Evion Group (EVG) Investor update summary

Strategic transformation and positioning

• Transitioned into a vertically integrated, multi-commodity critical minerals group with operations in Madagascar, India, and the US.

• Recognised as a strategic supplier under the EU Critical Raw Materials Act, providing access to funding and preferred offtake partners.

• Policy tailwinds from US and EU funding ecosystems support expansion of non-Chinese critical mineral supply chains.

• Acquired Carp Fluorspar project and additional ground, complementing existing graphite assets due to global supply shortages outside China.

• Growth pipeline includes Maniry Graphite Project, Panthera Graphite JV in India, and Carp Fluorspar Project in Nevada.

Operational progress and achievements

• India JV production ramp-up improved after resolving effluent treatment delays; now selling exclusively to U.S. and EU with 10-15% price increases.

• Profitable operations in India with US$530k EBITDA in first year at 20-25% capacity; plans to scale to 10,000 tpa by 2029.

• Stage 2 upgrade in India nearly complete, pending final offtake agreements to reach 4,500 tpa capacity.

• Maniry DFS confirms OPEX below 46% of projected revenue, supporting a 54% gross margin.

• Panthera JV feasibility study shows strong financial returns with a 25-year project life and significant EBITDA.

Project updates and milestones

• Maniry Graphite Project: Mining permits granted, DFS completed, and final environmental approvals pending.

• Maniry recognised as the only African graphite project under the EU CRMA; focus on advancing offtake and financing agreements.

• Carp Fluorspar Project: High-grade assays (49.83%-88.15% CaF2) confirmed; exploration and mapping programs underway.

• Battery anode material project in early feasibility discussions with European OEMs, targeting future EV market growth.

• Upcoming value drivers include finalising offtake contracts, project financing, India JV expansion, and advancing the EU BAM facility.