Evion Group (EVG) Q1 2025 TU earnings summary

Executive summary

• Advanced development of the Maniry Graphite Project in Madagascar, identified by the government as a priority for fast-tracking, with all necessary permits and applications being finalized.

• Active engagement with the Malagasy government and EU for project support and funding, including a grant application under the EU Critical Raw Materials Act.

• Productive site visits and operational scaling at the Panthera Graphite JV in India, with plans to double production and strong offtake partner engagement.

• Strong community support and ongoing completion of environmental and social impact plans, including relocation and community development initiatives.

Financial highlights

• Cash reserves at quarter-end were $1.37 million, with no debt, providing sufficient funds for immediate development and growth plans.

• Net cash used in operating activities for the quarter was $581,000, with $208,000 spent on exploration and $226,000 on staff costs.

• Payments to related parties totaled $138,000 for the quarter.

• Estimated quarters of funding available is 2, based on current cash and outgoings.

Outlook and guidance

• Expectation of achieving full production capacity at the Maniry Project in the short term, pending final permit approvals.

• Anticipated significant production output and exports from the India JV in Q4 2024.

• Ongoing discussions with OEMs and battery manufacturers for future offtake and funding agreements.

• Plans to double India JV production and finalize offtake agreements for Maniry concentrate.