In the March quarter, Evion Group NL made material operational and corporate progress, including its first shipment of expandable graphite from India and the finalisation of community approvals for the flagship Maniry Graphite Project in Madagascar.
First revenue from India joint venture
During the quarter, Evion’s 50:50 joint venture with Metachem Manufacturing Co – Panthera Graphite Technologies – shipped its inaugural 120 tonnes of expandable graphite to a European offtake partner, generating A$615,000 in revenue.
Pune facility in India.
This is a big step for the Indian facility, near Pune, which began production in late 2024.
The shipment forms part of a 386-tonne sales order, with the remaining inventory prepared for delivery.
The JV is now targeting monthly shipments of around 150 tonnes, with some recent product pricing exceeding US$4,500 per tonne.
A Stage 2 feasibility study is underway to double the facility's annual capacity to 4,000 tonnes, supported by low projected capital costs and strong margins.
The company expects to resolve some operational bottlenecks linked to effluent removal by the third quarter of 2025 through the installation of an on-site treatment plant.
Permitting momentum at Maniry
In Madagascar, Evion secured final community consent for the Maniry Graphite Project via signing of its Community Development Plan, a key prerequisite for development.
The company also moved forward in discussions with Madagascar’s Ministry of Mines and held high-level meetings with the European Union and the International Monetary Fund regarding strategic alignment and project support.
Environmental permitting is progressing, with site visits scheduled by the national regulator in May.
These inspections are expected to validate the final environmental approvals, allowing for the conversion of exploration licences to mining licences for the DFS-defined 60,000 tonnes per annum project.
Strengthened financial position
Evion raised A$2.0 million during the quarter via a rights issue and shortfall placement, supplemented by A$219,000 from a bonus options offer.
At quarter end, the company held A$1.79 million in cash and reported quarterly operating expenditure of A$644,000, primarily linked to Maniry permitting, corporate activity, and JV contributions.
Post-quarter, Evion engaged investors at the Tribeca Future Facing Commodities Conference in Singapore and continues to seek EU recognition of Maniry under the Critical Raw Materials Act, which may unlock future funding and integration into Europe’s supply chains.
With both operations progressing and graphite demand rising globally, Evion remains positioned to play a significant role in the diversified supply of critical minerals.