Evion Group NL has expanded its critical minerals footprint with a binding option to acquire the CARP Fluorspar Project in Nevada, secured long-term mining permits for its Maniry Graphite Project in Madagascar, and reported a maiden EBITDA from its Panthera Graphite Technologies JV in India.
- Exclusive option secured for CARP Fluorspar Project with expanded landholding
- Maniry Graphite Project granted first Mining Permits under new Malagasy code
- Panthera JV delivers US$530,000 EBITDA at 20-25% capacity
- A$7.24 million capital raise supports growth and project development
- Strategic board appointments enhance US and technical capabilities
Nevada Fluorspar Acquisition Expands Evion's US Critical Minerals Presence
Evion Group NL (ASX:EVG) has taken a significant step into the US critical minerals arena by executing a binding Share Sale Agreement for an exclusive option to acquire the CARP Fluorspar Project in Lincoln County, Nevada. The project, historically producing approximately 44,900 tonnes of high-grade fluorspar averaging 69% CaF₂ between 1958 and 1971, now boasts an expanded footprint of 59 unpatented lode claims covering nearly 493 hectares, up from the initial 14 claims.
An independent technical review has validated the 2024 surface sampling results, confirming exceptional fluorspar grades, with peak assays reaching 88.15% CaF₂. Mineralisation styles are diverse, including manto-style replacements and fault-hosted veins, indicating a robust and geologically extensive system. The presence of polymetallic mineralisation including gold, silver, lead, zinc, and copper adds further exploration upside.
Evion plans a staged exploration campaign commencing with drone and ground magnetic surveys, surface geochemical sampling, and structural mapping to refine drill targets. These efforts aim to unlock the CARP system’s potential and evaluate a northwest extension corridor within the enlarged tenure.
Maniry Graphite Project Advances with Mining Permits and EU Backing
The Maniry Graphite Project in southern Madagascar marked a regulatory milestone post quarter-end with the formal grant of Mining Permits, converting remaining exploration permits and securing long-term tenure across key DFS-defined areas. This makes Maniry the first critical minerals project in Madagascar to receive such permits under the country’s new Mining Code, underscoring its strategic priority.
The Definitive Feasibility Study, completed in 2022, outlined a 21-year mine life with staged production ramping to 60,000 tonnes per annum of graphite concentrate and a pre-tax NPV of US$263 million. The permit grant de-risks the project, enabling Evion to intensify financing discussions with international institutions like the European Investment Bank and KfW Development Bank, leveraging Maniry’s status as the EU’s only African graphite supplier under the Critical Raw Materials Act.
EU grant funding of up to €3 million supports early-stage development and workforce training, reflecting strong international endorsement. Evion is also advancing environmental approvals and local stakeholder engagement to solidify its social licence to operate.
Panthera Graphite JV Delivers First Full-Year EBITDA and Scalable Growth
Evion’s 50:50 joint venture, Panthera Graphite Technologies (PGT) in Pune, India, reported an unaudited EBITDA of US$530,000 (A$757,000) for the year ended 31 March 2026, its first full year of commercial production. This result was achieved while operating at only 20-25% of nameplate capacity, highlighting significant upside as production scales.
PGT generated US$1.72 million in revenue with a gross margin of 54.5%, supported by premium pricing of expandable graphite at US$3,100–3,400 per tonne. The June quarter saw production exceed 160 tonnes with sales over US$460,000, and the September quarter is expected to surpass US$1 million in revenue. Expansion plans target 2,500 tonnes per annum in Stage 1, projecting EBITDA of US$3.4 million, with Stage 2 aiming for 4,000 tonnes and US$5.8 million EBITDA.
The JV’s success validates Evion’s downstream strategy to produce higher-value graphite products for industrial markets including AI infrastructure, defence, and energy security, leveraging growing demand for thermal management and fire protection materials.
Capital Raising and Leadership Appointments Support Growth
Evion raised approximately A$7.24 million via a two-tranche placement priced at A$0.03 per share, with proceeds earmarked for the CARP acquisition, exploration activities, Maniry advancement, Panthera expansion, and general working capital. The second tranche awaited shareholder approval at quarter-end, which was subsequently secured.
Strengthening governance and technical leadership, Evion appointed Malcolm Randall as Non-Executive Chair, bringing over 45 years of resource sector experience, and Mark Fletcher as Head of Geology to drive project development. Additionally, former Australian Ambassador to the United States, The Hon Arthur Sinodinos AO, joined as Strategic Advisor to bolster Evion’s US critical minerals strategy and government engagement.
Financial Position and Near-Term Priorities
Evion ended the quarter with A$4.7 million in cash and net operating cash outflows of A$866,000, primarily from marketing, corporate costs, and consultancy fees. Exploration expenditure was modest at A$73,000, focused on Maniry development. The company is positioned to fund operations for over five quarters at current burn rates.
Near-term milestones include advancing CARP’s exploration and permitting, securing environmental approvals for Maniry, progressing project financing and offtake negotiations, and ramping Panthera’s production capacity alongside Stage 2 expansion completion. These activities aim to convert exploration success into operational and financial momentum across Evion’s vertically integrated critical minerals platform.
Bottom Line?
Evion’s strategic moves in Nevada, Madagascar, and India reflect a maturing critical minerals developer poised to leverage regulatory milestones and production scale, but execution risks remain around financing and exploration outcomes.
Questions in the middle?
- Will CARP’s exploration confirm a resource large enough to justify full acquisition and development?
- How swiftly can Evion convert Maniry’s regulatory progress into definitive project financing?
- Can Panthera ramp production as projected to unlock its substantial EBITDA leverage?