New Mining and Prospecting Licence Extends Tenure at Chilalo

Evolution Energy Minerals (“Evolution” or the “Company”) (ASX: EV1, FSE: P77) is pleased to announce that the Government of Tanzania has issued a new mining licence, ML/00951/2023 (“New Mining Licence”) and the issue of a new prospecting licence, PL/25161/2023 (“New Prospecting Licence”) is expected to be completed in the coming days. The New Mining Licence and New Prospecting Licence cover 170.8km2 , the entire area of the Chilalo Graphite Project (“Chilalo”). 

The area of the New Mining Licence covers the area of the previous mining licence (ML 569/2017) and the New Prospecting Licence will cover the area of the previously held four prospecting licences (PL9929/2014, PL9946/2014, PL 11034/2017 and PL11050/2017). 

The New Mining Licence has been granted to Kudu Graphite Limited (“Kudu”), which was established pursuant to the Framework Agreement and Shareholders’ Agreement concluded with the Government of Tanzania in April 2023. Kudu is owned 84% by Evolution (indirectly) and 16% by the Government of Tanzania. Kudu was established for the purpose of holding the Chilalo licences and permits and undertaking the development of Chilalo. 

Evolution’s Managing Director, Phil Hoskins, commented: “We are extremely pleased to have been granted the New Mining Licence over the Chilalo Project area, refreshing and extending our tenure for at least the next 10 years.¹ This is a key requirement of project financiers undertaking due diligence on the debt finance. The granting of the New Prospecting Licence with a nine-year term will provide a great deal of flexibility in management of our exploration program.” 

"The timely manner in which the Government of Tanzania has addressed the New Mining Licence and New Prospecting Licence following the signing of the Framework Agreement with the Government in April 2023, is a clear demonstration of the Tanzanian Government’s commitment to working with Evolution to support the development of Chilalo.”

¹The Mining Act (revised edition 2019) (the "Act"), provided that where the holder of a mining licence has complied with the provisions of the Act, a Mining Licence may be renewed for a further period of up to 10 years

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