Evion’s Graphite JV Wins First Asian Order at Price Above Last Year’s Ceiling
Key Takeaways
- PGT's first South-East Asia shipment — a 20-tonne consignment to Ho Chi Minh City, Vietnam — was contracted at US$3,650/t, approximately 7% above the top of the US$3,100–3,400/t range PGT achieved on core expandable graphite across its entire FY2026.
- The Vietnam order is valued at approximately A$104,000 on a 100% JV basis, with Evion holding a 50% interest in the Panthera Graphite Technologies joint venture.
- PGT sold 720 tonnes of product in FY2026, its first full year of commercial production, and is now ramping toward a 2,500-tonne Stage 1 annual target with Stage 2 expansion flagged for short-term completion.
- China controls an estimated 82% of world natural graphite production and has required export licences for flake graphite products since December 2023, structurally elevating the value of PGT's India-based, non-Chinese production.
- Negotiations are ongoing with the Vietnam buyer for substantial repeat supply and with potential Japanese customers, signalling Asia is becoming a third regional channel alongside the existing US and European customer base.
PGT ships its first container into South-East Asia — at a price above last year’s ceiling
Evion Group NL (ASX: EVG) has announced that its 50:50 joint venture Panthera Graphite Technologies (PGT) has secured its first-ever order into South-East Asia: a 20-tonne consignment of expandable graphite destined for Ho Chi Minh City, Vietnam.
The contracted price is US$3,650 per tonne FOB, sitting approximately 7% above the top and approximately 18% above the bottom of the US$3,100–3,400/t range PGT realised on core expandable graphite in FY2026 (the year ended 31 March 2026), its first full year of commercial production. The order is valued at approximately A$104,000 on a 100% joint venture basis, with Evion holding a 50% interest.
Negotiations are continuing with this buyer and other new Asian buyers for what the company describes as “very substantial ongoing supplies,” including potential supply agreements with Japan.
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Why premium pricing matters — and what it tells investors about PGT’s product quality
Expandable graphite is a processed form of natural graphite that expands dramatically when heated. It is used primarily in fire retardant materials, industrial seals, and thermal management applications.
PGT’s FY2026 sales totalled 720 tonnes across two distinct revenue streams. The split illustrates just how wide the pricing gap is between product grades:
- Core expandable graphite: at US$3,100–3,400/t
- Resold concentrate: approximately 270 tonnes at an average of approximately US$1,700/t
The Vietnam order, priced at US$3,650/t, is more than double the resold concentrate average. Evion believes the price reflects the specification of PGT’s product. That matters: when a first-time buyer in a region with no prior customer track record pays above the prior-year ceiling, it signals product quality is being recognised independently.
The investment implication is straightforward. Better pricing on a growing volume base means improving margins as PGT ramps toward its 2,500-tonne Stage 1 annual target.
| Revenue Stream | Volume (FY2026) | Price Range | Vietnam Order Price |
|---|---|---|---|
| Core expandable graphite | ~720t total (incl. ~270t resold concentrate) | US$3,100–3,400/t | US$3,650/t |
| Resold concentrate | ~270t | ~US$1,700/t avg | — |
A non-Chinese graphite producer gaining ground in Asia — the strategic picture
China accounted for an estimated 82% of world natural graphite production in 2025, according to the U.S. Geological Survey’s Mineral Commodity Summaries 2026. Since 1 December 2023, exports of natural flake graphite products from China, including expanded graphite, have required a licence from China’s Ministry of Commerce under Announcement No. 39 of 2023.
PGT made its first shipment in March 2025, with all customers to that point located in the United States and Europe. Vietnam is the first Asian customer, opening a new regional channel at a moment when supply chains outside China are structurally valuable.
David Round, Managing Director, Evion Group NL
“This is PGT’s first container into South-East Asia, and it’s priced above the top of what we achieved last financial year, in a region where we had no track record.”
“China produces most of the world’s graphite and licenses its exports. A plant in India making expandable graphite for customers in the United States and Europe matters for that reason, and PGT is already operating, shipping and profitable at EBITDA level.”
“Our customers until now have been in the United States and Europe. Vietnam gives us a new region to sell into as we lift production toward 2,500 tonnes a year. We’re currently negotiating a substantial ongoing supply to this region as well as potential strong supply agreements with Japan.”
For investors, the combination of an operating facility in India, an EBITDA-profitable JV, and a demonstrated ability to win customers in new regions at premium pricing positions PGT as a differentiated non-Chinese producer in a structurally tightening supply environment.
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Stage 2 expansion and what comes next for PGT
PGT is currently ramping toward its 2,500-tonne Stage 1 annual production target. The announcement notes the “short-term completion” of a Stage 2 expansion, with sales “likely to achieve expanded Stage 2 targets during 2027” — language the company attributes as forward guidance, subject to the inherent uncertainties of any forward-looking projection.
The next steps signalled in the announcement include:
- Ongoing negotiations with the Vietnam buyer for substantial repeat supply
- Potential supply agreements with Japan under discussion, as referenced by Managing Director David Round
- Continued new buyer conversations across Asia as production ramps
Evion itself is a vertically integrated critical minerals company with interests beyond the PGT joint venture. It also holds the Maniry Graphite Project in Madagascar, recognised by the European Union as a Strategic Project under the Critical Raw Materials Act, and an option over the Carp Fluorspar Project in Lincoln County, Nevada. The Vietnam order, while a single container, represents the first step into an entirely new export region — and the pricing achieved suggests the market is taking notice.
Alongside PGT, Evion holds the Maniry Graphite Project in Madagascar and the Carp Fluorspar Project in Nevada, where independent verification has confirmed grades of up to 88.15% CaF2, adding a high-purity critical mineral asset to its portfolio.
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