Evolution Energy Minerals (EV1), a company in which Metals One (MET1) holds a 16.9% stake, has announced that it has committed to an accelerated development schedule for its 84%-owned Chilalo graphite project in Tanzania, following constructive engagement with the government and submission of an updated project implementation plan.
Evolution also provided an update on the advancement of development and exploration activities across its Chilalo graphite project and Chikundo copper project.
Evolution has committed to an accelerated development schedule, targeting first ore mining by October 2027. It is planning a resource development drilling programme, to upgrade and expand Chilalo graphite resource.
At Chikundo an exploration programme is being planned with soil sampling, ground geophysics and follow-up drilling.
Meanwhile, funding discussions are being advanced with African, European, and Middle Eastern banks and sovereign funds.
Metals One acquired its 16.9% stake in Evolution in September 2025 through a combination of market purchases and rights Issue participation.
"It is fantastic to see Evolution's confidence in the strength of the Chilalo graphite project through its decision to accelerate it into production,” said Dan Maling, managing director of Metals One.
“Chilalo is strategically positioned to benefit from global supply diversification on graphite, and it stands out among the limited number of graphite projects outside China that are nearing development, supported by robust ESG principles, strong backing from the Tanzanian government, and clear exploration potential."
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Metals One’s growing portfolio of assets has had a recent bias towards North America, but the company will consider opportunities elsewhere if they are of a high enough quality. The Chilalo project fits the bill, and it fits nicely into the Metals One remit of focussing on critical minerals. A move to production within two years at Chilalo would be good news all round, and a vindication of the quality of the asset.