Evolution Mining : BAML 2020 Global Metals, Mining and Steel Conference Presentation

Inspired people creating a premier global mid-tiergold company

BAML 2020 GLOBAL METALS,

MINING AND STEEL CONFERENCE

13 MAY 2020

LAWRIE CONWAY - FINANCE DIRECTOR AND CFO

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.

Foreign Exchange

All US dollar values in this presentation are calculated using an AUD:USD exchange rate of $0.66 unless stated otherwise.

This presentation has been authorised for release to the ASX by Jake Klein, Executive Chairman.

2

EVOLUTION SNAPSHOT

ASX CODE	EVN
MARKET CAPITALISATION (1)	US$6.2B / A$9.4B
AVERAGE DAILY TURNOVER(2)	US$53M / A$80M
NET DEBT(3)	US$218M / A$330M
DIVIDEND POLICY	Payout of 50% of
free cash flow
SHAREHOLDER RETURNS

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$5.51 per share on 11 May 2020
2. Average daily share turnover for one month through to 11 May 2020
3. As at 23 April 2020. Bank debt of A$570 million less cash of A$240 million
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
5. Excludes Red Lake which is guided to produce ~25,000oz at an AISC of A$2,100 - A$2,300/oz in the June 2020 quarter

MINERAL RESOURCES(4)	15.2Moz
ORE RESERVES(4)	6.6Moz
RESERVE PRICE ASSUMPTION	A$1,450/oz
FY20 PRODUCTION GUIDANCE(5)	Around 725koz
FY20 AISC GUIDANCE(5)	US$660/oz /
A$990/oz
EVOLUTION REGISTER
Other
Asia 10%
5%
UK & Europe	Australia
12%
44%
	Major shareholders
	Van Eck 11.9%
	BlackRock 8.3%
	Fidelity 5.7%
North America
29%	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

COVID-19

APPROACH

• No Evolution employee or
  contractor has tested positive to COVID-19
• No material impact on operations
• Protocols developed to minimise risk:
• • Restricting travel
  • Extending rosters & relocating employees
  • Suspending most greenfields projects
  • Social distancing
  • Flexible working arrangements
  • Additional paramedics hired
  • Daily temperature testing on site
  • Regular communication
• Support for our communities
• • Providing educational materials
  • Donating PPE and hand sanitisers to hospitals
  • Offering temporary employment
  • Providing iPads to aged care facility

PEOPLE

• Driven by our values of safety, excellence, accountability and respect
• Continued discipline with health and safety practices
• Sound reporting culture

STRUCTURE

• Roles and responsibilities appointed
• Daily meetings of Crisis Management Team
• Central storage of all data and information

PROCESS

• Risk assessments and Triggered Action Response Plans (TARPs) with ongoing review
• Supply Chain regularly reviewed
• Scenarios modelled through the cycle
• • People and site response
  • Commercial and financials

COMMUNICATION

▪	Internal - Our people
	and contractors
▪	External - Communities,
	Government, Industry

5

MARCH 2020 QUARTER HIGHLIGHTS

Sector leading cash

flow per ounce

• Mine operating cash flow A$257.4M
• Net mine cash flow A$159.7M
• Group free cash flow A$111.5M
• Dividend paid A$119.3M

Consistent

operational delivery

• No material impact from COVID-19
• Gold production 165koz
• AISC of A$991/oz (US$652/oz)

Value accretive

growth

• Red Lake transformation
• Cowal underground
• Mungari discovery
• Ernest Henry drilling

6

GROUP CASH FLOW

• Current liquidity A$600M
• • Cash A$240M(1)
  • Undrawn revolver A$360M
• Since July 2015
• • Operating cash flow: A$3.7B
  • Net mine cash flow: A$2.5B
  • Free cash flow: A$1.8B
  • Debt repaid: A$1.1B
  • Dividends paid: A$550M
• Investing in future production
• • Major capital at Cowal and Red Lake
  • Discovery expenditure and Cowal, Red Lake, Mungari and greenfields

	299			FY20 YTD Mine Cash Flow (A$M)
300																769		900
																	800
250
		197														700
200
																		600
150																			500
						86								400
100			188	78				300
176	63
					46				511
50																200
					73
						57				100
-												27
						-10									Evolution		0
		Cowal		Ernest Henry		Mt Carlton Mungari		Mt Rawdon Cracow
-50					Net Mine Cashflow		Mine Capex		Operating Cashflow					-100

Asset Payback

Mar-19Mar-20

	100% 100%	100% 100%
		91%
82%	78%	79%

61%	56%
	52%
	37%

Cowal

Mungari

Mt Carlton

Mt Rawdon

Cracow

Ernest Henry

(1) As at 23 April 2020

7

RED LAKE UPDATE

2020 monthly development metres	Executing turnaround plan to transform Red Lake
				860	into a cornerstone asset within three years
		755				Objective:
635	597				Annual production >200koz
					AISC<_us24_12c_000>
January	February	March	April
Initiative	Leadership team		Development metres	Hoist automation	One mill strategy	Oxygen plant
restructure		(1,000m+ per month)	upgrade
Timing	Completed			Ongoing	March 2021 quarter	Commenced	June 2021 quarter
					A$2M per annum	A$5M+ per annum
				Increase production		A$250k per annum
	A$2M per annum		Campbell Mill major
		IRR ~35%
		(~15%)
Benefit				Extend mine life	shutdown in April 2020
Reduction of 6 FTEs
	Reduce AISC	Reduction of 12	Red Lake Mill to C&M	Increased recoveries
				FTEs
					from FY21
						8

RED LAKE DRILLING

Cochenour Shaft

Cochenour drilling area

March 2020 quarter drill results

Cochenour

6.6m (4.9m etw) grading 17.0g/t Au

3.3m (2.7m etw) grading 11.4g/t Au

Twin Otter

6.7m (5.8m etw) grading 5.7g/t Au

COCHENOUR 7.0m (5.3m etw) grading 3.4g/t Au

Deep Sulphides

4.4m (4.3m etw) grading 6.9g/t Au

3.8m (3.3m etw) grading 6.9g/t Au

Planned resource definition and discovery drilling

Reid Shaft	#3 Shaft	Surface

CAMPBELL	UPPER RED
LAKE

-1000mbs

High Speed Tram (HST)

-2000mbs

			LOWER RED
	1000m
	LAKE	Twin Otter
	Composite Long Section	Deep sulphides	drilling area
	drilling area
Mineralisation	Existing mine
wireframes	development	9

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	1.3Moz
Net mine cash flow	A$695M
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
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 progressing to plan
• 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

11

ERNEST HENRY

• History of reliable operational delivery
• Evolution's interest generated free cash flow of
  A$188M in the nine months to March 2020

• 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

12

MUNGARI

• Record net mine cash flow in March 2020 quarter of A$32M (FY20 YTD: A$73M)
• Discovery of Boomer to extend life of high grade underground mine
• 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

FY20 GUIDANCE

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

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

Both exploration programs currently suspended due to COVID-19

14

SUMMARY

Sector leading cash	Consistent	Value accretive
flow per ounce	operational delivery	growth

Strong track record of shareholder value creation