Graphite developer Evolution Energy Minerals lists on ASX in oversubscribed IPO

Tanzania-focused graphite project developer Evolution Energy Minerals has today completed a listing on the ASX in an oversubscribed A$22 million initial public offering (IPO).

The company had a market capitalisation of about $32 million at the IPO price of $0.20 and made a strong start to trading with shares opening at 58.5 cents and trading up to 66 cents in the first few minutes.

Evolution Energy, trading under the ticker EV1, is focused on the advanced and development-ready Chilalo Project in Southeast Tanzania, formerly held by Marvel Gold. It plans a net-zero emissions mine that produces sustainable graphite products for the global green economy.

“We are extremely pleased with the response from institutional and retail investors to our IPO which was significantly oversubscribed,” said Evolution Energy executive chair Trevor Benson.

“Chilalo is a well-advanced graphite asset and having successfully completed the IPO, Evolution is strongly positioned to advance Chilalo towards development. A comprehensive work programme is now underway, firmly focused on achieving this objective.”

Chilalo boasts a mineral resource of 67.3 million tonnes at 5.4% total graphite content for 3.66 million tonnes of graphite.

“The success of the IPO was only possible due to the support of our shareholders,” Benson added. “We sincerely thank our shareholders and look forward to what shapes as an exciting time ahead.”