Evolution Energy Minerals Ltd (ASX:EV1) welcomes BTR New Material Group Co. Ltd. as a key strategic shareholder with a 9.9% interest in the development-ready company which is on track to supply sustainable graphite products for the global green economy.
This follows the company receiving proceeds of A$3.62 million on completing an investment agreement with BTR.
EV1 will now issue 25.86 million ordinary shares to BTR New Material Group Co. Ltd., for a 9.9% stake.
“Significant development”
“We welcome BTR as a key strategic shareholder in Evolution and partner in the development of Chilalo and establishment of downstream graphite products,” the company’s interim non-executive chairman Henk Ludik said.
"Completion of the BTR investment is a significant development for the company and is a vote of confidence from the global leader in the manufacture of lithium-ion battery anode materials in Evolution’s Chilalo Project and strategy of vertical integration.”
Chilalo hosts a JORC-compliant indicated and inferred resource of 67.3 million tonnes at 5.4% TGC for 3.667 million tonnes of contained graphite.
Within this is a probable ore reserve of 8 million tonnes at 10.5% TGC for 836,000 tonnes.
To discuss next steps
Evolution’s strategic partnership with BTR includes a "transformational" offtake for fine flake graphite from Chilalo, funding and downstream collaboration.
Senior company executives expect to meet with BTR senior management towards the end of this month to discuss the next steps for the Chilalo Graphite Project in Tanzania and Evolution’s vertically integrated strategy incorporating the production of battery anode materials in North America.
About BTR
BTR is a high-tech enterprise integrating basic research, product development, production and sales, specialising in lithium-ion battery materials and carbon nanomaterials, including anode, cathode and advanced new materials.
Customers not only include Chinese domestic lithium-ion battery manufacturers such as CATL, BYD, EVE, Gotion High-Tech and REPT but also international Tier-1 customers such as SK, Samsung (KS:005930), LG, muRata and Panasonic.