Evion Group has bolstered its cash reserves to $2.3 million following a strategic placement and secured a $1.5 million expandable graphite sales agreement in the US, while advancing its Maniry Graphite Project in Madagascar with strong EU backing.
- Raised approximately A$2.3 million via placement led by Atlas Strategic Assets
- Secured A$1.5 million expandable graphite sales agreement with major US group
- Maniry Graphite Project recognised as EU Strategic Project under Critical Raw Materials Act
- Progressed EU grant applications exceeding €1.2 million for project development
- Stage 2 development underway at India JV facility with plans for US expansion
Strategic Capital Injection and Commercial Momentum
Evion Group (ASX, EVG) closed the December 2025 quarter with a strengthened cash position of $2.3 million, following a placement raising approximately A$2.3 million led by US-based Atlas Strategic Assets. This capital boost is pivotal as the company accelerates its vertically integrated graphite operations, spanning upstream mining in Madagascar to downstream processing in India and expanding commercial reach in the United States.
The placement not only provides financial runway but also cements a strategic partnership with a US-focused critical minerals group, aligning Evion with key stakeholders intent on diversifying supply chains away from China. This relationship is expected to underpin Evion’s ambitions to scale its expandable graphite sales and broaden its market footprint.
Expanding US Sales and Operational Advances in India
Commercially, Evion secured a A$1.5 million sales agreement for expandable graphite with a major US graphite supply chain group. The contract involves dispatching 300 metric tonnes from the Panthera Graphite Technologies joint venture facility in India, reinforcing Evion’s position as a reliable non-Chinese supplier amid growing US demand for secure critical mineral sources.
Operationally, the Panthera facility near Pune, India, completed routine maintenance and performance upgrades, preparing for Stage 2 development. This expansion phase is expected to enhance production capacity and support the company’s global growth plans, including potential replication of the facility in other high-demand regions.
Maniry Graphite Project Gains EU Strategic Endorsement
On the development front, Evion’s flagship Maniry Graphite Project in Madagascar continues to gain momentum. The project was officially recognised as a Strategic Project under the European Union’s Critical Raw Materials Act, a significant endorsement that elevates its profile as a future supplier to Europe’s critical minerals supply chain.
Evion has submitted grant applications exceeding €1.2 million to support early-stage development activities, recruitment, and training, receiving an initial advance of €5,000 to assist with financial reporting training in Madagascar. The company is actively engaging with European development partners and funding bodies, including the European Investment Bank and KfW Development Bank, to secure further development financing.
Navigating Political Change and Strengthening International Support
Despite political upheaval in Madagascar, with a new government installed in late 2025, Evion reports no disruption to Maniry’s development schedule. The new administration has expressed openness to mining investment, and Evion maintains strong relationships with key government officials, including the new Minister of Mines.
Additionally, the US House of Representatives passed legislation extending the African Growth and Opportunity Act (AGOA) through 2028, which supports duty-free access for Madagascar exports to the US. This legislative development provides further certainty for Evion’s trade prospects and underpins its strategic positioning in both US and European markets.
Outlook for 2026, From Platform to Delivery
Looking ahead, Evion’s management emphasises 2026 as a transformative year where established foundations are expected to convert into tangible delivery. Priorities include scaling expandable graphite revenues through repeat orders and new customers, advancing Maniry’s permitting and development leveraging EU support, deepening strategic engagement in key markets, and maintaining disciplined capital management.
With a vertically integrated supply chain and growing international recognition, Evion is well positioned to meet the increasing demand for critical minerals driven by electrification and battery technologies. The company’s progress reflects broader geopolitical shifts prioritising secure, diversified supply chains outside of China.
Bottom Line?
Evion’s strengthened cash position and strategic partnerships set the stage for a pivotal 2026 as it advances critical graphite projects amid shifting global supply chain dynamics.
Questions in the middle?
- Will Evion secure the full suite of EU grants and financing to accelerate Maniry’s development?
- How quickly can Panthera’s Stage 2 expansion scale production to meet rising US demand?
- What impact might Madagascar’s political changes have on long-term project stability and permitting?