Investee Company Update: Evolution Energy Minerals

In brief · summary, not quotable

Metals One Plc, holding a 16.9% stake in Evolution Energy Minerals, noted an update regarding the Chikundo Copper Project in Tanzania. Evolution Energy Minerals is commencing an expanded soil sampling program on November 24, 2025, which will include 1,558 samples across two priority grids covering a 1.6 km copper corridor and a northeast anomaly. This program aims to refine high-priority copper targets, building on historical drilling results such as 0.40m at 5.27% Cu and 6m at 0.50% Cu, and recent sampling that returned 5,340 ppm Cu. The sampling is expected to take 8-12 weeks, with results informing planned RC drilling in 2026.

Full announcement

Select text to share a quote on X · sign in to keep highlights & notes in your MET1 notes

Metals One (AIM: MET1), a critical and precious metals exploration and development company, is pleased to note an announcement today by Evolution Energy Minerals Limited (ASX: EV1, FSE: P77) ("Evolution") providing an update on the planned soil sampling programme at the Chikundo Copper-Lead-Zinc Volcanic Hosted Massive Sulphide ("VHMS") prospect, located within the Chilalo Project tenements in southeast Tanzania.

Metals One owns approximately 16.9% of Evolution's issued share capital.

The highlights from Evolution's announcement follow below, and its full announcement can be viewed via Evolution's website at https://evolutionenergyminerals.com.au/asx-announcements/

Highlights

Major copper-focused soil programme to commence 24th November 2025, advancing the emerging Chikundo VHMS copper system in Tanzania
Updated soil programme design now includes 1,558 samples planned across two priority grids covering the 1.6 km Chikundo copper corridor and the northeast anomaly
High-grade historical drilling by IMX confirms bedrock copper sulphides, including:

o 0.40m @ 5.27% Cu, 15.05 g/t Ag (NRD11-047)

o 6m @ 0.50% Cu, including 0.6m @ 1.35% Cu (NRD11-050)

Recent Evolution sampling returned highly anomalous copper, including 5,340 ppm Cu from gossanous material southwest of the Malachite Pit
Visible chalcopyrite beneath malachite continues to reinforce the strength and continuity of copper at surface
New interpretation of regional VTEM data outlines a large volcanic caldera, a setting associated with multi-deposit VHMS districts globally with Chikundo positioned on its southern margin
Sampling expected to take 8-12 weeks, with results released as a single, integrated dataset
Programme designed to prioritise targets ahead of 2026 RC drilling

Daniel Maling, Managing Director of Metals One, commented:

"As an investor in Evolution, Metals One is very encouraged to see that the programme to advance the Chikundo Copper Project will commence next week. This programme, which has now been expanded to include additional samples, will allow Evolution to refine the highest-priority copper targets in what they believe could be a much larger system, with RC drilling at Chikundo on their radar for 2026."

Map of Metals One projects/investments

LinkedIn: https://www.linkedin.com/company/metals-one-plc/

X: https://x.com/metals_one_PLC

Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com

About Reach Announcements

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.