Evion’s India JV Generates A$615k Revenue; Maniry Project Secures Final Community Approval

First Revenue from India JV Signals Operational Progress

Evion Group NL has transitioned from development to revenue generation with its India-based joint venture, Panthera Graphite Technologies. The JV, a 50:50 partnership with Metachem Manufacturing Co, shipped its first 120 tonnes of expandable graphite in March 2025, earning approximately A$615,000 in revenue. This shipment is the initial tranche of a 386-tonne sales order valued at over A$2 million, marking a significant commercial breakthrough for the JV facility near Pune.

Operations at Panthera are ramping up, with monthly shipment targets around 150 tonnes and recent product orders quoted above US$4,500 per tonne, reflecting strong market demand. The company is advancing a Stage 2 feasibility study aimed at doubling production capacity to 4,000 tonnes per annum at a relatively low capital cost estimated between US$500,000 and US$750,000. This expansion could potentially add US$6 million in annual revenue, supported by operating margins near 50%.

Maniry Graphite Project Advances Toward Development

Meanwhile, Evion’s flagship Maniry Graphite Project in Madagascar continues to progress through critical permitting stages. The company secured final community approval via the signing of the Community Development Plan, a key milestone that paves the way for construction commencement. Environmental regulator site visits are scheduled for May 2025 to validate the Environmental and Social Impact Plan, expected to unlock formal government approvals.

Madagascar’s Ministry of Mines has authorised the conversion of Evion’s exploration permits into full exploitation licences, a vital step toward mine development. Evion’s management has engaged with senior officials from Madagascar’s government, the European Union, and the International Monetary Fund to align Maniry with strategic trade and development priorities. The project is also positioned for recognition under the EU’s Critical Raw Materials Act, which could enhance funding opportunities and integration into European supply chains.

Capital Raising and Financial Position Support Growth

To underpin its expansion plans, Evion raised A$2 million through a Rights Issue and Shortfall Placement during the quarter. These funds are earmarked for the India JV’s Stage 2 expansion and ongoing permitting activities at Maniry. Additionally, a Bonus Options Offer closed with $219,000 raised, further aligning shareholder interests. The company ended the quarter with a cash balance of A$1.79 million, providing a runway for near-term milestones despite a net cash outflow of $644,000 from operating activities.

Operational challenges such as intermittent delays due to third-party effluent removal logistics at the India JV are being addressed with the installation of an on-site effluent treatment plant, expected to enable full capacity production by Q3 2025.

Strategic Positioning in a Growing Graphite Market

Evion’s developments come amid a bullish graphite market outlook. Benchmark Mineral Intelligence forecasts significant growth in graphite demand driven by battery, electric vehicle, and energy transition sectors. China’s dominance in graphite supply is expected to decline, creating opportunities for alternative suppliers like Madagascar, now the world’s largest natural graphite producer outside China.

Evion’s dual focus on expandable graphite production in India and high-grade graphite mining in Madagascar positions it well to capitalize on shifting global supply dynamics. The company’s engagement with international stakeholders and strategic regulatory frameworks underscores its ambition to be a key player in critical raw materials supply chains.