Metals One increases stake in Evolution Energy Minerals
By Josh White
Date: Friday 12 Sep 2025
(Sharecast News) - Metals One said on Friday that it has increased its stake in Evolution Energy Minerals to 16.9% after receiving its full allocation in the Australian company's oversubscribed rights issue, which raised AUD 1.45m (£0.71m).
The AIM-traded explorer said it acquired 52,985,000 new shares in Evolution at one Australian cent each for a total investment of AUD 529,850, and had also been granted options over 26,492,500 shares exercisable at two Australian cents until September 2028.
Evolution is developing the large, high-grade Chilalo graphite project in Tanzania, which was supported by binding offtake agreements covering more than 90% of planned production.
"Chilalo represents one of the few advanced graphite projects positioned to supply ex-China markets, underpinned by strong ESG credentials, government support in Tanzania, and significant exploration upside," said Metals One chief executive Jonathan Owen.
"Through Metals One's shareholding in Evolution, our shareholders have gained access to a premium strategic mineral asset advancing towards development at a highly attractive value entry point."
In a subsequent update, Metals One said admission of its new Evolution shares to the Australian Securities Exchange was now expected to occur on or around 17 September, later than the initial target date of 12 September.
At Friday's close, shares in Metals One were down 3.67% at 3.94p.
Reporting by Josh White for Sharecast.com.
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