Source: Evolution Energy Minerals
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  • Evolution Energy Minerals (EV1) appoints Auramet International to help secure financing for its Chilalo graphite project in Tanzania
  • The company will work with Auramet to find the right mix of debt and equity financing for the project
  • It has held informal discussions with representatives of Auramet over a few years and has now mapped out key goals to secure project finance
  • This includes further offtake agreements, finalising a framework agreement with the Tanzanian government, and completing the updated DFS study
  • Shares are trading 4.17 per cent lower today at 46 cents each

Evolution Energy Minerals (EV1) has appointed Auramet International to help secure financing for its Chilalo graphite project in Tanzania.

The company will work with Auramet to find the right mix of debt and equity financing for the project.

It has held informal discussions with representatives of Auramet over a few years and has now mapped out key goals to secure project finance.

This includes the execution of further binding offtake agreements. The company has already secured an agreement for the sale of 30,000 tonnes per annum in the first three years of the project, which covers 50 per cent of production.

In addition, it plans to secure legal and fiscal certainty by finalising a framework agreement with the Tanzanian government as well as finish its updated definitive feasibility study (DFS).

“Auramet is a leading financial advisor to the resources sector with significant experience in Africa,” Managing Director Phil Hoskins said.

“They have completed numerous debt, equity and offtake agreements for companies operating in the mining industry.”

“This appointment is an important stage for the company as we seek to execute the material project milestones and move to construction as soon as possible.”

Shares were trading 4.17 per cent lower today at 46 cents each at market close.

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