Chart Analysis
EVG Daily Timeframe Chart as of 12 May 2026
Evion Group (ASX: EVG) Acquires Option Over Historic CARP Fluorspar Mine in Nevada — 44,900t at 69% CaF₂ Produced Without Concentration, Now a US Critical Mineral With Zero Domestic Production
A mine that sold fluorspar directly to Kaiser Steel with nothing but crushing — no concentration, no flotation, just 69% CaF₂ straight from the pit. Evion Group has acquired an option over the CARP Fluorspar Project in Lincoln County, Nevada, where four shallow open pits produced approximately 44,900 tonnes at ~69% CaF₂ between 1958 and 1971 before operations ceased. The US has had minimal domestic fluorspar production since 1990 and imports 100% of its approximately 400,000–500,000 tonne annual requirement — now classified as a Critical Mineral by the US, EU, and Australia. The option is a four-year staged earn-in totalling US$7.36 million (cash + shares + mandatory exploration) with a 3% gross revenue royalty upon exercise. A concurrent A$6.5 million placement at $0.03 funds the program. The stock moved +35.1% to $0.050 on 12 May 2026 after spiking to a 52-week high of $0.060 and reversing 17%.
What CARP Produced — And What Remains Unknown
| Detail | Value |
|---|---|
| Historic production | ~44,900t at ~69% CaF₂ (1958–1971) |
| Pits | Four shallow open pits (South, Central, West, North 1&2) |
| Buyer | Kaiser Steel Corporation |
| Processing | Crushing only — sold as metspar without concentration |
| Current Mineral Resource | None |
| 2024 surface sampling | Conducted; verification ongoing, results not disclosed |
| Additional claims staked | 45 adjacent claims (~376 hectares) |
The 69% average grade is significant context — modern fluorspar projects consider grades above 20% CaF₂ economic, with some suggesting viability above 8%. The CARP material was sold as metallurgical-grade spar with only crushing required. However, these are historic production records from operations that ceased 55 years ago. The geological and grade characteristics of remaining in-situ mineralisation have not been formally assessed. A 2024 surface sampling program was conducted but verification is ongoing with no results disclosed.
The Earn-In — Four Years of Staged Commitments
| Year | Cash (US$) | Shares (US$) | Exploration (US$) |
|---|---|---|---|
| On execution | 150,000 | 250,000 | — |
| Year 1 | 260,000 | 450,000 | 500,000 |
| Year 2 | 450,000 | 500,000 | 500,000 |
| Year 3 | 750,000 | 800,000 | 1,000,000 |
| Year 4 | — | — | 1,750,000 |
| Total | 1,610,000 | 2,000,000 | 3,750,000 |
Upon option exercise: 3% gross revenue royalty to vendor Globex Nevada (Evion holds ROFR on royalty sale). The A$6.5 million placement at $0.03 (~217.8 million new shares + 1:1 free attaching options at $0.05 exercise) provides near-term funding. GBA Capital receives a 6% cash fee plus 43.3 million options; BurnVoir receives 18 million advisory shares.
Evion's Existing Business — Graphite, Not Fluorspar
This is a diversification play. Evion's core assets are the Maniry Graphite Project in Madagascar (2022 DFS: 60ktpa concentrate, 21-year mine life, pre-tax NPV₈ US$263 million, EU CRMA recognised) and the Panthera expandable graphite JV in India (first shipment March 2025). The fluorspar acquisition introduces a second commodity and a second jurisdiction — both unrelated to the existing graphite platform. The claimed synergy is critical minerals thematic alignment, not operational or technical integration.
Risks & Considerations
Evion has acquired an option, not the project. Full ownership requires US$7.36 million in staged commitments over four years plus the perpetual 3% gross revenue royalty. The cumulative obligations — combined with ongoing Maniry and Panthera expenditure — are substantial relative to the A$6.5 million placement. No Mineral Resource exists, the 2024 surface sampling is unverified, and no drilling, metallurgical testwork, or economic studies have been completed.
The A$6.5 million placement at an 18.9% discount issues ~217.8 million new shares plus 1:1 options plus advisory shares and options — significant cumulative dilution. The 17% intraday fade from $0.060 to $0.050 indicates sellers emerged at the session peak. The fluorspar market, while supported by US critical mineral policy, is relatively niche (~US$450–$650/t spot) with limited liquidity compared to base metals.
Key Dates & Timeline
| Date | Event |
|---|---|
| 1958–1971 | Historic production (~44,900t at ~69% CaF₂) |
| 2024 | Surface sampling conducted (verification ongoing) |
| 12 May 2026 | Acquisition option + A$6.5M placement announced; stock moved +35.1% |
| Coming weeks | 2024 sampling verification results expected |
| Late June 2026 | EGM for Tranche 2 + vendor share approvals |
| Years 1–4 | Staged option payments and US$3.75M exploration commitment |
Price Data
- Previous Close: $0.037
- Close Price (12 May 2026): $0.050
- Change (12 May 2026): +35.1%
- 52-Week Range: $0.015 – $0.060
Notable Price Levels
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$0.060 — 52-week high set and rejected 17% intraday on announcement day. The stock briefly traded into uncharted territory above the prior $0.045 52-week high before sellers emerged. This is now a confirmed near-term ceiling.
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$0.050 — announcement-day close, coinciding with the $0.05 exercise price of the free attaching options being issued to placement participants. Above $0.050, those options are in-the-money — below, they're worthless. This creates a natural reference point.
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$0.030 — placement price and institutional cost basis. Approximately 40% below the close — significant headroom before placement participants are underwater. Below $0.030, the entire capital raise thesis is challenged.
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$0.015 — 52-week low, when EVG's market cap (~A$6–7M) sat far below the Maniry DFS NPV of US$263M — reflecting deep scepticism about funding and development capacity.
Summary
Evion Group has acquired an option over the CARP Fluorspar Project in Nevada — where four shallow open pits produced approximately 44,900 tonnes at ~69% CaF₂ between 1958 and 1971, sold as metallurgical-grade spar to Kaiser Steel with only crushing required. The four-year earn-in totals US$7.36 million in cash, shares, and mandatory exploration, with a 3% gross revenue royalty upon exercise. A concurrent A$6.5 million placement at $0.03 funds the program. The stock moved +35.1% to $0.050 on 12 May 2026 after a 17% reversal from the $0.060 52-week high. Fluorspar is a US Critical Mineral with zero domestic production and ~500,000 tonne annual import reliance. No Mineral Resource exists, 2024 surface sampling is unverified, and the acquisition diversifies a graphite company into an unrelated commodity without operational synergy.
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