Evolution Mining : Cowal Site Visit Presentation

COWAL SITE VISIT

C R AIG FAWC E T T - GE N E RAL MAN AGE R

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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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A CLEAR AND CONSISTENT
STRATEGY
Focused portfolio of 6 - 8 assets
Upgrade the quality of our asset portfolio
Reduce costs and grow free cash flow per share
Extend reserve life		Ernest	Mt Carlton
Deliver consistent returns to shareholders		Henry
			Mt Rawdon
	Mungari		Cracow
A globally relevant mid-tier		Cowal
gold producer

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EVOLUTION SNAPSHOT

COWAL CONTRIBUTION TO EVOLUTION GROUP

ASX code	EVN
Market capitalisation(1)	A$6.1B
Average daily turnover(2)	A$40M
Net debt(3)	A$41M
Dividend policy	Payout of 50% of
	after tax earnings
FY19 production guidance	720 - 770koz
FY19 AISC guidance	A$850 - A$900/oz
Mineral Resources	14.3Moz
Ore Reserves	7.2Moz
Reserve life	~10 years
Reserve price assumption	A$1,350/oz

(1)Based on share price of A$3.58 per share on 2 April 2019

(2)Average daily share turnover for one month through to 2 April 2019

(3)As at 31 December 2018

Production

H1 FY19 (ounces)

Cowal 31%

Mineral Resources

December 2017 (ounces)

Cowal 43%

Operating Cash Flow

H1 FY19 (A$M)

Cowal 29%

Ore Reserves

December 2017 (ounces)

Cowal 42%

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COWAL - OUR CORNERSTONE ASSET

▪Sustainable, reliable, low-cost production

▪Implementing a pathway to 300kozpa

▪Exploration success delivering transformational, organic growth

▪Under-exploredregion offering immense untapped potential

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