Historically Producing Fluorspar Asset Establishes an Emerging Western-Aligned Critical Minerals Platform Across Graphite and Fluorine Supply Chains
Key Highlights
- Evion has executed a binding Share Sale Agreement to secure an exclusive option to acquire the CARP Fluorspar Project in Lincoln County, Nevada, USA – a historically producing critical mineral asset within a Tier-1 U.S. mining jurisdiction.
- Historically producing project with recorded production of approximately 44,900 tonnes at an average grade of ~69% CaF₂.
- Evion has expanded its land position through the staking of 45 adjoining mining claims considered prospective for additional fluorspar mineralisation and broader district-scale growth potential.
- Fluorspar designated a Critical Mineral by the United States, European Union, Australia and other jurisdictions, with the U.S. currently 100% reliant on imports despite fluorspar’s essential role across semiconductor, battery, nuclear, aerospace and defence supply chains.
- U.S. Department of War, through the Defense Logistics Agency, recently awarded a US$168.9 million fluorspar supply contract, highlighting accelerating U.S. Government focus on securing domestic critical mineral supply chains and reducing reliance on Chinese-controlled supply.
- Acquisition positions Evion as the only ASX-listed company with exposure to both graphite and fluorspar development projects, supported by the EU CRMA-recognised Maniry Graphite Project and existing expandable graphite operations supplying U.S. and European markets.
- Firm commitments received to raise A$6.635 million, including A$100,000 in Director participation, from institutional, sophisticated and strategic critical minerals investors to support advancement of the Company’s U.S. expansion strategy.
12 May 2026 - Evion Group NL (“Evion” or “the Company”) (ASX: EVG), a vertically integrated graphite and critical minerals developer, is pleased to announce that it has acquired an option granted by Globex Nevada Inc. to purchase a 100% right, title and interest in 14 contiguous unpatented lode claims located in Lincoln County, Nevada (“CARP Fluorspar Project” or “the Project”). The claims cover a surface area of 117.06 hectares within the Viola Mining District.
Evion has also identified and staked 45 unpatented claims immediately adjacent to the CARP Fluorspar Project covering an additional ~376 hectares which are considered to have strong potential for new fluorspar discoveries.
Managing Director David Round commented:
“We’re delighted to have secured the Carp Fluorspar Project in Nevada, USA and stake the surrounding claims. The Project area has a strong history of producing high-grade fluorspar concentrate and our early assessment suggests the existing project ground and adjacent staked claims are highly prospective for future development.
We believe this project, commodity and location fits perfectly within our strategy to be a leading producer of vitally important critical minerals in the future. In considering this acquisition, we carefully reviewed the economic and geopolitical dynamics that currently exist for this commodity and discovered, as others have too, that the U.S. is a large consumer of this material but has previously relied on imports from China and other parts of the world. We also determined that the resources available in other parts of the world appear to be in short supply.
This is similar to the graphite supply market, and we believe this diversification into one of the most important critical minerals is a perfect fit for our development plans.
Given our strong relationships with the EU and ongoing support from partners in the USA, we are very excited about this acquisition and look forward to rolling out our plans for the development of these projects over the next 12 months.”
About Fluorspar
- Recognised as a Critical Mineral by the U.S., EU, Canada, Australia and Japan.
- Irreplaceable input across AI semiconductor chips, lithium-ion batteries, nuclear power, aerospace and defence, advanced refrigerants, and steel and aluminium production.
- Current spot prices range from approximately USD$450–$650/t (AUD$650–$950/t), with structural supply constraints supporting a constructive medium to long-term pricing outlook.
- The United States is 100% import-reliant on fluorspar, with no meaningful domestic production since 1990, making secure, onshore supply a matter of both industrial and national security.
Carp Fluorspar Project Overview
The Carp Fluorspar Project is located in southeastern Nevada, Lincoln County, approximately 140 km northeast of Las Vegas, within the historic Viola Mining District. The project comprises 14 contiguous unpatented BLM lode claims (FL-1 to FL-14), staked in March 2024, totalling approximately 117 hectares. The claims are situated on Bureau of Land Management administered public land with established road access.
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Short-term actions and plans
As part of the development roadmap for the Carp Fluorspar Project and adjacent staked land, Evion plans to conduct further confirmation, exploration and drill planning work including:
- Widespread surface sampling and assaying to confirm historic high grades and drill results
- Advance detailed geological mapping and refine structural models
- Formulate drilling programs focused on high-priority targets
- Progress approvals and regulatory processes for planned drilling activities
- Determine requirements for metallurgical sampling and associated testwork
A$6.5M Capital Raising
In conjunction with the acquisition, Evion has secured firm commitments to raise A$6.5 million via a two-tranche share placement to institutional and high net worth investors with proceeds to be applied towards completion of the CARP Fluorspar Project acquisition and associated due diligence, exploration and evaluation activities at the CARP Fluorspar Project in Nevada, advancement of the Maniry Graphite Project including permitting, engineering and funding workstreams, expansion of Panthera Graphite Technologies and associated working capital requirements, as well as general working capital purposes and costs of the Offer.
Share Placement
Evion has secured firm commitments for a share placement to raise A$6.5 million via the issue of approximately 217,833,333 million fully paid ordinary shares (“Shares”) at an issue price of A$0.03 per share to sophisticated and professional investors (“Placement”).
The Placement was well supported by a combination of high net worth individuals and reputable family offices, predominantly based in Australia and the United States, reflecting strong institutional confidence in the Company's critical minerals strategy and the quality of the Carp Fluorspar Project acquisition.
The Placement will be undertaken in two tranches as follows:
- Tranche 1: the issuance of 143,003,228 Shares to raise approximately A$4.3 million (before costs), to be completed under the Company’s available placement capacity in accordance with ASX Listing Rule 7.1 (85,343,006 Shares) and 7.1A (57,660,222 Shares); and
- Tranche 2: a further issuance of 74,830,105 Shares to raise approximately A$2.2 million (before costs), subject to shareholder approval at an extraordinary general meeting of the Company’s shareholders, expected to be held in late June 2026, in accordance with ASX Listing Rule 7.1.
- Director participation: The Directors have indicated an intention to participate in the Placement on the same terms as other un-related investors of up to A$100,000, subject to the execution of binding documentation and the receipt of shareholder approval at the upcoming EGM, in accordance with ASX Listing Rule 10.11.
The A$0.03 issue price per Share represents a 18.9% discount to the last ASX closing share price of $0.037 on 7 May 2026, and a 10% discount to the 20-day VWAP of $0.033. Settlement of Tranche 1 of the Placement is anticipated to occur on 20 May 2026.
Combined with the Company’s current cash position, proceeds from the Placement will be allocated toward the following:
- Acquisition costs
- Expenditure on existing assets
- Exploration costs
- Expenditure on the Carp Project; and
- Working capital and corporate administration
Subject to shareholder approval at the upcoming EGM, investors will receive one free attaching listed option exercisable at A$0.05 per share expiring 3 years from the date of issue, for every one new Share subscribed for under the Placement (“Attaching Options”).
GBA Capital Pty Ltd (“GBA”) acted as the Sole Lead Manager and Bookrunner to the Placement and will receive a 6% (plus GST) cash fee on the amount raised in the Placement. As part of its fee, GBA will also be issued 43,333,333 options exercisable at the same price and expiry date as the Attaching Options, subject to shareholder approval at the upcoming EGM.
Acquisition Terms
Evion has entered into a share sale and purchase agreement to acquire Carp Fluorspar Pty Ltd, which pursuant to an option agreement with Globex Nevada Inc. holds an option over a 100% interest in the Carp Fluorspar Project on a predominantly deferred consideration basis.
- Initial consideration is limited to US$150,000 cash and an issue of shares in Evion equivalent to US$250,000 at the time of issue, with the shares to be subject to shareholder approval.
- Deferred payments totalling US$1.46 million in cash and US$1.75 million in shares are progressively payable over a 3-year period.
- Evion has also committed to spend US$3.75 million towards exploration expenditure on the Project over the next 4 years.
- Exercise of the option will follow satisfaction of all the above payments and expenditure commitments.
- Upon exercise of the option, Globex Nevada Inc. will be granted a 3% royalty calculated on the gross revenue derived from the Carp Fluorspar Project. Further details of the option agreement terms are contained in the Appendix.
BurnVoir Corporate Finance (“Burnvoir”) acted as financial adviser to Evion on the acquisition, with Steinepreis Paganin as legal advisers. BurnVoir (or their nominee) will receive a corporate advisory fee of 18 million shares on the same terms as the Placement, subject to shareholder approval at the upcoming EGM.
This announcement has been authorised by the Board of Evion Group NL.
Contact
David Round
Managing Director
Evion Group NL
Scott North
Investor Relations
Kamoa Capital
Sophie Thompson
Marketing & Investor Relations
Evion Group NL
For more information — https://eviongroup.com
Forward-Looking Statements
Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Evion Group operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement.
No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company’s control.
The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of the Company’s Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.
This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by the Company. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.
Company Profile
Evion Group NL (ASX: EVG) is a vertically integrated graphite developer positioned for growth with projects being developed in Madagascar, India and Europe.
We are the only Graphite Project outside of Europe to receive recognition by the European Union CRA as a preferred supply of graphite to Europe for the future.[i]
EU Strategic Project status — key advantages to Evion:
Recognised by the European Union CRA as a preferred supplier of graphite to Europe
- Accelerated permitting processes: facilitates more efficient regulatory approvals, significantly reducing potential delays and supporting timely project advancement.
- Strengthened financing opportunities: through a dedicated taskforce under the CRM Board, which oversees collaboration between EU and national, public and private financial institutions to support project financing.
- Increased attractiveness to strategic stakeholders: enhances engagement with potential lenders, investors, offtake partners, and government-supported funding initiatives, positioning Evion as a preferred partner in the European critical minerals landscape.
The Maniry Project
The Maniry Project in southern Madagascar seeks to connect a substantial high-grade graphite resource to accelerating global markets serving the world’s electrification such as battery anode manufacturers. Madagascar is the world’s largest producer and exporter of natural graphite outside China. A Definitive Feasibility Study (DFS) completed in 2022 reported Maniry could produce up to 60 kilotonnes of graphite concentrate per annum for up to 21 years and had a real, pre-tax Net Present Value (NPV8) of US$263 million.[ii]
Evion Group is progressing an opportunity to feed fine flake product from Maniry to its Battery Anode Material Project in Germany which is focused on producing up to 30,000 tonnes per year.
Maniry Project location in southern Madagascar
Panthera Graphite Technologies
Panthera Graphite Technologies is a 50:50 joint venture (JV) established with Metachem Manufacturing Co, an experienced expandable graphite producer near the city of Pune in India with over 20 years’ operating history. Panthera’s production facility is located in a Special Economic Zone, adjacent to key transport infrastructure. Operations commenced Q4 2024, with the first shipment made in March 2025.
Expandable Graphite JV facility near Pune, India
Link to the original news: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03089135-6A1325064&v=undefined
[i]ASX announcements dated 5 June 2025 and 29 July 2025.
[ii]ASX release dated 3 November 2022 — BlackEarth completes positive DFS for Maniry Project.