The document discusses the revitalisation of the Australian gold industry. It notes that gold prices remain high in a continuing gold bull market, while central banks and gold ETFs continue significant gold purchases. However, gold shares have underperformed the rising gold price due to issues such as resource nationalism, cost blowouts, and failures to meet production guidance. The mid-tier Australian gold producer Evolution Mining is presented as well positioned due to its multiple assets, growth profile, and strong financial performance following its formation through a merger.

1. The Revitalisation
of the Australian Gold Industry
Gold Investment Symposium – 23 October 2012
Jake Klein – Executive Chairman

2. 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, undue 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.

3. Who we are
4th Largest ASX Listed Gold Mining Company
Corporate Information
ASX Code EVN
Index S&P ASX200
Mt Carlton
Shares 707.9M
Last Price 1 A$2.00ps
Edna May
Market Capitalisation A$1.4B
Daily Turnover 2 A$3.0M
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 16 Oct 2012
2. 3 month average as at 16 Oct 2012
3. As at 30 June 2012.
1

4. Gold
$2,000
Still in a gold bull market
$1,800
$1,600
Spot Gold Price (US$/oz)
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Source: World Gold Council
2

5. Central Banks Buying Gold
 There has been Central Bank - Net Gold Purchases
widespread buying by 20
Central Banks
15
 2012 YTD purchases
total 8.5Moz by 17 10
countries including:
5
Million Ounces
 Turkey 3.2Moz
 Russia 1.7Moz 0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
H1 2012
 Philippines 1.1Moz -5
 Kazakhstan 0.7Moz -10
 Mexico 0.6Moz
-15
-20
See footnotes at end of presentation -25
3

6. Central Bank Holdings
 Top 10 Central Banks Top 20 Central Bank Gold Holdings
hold 760M ounces of 300
Denotes those Central Banks with
gold worth US$1.3T <10% of Reserves held in gold
250
 All Central Banks
combined hold just 200
Million Ounces
over 1B ounces of
gold worth US$1.8T 150
 Australia ranks 36th
100
with 2.6M ounces
50
0
IMF
Italy
Portugal
Netherlands
Spain
Japan
United States
China
Russia
India
ECB
United Kingdom
Taiwan
Turkey
France
Switzerland
Saudi Arabia
Lebanon
Germany
Venezuela
See footnotes at end of presentation
4

7. Gold ETF Holdings
Total ETF Gold Holdings
 Total amount of gold and Gold Price
currently held by gold ETFs 90 $2,100
is about 83M ounces – or
80 $1,900
about US$150B
70 $1,700
 So US$150B invested on
the basis that the gold price 60 $1,500
will rise – ETFs don’t pay 50 $1,300
dividends
40 $1,100
30 $900
20 $700
10 $500
Source: Macquarie Bank
Total ETF Holdings (Moz) Price (US$/oz)
5

8. Gold shares have underperformed
400
350 +244%
300
250
200
+82%
150
100
50
-
HUI Gold Index (rebased) Gold Price (rebased)
Camp construction
Investor frustration is palpable
Source: World Gold Council
6

9. What is weighing gold stocks down?
Resource Nationalism
Capital Blowouts
Failure to Meet Guidance
7

10. Resource Nationalism
USA: Worst ranked Poland: Imposing new
nation for mining permit steep export levies
delays. Recently
proposed a tax on royalty Mongolia: Drafting
gains investment law to restrict
foreign ownership.
Guatemala: Proposal for
40% state ownership of
mining projects Kyrgyzstan:
Parliamentary motion
Venezuela: Five mining calling for government to
companies seeking increase stake in one of
compensation through its largest gold mines
World Bank’s arbitration
court following Philippines: New
nationalisations royalties and taxes being
imposed on mining
Ecuador: Political companies
obstacles and windfall tax
discourage foreign Indonesia: Proposed
investment in mining Countries where nationalisation practises are taking place new legislation limits
foreign ownership of
Peru: Construction Countries ranking in bottom 10 for political risk – Behre Dolbear survey 2012
mines to 49%, and ban
halted at largest mine on export of unprocessed
due to government Argentina: New government Mali: Recent military coup South Africa: Windfall tax raw mineral products.
review and social unrest rule reduces time limit to creating political uncertainty proposed + ongoing dialogue
cash-in earnings from 360 to to nationalise mining industry
Bolivia: Nationalisation Ghana: Raise in tariffs on DRC: Plans to revise
30 days. Controls on imports
of various natural mines and introduction of mining code, raise taxes
have also been tightened Zambia: Increased royalties
resources assets windfall tax halting project and increase stake in
on copper and precious
Brazil: Govt. seeking to have expansions mining projects
metals
Guinea: New law gives minerals beneficiated in-
government a 35% stake. country
threat of nationalisation
8

11. Access to capital
Precious Metals Mining Equity Financings
16.0
14.0 TSX ASX
12.0
US$ billions
10.0
8.0
6.0
4.0
2.0
-
2009 2010 2011 2012 YTD
Camp construction
Capital has been cheap and easy
Source: CIBC World Markets
9

12. The new normal
• Will be more accurately priced
Political Risk • Australia to be re-rated favourably
Capital • Key focus
• Capital less freely available and more
Discipline expensive
• More focus on returning money to
Dividends shareholders
• Will be more difficult and expensive to fund
Consolidation single asset companies
10

13. Where do you want to be?
Last 5 years relative price performance
900
800
Mid-tier producers have
700 delivered best returns
600
Indexed
500
400
315%
300
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 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
11

14. Australian Gold Sector
21,298
10,000
9,000
Multiple asset company (majority Australian assets)
8,000
Single asset company (majority Australian assets)
Market Cap ($M)
7,000
Multiple asset company (majority foreign assets)
6,000 Single asset company (majority foreign assets)
5,000
4,000
3,000
2,000
1,000
0
OceanaGold
Silver Lake/Integra
Norton
Unity
Regis
Gold Road
Citigold
Newcrest
CGA
Troy
Intrepid
Ampella
Alacer
Gryphon
Azimuth
Evolution
Perseus
Saracen
Ramelius
Sihayo
Medusa
Kingsrose
Focus
Resolute
Nthn Star
PMI Gold
St Barbara
Red 5
Tanami
Beadell
Kingsgate
Gold One
Endeavour
As at 12 Oct 2012
12

15. Australian Gold Sector
21,298
10,000
9,000
Multiple asset company (majority Australian assets)
8,000
Single asset company (majority Australian assets)
Market Cap ($M)
7,000
Multiple asset company (majority foreign assets)
6,000 Single asset company (majority foreign assets)
5,000
4,000
3,000
2,000
1,000
0
Nthn Star
Regis
Norton
CGA
Gold Road
Intrepid
Azimuth
Citigold
Newcrest
Alacer
Evolution
OceanaGold
Troy
Ampella
Ramelius
Unity
Gryphon
Silver Lake/Integra
Perseus
Saracen
PMI Gold
Tanami
Sihayo
Medusa
Kingsrose
Resolute
Focus
Beadell
Red 5
St Barbara
Kingsgate
Gold One
Endeavour
As at 12 Oct 2012
Change is required and is coming
13

16. Australia - Cost Inflation
 Australian gold miners have Average Australian Cash
$A/oz
been price takers for skilled Operating Costs
$1,000
labour and mining services
 Compounded by strengthening
currency $800
A$713/oz
Global Gold – Cost Split $600
Consumables
25% Labour 30%
$400
A$332/oz
Diesel 9%
$200
Services 24%
$0
Power 12%
2001 2003 2005 2007 2009 2011
Source: Deutsche Bank, Intierra
14

17. Australian Gold Sector
China 13%
 Australia is the second
largest gold producing Australia 9%
country in the world United States 8%
 Stable regulatory Russia 8%
framework
South Africa 7%
 High quality workforce
Peru 7%
 Only one major gold
Indonesia 4%
mining company
Canada 4%
Ghana 3%
Other 37%
Source: Thomson Reuters GFMS, World Gold Council
15

18. A Perfect Storm?
Strengthening gold price?
Australia can
Depreciating currency? regain its
status as a
premier gold
Exploration technology and innovation
investment
destination
Vibrant mid-tier companies emerging
16

19. Australia’s newest mid-tier producer
 All assets 100% owned
 Excellent exploration potential
 3.3Mozeq Ore Reserves
 7.0Mozeq Mineral Resources
 Defined growth profile
Evolution FY13 Production Outlook
370koz – 410koz AuEq
17

20. 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.
18

21. 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
19

22. Cracow
 Consistent production – operating since 2004 Mine Type Underground
Minerals Gold and silver
 Produced 102,565oz at a cash cost of A$678/oz
in FY2012 Mineralisation type Low-sulphidation epithermal
 FY2013 outlook of 90,000 – 100,000oz at a Throughput 550ktpa
cash cost of A$780 – A$820/oz Average grade 6g/t gold
Recovery 93%
120,000
101,724oz 102,565oz 90,000-100,000oz FY2013 production
100,000 90,000 – 100,000oz
outlook
Production (oz)
80,000 FY2013 cash cost
A$780 – A$820/oz
outlook
60,000
Mine Life 5 years
40,000 Ore Reserves 0.24Moz gold
20,000 Mineral Resources 0.77Moz gold
0
FY2011A FY2012A FY2013F
Production ounces Guidance Range
20

23. 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
Throughput 650ktpa
A$780/oz in FY2012; a 165% increase on
FY2011 Average grade 6.2g/t UG and 3.6g/t OP
 FY2013 outlook of 85,000 – 90,000oz at a Recovery 95%
cash cost of A$730 – $780/oz FY2013 production
85,000 – 90,000oz
100,000 outlook
85,000-90,000oz
FY2013 cash cost
Production (oz)
80,000 75,747oz A$730 – A$780/oz
outlook
60,000
Mine Life 5 years
45,889oz
40,000 Ore Reserves 0.18Moz gold
20,000 0.89Moz gold (excl. Twin
Mineral Resources
Hills)
0
FY2011A FY2012A FY2013F
Production ounces Guidance Range
21

24. Edna May
 Turnaround underway; focus on reducing costs Mine Type Open pit
 Produced 73,264oz at a cash cost of A$949/oz Minerals Gold and silver
in FY2012 Reef structures and gold
Mineralisation type
stockwork
 FY2013 outlook of 75,000 – 80,000oz at a cash
cost of A$840 – A$890/oz Throughput 2.6Mtpa
Average grade 1.0g/t gold
 Studies to increase plant throughput to over
3Mtpa via secondary crushing completed – with Recovery 90%
positive results FY2013 production
Edna May Crushing Circuit
75,000 – 80,000oz
100,000 outlook
75,000-80,000oz FY2013 cash cost
Production (oz)
80,000 73,264oz A$840-A$890/oz
65,593oz outlook
60,000
Mine Life 9 years
40,000
Ore Reserves 0.77Moz gold
20,000
Mineral Resources 1.54Moz gold
0
FY2011A FY2012A FY2013F
Production ounces Guidance Range
22

25. Mt Rawdon
 Consistent production Mine Type Open pit
 Produced 95,403oz at a cash cost of Minerals Gold and silver
A$684/oz in FY2012
Mineralisation type Volcanic hosted
 FY2013 outlook of 95,000 – 110,000oz at
Throughput 3.5Mtpa
a cash cost of A$600 – A$660/oz
Average grade 1.0g/t gold
 Higher production in FY2013 due to
access to higher grade ore sources Recovery 90%
120,000 FY2013 production
95,000-110,000oz 95,000 – 110,000oz
outlook
100,000 95,403oz
Production (oz)
89,636oz FY2013 cash cost
A$600-A$660/oz
80,000 outlook
60,000 Mine Life 8 years
40,000 Ore Reserves 0.9Moz gold
20,000 Mineral Resources 1.2Moz gold
0
FY2011A FY2012A FY2013F
Production ounces Guidance Range
23

26. Mt Carlton
 High quality new project Stage Construction
Mine Type Open pit
 Key growth project – commissioning on
schedule for December quarter Minerals Gold, silver and copper
 Mt Carlton to be the lowest cost mine in Mineralisation type High-sulphidation epithermal
the portfolio in FY2014 Throughput 800,000tpa
 Greenfields development – discovered in Average grade V2 open pit – 3.7g/t gold eq.
2006 FY2013 ramp-up
25,000 – 30,000ozeq payable
production outlook
 Significant exploration upside
Mine Life 12 years
Ore Reserves 1.2Moz gold equivalent
Mineral Resources 2.2Moz gold equivalent
24
10

27. Exploration and Discovery
 Five projects in multi-million ounce gold provinces
 Strategic landholding = 6,800km2
 Within the highly prospective Yilgarn Craton (WA), Drummond and Bowen
Basins (Qld)
 Actively pursuing regional consolidation opportunities to leverage off existing
infrastructure
 Technical expertise, critical mass and financial capacity to deliver exploration
success
 Exploration strategy to deliver sustainable growth, extend mine life and
concurrently explore transformational targets
FY2013 exploration budget of A$28 million
>100,000m drilling planned
25

28. Meaningful Growth
• Aggressive exploration – funded through strong
balance sheet and cash flow
• A$28 million committed in FY2013
• Challenging debt and equity markets
• World-class understanding of Asia Pacific region
• Key competitive advantage
26

29. Globally Competitive

Australian gold producer – alternate
investment opportunity

Operational predictability – delivering
to promise

Financial strength

Proven management team

Delivering meaningful growth
Right place, right time – new Australian mid-tier gold producer
We Say, We Do, We Deliver
27

30. Footnotes
Slide title: Central Banks Buying Gold – page 3
Data are taken from the International Monetary Fund's International Financial Statistics (IFS) and other sources where
applicable. The data does not include all gold holders: other countries are known to hold gold but they do not report their
holdings publicly. Data includes holdings by IMF and BIS. The purchase of 454 tonnes of gold by China, announced in April
2009 took place over a six-year period from 2003 - 2009. Assumed purchased evenly over this period. Where the World Gold
Council knows of movements that are not reported to the IMF or misprints, changes have been made to the data.
Slide title: Central Bank Holdings – page 4
Data are taken from the International Monetary Fund's International Financial Statistics (IFS), October 2012 edition, and other
sources where applicable. IFS data are two months in arrears, so holdings are as of August 2012 for most countries, July 2012
or earlier for late reporters.
Total includes holdings by IMF and BIS. Total does not include all gold holders: countries which have not reported their gold
holdings to the IMF are not included. The data has been adjusted by the World Gold Council where it knows of movements that
are not reported to the IMF or misprints.
The percentage share held in gold of total foreign reserves, as calculated by the World Gold Council. The value of gold holdings
is calculated using the end of month London pm fix gold price published daily by the LBMA. In August the end of month gold
price was $1648.5. Data for the value of other reserves are taken from IFS, table ‘Total Reserves minus Gold’.
28

31. Evolution Mining
ASX Code: EVN
www.evolutionmining.com.au