Everlast Minerals (ASX:EV8) Ships 500-Tonne Garnet and Magnetite Test Export From Bangladesh Project

Aditi Sarkar

29 October 2026 02:08 PM AEDT

Everlast Minerals (ASX:EV8) Ships 500-Tonne Garnet and Magnetite Test Export From Bangladesh Project

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

After quarter-end, Everlast shipped approximately 500 tonnes from Chittagong Port comprising about 300 tonnes of garnet and 200 tonnes of magnetite concentrate — the company's third export from the Gaibandha project.
A new floating spiral processing platform was installed and deployed at Gaibandha in September 2026, aimed at improving concentrate quality, volumes and consistency with customer specifications.
Everlast signed a three-year MOU with the Bangladesh Atomic Energy Commission for joint mineral sands research along southern coastal and riverine regions.
Cash was A$2.252 million at 30 September 2026 with no debt, and the company estimates approximately 4.08 quarters of funding at current spending rates.

Three exports in, and the logistics chain is being tested at scale. Everlast Minerals (ASX:EV8) shipped approximately 500 tonnes of garnet and magnetite concentrate from Chittagong Port on 16 October 2026 — after the September quarter closed — continuing a sequence of mineral sands exports from its Gaibandha project in Bangladesh that began with a 109-tonne initial shipment in June. The company is explicit that the October shipment is a test of logistics, transport, materials handling and port operations rather than the start of regular commercial production, and modest cash receipts year-to-date reflect a trial-stage characterisation of operations still being refined for larger commercial volumes.

Export History and Processing Platform

The first export from Gaibandha in June 2026 was approximately 109 tonnes of mineral sands concentrates, establishing that the company could move product from its riverine project site to port. A second export of approximately 18 tonnes of zircon concentrate shipped in September, destined for a customer in China whose identity was not disclosed. The third and largest shipment — approximately 300 tonnes of garnet and 200 tonnes of magnetite concentrate — departed Chittagong Port on 16 October 2026, after the quarter closed. Cash receipts from customers in the September quarter were only A$3,000, indicating these early exports remain at a trial commercial stage rather than generating material revenue. The company does not disclose buyer identities or the sale prices achieved for its shipments.

A floating spiral processing platform was installed and deployed at the Gaibandha site during the September quarter. Trial operations are under way, with the platform targeting improved concentrate quality, volumes and consistency with customer specifications, and providing a controlled environment to refine safety procedures and personnel training. The platform is expected to increase processing capacity materially compared to the previous land-based approach, though no specific output capacity figure was stated by the company. Project operations expenditure was A$817,000 for the quarter. Net operating cash outflow was A$552,000. Property, plant and equipment purchases totalled A$513,000, primarily attributed to the new platform.

Bangladesh Atomic Energy Commission MOU

In September 2026, Everlast signed a three-year memorandum of understanding with the Bangladesh Atomic Energy Commission for joint mineral sands research covering the southern coastal and riverine regions of Bangladesh. The collaboration covers sampling, mineralogy, geochemistry, metallurgy and mineral processing. Everlast's contributions include operational experience from the Gaibandha project, a hydraulic core drilling rig and vessels. The Secretary of Bangladesh's Ministry of Science and Technology visited the Gaibandha site during the quarter, indicating government-level engagement with the project's development.

The MOU does not guarantee any commercial outcome and does not alter the status of Everlast's existing mining lease areas. No mineral resource estimate has been declared for the Gaibandha project. Cash fell from A$3.307 million at 30 June to A$2.252 million at 30 September 2026 with no debt. The company estimates approximately 4.08 quarters of funding at the current spending rate. No equity was raised during the quarter and no financing facility is in place. Priorities for the December quarter include optimising the floating processing platform, pursuing further trial exports, advancing the atomic energy commission collaboration, and evaluating transport, stockpiling and port requirements for future shipments at larger scale.

Project Context and Risks

Gaibandha is located in northern Bangladesh, approximately 180 kilometres north of Dhaka. The project exploits alluvial mineral sands deposited in the braided river systems of the Brahmaputra drainage, which carry heavy minerals including garnet, magnetite, ilmenite and zircon eroded from basement rocks further north. Everlast's processing approach relies on the relatively high natural concentration of these minerals in river sediments rather than hard-rock mining.

Key risks for the project include the absence of a formal mineral resource estimate, uncertainty around product pricing and buyer acceptance, the operational challenges of riverine logistics in a monsoon climate, and the regulatory environment in Bangladesh for foreign-held mining tenements. The quarterly report also contains inconsistent area figures for the mining leases in different sections, which investors should verify against Everlast's formal tenement schedule. The company has not provided guidance on when the project might reach sustained commercial production or what level of cash receipts would be needed to cover operating costs at steady state.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.