EcoGraf’s Golden Eagle Project Ignites with $9M AngloGold Ashanti Farm-In

• Three prospecting licences granted for Golden Eagle Project covering 575 km²
• AngloGold Ashanti to earn 70% by investing US$9 million over five years
• Project lies in prolific Lake Victoria Goldfields near historic Golden Pride mine
• EcoGraf retains 30% interest, focusing on graphite and battery anode materials
• Golden Eagle targets continuation of high-grade gold-bearing Banded Iron Formation

Golden Eagle Project Licences Granted

EcoGraf Limited has announced the granting of three prospecting licences for its Golden Eagle Project in Tanzania, a significant milestone that activates a farm-in agreement with AngloGold Ashanti. The licences, covering a combined area of 575.23 square kilometres, were officially granted on 16 December 2025 by the Tanzanian Ministry of Minerals. This regulatory approval was a key condition precedent for the commencement of the US$9 million farm-in deal announced earlier in May 2024.

Strategic Partnership with AngloGold Ashanti

Under the terms of the agreement, AngloGold Ashanti, one of the world’s largest gold producers and operator of Tanzania’s Geita Gold Mine, will earn a 70% interest in the Golden Eagle licences by spending US$9 million on exploration activities over five years. EcoGraf will retain a 30% stake, maintaining exposure to potential discoveries while leveraging AngloGold Ashanti’s extensive expertise and resources in gold exploration. This collaboration marks AngloGold Ashanti’s first joint project as it revitalises its greenfields exploration efforts in Tanzania, supported by a new dedicated exploration office in Dodoma.

Highly Prospective Gold Belt Location

The Golden Eagle Project is situated on the eastern margin of the prolific Lake Victoria Goldfields, a region that has produced over 70 million ounces of gold historically. It lies within the same structural corridor as the former 3.4 million ounce Golden Pride gold mine, a landmark operation in Tanzanian mining history known for both its production and environmental stewardship. The project area covers the interpreted northeast extension of the Banded Iron Formation that hosts the high-grade Winston gold deposit, which has yielded impressive drill results including 16 metres at 55.23 grams per tonne gold.

Balancing Gold Exploration with Core Graphite Focus

While the Golden Eagle Project offers significant upside in gold exploration, EcoGraf is simultaneously advancing its core business in natural flake graphite and battery anode materials. The company’s Epanko Graphite Project in Tanzania is central to its vertically integrated strategy targeting the lithium-ion battery market. By farming out its gold assets, EcoGraf can realise value for shareholders from non-core mineral assets while concentrating capital and management attention on its environmentally focused graphite operations and proprietary HFfree purification technology.

Looking Ahead

The granting of licences and the commencement of the farm-in agreement represent a pivotal step for EcoGraf, opening the door to potential Tier 1 gold discoveries in a world-class gold province. AngloGold Ashanti’s involvement brings both financial muscle and technical expertise to the exploration effort, increasing the likelihood of unlocking significant value. Meanwhile, EcoGraf’s commitment to sustainable mining and battery materials positions it well in the evolving energy transition landscape.

Bottom Line?

As AngloGold Ashanti ramps up exploration, EcoGraf’s Golden Eagle Project could soon reveal new gold prospects while the company sharpens its graphite focus.

Questions in the middle?

• What early exploration results will AngloGold Ashanti report from the Golden Eagle licences?
• How will the farm-in agreement impact EcoGraf’s valuation and shareholder returns?
• Could the Golden Eagle Project replicate the success and scale of the historic Golden Pride mine?