Highlights

• A high-resolution drone magnetic survey has been completed at the Carp Fluorspar Project in Lincoln County, Nevada, covering the entire claim area of approximately 4.94 square kilometres at 25-metre line spacing.

• The survey, flown at 20-25 metres above ground level, delivers materially higher resolution than any previously available magnetic data over the project, with initial review adding detail to previously interpreted structures and identifying new features.

• Processed data has been delivered as five magnetic products, with detailed interpretation now underway integrating magnetic data with LiDAR, orthophoto, and pending rock chip assay datasets.

• Rock chip assays from 41 samples are expected to be reported in two batches through November 2026, followed by a surface geochemical survey targeting completion by year-end, ahead of Bureau of Land Management permitting for a maiden drill programme in 2027.

Evion Group NL (ASX:EVG), a vertically integrated critical minerals company with Assets in Nevada, Madagascar, and India, has announced the completion of a high-resolution drone magnetic survey at its Carp Fluorspar Project in the Viola Mining District of Lincoln County, Nevada. The survey represents the first component of the Phase Two exploration programme commenced in September 2026 and has been delivered on schedule, with the processed dataset now in the hands of the company's geological team for interpretation.

Survey Design and Technical Specifications

The drone magnetic survey was flown by Storm Exploration LLC of Phoenix, Arizona, between 13 and 18 October 2026. The survey covered the entire Carp Project claim area of approximately 4.94 square kilometres, with 25-metre line spacing delivering a total of approximately 655 line kilometres including tie lines. The sensor used was a Geodevice AeroSmartMag system towed at 5 metres cable length, with an average sensor height above ground of 21.1 metres and an Acquisition rate generating readings approximately every 4.4 metres along each flight line.

Processed data has been delivered as five magnetic products: Total Magnetic Intensity, First Vertical Derivative, Second Vertical Derivative, Tilt Derivative, and Analytical Signal. The data was reduced to the pole and levelled to preserve subtle magnetic responses while removing sensor and swing noise. All historic mine working outlines have been validated against satellite imagery and high-resolution drone orthophotography. The United States Geological Survey's LiDAR dataset has also been downloaded to complement the magnetic interpretation.

Geological Significance and Structural Interpretation

The Carp Fluorspar Project is characterised by high-grade carbonate-replacement fluorspar mineralisation, with a documented production history between 1958 and 1971 during which approximately 44,900 tonnes at approximately 69% calcium fluoride was mined and sold directly to a steel corporation as metallurgical-grade fluorspar without beneficiation. The mineralization occurs in fluorspar bodies in Palaeozoic carbonate sediments, with fluorite, barite, manganese-iron, and locally silver-lead-zinc-copper mineralisation hosted in replacement bodies and veins.

The initial review of the new magnetic data has added detail to the previously interpreted geological structures and identified others that were not apparent from the earlier structural interpretation, which had been drawn largely from satellite imagery. A key focus of the detailed interpretation will be resolving the regional northwest-southeast structural trend and the local north-south mineralised corridor, with the aim of understanding the geological controls on fluorspar mineralisation. This interpretation will be integrated with pending rock chip assay results and the planned surface geochemical survey to define drill targets for the maiden programme.

Next Steps Toward Maiden Drill Programme

The pace of exploration at Carp is building toward a maiden drill programme expected to require Bureau of Land Management permitting in early 2027. In the near term, assay results from 41 rock chip samples already submitted for laboratory analysis are expected in two batches through November 2026, with the specific assay suite varying between batches. A surface geochemical survey is targeted for completion by the end of 2026, which together with the magnetic interpretation will inform the identification and ranking of drill targets.

Managing Director David Round described the new magnetic dataset as a step change in resolution over anything previously available at Carp and noted that early examination is already adding detail to the structures mapped from satellite imagery. The interpretation, combined with upcoming rock chip assay results and the geochemical survey, is expected to enable strategic and informed decisions about the broader potential of the project and adjoining ground ahead of the 2027 drill programme preparation.

Key Insights

The completion of the Carp drone magnetic survey on schedule marks a positive execution milestone for Evion's Phase Two programme. The step-change in resolution over previous coverage should meaningfully improve the geological understanding of the structural controls on fluorspar mineralisation at Carp, which is important for identifying the highest-potential targets for the maiden drill programme.

The convergence of the magnetic interpretation, rock chip assays, and geochemical survey results over the coming weeks and months will be the key data-driven milestones to watch, as these will determine the confidence and specificity of drill targets for the 2027 programme. Evion's broader portfolio, including the Maniry Graphite Project in Madagascar and the Panthera Downstream processing joint venture in India, provides strategic context for the company's fluorspar development aspirations.