Everlast Minerals Reports $3.03 Million Loss After 109 Tonne Export

• First export of approximately 109 tonnes of concentrate to China
• $3.03 million FY26 loss and $2.31 million operating cash outflow
• $3.32 million cash balance following $6.0 million IPO
• 375.1 million tonne Gaibandha Mineral Resource unchanged
• Expanded equipment fleet awaiting completion of commissioning

First Export Tests Everlast’s Operating Chain

Everlast Minerals Ltd (ASX:EV8) has moved one step beyond a laboratory-style development story, shipping approximately 109 tonnes of mineral sands concentrate from its Gaibandha project in Bangladesh to customers in China. The June cargo passed through mining, wet and dry processing, product handling and export logistics, giving the company its first practical test of the chain it hopes will support a larger operation.

The qualification matters, but the annual report is careful about what it does not prove. Everlast says the shipment was produced through pilot-scale operations and “did not, by itself, establish sustained commercial production”. Commissioning of newly delivered modular mining and processing equipment was still incomplete at 30 June, leaving throughput, recoveries, product quality and repeat customer demand as the more consequential tests ahead.

Gaibandha Scale-Up Still Depends on Commissioning

A new 500kW electricity connection became operational in October 2025, supplying the existing wet and dry plants and providing capacity for additional machinery. The expanded modular fleet arrived during the June quarter and was being assembled alongside workforce training. Everlast’s stated FY27 priorities are to finish commissioning, lift pilot throughput and operating efficiency, continue product qualification and engage with prospective customers.

The underlying resource is sizeable but low-grade: Gaibandha holds 91.2 million tonnes in the Indicated category at 1.18% total valuable heavy minerals and 283.9 million tonnes in the Inferred category at 1.24%, for a combined resource of about 375.1 million tonnes. The estimate was unchanged during FY26. Resource size, however, is not the same as an operating mine, and the company has not yet secured formal offtake arrangements for future output.

Cash Position Improved After IPO, Losses Continue

Everlast raised the full $6.0 million available under its September 2025 IPO, while $2.25 million of pre-IPO convertible notes converted into shares on listing. At year end, cash and cash equivalents stood at $3.32 million, compared with $532,383 a year earlier, and total liabilities had fallen to $423,708 after the note conversion.

That stronger balance sheet came alongside a $3.03 million loss after tax and a $2.31 million net operating cash outflow. Revenue was $35,471, underscoring the distance between a first pilot shipment and a self-funding business. The directors say spending can be scaled back or re-sequenced, but the report also identifies ongoing capital requirements as a material risk if development and operating objectives are to continue.

Kurigram Adds Exploration Upside and Execution Risk

Everlast also expanded its Bangladesh portfolio with a roughly 4,000-hectare Kurigram exploration area, where it plans systematic mapping, surveying and sampling. The annual report describes the licence as granted in February 2026 and says government survey, boundary demarcation and handover enabled exploration to begin. One separate tenement table nevertheless labels the Kurigram application as pending, an inconsistency investors will want clarified.

After year end, the company signed a three-year memorandum of understanding with the Bangladesh Atomic Energy Commission covering sample collection, analysis, mineral characterisation and related research. It is a technical framework rather than a revenue contract. The next material evidence will come from completed commissioning, repeat shipments and customer qualification at Gaibandha, while Kurigram must progress from licence area to geological results without putting undue pressure on a cash balance that is already funding several workstreams.

Bottom Line?

The first export proves Everlast can move pilot material to an overseas customer; the investment case now turns on whether commissioning converts that demonstration into repeatable, economic production before funding becomes the next constraint.

Questions in the middle?

• When will the expanded Gaibandha equipment complete commissioning, and what throughput and recovery results will it deliver?
• Will the pilot shipment lead to a binding offtake agreement covering a meaningful share of future production?
• How much cash will remain when Gaibandha scale-up and Kurigram exploration are both underway?],
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• Everlast Minerals Converts First Bangladesh Shipment Into a Bigger Production Test
• Everlast Minerals Reports $3.03 Million Loss After 109 Tonne Export
• Everlast Faces Funding and Commissioning Risk After First Pilot Export