Investor Presentaiton

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES KEY RISKS - GENERAL There are various risks associated with investing in Evolution, as with any stock market investment. This section sets out: existing business and operational risks for Evolution - these risks are generally common to gold, silver and copper mining operators in Australia, including the Northparkes Mine, and therefore they will be risks to which Evolution will continue to be exposed including if it completes the proposed Transaction; risks specific to the Transaction; and offer and share investment risks. Potential investors should consider whether the securities offered are a suitable investment having regard to their own personal investment objectives and financial circumstances and the risk factors set out below. Evolution has implemented appropriate strategies, actions, systems and safeguards for known risks; however, some are outside its control. While some common risk factors are set out below, it is not possible to produce an exhaustive list. The Evolution Directors recommend that potential investors consult their professional advisers before making any investment decisions. Production and cost estimates The ability of Evolution to achieve production targets or meet operating and capital expenditure estimates on a timely basis cannot be assured. The assets of Evolution, as any others, are subject to uncertainty with ore tonnes, grade, metallurgical recovery, ground conditions, operational environment, funding for development, regulatory changes, accidents, other unforeseen circumstances such as unplanned mechanical failure of plant or equipment or pandemics, such as COVID-19. Evolution prepares estimates of future production and associated operating and capital costs for its operations. No assurance can be given that such estimates will be achieved. Failure to achieve production or cost estimates or material increases in costs could have an adverse impact on Evolution's future cash flows, profitability, results of operations and financial condition. Costs of production may also be affected by a variety of factors, including: changing waste-to-ore ratios; ore grade metallurgy; labour and other input costs; general inflationary pressures and currency exchange rates. Labour costs may increase significantly as a result of any increased labour shortages. The outbreak of another pandemic, or the failure to respond to pandemics (such as COVID-19) or other operational incidents within Evolution may also result in increased production costs. Ore Reserves and Mineral Resources Ore Reserves and Mineral Resources are estimates only and are expressions of judgement based on industry practice, experience and knowledge. Estimates of Ore Reserves and Mineral Resources are necessarily imprecise and depend to some extent on interpretations which may prove inaccurate. No assurance can be given that the estimated Ore Reserves and Mineral Resources are accurate or that the indicated level of copper, gold, silver or any other mineral will be produced. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralisation or geological conditions may be different from those predicted. No assurance can be given that any or all of Mineral Resources constitute or will be converted into Ore Reserves. Actual Ore Reserves and Mineral Resources may differ from those estimated, which could have a positive or negative effect on Evolution's financial performance. Northparkes' Mineral Reserves and Mineral Resources have not been reported by CMOC in accordance with the JORC Code 2012. Whilst nothing has come to Evolution's attention that causes it to question the accuracy or reliability of CMOC's estimates, Evolution has not independently validated CMOC's estimates and therefore is not to be regarded as reporting, adopting or endorsing those estimates. There is a risk that following further evaluation work that CMOC's estimates may materially change, which could in turn have a positive or negative effect on Evolution's financial performance. Commodity price fluctuations as well as increased production and capital costs may render Evolution's Ore Reserves unprofitable to develop at a particular site or sites for periods of time or may render Ore Reserves containing relatively lower grade mineralisation uneconomic. Estimated Ore Reserves may have to be recalculated based on actual production experience. Any of these factors may require Evolution to reduce its Ore Reserves and Mineral Resources, which could have a negative impact on Evolution's financial results and the expected operating life of its mines. Replacement of Ore Reserves Evolution must continually replace reserves depleted by production to maintain production levels over the long term. Reserves can be replaced by expanding known ore bodies, locating new deposits or making acquisitions. There is a risk that depletion of reserves will not be offset by discoveries or acquisitions or that divestitures of assets will lead to a lower reserve base. The reserve base of Evolution may decline if reserves are mined without adequate replacement and Evolution may not be able to sustain production beyond the current mine lives, based on current production rates. Exploration is highly speculative in nature. Evolution's exploration projects involve many risks and are frequently unsuccessful. There is no assurance that current or future exploration programs will be successful. Additionally, if a discovery is made, it may take several years from the initial phases of drilling until production is possible and there can be no guarantee that any discovery will ultimately result in mining operations being commenced in relation to that discovery. Mining risks The mining industry is subject to significant risks and hazards, including environmental hazards, industrial incidents, unusual or unexpected geological and geotechnical difficulties, unavailability of materials and equipment, pit wall failures, rock bursts, seismic events, cave-ins, and weather conditions (including flooding and bush fires), most of which are beyond Evolution's control. These risks and hazards could result in significant costs or delays that could have a material adverse effect on Evolution's financial performance, liquidity and results of operation. Evolution MINING 46 46

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