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Evolution Energy Minerals Ltd (EV1)

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A Deep Dive profile provides ASX listed companies with an opportunity to tell their story in plain English.

Company Deep Dive

Evolution Energy Minerals’ core focus is the Chilalo Graphite project, located in south-eastern Tanzania.

Chilalo boasts high-grade, coarse flake graphite with excellent product quality, and there’s potential for a multi-decade mine life.

The company is also committed to meeting high Environment, Social and Governance (ESG) standards, and being a sustainable graphite solution for the global green economy.

The ESG dedication helped attract ARCH Sustainable Resources Fund as a cornerstone 25% shareholder. Marvel Gold holds 31% with the top 20 holding over 75% so the Company’s register is incredibly tight.

 

Highlights

World-class Tanzanian graphite project

Experienced Board and advisors

Construction ready – fully permitted

Strong ESG commitment and focus

Market-leading product quality drives very high margins

Showcase your ASX company to 500k+ investors

See Corporate Services

People

Board & Management

Trevor Benson

Non-Executive Chairman

Mr Benson has over 30 years’ experience within the investment banking and resources sector. For 4-years, he held the position of Executive Chairman at Walkabout Resources Ltd, and worked on developing the high-grade Lindi Jumbo Graphite Project in Tanzania.

Profile

Trevor Benson

Non-Executive Chairman

Mr Benson has over 30 years’ experience within investment banking and stockbroking, specialising in the resources sector. He has also worked for large Australian and international corporations and held a number of directorships with ASX listed companies.

Most recently, he held the position of Executive Chairman for Walkabout Resources Ltd. Trevor’s focus within the investment banking industry was within SE Asia and China specialising in merger and acquisitions and equity capital market transactions, and advising Australian and International companies, including being exclusive adviser to Chinese State-Owned Enterprises, and Hong Kong listed resource companies.

He has cross border experience including Africa, UK, Hong Kong, and China and has advised and listed numerous ASX listed companies.

Michael Bourguignon

Executive Director

Mr Bourguignon was Project Director for Syrah Resources Ltd, where he oversaw construction of the Balama graphite project in Mozambique, the only operational graphite project outside China for the last 10-years.

Profile

Michael Bourguignon

Executive Director

Mr Bourguignon is a project management professional with extensive experience providing strategic direction and leadership in the successful delivery of projects, within the mining industry both in Australia and internationally.

Michael was the Project Manager for the construction of Syrah Resources’ Balama graphite project in Mozambique, for Glencore’s 3.6Mtpa copper concentrate facility at the Mopani Copper Mine in Zambia, and General Manager of the Tiger Resources development team delivering a world-class SX/EW Plant at Kipoi, in the DRC.

Phil Hoskins

Managing Director

Mr Hoskins is a Non-Executive Director of Marvel Gold Ltd (formerly Graphex Mining Ltd). He's an expert on mining graphite in Tanzania, having developed and delivered the DFS for the high-grade and coarse flake Chilalo Graphite Project.

Profile

Phil Hoskins

Managing Director

Mr Hoskins commenced his career at a large international accounting firm and has since gained corporate experience with both Australian and international listed companies.

He is a senior executive with 16 years of broad finance and commercial experience across resources exploration, project development and production as well as large-scale property developments requiring debt and equity financing. He is currently the Managing Director of Marvel Gold Limited.

Amanda van Dyke

Non-Executive Director

Ms van Dyke is currently the Managing Director of ARCH Sustainable Resources Fund LP.

Profile

Amanda van Dyke

Non-Executive Director

Ms van Dyke is currently the Managing Director of ARCH Sustainable Resources Fund LP.

Amanda has over 20 years of experience in commodity markets, first in mining-focused roles at Dundee Securities, Ocean Equities (now Pareto Securities) and GMP Securities, and later as the manager of an UCITS Gold and Precious Metals Fund at South River Asset Management, as well as other multi-asset and fixed income funds.

Amanda has raised over US$500 million in debt and equity related finance for junior mining in her investment banking career in the United Kingdom and Canada and has covered projects worldwide. Amanda has been appointed to the Board as ARCH’s nominee.

Chris Knee

Chief Financial Officer

Chris is a qualified accountant and has over 15 years’ broad experience in a multinational chartered accounting firm and a number of senior finance roles across the resources industry with projects in Africa, Canada and Central Asia.

Profile

Chris Knee

Chief Financial Officer

Chris is a qualified accountant and has over 15 years’ broad experience in a multinational chartered accounting firm and a number of senior finance roles across the resources industry with projects in Africa, Canada and Central Asia.

Chris has a range of experience across a variety of disciplines including joint ventures, international tax structuring, accounting and compliance, commercial contracts, project divestments and acquisitions. Chris is currently a Director of Superior Lake Resources Limited and Chief Financial Officer of Marvel Gold Limited, Lotus Resources Limited and Tanga Resources Limited.

Chris has a Bachelor of Commerce, Diploma of Accounting and is a Member of the Institute of Chartered Accountants.

Stuart Mckenzie

Company Secretary

Stuart has over 30 years of experience in senior commercial roles. He was previously Company Secretary with Anvil Mining Limited for almost six years, prior to which he held senior positions with Ok Tedi Mining Limited, Ernst and Young and HSBC.

Profile

Stuart Mckenzie

Company Secretary

Stuart has over 30 years of experience in senior commercial roles. He was previously Company Secretary with Anvil Mining Limited for almost six years, prior to which he held senior positions with Ok Tedi Mining Limited, Ernst and Young and HSBC.

Mr McKenzie is also the Company Secretary of Marvel Gold Limited, Lotus Resources Limited, Matador Mining Limited, Superior Lake Resources Limited and Tanga Resources Limited.

Stuart has a Bachelor of Laws, a Bachelor of Economics and is a member of the Governance Institute of Australia.

Graphite Project

Map of Chilalo project
Project

Chilalo graphite project

  • Fully permitted for construction

    • Granted Mining Licence and Environmental Approvals

  • Robust, deliverable DFS

    • US$323M NPV current resource. Expansion drilling planned.

  • Globally significant product quality

    • Flake size + performance in value-added applications

  • Value-added margins through vertical integration

    • Market IP & customer relationships create significant value-add opportunity

  • Multi-decade mine life potential

    • 18-year DFS, majority of strike remains undrilled

 

Learn More

Industry Overview

Evolution of demand

  • Exponential growth in Li-ion battery industry

  • Increasing demand for fire protection materials and graphite foil in electronics

  • Refractory use in steel production:

  • Near-term – COVID infrastructure stimulus

  • Long-term – Infrastructure needs from the urbanisation of Asia & Africa

 

Chart of battery storage requirements over years
Chart of graphite supply from 2017 to 2026

Evolution of supply – supply shortage & diversification

  • Potential graphite supply shortage by 2023

  • ~70% historically supplied by China (fine flake)

  • Global diversification of supply chains away from China

  • ESG increasingly important to graphite customers

  • Chilalo can produce +99% “green graphite” without chemical intervention – green solution

 

Battery Insights

  • Graphite underpins countless applications for renewable energies and cleantech

  • Most commercially available batteries use >95% graphite in their anodes

  • Only 28% of the world’s energy is consumed by transport.

  • Significant battery metals demand is required to capture power from solar, wind, geothermal & hydro to power homes and commercial sites.

  • Graphite forecast to dominate battery mineral demand to 2050

 

Chart of projected annual demand from energy technology as % of 2018 production

ESG Focus

Renewable energy production and storage

  • ARCH Sustainable Resources Fund enlisted to drive best practice ESG standards

  • Evolution pursuing carbon neutrality for operations

  • Chilalo to generate 230 direct jobs for potential multi-decade mine life

  • Unique graphite signature of Chilalo capable of producing +99% LOI through flotation

    • Removes the need harmful chemicals and intense energy required for purification

  • Evolution committed to compliance with strict regulation

    • EU driving change through initiatives around responsible sourcing, CO2 footprint and traceability

 

Broker Research

Bridge Street Capital

Valuation of $0.99/share.

Learn More

Key Milestones

Historical Milestones

Obtained construction permits
Verification of graphite quality by independent testing
Completed Definitive Feasibility Study

Future Milestones

List on Australian Stock Exchange
Commence Engineering and Design
Increase mine life through targeted drilling
Become vertically integrated manufacturer of sustainably produced, high-value graphite products

Investment

Key Investors

Marvel Gold Ltd

BACKGROUND

Parent Company of Evolution

ARCH Sustainable Resources Fund

BACKGROUND

Cornerstone Investor

Stocks Digital

BACKGROUND

Corporate Promotion

Capital Raises

ASX Listing IPO
|Nov 2021

Evolution will use funds raised from the offer to fund the development of the Chilalo project

Raised $22m
Offer Price $0.20
Notes Additional 42.1m options on issue following the offer

Documents

March Quarterly Activities Report

29 Apr 2022 | report
PDF (719.6 KB)

December Quarterly Activities Report

22 Jan 2022 | Report
PDF (441.8 KB)

Prospectus

06 Oct 2021 | Prospectus
PDF (13585.9 KB)

Pre IPO Presentation

26 Mar 2021 | Presentation
PDF (12915.4 KB)

Bridge Street Capital – Research Report

01 May 2021 | Report
PDF (230.3 KB)
DISCLAIMER: Market Index staff may hold shares in this company.