The Chilalo Tenements are held by Ngwena Tanzania Limited.
On March 8, 2023, a new joint venture company, Kudu Graphite Limited (Kudu), which has been established for the purpose of holding the Chilalo licences and permits and undertaking the development of Chilalo has been incorporated.
Kudu is owned 84% by Evolution’s 100% UK subsidiary company, Evolution Energy Minerals UK Limited (EEMUK) and 16% by the Tanzanian Government, with a separate class of shares created with respect to the Tanzanian Government’s non-dilutable free carried interest.
On April 18, 2023, at the Signing Ceremony, the Framework Agreement and Shareholders Agreement for the Chilalo Graphite Project (together, the "Agreements”) were signed.
The Agreements relate to the arrangements for the ownership, development and management of the Chilalo Graphite Project, the details of which were agreed with the Government of Tanzania in March 2023.
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