Quarterly Activities Report

• Chikundo Copper Project: RC drilling ready to commence with 17 holes planned
• Chilalo Graphite Project: Modular start-up strategy advancing with first production targeted for October 2027
• Well-funded with A$2.86 million in cash at quarter-end

Evolution Energy Minerals Limited (ASX:EV1) reported on its activities for the quarter ended 30 June 2026. The company advanced its Chikundo Copper Project from a historical copper occurrence to a drill-ready exploration project, with a maiden RC drilling program designed and ready to commence. The program comprises 17 holes for approximately 3,350 metres, focusing on the Chikundo Prospect and related anomalies. Meanwhile, the Chilalo Graphite Project in Tanzania is progressing with a staged modular start-up strategy, with a scoping study defined and first concentrate production targeted for October 2027. The company remains well-funded with A$2.86 million in cash at quarter-end.

First graphite concentrate production targeted for October 2027

The company remains confident in the medium-term graphite outlook, with independent market forecasts pointing to a structural supply deficit of approximately 550kt by 2035.