FY20F AISC	930-980	1,230-1,280	800-850	1,490-1,540	1,200-1,250	(590)-(540)	~US$1,600
	(A$/oz)2	(CY19F)

Mt

Ernest Carlton

Henry

Mt

Mungari Cracow Rawdon

Cowal

Red Lake

Source: Data sourced from company reported figures and guidance where avaialable

1. This information is extracted from the report entitled "Annual Resources and Ore Reserves Statement" released by Evolution to the ASX on 17 April 2019 and is available to view on www.asx.com.au
2. This information is extracted from page 22 of the report entitled Citi Australia Conference Presentation released to the ASX on 16 October 2019 and is available to view on www.asx.com.au
3. Mineral Resources and Ore Reserves of Red Lake were originally extracted from Goldcorp's Mineral Resources & Ore Reserves Update as at 30 June 2018 and have been prepared using the Canadian NI 43-101 Standards. Mineral Resources are reported inclusive of Ore Reserves. Low grade stockpiles of 0.16Moz are excluded from these estimates. Mineral Resources and Ore Reserves are non-JORC compliant and are expected to be revised lower using Evolution's JORC compliant estimation methodology and to allow for mining depletion

13