Evion Expands Critical Minerals Push with Nevada Fluorspar Option

The race to secure Western-aligned critical minerals supply chains is accelerating as governments and industry look to reduce dependence on imported materials used across batteries, semiconductors, defence and advanced manufacturing.

Against that backdrop, Evion Group NL (ASX:EVG) has moved to establish exposure to another strategic mineral, announcing an option agreement over the historically producing CARP Fluorspar Project in the USA state of Nevada, alongside a A$6.5 million capital raising to support its broader USA expansion strategy.

Evion Group Managing Director David Round said the acquisition aligned with the company’s broader plans to build a diversified critical minerals platform.

“We’re delighted to have secured the Carp Fluorspar Project in Nevada, USA and stake the surrounding claims,” Mr Round said.

“The Project area has a strong history of producing high-grade fluorspar concentrate and our early assessment suggests the existing project ground and adjacent staked claims are highly prospective for future development.”

Positioning for USA-based Critical Minerals Demand

Fluorspar, also known as fluorite, has been designated a critical mineral by the USA, European Union, Australia and several other jurisdictions due to its role in industrial and high-technology supply chains.

The mineral is used in hydrofluoric acid production, semiconductor manufacturing, lithium-ion batteries, aerospace, nuclear fuel processing and steelmaking.

According to Evion Group, the USA currently relies entirely on imported fluorspar, despite increasing demand from strategic industries.

The company noted the US Department of War, through the Defense Logistics Agency, recently awarded a US$168.9 million fluorspar supply contract, highlighting growing government focus on domestic critical mineral supply security.

Adding a Historically Producing Nevada Asset

The CARP Fluorspar Project is located in Lincoln County, Nevada, approximately 140 kilometres northeast of Las Vegas within the historic Viola Mining District.

The project covers 14 contiguous unpatented lode claims spanning around 117 hectares.

Evion Group has also staked an additional 45 adjoining claims covering roughly 376 hectares, which it believes may host further fluorspar mineralisation and broader district-scale growth potential.

Historically, the project produced around 44,900 tonnes grading approximately 69% calcium fluoride (CaF₂) from four shallow open pits between 1958 and 1971.

Production was reportedly sold directly to Kaiser Steel Corporation as metallurgical-grade fluorspar without concentration beyond crushing.

The company said a 2024 surface sampling program had already been completed, with verification checks currently underway ahead of future results announcements.

Building a Broader Critical Minerals Platform

Evion Group said the proposed acquisition would complement its existing graphite operations and development pipeline.

The company currently operates expandable graphite activities in India through Panthera Graphite Technologies and is advancing the Maniry Graphite Project in Madagascar, which has previously received European Union Critical Raw Materials Act recognition.

Funding Expansion Plans

Alongside the acquisition, Evion Group secured firm commitments to raise A$6.635 million through a two-tranche placement priced at A$0.03 per share.

The raising was supported by institutional, sophisticated and strategic critical minerals investors, including participants from Australia and the USA.

Funds will be directed toward the CARP Fluorspar Project acquisition, exploration and evaluation work in Nevada, advancement of the Maniry Graphite Project, expansion of Panthera Graphite Technologies and general working capital.

Under the acquisition structure, Evion Group will initially pay US$150,000 in cash alongside shares equivalent to US$250,000, with further deferred payments and exploration expenditure commitments over a four-year period.

The option agreement also includes a 3% royalty payable to Globex Nevada Inc. upon exercise of the option over the project.