AngloGold Ashanti and EcoGraf Sign AU$9 million Gold Exploration Deal

EcoGraf Limited (ASX: EGR) has signed a AU$9 million, 5-year farm-in agreement with AngloGold Ashanti to explore gold at its Golden Eagle project in Tanzania. The project, located in the Lake Victoria Goldfields, has potential for significant gold discoveries. AngloGold will make an initial AU$100,000 payment and spend AU$8.9 million over five years to earn a 70% stake, with EcoGraf retaining 30%.

EcoGraf Managing Director, Andrew Spinks, highlighted this agreement as a validation of their asset quality and a boost for Tanzania's mining sector. This partnership allows EcoGraf to focus on its battery anode materials business while benefiting from potential gold price increases. The Golden Eagle project is part of AngloGold's new exploration portfolio as it resumes activities in Tanzania.

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