Chart Analysis
EVG Daily Timeframe Chart as of 12 May 2026
Evion Group (ASX: EVG) — Acquires Option Over Historic CARP Fluorspar Project in Nevada and Raises A$6.5 Million
On 12 May 2026, Evion Group NL (ASX: EVG) announced it has acquired an option to purchase a 100% interest in the CARP Fluorspar Project in Lincoln County, Nevada, USA — a historically producing fluorspar asset within the Viola Mining District, approximately 140 km northeast of Las Vegas. The project comprises 14 contiguous unpatented BLM lode claims totalling approximately 117 hectares, with historical production of approximately 44,900 tonnes at an average grade of ~69% CaF₂ from four shallow open pits between 1958 and 1971. Evion has also staked 45 additional adjacent claims covering approximately 376 hectares considered prospective for further fluorspar mineralisation. The option is structured over a four-year period with total consideration comprising US$1.61 million in cash, US$2.0 million in EVG shares, and US$3.75 million in mandatory exploration expenditure, with a 3% gross revenue royalty payable to the vendor (Globex Nevada Inc.) upon option exercise. Concurrently, Evion has secured firm commitments to raise A$6.5 million via a two-tranche placement at A$0.03 per share.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | CARP Fluorspar Project, Lincoln County, Nevada, USA |
| Claims (Acquired) | 14 unpatented BLM lode claims (~117 hectares) |
| Additional Claims (Staked) | 45 adjacent claims (~376 hectares) |
| Historical Production | ~44,900 tonnes at ~69% CaF₂ (1958–1971) |
| Historical Buyer | Kaiser Steel Corporation (direct sale as metspar, crushing only) |
| Option Structure | 4-year earn-in: US$1.61M cash + US$2.0M in EVG shares + US$3.75M exploration spend |
| Vendor Royalty | 3% gross revenue royalty (upon option exercise) |
| Vendor | Globex Nevada Inc. |
| Concurrent Placement | A$6.5 million at A$0.03/share (~217.8 million new shares) |
| Placement Discount | 18.9% to last close of $0.037; 10% to 20-day VWAP of $0.033 |
| Director Participation | Up to A$100,000 (subject to shareholder approval) |
| Lead Manager | GBA Capital Pty Ltd (6% cash fee + 43.3M options) |
CARP Fluorspar Project — Location, History and Geology
The CARP Fluorspar Project is located in southeastern Nevada within the historic Viola Mining District on Bureau of Land Management administered public land with established road access. The project produced approximately 44,900 tonnes of fluorspar at an average grade of approximately 69% CaF₂ from four shallow open pits (South, Central, West, and North pits 1 and 2) between 1958 and 1971. The product was sold directly to Kaiser Steel Corporation as metallurgical-grade fluorspar ("metspar") without concentration — only crushing was required.
A surface sampling programme was performed in 2024, and the company is undergoing verification checks on the results, with news expected over the coming weeks. No current Mineral Resource has been reported for the project.
Option Agreement — Staged Consideration Over Four Years
The acquisition is structured as a binding share sale agreement to acquire Carp Fluorspar Pty Ltd, which holds an option over 100% of the project. The option requires staged payments over four years:
| Timing | Cash (US$) | Shares (US$) | Exploration Spend (US$) |
|---|---|---|---|
| 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 exercise of the option after satisfying all payments and expenditure commitments, Globex Nevada Inc. will receive a 3% gross revenue royalty on the CARP Fluorspar Project. Evion holds a first right of refusal on any sale of the royalty.
Share payments are calculated based on Evion's 10-day VWAP at the time of issue and are subject to shareholder approval.
A$6.5 Million Placement
The concurrent placement raises A$6.5 million through the issue of approximately 217.8 million shares at A$0.03 per share — an 18.9% discount to the last close of $0.037 and a 10% discount to the 20-day VWAP of $0.033.
Tranche 1 (~A$4.3 million, ~143 million shares) utilises existing LR 7.1 and 7.1A capacity. Tranche 2 (~A$2.2 million, ~74.8 million shares) is subject to shareholder approval at an EGM expected in late June 2026. Investors will receive one free attaching listed option (exercise price A$0.05, 3-year expiry) for every new share subscribed, subject to shareholder approval. Directors intend to participate up to A$100,000.
GBA Capital acted as sole lead manager and bookrunner (6% cash fee plus 43.3 million options). BurnVoir Corporate Finance acted as financial adviser on the acquisition, with Steinepreis Paganin as legal advisers. BurnVoir (or nominee) will receive 18 million shares as a corporate advisory fee, subject to shareholder approval.
About Fluorspar — U.S. Critical Mineral Designation and Market Context
Fluorspar (calcium fluoride, CaF₂) is designated a Critical Mineral by the United States, European Union, Canada, Australia, and Japan. It is an essential input across semiconductor manufacturing, lithium-ion batteries, nuclear fuel processing, aerospace and defence, advanced refrigerants, and steel and aluminium production.
The United States has had minimal domestic fluorspar production since 1990 and is essentially 100% import-reliant, importing approximately 400,000 to 500,000 tonnes annually. Global production in 2025 was approximately 10.2 Mt, with China accounting for approximately 59% of output (6 Mt). Current spot prices range from approximately US$450–$650/t.
The U.S. Department of Defense, through the Defense Logistics Agency, recently awarded a US$168.9 million fluorspar supply contract, reflecting accelerating government focus on domestic critical mineral supply chains.
Evion's Existing Business — Graphite Platform
Evion is a vertically integrated graphite and critical minerals developer with the following existing assets:
Maniry Graphite Project (Madagascar): A flagship graphite deposit with a completed 2022 Definitive Feasibility Study reporting potential production of up to 60kt of graphite concentrate per annum for up to 21 years, with a pre-tax NPV₈ of US$263 million. The project has received EU CRMA recognition as a preferred graphite supply source for Europe.
Panthera Graphite Technologies (India): A 50:50 joint venture with Metachem Manufacturing Co near Pune, India, producing expandable graphite for U.S. and European markets. Operations commenced Q4 2024, with the first shipment in March 2025.
Market Context
EVG closed at $0.050 on the announcement day, up +35.1% from a previous close of $0.037, with an intraday high of $0.060 — a new 52-week high. The 52-week range spans $0.015 to $0.060. The placement price of A$0.03 is below the announcement-day close of $0.050. The move occurred amid heightened investor interest in U.S.-based critical mineral projects, driven by government policy focus on reducing import reliance from China.
Risks & Considerations
Option, not ownership: Evion has acquired an option to purchase the project, not the project itself. Full ownership requires satisfying staged cash, share, and exploration expenditure commitments totalling approximately US$7.36 million over four years, plus a 3% gross revenue royalty upon exercise. Failure to meet any milestone could result in loss of the option.
No Mineral Resource: No current JORC or SEC-compliant Mineral Resource exists for the CARP Fluorspar Project. Historical production records (44,900 tonnes at ~69% CaF₂) are from operations that ceased in 1971. The geological and grade characteristics of remaining in-situ mineralisation have not been formally assessed.
2024 surface sampling unverified: A surface sampling programme was conducted in 2024 but verification checks are ongoing. No assay results have been disclosed.
Significant dilution: The A$6.5 million placement issues approximately 217.8 million new shares, plus free attaching options (1:1), advisory shares (18 million to BurnVoir), advisory options (43.3 million to GBA Capital), and ongoing vendor share payments. The cumulative dilution impact is substantial.
Placement at discount: The A$0.03 placement price represents an 18.9% discount to the last close and a 10% discount to the 20-day VWAP. Tranche 2 and several share-based payments require shareholder approval.
Early-stage, pre-revenue diversification: The fluorspar acquisition represents a diversification from Evion's core graphite business into an unrelated commodity. The CARP project is at an early exploration stage with no economic studies, no metallurgical testwork, and no permitting for drilling.
Funding commitments: The option requires US$3.75 million in mandatory exploration expenditure over four years in addition to cash and share payments. Combined with ongoing expenditure on Maniry and Panthera, the company's total capital requirements are substantial relative to the A$6.5 million placement.
3% gross revenue royalty: The vendor royalty is calculated on gross revenue, not net profit. This is a perpetual obligation upon option exercise that would reduce the project's net economic value to Evion.
Key Dates & Timeline
| Date | Event |
|---|---|
| 1958–1971 | Historical fluorspar production (~44,900t at ~69% CaF₂) from four open pits |
| 2024 | Surface sampling programme conducted; verification ongoing |
| 12 May 2026 | Acquisition option and A$6.5M placement announced; share price moved +35.1% |
| 20 May 2026 | Expected settlement of Tranche 1 placement shares |
| Late June 2026 | EGM for Tranche 2 approval, director participation, and vendor share issuances |
| Coming weeks | 2024 surface sampling verification results expected |
| TBC | Confirmation sampling, geological mapping, and drill programme formulation |
| Year 1–4 | Staged option payments and US$3.75M exploration expenditure 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
- $0.060 — 52-week high, set intraday on 12 May 2026
- $0.050 — announcement-day close
- $0.037 — pre-announcement close
- $0.033 — 20-day VWAP (placement pricing reference)
- $0.032 — near the placement pricing zone
- $0.030 — placement price
- $0.029 — prior trading range
- $0.028 — lower range of recent activity
Key Takeaways
- EVG moved +35.1% on 12 May 2026 following a price-sensitive ASX disclosure, with an intraday high of $0.060.
- The announcement — Evion to acquire high-grade U.S. Fluorspar Project in Nevada — was the primary catalyst for the price movement.
- Evion has acquired an option (not ownership) over the CARP Fluorspar Project in Nevada — a historically producing asset (~44,900t at ~69% CaF₂) — via a four-year staged earn-in totalling US$1.61M cash, US$2.0M in shares, and US$3.75M in exploration expenditure, plus a 3% gross revenue royalty upon exercise.
- An additional 45 adjacent claims (~376 hectares) have been staked by Evion.
- A concurrent A$6.5 million placement at A$0.03 per share (18.9% discount to last close) was announced, with free 1:1 attaching options at A$0.05 exercise.
- No Mineral Resource exists for the project. The 2024 surface sampling results are undergoing verification and have not been disclosed. The project is at an early exploration stage with no economic studies, metallurgical testwork, or drilling permits.
Summary
Evion Group announced the acquisition of an option over the CARP Fluorspar Project in Lincoln County, Nevada — a historically producing critical mineral asset with approximately 44,900 tonnes of documented production at ~69% CaF₂ from operations between 1958 and 1971. The option is structured over four years with total consideration of US$1.61 million in cash, US$2.0 million in EVG shares, and US$3.75 million in mandatory exploration expenditure, with a 3% gross revenue royalty payable upon exercise. The announcement coincided with a +35.1% move to $0.050 and a concurrent A$6.5 million placement at A$0.03 per share. Fluorspar is designated a Critical Mineral by the U.S., EU, and Australia, with the United States 100% import-reliant and importing approximately 400,000–500,000 tonnes annually. No current Mineral Resource exists for the project, and 2024 surface sampling results are undergoing verification. The acquisition diversifies Evion's portfolio beyond its existing graphite assets (Maniry in Madagascar and Panthera in India) into fluorine supply chains, though the project is at an early exploration stage with no economic studies or drilling permits in place.
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