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Binding offtake agreement for Chilalo coarse flake graphite

9 May , 2022

Evolution Energy Minerals (“Evolution” or the “Company”) is pleased to announce that the Company has signed a binding offtake agreement with Yichang Xincheng Graphite Co Ltd (“YXGC”) for the sale of 30,000 tpa of coarse flake graphite from its Chilalo Graphite Project located in Tanzania for the first three years of operation (“Offtake Agreement”).

Evolution and YXGC have worked closely together over a long period of time, with Chilalo’s graphite having been the subject of extensive product qualification with YXGC since 2015. The product qualification work undertaken with YXGC demonstrated that Chilalo produces a premium quality coarse flake concentrate, which is suitable for the production of graphite foils, fire retardants and other high-value products such as bi-polar plates used in green hydrogen batteries. YXGC are pioneering the use of graphite foil in green hydrogen batteries and Chilalo’s coarse flake graphite (comprising +100, +80, +50 and +32 mesh) provides ideal feedstock for these products.

Evolution Managing Director, Phil Hoskins, commented: “We are delighted to sign this cornerstone offtake agreement with YXGC, which significantly de-risks the project financing of our Chilalo Project. The agreement is the culmination of a significant amount of work that we have undertaken with YXGC over many years and is testament to the strong relationship and mutual respect we enjoy with YXGC.”

“YXGC is internationally renowned as a leading manufacturer of expandable graphite and high-value graphite products and the Company believes that its partnership with YXGC is critical to securing the finance for development of Chilalo.”

“Furthermore, this offtake agreement is part of a broader collaboration to combine Chilalo’s high-quality product with YXGC’s industry-leading technology as part of a downstream operation to supply western customers with expandable graphite, graphite foil and a multitude of other high-value products.”

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