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awaited development. gineers moving on the updated DFS, we’ve
EV1 is approaching FID for its Chilalo
graphite project in Tanzania The original DFS published in early 2020 had three visits to Tanzania to progress our
forecast a post-tax NPV of $US323 million framework agreement and we’ve signed a
and IRR of 34% on a capital cost of $US87.4 cornerstone binding offtake agreement with
million, including 10% contingency and pre- YXGC [Yinchang Xincheng Graphite Co
strip. Key optimisation works include bring- Ltd],” Hoskins said.
ing forward revenue from a revised mining “We’ve gone from essentially stand-
schedule and lowering both operating costs ing still to having all these different work
and Chilalo’s carbon footprint via the im- streams moving…but we’re very proud of
plementation of a hybrid solar/diesel power what we’ve achieved and it’s really pleas-
station. ing to see that delivery capability starting to
CPC Engineering has been contracted to build within our team.”
complete the FEED for the proposed pro- EV1 executive director Michael Bour-
cessing plant at Chilalo, having previously guignon, who oversaw the construction of
undertaken the same works for Syrah Re- Syrah’s Balama mine and has delivered a
sources Ltd at its Balama graphite project number of other projects in Africa for the
in Mozambique. likes of Perseus Mining Ltd and Glencore
With a number of other key work streams plc, is leading the Chilalo project execution
playing out in the background, including the team. He is supported by his former Syrah
all-important project financing, EV1 is edg- colleague Vickey Puncheon, who is EV1’s
ing closer towards a final investment deci- Tanzanian-based general manager corpo-
sion on Chilalo. Such a milestone would rate services.
complete a remarkable turnaround for a Other key team members include John
project which was essentially parked to the Clement (owner’s representative in connec-
side in mid-2020 when Graphex rebranded tion with the FEED) and Marc Smith (EV1’s
as Marvel Gold Ltd after picking up a suite site-based manager).
of gold exploration assets in Mali. Hoskins was officially appointed as EV1’s
Within a year, and amid an improving managing director at the start of the year,
market for battery minerals, Marvel made having originally agreed to stay on in a non-
the decision to spin-out Chilalo via the IPO executive capacity, but he was ultimately
of EV1 and the newly minted company has lured back into the fold to again take the
not missed a beat since listing in November. reins of a project he has committed the best
“In a short space of time, we’ve got the en- part of a decade to advancing.

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