Highlights

  • Evion has executed a binding agreement to secure an exclusive option to acquire the CARP Fluorspar Project in Lincoln County, Nevada — a historically producing asset with recorded production of approximately 44,900 tonnes at an average grade of approximately 69% CaF₂
  • Fluorspar is designated a critical mineral by the US, EU, Australia, and other major jurisdictions; the United States is currently 100% Import-reliant on fluorspar Supply
  • Evion has received firm commitments to raise AUD 6.635 million via share Placement to advance the Nevada Acquisition and its broader critical minerals strategy

 

Evion Group NL (ASX:EVG) shares surged 37.84% to AUD 0.051 on 12 May 2026, one of the most significant single-session percentage moves on the ASX for the day. The sharp gain reflects the market's assessment of the Nevada fluorspar acquisition announcement as a material strategic development for a company that, at AUD 0.037 per share the previous session, was valued at a very modest level. For micro-cap explorers and developers, announcements that meaningfully expand the scope of the opportunity — particularly those tied to policy-supported, high-Demand critical minerals in Tier-1 Mining jurisdictions — can generate outsized share price reactions.

 

The CARP Fluorspar Project: What Evion is Acquiring

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 comprises 14 contiguous unpatented Bureau of Land Management lode claims totalling approximately 117 hectares. The project has a recorded production history of approximately 44,900 tonnes at an average grade of approximately 69% calcium fluoride (CaF₂) — a grade level that is consistent with acid-grade fluorspar specifications and indicates a historically productive, high-quality deposit.

Evion has also identified and staked 45 additional unpatented mining claims immediately adjacent to the CARP Project, covering approximately 376 additional hectares considered prospective for new fluorspar discoveries. This land expansion substantially increases the scale of the opportunity relative to the core 14-claim package and positions Evion for district-scale exploration.

 

Why Fluorspar: The Critical Mineral Context

Fluorspar has been designated a critical mineral by the United States, the European Union, Australia, Canada, and Japan — a classification that reflects its indispensable role across a wide range of high-technology, defence, and energy transition applications. Key uses include semiconductor chip Manufacturing and advanced electronics, Lithium-Ion Battery production, hydrofluoric acid production, nuclear fuel processing, aerospace and defence applications, and the manufacture of fluorocarbon refrigerants and pharmaceuticals.

The supply concentration risk attached to fluorspar is pronounced. China accounts for approximately 59% of global production — an estimated 6 million tonnes in 2025 — with Mongolia and Mexico collectively contributing a further 30%. The United States has had no meaningful domestic fluorspar production since 1990 and currently imports approximately 400,000 to 500,000 tonnes annually. This 100% import dependency, combined with fluorspar's critical designation and its concentration in Chinese supply chains, has elevated US government attention to domestic supply development. The Defense Logistics Agency recently awarded a USD 168.9 million fluorspar supply contract, a concrete signal of the government's urgency in addressing this vulnerability.

 

Acquisition Terms and Capital Structure

Evion has entered a share sale and purchase agreement to acquire Carp Fluorspar Pty Ltd, which holds an option over a 100% interest in the project. The acquisition is structured predominantly on a deferred consideration basis, with initial cash consideration of USD 150,000 and a share component equivalent to USD 250,000 at issuance. Deferred payments totalling USD 1.46 million in cash and USD 1.75 million in shares are payable progressively over three years, with Evion also committing to USD 3.75 million in exploration expenditure on the project over four years. Upon exercise of the option, Globex Nevada Inc. will retain a 3% gross Revenue Royalty.

To fund the acquisition and advance the broader strategy, Evion has received firm commitments for a placement raising AUD 6.635 million — including AUD 100,000 in director participation — at AUD 0.03 per share. The placement represents an 18.9% discount to the prior closing price and a 10% discount to the 20-day Volume-weighted average price. The capital will be applied to acquisition costs, exploration at CARP, advancement of the Maniry Graphite Project, and Working Capital.

 

Strategic Fit: Graphite Plus Fluorspar

The acquisition positions Evion as the only ASX-listed company with exposure to both graphite and fluorspar development projects. The company's existing graphite portfolio includes the Maniry Graphite Project in Madagascar, which holds EU Critical Raw Materials Act (CRMA) recognition, and expandable graphite operations in India that supply customers in the US and Europe. Adding a US-based fluorspar asset provides geographic Diversification into one of the world's most strategically important jurisdictions for critical minerals, and creates a company narrative that spans two distinct but complementary fluorine and carbon supply chains relevant to the energy transition.

 

Conclusion

Evion Group's Nevada fluorspar acquisition is a strategically timely move that aligns the company with one of the most urgent supply chain priorities in the United States and other major economies. The CARP project's historic production history, the adjacency of additional prospective land, and the supportive policy environment for domestic US fluorspar development create a compelling exploration and development narrative. The placement at AUD 0.03 per share, combined with a structured acquisition payment schedule that limits upfront cash outlay, reflects a capital-efficient approach to building a position in this emerging critical mineral opportunity. The market's strong response on the day of announcement underscores the appetite for credible critical minerals stories in well-regarded mining jurisdictions.