Slides
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Diggers & Dealers Lawrie Conway, Managing Director and Chief Executive Officer 3 August 2026 Inspired people creating a premier global gold company
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Forward looking statement These materials prepared by Evolution Mining Limited ('Evolution' 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 -International Financial Reporting Standards (IFRS) financial information Investors should be aware that financial data in this presentation includes ‘non-IFRS financial information' under ASIC Regulatory Guide 230: Disclosing non-IFRS financial information published by ASIC and also ‘non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. Non-IFRS/non-GAAP measures in this presentation include gearing, sustaining capital, major product capital, major mine development, and production cost information such as All-in Sustaining Cost and All-in Cost. Evolution believes this non-IFRS/non-GAAP financial information provides useful information to users in measuring the financial performance and conditions of Evolution. The non-IFRS financial information do not have a standardised meaning prescribed by the Australian Accounting Standards (‘AAS’) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this presentation. Non-IFRS financial information in this presentation has not been subject to audit or review by the Company’s external auditor. This presentation has been approved for release by Evolution’s Chair, Jake Klein. All amounts expressed in Australian dollars unless stated otherwise. All production and financial information in this presentation represents Evolution’s share unless otherwise stated. 2
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Caring for our most important asset 3 All data show in this slide is as at FY26. ~30% of workforce FIFO & DIDO ~⅔ calls related to personal issues ~50% annual growth in employee assistance calls 3
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4 1. As at 31 July 2026, sourced from the US Department of Treasury at https://www.treasurydirect.gov/mobile/#/publicdebt. 2. Analyst consensus as at April 2024, May 2025 and June 2026. 3. Strait of Hormuz image sourced from: https://www.indiatoday.in/information/story/the-strait-of-hormuz-what-it-is-and-why-it-matters-to-global-trade-2744829-2025-06-23. 4. Sourced from https://www.us-debt-clock.com/debt-interest. 5. Gold and copper spot prices as at 28 July 2026. Structural not cyclical: • Precious metal prices increasingly reflect shifts away from globalisation and a changing world order The price estimates above represent the consensus long term price expectation 3-5 years ahead of the year in which they were originally forecast (i.e. 2024 long term price estimate relates to 2027- 2029). US national debt growing • Currently ~US$40 trillion1 and growing • Rate of US spending not expected to change • Average daily US interest cost is ~$3B4 Central bank buying • Rebalancing reserves - away from USD toward gold $1,800 $2,450 $3,650 $3.90 $4.50 $5.40 2024 2025 2026 Long term gold price forecast up by ~100% in 2 years Consensus long term gold price (USD$/oz) Consensus long term copper price (USD$/lb) (AUD$12,360/t) (AUD$13,940/t) (AUD$17,100/t) The world order is changing…. (AUD$2,542/oz) (AUD$3,457/oz) (AUD$5,224)/oz
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Confidence is eroding, strategic allocation has changed 5 1. Data sourced from the World Gold Council (WGC). 2. WGC reported FY26 Q1 net gold purchases at 57t and F26 Q2 net gold purchases at 289t. 3. Illustrative reconstruction from Tavi Costa (formerly Crescat Capital LLC) using Bloomberg data; chart reformatted by Evolution Mining. 4. Data sourced from the International Monetary Fund (IMF) datasets. Diversification is becoming more valuable 27% 22% 0% 10% 20% 30% 40% 50% 60% 1990 1995 2000 2005 2010 2015 2020 2025 Hundreds Gold holdings US Treasuries holdings Capital Allocators Gold vs US Treasuries (% of international reserves)3 107% 126% 204% USA China Japan Policy flexibility remains constrained Debt as a share of GDP (%)4 Governments Sovereign debt remains elevated WR – notes for LC Central banks: buying is not a short term trend, it’s the new normal. Capital allocators: gradual shift in preferences as investors seek greater diversification. Governments: continue to operate with elevated debt burdens. 3 key examples are US, China, Japan where policy flexibility is constrained to a greater level. All 3 together: Consistent message emerges, central banks, institutions and governments are all responding to a more complex and less certain operating environment. Gold is increasingly being recognised not simply as a commodity, but as a strategic financial asset These are not speculative flows, these are decisions made by some of the largest and most sophisticated participants in the global financial system. 255 450 1,080 1,051 1,092 863 0 200 400 600 800 1000 1200 2020 2021 2022 2023 2024 2025 2026 Central banks remain net buyers of gold as reserve portfolios evolve Q2 FY26 Central Banks Central Bank gold purchases (t)1,2 289 57 Q1 FY26
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The headlines change, the environment doesn’t 6 Different events. Covid-19 Ukraine war Inflation shock Trade fragmentation Middle East conflict 2020 2022 2024 2025 2026 Sovereign debt Geopolitical stress Central Banks gold demand Similar responses.
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7 $383 $527 $673 $652 $599 $1,026 $1,064 $949 $973 $1,293 $2,728 $3,505 $453 $583 $732 $848 $836 $1,231 $1,154 $1,165 $1,142 $1,713 $3,777 $4,448 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Industry AISC margin AUD$/oz EVN AISC margin AUD$/oz 7 1. Industry AISC margin source: Canaccord Genuity, for more information on CY2015-CY2024 see ASX announcement titled “Macquarie Conference Presentation” dated 7 May 2025. 2. The 2025 EVN AISC margin is the FY25 H2 & FY26 H1 actual and is calculated using achieved price ($5,240/oz) less All-in Sustaining Cost ($1,463/oz) (AISC) for continuing operations; 2026E EVN AISC margin is the FY26 H2 actual and is calculated using achieved price ($6,343/oz) less AISC ($1,895) for continuing operations. A high margin business is a safe bet in these times 1,21
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8 139 259 253 246 350 769 908 1,316 1,463 1,704 Copper credit ($/oz Group gold sold) 2.65 3.04 2.73 2.63 3.80 3.93 3.74 4.09 4.20 5.73 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27YTD Group achieved Copper price (USD$/lb) Copper differentiation: significant value for shareholders FY26 Revenue split High margin copper assets (C1 cost): Projects to consume 3Mtpa+ latent mill capacity or further grow production Ernest Henry: ▪ Acquisition of Carnaby Resources1 ▪ Bert underground mine2 ▪ Corella3 Northparkes: ▪ E22 block cave2 ▪ Plant expansion study underway to increase the mill by 40-100% Ernest Henry USD$0.65/lb Northparkes USD$1.23/lb 22% 78% Copper Gold 1. For more information on the acquisition of Carnaby Resources see ASX announcement titled “Evolution agrees to acquire Carnaby Resources” dated 27 July 2026. 2. For more information on the Bert and E22 Project see ASX announcement titled “Growth Projects Approved to Deliver high Return s”, dated 11 February 2026. 3. For more information on the Corella exploration program see ASX announcement titled “Exploration Update”, dated 15 April 2026 . 6.34 (spot)
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Cowal Investment to further enhance portfolio quality 9 Asset Project E22 block cave2 Coarse Particle Flotation2 Ernest Henry Bert2 OPC1 1. OPC IRR calculated using a base case gold price of $3,300/oz and upside gold price of $6,500/oz. 2. E48, E22, Coarse Particle Flotation Project and Bert IRRs calculated using base case metal prices of $14,350/t copper and $4,000/oz gold and January 2026 upside metal prices of $18,000/t copper, and $6,500/oz gold. All reported metrics are Evolution’s attributable share post stream unless otherwise noted. 18% 23% 28% 23% 77% 34% 25% 10% 20% 51% 81% 48% 38% 43% 128% 115% 0% 20% 40% 60% 80% 100% 120% Evolution Group average Base case Upside price Group average IRR Improving portfolio quality delivers higher shareholder returns Northparkes E48 SLC2
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10 Mungari: Courage to invest, higher returns now coming WR – notes for LC to present this slide (Total clicks = 4): - Click 1: Castle Hill - Click 2: Haul road - Click 3: Mill - Click 4: consolidated view of all 3 to close
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Why Evolution? 11 Portfolio Ore Reserve mine life2 ROI for current assets, all acquired since 2015 ~3 fold 18% ~17 years 43% Increase in gold Ore Reserves per share3 +$2B Increase in group production1 Total dividends paid 26 consecutive dividends $1,958/oz Record Group cash flow margin in FY26 (33%) 1. Based on gold production from FY12 to FY26. Gold equivalent ounces have been converted using the formula [Cu (t) * Cu price (A$/t) / price (A$/oz)]. 2. Portfolio Ore Reserve mine life based on Evolution Mining’s Ore Reserves of 12Moz as at 31 December 2025 divided by FY26 gold production of 715koz. For more information, please refer to ASX Announcement titled ‘Annual Mineral Resource and Ore Reserves Statement’ dated 1 May 20 26. 3. Growth in Ore Reserves per share from 30 June 2012 to 31 December 2025, for more information please refer to ASX Announcement titled ‘Annual Mineral Resource and Ore Reserves Statement’ dated 1 May 2026 and ‘December 2012 Resource and Reserve Statement’ dated 23 April 2013, available to view at https://evolutionmining.com.au/asx-announcements/. Continuously improving portfolio – high return projects advancing Executing a consistent strategy since inception (2011) Focused on margin over ounces 11
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Appendix Mineral Resources and Ore Reserves
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Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Dat a for grades are reported to two decimal places. “ UG” denotes underground, “SP” denotes stockpiles, “OP” denotes open pits and “T” denotes tailings. 1. All Mineral Resources are reported inclusive of Ore Reserves. 2. Mungari Mineral Resource represents Evolution’s interest. 3. Northparkes Mineral Resource represents Evolution’s interest. 4. Mineral Resources Competent Persons (CP) notes refer to: 1. Ben Reid 2. Phillip Micale 3. Darren Hurst 4. Paul Boamah 5. B en Young 6. Riek Muller 7. Krista Sutton 8. David Richards. This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 1 May 2026 and available to view at www.evolutionmining.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release 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. Group gold Mineral Resources at 31 December 2025 14
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Group gold Ore Reserves at 31 December 2025 Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpiles, “OP” denotes open pits and “T” denotes tailings. 1. Mungari Ore Reserve represent Evolution's interest. 2. Northparkes Ore Reserve represent Evolution’s interest. 3. Ore Reserves Competent Persons (CP) notes refer to 1. Ethan Robins 2. Peter Nichols 3. Michael Corbett 4. Ryan Bettcher 5. Ro ss Garling 6. Jack Carswell 7. Ben Young. 8. Glen Williamson 9. Riek Muller 10.Sam Ervin 11. Sarah Webster. This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 1 May 2026 and available to view at www.evolutionmining.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release 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. 15
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Group copper Mineral Resources at 31 December 2025 16 Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpiles, “OP” denotes open pits and “T” denotes tailings. 1. Northparkes Mineral Resource represents Evolution’s interest. 2. Mineral Resources are reported inclusive of Ore Reserves. 3. Mineral Resources Competent Persons (CP) notes refer to: 1. Phillip Micale 2. Ben Reid 3. Riek Muller 4. Krista Sutton 5. David Richards. This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 1 May 2026 and available to view at www.evolutionmining.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release 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.
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Group copper Ore Reserves at 31 December 2025 17 Data for tonnes and metal reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. Data for grades are reported to two decimal places. “UG” denotes underground, “SP” denotes stockpiles, “OP” denotes open pits and “T” denotes tailings. 1. Northparkes Ore Reserve represents Evolution’s interest. 2. Ore Reserves Competent Persons (CP) notes refer to: 1. Michael Corbett 2. Glen Williamson 3. Riek Muller 4. Sam Ervin 5. S arah Webster. This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 1 May 2026 and available to view at www.evolutionmining.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release 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.