Metals One PLC (AIM:MET1) has acquired a 10.45% stake in ASX-listed Evolution Energy Minerals Ltd (ASX:EV1) through a market purchase and plans to underwrite part of its rights issue.
The total investment could bring Metals One’s holding to 17.37%.
The acquisition focuses on Evolution’s Chilalo Graphite Project in Tanzania, a development-ready asset with offtake agreements covering over 90% of production.
"Securing a strategic stake in Evolution provides Metals One shareholders with exposure to a high-quality development-ready graphite project at a highly attractive entry point," said Metals One chief executive Jonathan Owen.