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FEED and updated DFS confirms Chilalo as a standout high margin, low capex and development-ready graphite project

20 Mar , 2023

Evolution Energy Minerals Limited (ASX: EV1) (‘Evolution’ or the ‘Company’) is pleased to announce the results of the front-end engineering design (‘FEED’), incorporated into an updated Definitive Feasibility Study (‘DFS’) for its Chilalo Graphite Project (‘Chilalo’ or the ‘Project’), located in south-east Tanzania.

The Company engaged highly experienced engineering design and construction company, CPC Engineering (‘CPC’) to undertake the FEED workstream. CPC has significant experience in the graphite industry, having undertaken the study work on Syrah Resources’ Balama Project and completed several feasibility studies. The purpose of the FEED was to ensure that, subject to the availability of finance, Chilalo is construction-ready. Key deliverables of the FEED work included detailed engineering, cost estimation, schedule optimisation, development of Project Execution and Operational Readiness plans, and tenders for long lead equipment items. The completion of FEED is a key requirement of financiers and enables the Company to further progress the debt finance process.

The results demonstrate that Chilalo is a robust project, underpinned by exceptional margins and product quality.

Evolution Managing Director, Phil Hoskins commented: “We are extremely pleased with the results of the FEED process and the updated DFS, confirming Chilalo is a high-margin, low-capex development option, poised to become a meaningful producer of high-value graphite products and take advantage of the looming graphite supply shortage.”

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