Name of the Project
Maniry graphite project.

Location
Southern Madagascar.

Project Owner/s
Vertically integrated graphite producer Evion.

Project Description
The Maniry definitive feasibility study has confirmed a technically robust project that will generate compelling financial returns over a projected mine life of 21 years.

The project consists of two main deposits – Razafy and Razafy Northwest.

An initial 500 000 t/y process plant will be located about 500 m north of Razafy, to be expanded to one-million tonnes a year in Year 3, ready for milling one-million tonnes a year from Year 4.

The project will be completed in stages, with Stage 1 producing 39 000 t/y of concentrate and Stage 2 about 256 400 t/y from Year 4.

Mining will be undertaken using conventional drill-and-blast openpit methods followed by load-and-haul.

Mining equipment will include a mining fleet comprising 60 t to 80 t excavators, while 30-t- to 40-t-capacity trucks will be suited for the scale of mining envisaged.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at an 8% ungeared discount rate, of $263-million and an internal rate of return of 33%, with an after-tax payback from first ore of 3.8 years.

Capital Expenditure
Stage 1 will cost about $79.2-million and Stage 2 $24.6-million.

Planned Start/End Date
Not stated.

Latest Developments
Evion Group is progressing the development of the project, following its recognition in June 2025 as a strategic project under the EU's Critical Raw Materials Act. This recognition positions Evion as a preferred graphite supplier to the EU, being the only African graphite project to receive such status. The company has engaged with EU advisers and funding partners to secure a funding package and discuss infrastructure developments to support graphite concentrate exports. Grant funding discussions are also under way for early-stage community development and training initiatives.

The EU strategic project status offers several advantages, including accelerated permitting processes, strengthened financing opportunities through a dedicated taskforce, and increased attractiveness to strategic stakeholders. Evion MD David Round has highlighted the project's amplified significance owing to this recognition, especially as manufacturers seek to diversify graphite sourcing beyond China. Madagascar is currently the largest graphite producer globally outside of China.

Significant infrastructure developments are being assessed to benefit Maniry's exports. The EU advisory team in Madagascar is evaluating a major port development on the west coast, which could provide easier access and logistical cost savings for Evion. Additionally, the World Bank pledged $400-million in March 2025 to improve key roads in Madagascar, including those near Maniry, and a new bypass road to Toliara is scheduled for completion by mid-2026.

Evion is also focused on community engagement, with plans for training and development initiatives to employ local community members for construction, mining, and support services. The company is preparing a grant funding application for this investment. The Maniry project further benefits from Madagascar's strong trade relationship with the EU, facilitated by an interim economic partnership agreement allowing for duty-free and quota-free access to the EU market for Malagasy products.

Key Contracts, Suppliers and Consultants
CPC Engineering (flowsheet).

Contact Details for Project Information
Evion, tel +61 8 6158 9916 or email info@eviongroup.com.