• Company well funded to complete planned 2026 activities
• Strong copper mineralization indicators observed at Chikundo
• Chilalo development pathway refined with clear execution and funding milestones
• Graphite market outlook strengthening with forecast structural supply deficit
• Local CSR project at Nanguragai nearing completion

Evolution Energy Minerals Limited (ASX:EV1, FSE:P77) provides an update following a recent site visit to Tanzania, including progress at the Chikundo Copper Project and advancement of the Chilalo Graphite Project. Key highlights include the company being well-funded to complete planned 2026 activities, strong copper mineralization indicators observed during the Chikundo site visit, a refined Chilalo development pathway with clear execution and funding milestones, a modular graphite plant study ready for tender, and a strengthening graphite market outlook with a forecast structural supply deficit. The company is also nearing completion of a local CSR project at Nanguragai. Near-term execution plans include commencing the Chikundo drilling programme, establishing site infrastructure, progressing road development and access, advancing geotechnical and hydro studies, continuing environmental baseline monitoring, and issuing the Chilalo scoping study tender. The Chilalo graphite project is progressing from study to execution, with a staged development strategy incorporating a modular start-up pathway to de-risk execution, accelerate the pathway to first production, enhance financing flexibility, and meet timelines for first production agreed with the Government of Tanzania. The company remains confident in the medium-term graphite outlook, with S&P IQ Global forecasting a ~550kt supply deficit by 2035, and Tanzania remaining a critical supply source to China. The company has also had constructive progress in its government engagement.

The company remains confident in the medium-term graphite outlook, with S&P IQ Global forecasting a ~550kt supply deficit by 2035, and Tanzania remaining a critical supply source to China. The company is progressing the Chilalo graphite project from study to execution, with a staged development strategy incorporating a modular start-up pathway to de-risk execution, accelerate the pathway to first production, enhance financing flexibility, and meet timelines for first production agreed with the Government of Tanzania.