Evion Group NL (ASX:EVG, OTC:EVIGF) received European Union (EU) recognition of its Maniry Graphite Project in Madagascar as a Strategic Project under the Critical Raw Materials Act in the June quarter, reinforcing its importance as a future supplier of critical minerals to the EU.
The quarter also saw the company’s 50/50 joint venture, Panthera Graphite Technologies, lock in a maiden US shipment agreement worth approximately A$400,000.
At quarter end, Evion held a cash balance of A$1.027 million and is progressing environmental permitting, tenement conversions, and grant funding discussions.
Map showing the New RN10 Highway running from Andranovory to Ambovombe, enhancing access to the Maniry Graphite Mine.
Maniry granted strategic EU designation
In June 2025, the EU formally recognised Maniry as a Strategic Project — the only such designation for a graphite operation in Africa.
Letter from the European Commission confirming the Maniry Graphite Project has been recognised as a Strategic Project.
This unlocks faster permitting, improved funding access, and greater visibility with institutional and government investors.
Evion is now working with EU advisors on securing grants to support development and workforce programs, with a detailed funding submission to be finalised in the upcoming quarter.
Permitting and tenement renewals progress
Evion renewed three key tenements — PR3432, PR25606 and PR39750 — under Madagascar’s revised Mining Code, becoming one of the first companies to do so.
The company expects full conversion of exploration permits to mining licences and the issue of environmental approvals soon, following recent site visits by the Office National pour l’Environnement (ONE).
RN10 highway upgrade boosts project logistics
The World Bank–funded upgrade of the RN10 highway, announced by President Andry Rajoelina, significantly enhances access to Maniry. Spanning 416 kilometres and passing through Ampanihy, the upgrade reduces transport costs, improves year-round access, and supports future funding and offtake negotiations.
A potential new west coast port development could further lower shipping costs.
Graphite demand surge to reshape global supply chains
In its October 2024 forecast, Benchmark Mineral Intelligence projected sustained and substantial growth in graphite demand, underpinned by the accelerating uptake of batteries, electric vehicles (EVs), and the broader global energy transition.
Key insights from the analysis include:
- Global demand for graphite is expected to continue rising strongly through to 2050.
- China’s dominance in graphite supply is anticipated to decline, with its share forecast to fall from 67% to 39% by 2033.
- To meet global demand, the industry may require up to 300 new graphite mines by 2035.
- The global graphite market is projected to reach a value of US$21.6 billion by 2027, with demand-driven growth expected to support greater price stability.
- These projections highlight the growing strategic importance of graphite in global decarbonisation and supply chain diversification efforts.
Madagascar is now the world’s largest exporter of natural graphite outside China and stands to benefit from global supply chain diversification.
Evion is positioning itself as a long-term supplier into Europe, the United States and Asia. The company has also applied for a suite of copper tenements in southern Madagascar, aligned with its strategy to build a critical minerals portfolio.
Panthera JV delivers maiden US shipment
Panthera Graphite Technologies in India, Evion’s joint venture with Metachem, began operations in Q4 2024.
The JV secured a US offtake deal for 80 tonnes of expandable graphite, valued at approximately A$400,000. While 132 tonnes of material were sold during the quarter, geopolitical shipping delays deferred delivery to July–August.
Drone image taken of Evion's JV facility, Panthera Graphite, near Pune, India.
Previous effluent restrictions were resolved via onsite treatment, enabling higher output.
Panthera is preparing to scale up production to 4,000–4,500 tonnes per annum under its Stage 2 plan, which is expected to generate up to A$20 million annually in gross revenue. Market interest remains strong, with prices between US$4,000–US$4,500 per tonne. An update on the expansion is expected shortly.
Corporate and financial summary
Evion reported net operating cash outflows of A$580,000 during the quarter, with A$188,000 spent on Maniry development.
Related party payments amounted to A$138,000.
The company also contributed A$192,000 to the Indian JV.
With A$1.027 million in cash, Evion has enough money for the near term and is exploring funding options to support upcoming development activities.