Evolution receives maiden independent ESG rating from Digbee

Evolution Energy Minerals (“Evolution” or the “Company”) is pleased to report that based on Digbee ESGTM’s (“Digbee”) maiden independent review, its ESG performance has been assessed as a “B” at both corporate and project levels. The review has provided numerous recommendations for improvement which, combined with the Company’s commitment to develop its own ESG Framework (as set out in the ASX announcement of 25 November 2021), is expected to deliver a substantially higher score of at least an “A” by H2 2022. Achievement of an independent rating of at least an “A” will demonstrate a significantly positive improvement in ESG performance that the Company expects would be supported by ESG-focused funds looking to invest in battery minerals related companies.

Evolution Managing Director, Phil Hoskins, commented: “The Digbee report identifies key areas for improvement that will support efforts to integrate ESG considerations throughout our business and will support the substantial work already under way. The Board of Evolution Energy Minerals is committed to achieving at least an “A” rating assisting the Company to become the standout near-term sustainable graphite producer. “Project financiers and capital markets are placing increasing importance on ESG factors in their investment decisions. Put simply, financiers will not consider an investment unless minimum ESG standards are met. The engagement of Digbee to provide an independent and transparent assessment of our ESG performance is critically important as we seek to position Chilalo for development and align with the requirements of ESGfocused financiers.

Digbee CEO, Jamie Strauss, commented: “With a strong focus on ESG, including a robust ESG Board-level Committee and clear focus on energy-transition materials, Evolution Energy Minerals is ensuring that ESG is at the heart of its culture. Primarily as a result of the Company only having been formed recently, a number of documents, plans and activities required for the foundations of good-practice ESG have yet to be implemented. However, the team has identified these gaps and has plans in place to address them in the coming months. As a result, some of the scores outlined in this assessment may appear lower than anticipated. We fully expect these scores to improve as and when key ESG initiatives are implemented.”

“It should be noted that there is an opportunity for the rating to be improved significantly, with the Company having the potential to achieve an overarching rating of at least an A in the near future.”

Digbee’s independent assessments are aligned with key global ESG standards and frameworks, including those developed by the World Bank, IFC, the Initiative for Responsible Mining Assurance (IRMA) and the United Nations. Digbee’s assessments, which map to these standards and frameworks, are undertaken against a set of rigorous and standardised scoring criteria that have been developed in consultation with a wide range of stakeholders. This enables Evolution’s ESG program to be measured, transparently disclosed and in time, benchmarked, which will allow the Company to identify areas for improvement and to position Evolution as an attractive investment proposition for a wide range of ESG-focused fund managers and financiers.

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