Evion’s Maniry graphite project clears permits and lands first supply commitment

Maniry Secures Permits and First Supply Commitment

Evion Group NL (ASX:EVG) has moved its Maniry Graphite Project closer to development, with mining permits granted in Madagascar and a first binding supply commitment covering roughly 10,000 tonnes of concentrate a year for five years. The permits, granted on 21 July after the associated corporate social responsibility contracts were signed, convert the remaining exploration permits across the project’s key areas into mining tenure.

The company describes Maniry as the first critical minerals project granted mining permits under Madagascar’s new Mining Code. The project’s 2022 feasibility study outlined Stage 1 production of about 39,000 tonnes per annum, increasing to up to 60,000 tonnes in Stage 2, with a projected pre-tax NPV of US$263 million. The new tenure is intended to support Evion’s financing applications to the European Investment Bank and KfW Development Bank, although neither funding nor a Final Investment Decision has yet been secured.

The supply commitment is a legally binding terms sheet with an established German purchaser, but it is not yet the definitive offtake agreement. That long-form contract is due within six months of signing and remains subject to funding, approvals, a Final Investment Decision and commercial production. The arrangement would cover around 26% of planned Stage 1 output, leaving approximately 74% available for other customers, strategic partners or downstream use. It follows the company’s binding German offtake terms sheet, which was previously reported as covering at least 10,000 tonnes a year for five years.

Permit Costs and Environmental Approval Remain

One immediate financial obligation is a levy to Madagascar’s Fonds Minier pour l’Investissement Social et Communautaire, equal to 3% of Maniry’s initial project capital expenditure. It becomes payable after the approving decree is issued and registered. The decree has been signed by the Mines Minister but still awaits formal issuance by the President, meaning the permit process is not entirely administrative despite the headline grant. Evion’s requirement to pay the levy was detailed in its 3% Maniry CAPEX levy announcement.

Final environmental approval is also outstanding. Evion lists completion of the decree process, payment of the levy, environmental endorsement, project financing and finalisation of the long-form offtake as the main workstreams before a development decision can be reached.

Carp Moves From Mapping Towards Drilling

In Nevada, Evion completed its first field programme since acquiring the Carp Fluorspar Project, collecting 41 rock-chip samples across historic workings and newly consolidated claims. Fieldwork identified an untested anomalous area roughly 300 metres southwest of the historic South Pit, covering about 200 metres by 200 metres. Ten samples came from that new prospect, where mapping recorded barite, hydrothermal brecciation, calcite veining and silica alteration. The target builds on the unt es ted Carp fluorspar target identified near the project’s historically highest-producing pit.

A high-resolution drone magnetic survey has now commenced across the approximately 4.94-square-kilometre claim area. The data will be combined with LiDAR, orthophotography and planned surface geochemistry to refine targets for a maiden drilling programme. Assay results from the 41 samples are expected in two batches during November, while drilling remains subject to Bureau of Land Management approvals and rig availability, with the programme currently planned for 2027.

Panthera Opens Asian Sales Channel

Evion’s 50:50 Panthera Graphite Technologies joint venture in India delivered positive EBITDA in its first full year of commercial production and secured its first order into South-East Asia. The approximately 20-tonne consignment of expandable graphite is bound for Ho Chi Minh City, Vietnam, extending a customer base that has so far been concentrated mainly in the United States and Europe. The order is a small shipment rather than evidence of recurring Asian revenue, with negotiations continuing with the buyer and other prospective customers.

Cash Position Supports Exploration, Not Yet Mine Construction

Evion ended the September quarter with A$5.755 million in cash, helped by A$2.139 million of net financing inflows. Net operating cash use was A$1.072 million, including A$117,000 on exploration and evaluation, while no cash was spent on mine production or development. The company reported an estimated 5.37 quarters of funding based on its current relevant outgoings, but that measure does not represent the capital required to build Maniry or fund a major drilling and development programme.