EVOLUTION ENERGY MINERALS LIMITED — Capital/Financing Update 2022

Jan 16, 2022

ASX:EV1 | 17 January 2022

ASX ANNOUNCEMENT

Prospecting licence PL11034/2017 confirmed to be in good standing

Evolution Energy Minerals (“Evolution” or the “Company”) is pleased to announce that following a period of engagement with the Government of Tanzania, prospecting licence PL 11034/2017 (see Figure 1) has been confirmed to be in good standing subsequent to lodgement of a renewal application during 2021.

Pursuant to the terms of the Share Exchange Agreement between Evolution and Marvel Gold Limited (“ Marvel ”), Evolution has now paid Marvel a further $1,000,000, bringing the cash consideration for the acquisition of the Chilalo Graphite Project to $2,000,000.[1]

Figure 1. Chilalo Project Tenements

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This announcement has been approved for release by the Evolution board of directors.

For further information please contact:

Trevor Benson Michael Bourguignon Executive Chairman Executive Director tbenson@ev1minerals.com.au mbourguignon@ev1minerals.com.au T: +61 8 9200 4960 T: +61 8 9200 4960

1 In addition to the cash consideration, Evolution issued Marvel 50,000,000 Evolution shares as consideration for the acquisition of the Chilalo Graphite Project.

EVOLUTION ENERGY MINERALS LIMITED

Level 1, Emerald House, 1202 Hay Street, West Perth WA 6005 | T: +61 8 9200 4960 | ASX:EV1 | ev1minerals.com.au

ASX:EV1

EVOLUTION ENERGY MINERALS LTD

ABOUT EVOLUTION

Evolution is committed to supplying sustainable graphite solutions for the global green economy and in doing so, create the first net zero carbon graphite mine. A DFS confirmed the opportunity to produce high-quality flake graphite at Chilalo and the Company intends to apply Chilalo flake graphite to downstream processing to produce battery anode material, expandable graphite, micronised graphite and graphite foil. The Chilalo Project hosts a high-grade mineral resource of 20.1Mt at 9.9% total graphitic carbon (TGC) for 1,991 Kt of contained graphite, as shown in the table below.

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	Domain	JORC Code Classification	Zone	Million Tonnes (Mt)	TGC (%)	Contained Graphite (Kt)
	High Grade	Indicated	Main	9.2	10.6	982
			North-East	1.0	9.5	100
			All	10.3	10.5	1,082
		Inferred	Main	7.4	9.5	704
			North-East	2.3	8.8	205
			All	9.8	9.3	908
		Indicated + Inferred	All	20.1	9.9	1,991
	Low Grade	Inferred	Main	37.8	3.4	1,282
			North-East	9.5	4.1	394
			All	47.3	3.5	1,677
	High Grade + Low Grade	Indicated + Inferred	All	67.3	5.4	3,667

2 The Chilalo Mineral Resource estimate was reported by Evolution in the prospectus dated 28 September 2021, as supplemented by a supplementary prospectus dated 6 October 2021 (collectively, the Prospectus). Evolution confirms that it is not aware of any new information or data that materially

affects the Chilalo Mineral Resource estimate included in the Prospectus and that all material assumptions and technical parameters underpinning the Chilalo Mineral Resource estimate in the Prospectus continue to apply and have not materially changed.

evolutionenergyminerals.com.au

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