Clarification to announced farm-out for Chikundo Cu-Pb-Zn VHMS Prospect

Evolution Energy Minerals Limited (Evolution or the Company) (ASX: EV1, FSE: P77) issues a clarification to its announcement of 31st March 2025 in relation to the Company entering into a term sheet (Term Sheet) with Oscillate Plc (Oscillate), which contemplates a farm in by Oscillate into Evolution’s interest in the Chikundo VHMS prospect.

The Company clarifies that the transaction outlined in the Term Sheet is conditional upon both parties employing reasonable efforts to negotiate and execute definitive binding agreements by 31st May 2025. Consequently, the Term Sheet itself does not constitute a binding agreement regarding the completion of the proposed transaction by the Company.

Furthermore, the Company reiterates that the Term Sheet has always been non-binding, except for specific clauses concerning exclusivity. There has been no alteration to this status. The use of the term "Binding" in the title of the 31 March announcement was incorrect. Investors should not consider the substantive obligations stated in the Term Sheet as binding when making investment decisions.

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