EcoGraf Limited EcoGraf Limited (ASX: EGR) has announced that Prospecting Licences for its Golden Eagle gold project have been granted by the Tanzanian Ministry of Minerals.
These will enable the commencement of the USD 9.0 million farm-in agreement with AngloGold Ashanti.
The granting of the Prospecting Licences was a condition precedent under the farm-in agreement signed with AngloGold, announced in May 2024, and the agreement has now formally commenced.
The Golden Eagle project comprises three granted Prospecting Licences, PL 13700/2025, PL 13701/2025, and PL 13702/2025, which together cover a total area of 575.23 square kilometres and were granted on 16 December 2025.
The project is located on the eastern margin of the Lake Victoria Goldfields, which hosts more than 70 million ounces of gold, and lies within the same structural corridor as the historical Golden Pride gold mine, which produced 3.4 million ounces of gold.
Under the terms of the farm-in agreement, AngloGold Ashanti has the right to earn a 70% interest in the Golden Eagle project by spending USD 9.0 million on exploration across the licences over five years, while EcoGraf will retain a 30% interest.
AngloGold Ashanti is one of the world’s largest gold mining companies and is the owner of Tanzania’s largest gold mine, Geita, which produced 483,000 ounces of gold in 2024.
AngloGold Ashanti is investing in exploration activities in Tanzania through Geita Greenfields Mineral Exploration, and the Golden Eagle project forms part of the company’s exploration portfolio in the country as it restarts greenfields exploration activities.
EcoGraf stated that the agreement provides a pathway to realise value for shareholders from its non-core mineral assets while providing upside exposure to the gold price, as the company continues to focus on the development of its Epanko graphite project.
EcoGraf looks forward to AngloGold Ashanti’s expertise in gold exploration being applied to Golden Eagle, as it explores for another Tier-1 gold deposit to complement its Geita operation.
In parallel with the licensing process for Golden Eagle, EcoGraf has continued assessing gold prospectivity across its other projects, where initial field programmes have demonstrated additional gold targets.
In addition to gold exploration assets, EcoGraf also holds nickel and lithium exploration assets in Tanzania.
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