Evolution Energy Minerals announced that the updated Definitive Feasibility Study (Updated DFS) and Front-End Engineering Design (FEED) for the Company's Chilalo Graphite Project, located in southeast Tanzania, is expected to be released in early 2023. The company anticipates that the Updated DFS will confirm the Chilalo Project as a high-margin project, that is well positioned to secure finance for development. The company has carried out studies to assess the dry stacking of tailings (as opposed to conventional disposal, using a standard tailings storage facility (TSF)) and testwork has confirmed that the Chilalo tailings could be filtered and centrifuged into a low moisture `cake' capable of being stored safely with other mine waste.

Accordingly, the decision was made to remove the TSF and pursue a strategy of dry stacking of tailings. The removal of the TSF not only eliminates a significant ESG risk but is also expected to deliver improved project economics through the elimination of the associated earthworks and ongoing sustaining capital expenditure for additional lifts to the TSF. Owing to the removal of the TSF, infrastructure for the management of surface water has been reassessed and redesigned.

The revised layout provides for an optimised location for the waste rock dump. As a result of the additional study work and redesign, the Updated DFS and FEED is due to be released in early 2023. In relation to the Framework Agreement with the Government of Tanzania (GOT), negotiations with the Government on the terms of the Framework Agreement have concluded and the Company is now awaiting instructions regarding the protocols and timing for execution of the Agreement by both Evolution and the GOT.