Evion Faces Funding and Permit Hurdles Despite EU Backing for Maniry Project

EU Strategic Recognition Elevates Maniry Graphite Project

Evion Group’s flagship Maniry Graphite Project in southern Madagascar has received a significant boost with its designation as a Strategic Project under the European Union’s Critical Raw Materials Act (CRMA). This recognition marks Maniry as the only graphite project in Madagascar and Africa to earn this status, underscoring its importance as a future supplier of critical minerals to the EU’s clean energy transition.

The CRMA designation is expected to accelerate permitting processes, enhance access to financing, and increase the project’s visibility among strategic stakeholders. Evion’s leadership has already engaged with EU funding partners to secure grant funding and support, aiming to fast-track Maniry’s development and position it as a cornerstone in Europe’s graphite supply chain.

Commercial Momentum with US Expandable Graphite Order

Complementing its strategic progress, Evion’s 50, 50 joint venture, Panthera Graphite Technologies, based near Pune, India, secured a maiden order from a major US graphite supply company. The initial shipment of approximately 80 metric tonnes of expandable graphite is expected to generate around A$400,000 in revenue in the upcoming quarter. This milestone strengthens Evion’s position as a reliable non-Chinese supplier amid global efforts to diversify critical mineral supply chains.

Despite some earlier shipment delays due to geopolitical issues affecting routes to Europe, these have largely been resolved, with increased production and shipment volumes anticipated for the remainder of 2025. The JV is also preparing for a Stage 2 capacity expansion, which could boost annual production to 4,000–4,500 tonnes and generate gross revenues approaching A$20 million.

Advances in Permitting and Infrastructure in Madagascar

On the ground in Madagascar, Evion secured the renewal of three key exploration tenements under the country’s updated Mining Code, reinforcing its strong local position. The company expects further renewals and environmental permits to be finalized shortly, clearing the path toward formal mining licenses and project development.

Infrastructure improvements are also enhancing Maniry’s prospects. The recent launch of the RN10 national highway, a World Bank–funded project, improves year-round access to regional hubs and export ports, reducing transport costs and logistical risks. Additionally, potential port developments on Madagascar’s west coast could further lower export expenses and bolster the project’s economic viability.

Expanding Critical Minerals Portfolio and Financial Position

Evion is broadening its footprint by applying for a suite of promising copper exploration projects in Madagascar, aligning with its ambition to become a leading critical minerals producer in the region. Financially, the company ended the quarter with A$1.027 million in cash and is actively engaging with potential debt and equity funders in the EU and US to secure development financing.

While operating cash outflows of A$580,000 reflect ongoing project and corporate costs, Evion remains confident in its funding strategy and the near-term milestones ahead, including environmental approvals, permit conversions, and formal agreements with the Malagasy government.