Evolution Energy Minerals Ltd (ASX:EV1) has undertaken a review of the Chilalo Graphite Project’s updated definitive feasibility study (DFS) as discussions progress with financing options, ensuring the assumptions underpinning the DFS are still relevant.
The review confirmed EV1’s DFS is still economically sound and highlighted several cost and operational improvement options as the company moves toward a Final Investment Decision (FID) for Chilalo.
Evolution is now considering using the closer Mtwara Port once infrastructure there is suitably advanced, an integrated gas and solar power solution, and upcycling the project’s tailings waste into geo-stable building material.
EV1 is interested in Pure New World’s patented tailings encapsulation technology, which turns mining waste products into an alternative to concrete, offering powerful environmental opportunities.
The company says its search for a new CEO is also well advanced.
Preparing for rapid development
“The company has been busy focusing on ensuring that Chilalo is FID-ready in 2025, with a range of activities and initiatives being undertaken in Tanzania and Australia,” Evolution energy chair Robin Birchall said.
“Pleasingly, the assumptions used in the updated definitive feasibility study remain valid, providing confidence to the financiers that are assessing the project.
“In combination with this review, the company, led by the new board, is reviewing further areas for cost management and staged project enhancements.
“In country, we are working with the local community on preparing the site so that construction can commence as soon as practicable after FID.”
Birchall said that the company will execute roadworks and site layout design work in the coming months and has already begun follow-up exploration on target zones identified during the September 2023 drilling campaign.
“We hope to be able to expand the resource and will, if necessary, prepare an infill drilling campaign to support the estimation of an updated mineral resource,” Birchall explained.
“Finally, we have commenced work on a copper anomaly located on our tenement. The board and I are very excited about this opportunity.”
From here, EV1’s immediate goals are:
- Finalising new management team with appointment of new CEO.
- Progressing toward FID with various work streams.
- Working to expand and update the current Chilalo resource base to include the Chilalo East prospect.
- Undertaking exploration at the Chikundu prospect to determine the potential of the recently identified copper anomaly.