Evolution Mining (EVN) Investor update summary

Strategic Vision and Portfolio Evolution

• Over 15 years, the portfolio has been transformed through disciplined acquisitions, timely divestments, and a focus on unlocking value post-acquisition, emphasizing margin over ounces and leveraging copper's structural demand.

• The strategy centers on building a premier global gold company with a high-performing culture, integrated sustainability, low-cost production, and superior returns from up to 8 assets in Tier 1 jurisdictions.

• Copper exposure has increased, with Ernest Henry and Northparkes as key differentiators, providing leverage to structural copper demand.

• Portfolio reserve life has extended from 5 to 17 years, with an average 18% ROI on major assets.

Production and Growth Guidance

• Production has grown organically and inorganically at a 6% CAGR over five years, with gold production guidance for FY27 at 660–730 koz and copper at 63–70 kt.

• Production is expected to grow from ~680 to ~920 koz AuEq between FY22 and FY26, with group output weighted to H2 FY27 due to Cowal underground ramp-up and new Red Lake mining areas.

Margin, Cost Discipline, and Returns

• All-in sustaining cost margins have consistently outperformed the industry, aided by cost control, portfolio upgrades, and favorable metal prices.

• FY27 AISC guidance is $1,795–$1,995/oz, with major project and mine development capital allocated to key assets.

• Cash generation remains strong, with record EBITDA margins and free cash flows, supporting increased dividends and a robust balance sheet.