Evion Group NL (ASX:EVG, OTC:EVIGF) is gaining ground in Madagascar, with three of its tenements at the Maniry Graphite Project officially renewed under the country’s newly reformed mining regime – a key regulatory breakthrough that clears the way for next-stage development.
The Bureau du Cadastre Minier de Madagascar has greenlighted the renewal of tenements PR3432, PR25606 and PR39750, making Evion one of the first companies to win approval under the updated Mining Code and Implementation Procedures, introduced as part of a World Bank-backed overhaul of the island nation’s mining framework.
Government green light reignites momentum
The approvals come after a lengthy pause in permitting activity across Madagascar, with the government holding off on renewals until its new mining laws were in place. With reforms now implemented, Evion’s early approval is a vote of confidence in the Maniry project’s potential and alignment with national priorities.
“The renewal of these key tenements marks a significant step forward for the Maniry Project and reflects strong support from the Malagasy government under the new Mining Code,” Evion Group managing director David Round said.
“Evion is proud to be among the first to advance under this updated framework, and we remain focused on securing full mining and environmental permits as we advance toward development.”
The company expects the rest of its applications to be processed in the coming weeks, unlocking a path towards full mining licences and the anticipated environmental approvals from Madagascar’s National Office of the Environment.
Graphite play tapping into global electrification boom
Evion’s ambitions at Maniry are backed by a 2022 definitive feasibility study, which flagged the project’s potential to produce up to 60,000 tonnes of graphite concentrate annually over a 21-year mine life, with a pre-tax net present value of US$263 million.
Madagascar is the world’s top natural graphite exporter outside China – and Maniry’s high-grade resource gives Evion a foothold in the global battery supply chain. The company is also looking to channel its fine flake graphite into its Battery Anode Material Project in Germany, designed to produce up to 30,000 tonnes of anode material each year.
Building an integrated graphite supply chain
Alongside its African operations, Evion is making inroads in India, where Panthera Graphite Technologies – its 50:50 joint venture with Metachem Manufacturing Company Pvt Ltd – is already shipping product. The facility, in a Special Economic Zone near Pune, began operations in the fourth quarter of 2024 and completed its first graphite shipment in March 2025.
Evion’s vertically integrated model – spanning exploration, processing and advanced materials production – is designed to meet growing demand for critical minerals as electrification efforts ramp up worldwide.