EcoGraf Faces Exploration and Strategic Uncertainties Despite AngloGold Ashanti Partnership

AngloGold Ashanti Farm-In Commences at Golden Eagle

EcoGraf Limited (ASX:EGR) has officially commenced a US$9 million farm-in agreement with AngloGold Ashanti at the Golden Eagle Gold Project, located in Tanzania’s Archean Lake Victoria Goldfields. Under the five-year agreement, AngloGold Ashanti has the right to earn a 70% interest by spending US$8.9 million on exploration activities, with EcoGraf retaining 30%. The initial work program will focus on priority targets along the strike of the banded iron formation that hosts the high-grade Winston gold deposit, which has previously returned drill intercepts of 16 metres at 55.23 grams per tonne gold from 116 metres depth.

The farm-in kick-off meeting has been completed, with discussions centred on the 2026 field season budget and work plan. AngloGold Ashanti’s established Tanzanian exploration division will lead the field program, aiming to discover a Tier-1 gold deposit to complement its existing Geita operation. Early community introductions have commenced, and exploration activities are expected to follow shortly.

Promising Exploration at Hazina and Broader Golden Frontier

Alongside the Golden Eagle Project, EcoGraf continues to advance exploration at the Hazina prospect within its Southern Frontier tenure. A ~3-kilometre-long geochemical anomaly has been delineated, highlighted by a rock chip assay of 4.45 g/t gold and stream sediment anomalies reaching up to 8,820 parts per billion gold. These results coincide with a large geophysical anomaly, suggesting significant potential for a substantial Proterozoic gold system analogous to nearby deposits such as Handeni (~1.0 million ounces) and New Luika (~1.1 million ounces).

EcoGraf’s Golden Frontier portfolio encompasses over 3,000 square kilometres across Southern, Northern, and Western Frontiers in Tanzania, a jurisdiction increasingly favoured by major gold producers due to its stability and under-explored geology. The company has identified 21 highly prospective gold prospects across these frontiers and is utilising advanced exploration technologies, including drone magnetics and on-site gold detection methods, to accelerate discovery efforts.

Strategic Options and Market Context

EcoGraf is actively evaluating strategic pathways for its Golden Frontier assets, including partnerships with major gold producers, continued independent exploration, or divestment to optimise shareholder value. This evaluation occurs amid a favourable gold price environment, with spot gold recently surpassing US$5,000 per ounce and forecasts from Goldman Sachs projecting a rise to US$5,400 per ounce by year-end.

The company’s strategic review complements its ongoing focus on the Epanko Graphite Project and vertically integrated battery anode business. Recent announcements include an updated Bankable Feasibility Study supporting a 73,000 tonnes per annum production capacity and advanced debt financing arrangements led by KfW IPEX-Bank. These developments underscore EcoGraf’s dual focus on both gold and critical battery materials.

Northern Frontier Targets Nickel and Lithium in Strategic Belt

EcoGraf’s Northern Frontier Project is positioned within the Kibaran Proterozoic belt, a globally significant metallogenic corridor known for hosting nickel sulphide and lithium pegmatite deposits. The project tenure covers 995 square kilometres and includes nine priority lithium targets. The region shares geological characteristics with the Kabanga Nickel Sulphide Project and KoBold Metals’ Manono Lithium Project in neighbouring countries.

Recent agreements facilitated by the U.S. Department of State, including exclusivity and memorandum of understanding deals involving Lifezone Metals and KoBold Metals in the broader region, highlight growing international interest in strategic battery metals within the Kibaran belt. EcoGraf’s extensive regional nickel exploration datasets position it to leverage this rising focus on critical minerals.

Tanzania’s Growing Role in African Gold Production

Tanzania remains Africa’s third-largest gold producer, with a long-established mining sector hosting several Tier-1 gold mines operated by major companies such as Barrick and AngloGold Ashanti. The country is experiencing infrastructure upgrades, including rail, road, port, and power developments, which support mining operations and exploration activities.

Major gold producers are increasingly prioritising Tanzania due to its stable jurisdiction and under-explored potential, particularly in Proterozoic terrains. EcoGraf’s large landholding and strategic positioning within these frontiers provide a first-mover advantage in a region poised for new discoveries.

This update follows EcoGraf’s recent progress in its battery anode materials business, including a comprehensive Bankable Feasibility Study update for Epanko that supports expanded production and advanced financing, reinforcing the company’s diversified approach to critical minerals and battery materials markets.