EV1 – Evolution Energy Minerals

On 17 September 2021, pursuant to a Share Exchange Agreement, the Company acquired from Marvel Gold all of the shares in the capital of Evolution HoldCo delivering to Evolution a 100% interest in the Chilalo Project. In consideration for the acquisition of Evolution HoldCo (and, indirectly, the Chilalo Project), the Company agreed to issue 49,999,999 Shares and pay cash consideration of $2 million (or, if PL 11034/2017 is not reinstated on or before 31 December 2021, then $1 million) to Marvel Gold.

The Chilalo Project is a high-grade, coarse flake graphite project located in south-eastern Tanzania, East Africa, 100 km north of the border with Mozambique, approximately 180 km west of the coastal port city of Mtwara on the Indian Ocean and 400 km south of Tanzania’s largest city, Dar es Salaam. The property is situated in the Ruangwa District of the Lindi Region.

The Chilalo Project is fully permitted and on completion of the IPO, the key focus of the Company will be to progress the Chilalo Project towards a construction decision. A definitive feasibility study on the Chilalo Project was completed by Marvel Gold (then named Graphex Mining Limited) in January 2020.

The Company’s strategy is to increase the current 18 year mine life of the Chilalo Project through a targeted drilling program on the deposits located within the Chilalo Project and an assessment of further opportunities to enhance the outcomes of the DFS whilst pursuing the project finance necessary for development with a view to ultimately becoming a vertically integrated manufacturer of sustainably produced, high-value graphite products.

It is anticipated that EV1 will list on the ASX during November 2021.