EcoGraf Limited Secures US$9m Gold Exploration Agreement with AngloGold Ashanti

EcoGraf Limited has entered into a US$9.0m five-year farm-in agreement with AngloGold Ashanti Holdings plc to explore gold at its Golden Eagle project in Tanzania. The Golden Eagle Project covers 578 km² in the Lake Victoria Goldfields, known for its high potential to discover significant gold deposits.

The deal's highlights include AngloGold earning a 70% stake in the project by investing US$8.9m over five years. EcoGraf retains a 30% share and may opt for a gross revenue royalty if AngloGold brings the project to production.

Managing Director Andrew Spinks welcomed the agreement, describing it as a testament to the strong technical quality of Innogy's assets and a vote of confidence in Tanzania's mining industry. The project complements AngloGold’s existing Geita gold mine and enhances EcoGraf's shareholder value through exposure to rising gold prices.