Evolution Energy Minerals Prepares 3,350-Metre Maiden Drill Program at Chikundo Copper Project

Extensive Soil Geochemistry Confirms Copper Mineralisation at Chikundo

In the June 2026 quarter, Evolution Energy Minerals completed an extensive soil geochemistry program across the Chikundo Copper Project, significantly enhancing the understanding of copper mineralisation in the area. The program combined 1,558 new soil samples with 626 validated historical samples, creating the most comprehensive geochemical dataset for the project with 2,184 samples. Independent analysis confirmed that the strongest anomalies represent genuine hydrothermal copper mineralisation, remaining significant after normalization and effectively distinguishing true mineralisation from background lithological and weathering effects.

The program was supported by a stringent quality assurance and quality control process, including certified reference materials, blanks, and field duplicates, all performing within industry standards. The dataset meets JORC Code (2012) reporting standards, providing investors confidence in the reliability and professionalism of the exploration data. This approach underscores the company’s commitment to industry best practices and regulatory compliance in mineral exploration disclosures.

Identification and Ranking of Four Priority Copper Targets for Maiden Drilling

The soil geochemistry results enabled Evolution Energy Minerals to identify and rank four priority copper targets at Chikundo, each offering unique exploration potential. The Chikundo Prospect is the highest priority, centered on historical artisanal copper workings known as the Malachite Pit, exhibiting a strong, coherent geochemical soil signature and open along strike. This target will receive primary focus in the maiden drilling program, with holes designed to test the Malachite Pit sulphide zone and extend along the Chikundo anomaly strike.

The second priority target, Nangurugai, is a distinct copper anomaly in the survey area's northeast, considered an attractive standalone prospect. Chikundo North and Chikundo West are two related anomalies about 1.5 kilometres north of the Chikundo Prospect, forming a broad copper signature trend previously underexplored. These ranked targets provide a structured, systematic approach to drilling, allowing resource allocation to the most promising areas while retaining flexibility to test secondary targets as results emerge.

Maiden RC Drilling Program Planned for 3,350 Metres

Evolution Energy Minerals has designed a maiden drilling program at Chikundo consisting of 17 RC holes totaling approximately 3,350 metres, divided into priority and optional phases to manage exploration risk and capital. The program includes 9 priority "must-drill" holes totaling 1,800 metres focused on the highest-confidence area at the Chikundo Prospect, and 8 optional holes totaling 1,550 metres to cover Chikundo North, Chikundo West, and other high-priority targets. Each hole targets specific exploration objectives, reaching depths up to 200 metres to test a hydrothermal copper system beneath four identified copper anomalies.

The 9 priority holes concentrate on the Malachite Pit sulphide zone, including a historical diamond-drill intercept of 0.4 metres at 5.27% copper reported on 10 February 2025. Additional priority holes step out along the Chikundo anomaly strike and twin historical drill holes that returned copper grades of 1.345% and 1.03%. The optional 8-hole program extends testing to high-tellurium targets and magnetic structures near Nangurugai, allowing flexibility to explore additional concepts based on initial drilling results.

Surface Observations Reinforce Drill Targeting at Malachite Pit

During the quarter, Managing Director Craig Moulton and Technical Director Gemma Cryan visited the Chikundo site and noted strong surface copper mineralisation indicators at the Malachite Pit, supporting the maiden drilling program design. Observations included extensive gossan development with remnant sulphide textures, visible malachite and azurite mineralisation, chlorite-sericite alteration, and structural features interpreted as fluid pathways. These findings align with a hydrothermal copper system interpretation and visually confirm surface mineralisation in targeted drilling areas.

The company emphasized that these field observations do not replace laboratory assays, where grade and mineral abundance are critical for economic evaluation. This disciplined approach reflects professional exploration standards, recognizing that economic viability depends on assay data analysis rather than visual inspection alone. The drilling program is designed to verify if surface indications correspond to economic copper grades at depth.

Drill Pads and Logistics Prepared Awaiting Contractor Selection

By the end of the June 2026 quarter, Evolution Energy Minerals completed site preparations for the maiden drilling program, including drill pads, sumps, access roads, water supply, and field logistics, all ready for drilling commencement. The company is finalizing rig inspections before awarding the drilling contract, with contractor availability identified as the main delay. Senior Geologist Casmir Kiwale is inspecting shortlisted contractors’ rigs at operational sites to verify health, safety, and environmental (HS&E) standards, availability, and capability to drill up to 200 metres.

These inspections were scheduled for completion in the week of 13 July 2026, after which the company plans to finalize and sign a drilling contract promptly. This thorough procurement process prioritizes HS&E compliance and technical capability. The completed site readiness and advanced contractor selection position the company to begin drilling within weeks after contract finalization.

Strong Cash Position Supports 2026 Exploration Plans

Evolution Energy Minerals closed the June 2026 quarter with A$2.86 million in cash, fully funding its near-term exploration programs. This capital position supports the planned drilling, including the 9 priority "must-drill" holes, and provides flexibility to pursue the optional 8-hole program if warranted by initial results. The company’s financial strength enables execution of exploration activities without immediate capital raising, offering operational flexibility and minimizing shareholder dilution.

This robust cash position contrasts with many junior explorers reliant on equity issuance for funding. It allows the company to manage exploration pace and respond dynamically to drilling outcomes, enhancing investor confidence in the near-term work program’s viability.

Chilalo Graphite Project Progresses Modular Development Approach

Alongside Chikundo’s advancement, Evolution Energy Minerals continues developing its flagship Chilalo Graphite Project in Tanzania through a staged, modular execution strategy. The company targets first concentrate production by October 2027, supported by a completed scoping study. This focus on Chilalo’s development complements the copper exploration efforts at Chikundo, reflecting a balanced approach to value creation across multiple assets.

The modular development approach reduces initial capital requirements and production risks compared to traditional large-scale graphite projects. The October 2027 production target marks a significant milestone, with study and permitting phases expected over the next 12 months. This dual focus on near-term copper exploration and medium-term graphite development diversifies the company’s portfolio and underlines management’s strategy to enhance shareholder value.

Operations in Tanzania: Regulatory and Market Context

Evolution Energy Minerals operates both the Chikundo Copper and Chilalo Graphite Projects in Tanzania, a key African mining jurisdiction. Tanzania has historically attracted international mining investment, though regulatory, fiscal, and operational factors remain critical for investors assessing companies with Tanzanian assets. The company’s progress at Chikundo and Chilalo indicates management’s confidence in the regulatory environment and project feasibility.

Concentrating assets in Tanzania offers operational synergies and regional expertise development, reducing execution risks and improving efficiency. However, it also exposes the company to country-specific regulatory, political, and operational risks. Investors should evaluate the company’s risk management and regulatory engagement strategies and consider independent advice regarding Tanzania-specific risks before investing.

Upcoming Milestones and Investor Watchpoints

Evolution Energy Minerals’ immediate focus is finalizing a drilling contract for the maiden Chikundo program, with contractor inspections expected to conclude by mid-July 2026 and contract signing to follow promptly. The start of the 17-hole drilling campaign and receipt of assay results from the 9 priority holes will be critical milestones, providing key insights into Chikundo’s copper prospectivity. The quality and grade of initial drill intersections will guide decisions on advancing the optional 8-hole program.

For the Chilalo Graphite Project, investors should monitor progress on the scoping study and development pathway toward first concentrate production in October 2027. Market participants are advised to track quarterly updates, drilling results from Chikundo, Chilalo study advancements, any changes to production timelines or capital needs, and the company’s cash position and funding requirements.