Everlast Minerals Completes First Export Shipment From Gaibandha Project Bangladesh

Everlast Minerals ships first export as Bangladesh project advances toward commercial production

Everlast Minerals Ltd (ASX: EV8) has reported completion of its first export shipment of mineral sands concentrates from the Gaibandha Project in Bangladesh, marking a defining moment for the Everlast Minerals first export shipment from Gaibandha Project Bangladesh. Alongside this milestone, newly arrived modular mining and processing equipment is set to expand pilot production capacity significantly.

The shipment comprised 109 tonnes of mineral sands concentrates produced from pilot-scale operations and departed Chittagong Port for customers in China under a FOB (Free on Board) sales arrangement. According to Everlast Minerals Ltd, this milestone validates mining, processing, product quality, logistics and export processes that were previously at test stage, and supports the company's stated progression toward trial-commercial production.

In parallel, newly designed modular equipment has arrived in Bangladesh in two 40-foot containers and one 20-foot container and has been transported to site. Everlast Minerals Ltd reports that this expanded equipment fleet is expected to be commissioned within approximately 60 days, with the intention of materially increasing pilot production capacity and improving operating efficiency.

"The completion of our first export shipment is a defining milestone for Everlast and demonstrates the significant progress that has been made in advancing the Gaibandha Project from pilot-scale operations towards commercial production. This achievement validates not only the quality of our mineral sands products, but also the broader operating model encompassing mining, processing, logistics and export activities," said Paul Qian, executive chairman of Everlast Minerals Ltd.

A milestone that changes the development profile

For a mineral sands project developer such as Everlast Minerals Ltd, the move from pilot operations to first export is a material step in project de-risking.

The maiden export shipment from the Gaibandha Project is reported to validate several operational and commercial components at once:

• Mining: Trial mining methods have been tested in field conditions and have produced saleable concentrate.
• Processing: The processing flowsheet has produced concentrates that meet agreed product specifications.
• Product quality: International customers in China have accepted the product, supporting evidence of market demand.
• Logistics: The full chain from site to port and onto an export vessel has operated as planned during pilot activities.
• Export execution: Regulatory processes and documentation for export from Bangladesh have been navigated successfully under an FOB arrangement.

According to the ASX release, this is the first time Everlast Minerals Ltd has taken material from the Gaibandha Project all the way through mining, processing and export to paying customers, effectively validating its operational concept.

What the maiden shipment confirms for investors

The announcement from Everlast Minerals Ltd outlines several areas in which risk has been reduced through the successful completion of the first shipment.

For investors, the key point is that several project elements that were previously conceptual have now been tested in real operations. While pilot-scale volumes remain modest compared with potential future output, a working mine-to-port-to-customer chain has been demonstrated.

Educational section: understanding FOB and mineral sands exports

FOB explained in practical terms

FOB (Free on Board) is a widely used trade term in bulk commodities. Under an FOB arrangement:

• The seller is responsible for delivering the product to the named port and loading it onto the vessel.
• Ownership and risk usually pass from seller to buyer once the cargo is loaded and the vessel departs.
• The buyer is typically responsible for sea freight, insurance and onward transport after loading.

In the case of Everlast Minerals Ltd, the ASX announcement states that the transaction is considered complete upon the vessel's departure from Chittagong Port. This means revenue recognition for the shipment occurs at the point of departure, not at arrival in China.

For investors, FOB structures can have several implications:

• Lower logistical exposure: The seller does not manage international shipping, which can reduce operational complexity.
• Clear revenue point: The sale is completed at load port, helping clarify when revenue may be recorded.
• Cost structure: Sea freight and insurance are borne by the buyer, which can stabilise the cost base for the seller.

What are mineral sands concentrates?

The exported material is described as mineral sands concentrates. In accessible terms:

• Mineral sands are beach or river sands that contain heavy minerals.
• Common heavy minerals include ilmenite, rutile and zircon, which are used in pigments, ceramics, welding rods and other industrial products.
• Mining typically involves shallow excavation or dredging of sand-rich deposits.
• Processing uses gravity, magnetic and sometimes electrostatic separation to extract the heavy minerals from waste sand.

A concentrate is the intermediate product after separation of most of the waste material. It is not yet a pure mineral product, but its grade is high enough to be sold to specialist processors or end-users who further refine it.

By exporting a concentrate product, Everlast Minerals Ltd is entering the mineral sands value chain at the point where mining and initial processing are completed, but before final mineral separation and refining.

The scale-up phase begins: new modular equipment on site

Alongside the first export, Everlast Minerals Ltd has reported delivery of newly designed modular mining and processing equipment to support expansion of pilot operations.

Key details from the announcement include:

• Equipment configuration: Delivered in two 40-foot containers and one 20-foot container, indicating a modular, containerised setup.
• Location: Shipped into Chittagong Port and transported to the Gaibandha Project site.
• Commissioning timeframe: Assembly, commissioning and workforce training are expected to take approximately 60 days from site delivery.
• Operational impact: Once commissioned, the equipment is expected to significantly increase mining and processing capacity and improve operating efficiency.

Modular equipment refers to portable processing and mining units designed to be transported, rapidly assembled and, if required, relocated. For an emerging producer such as Everlast Minerals Ltd, this type of plant can:

• Reduce upfront capital requirements compared with large fixed infrastructure.
• Allow capacity to be increased in stages, in line with operational experience and market demand.
• Provide flexibility to adjust layout or relocate units within a project area if mining areas shift.

The company describes this expanded infrastructure as an important part of its plan to move from pilot-scale activities toward trial-commercial production.

From pilot operations to trial-commercial production

The ASX release from Everlast Minerals Ltd positions the Gaibandha Project clearly on a staged development path.

Development stages and current status

Everlast Minerals Ltd states that the increased capacity is anticipated to support:

• Higher production volumes from Gaibandha.
• Improved economies of scale, as fixed costs are spread across more tonnes.
• The establishment of sustainable commercial revenue streams as operations expand.

These are forward-looking statements made by the company and remain subject to commissioning outcomes, market conditions and operational performance.

The Gaibandha Project and Bangladesh mineral sands context

The Gaibandha Project is the flagship mineral sands asset of Everlast Minerals Ltd in Bangladesh. According to the ASX announcement:

• Gaibandha has been the focus of pilot-scale mining and processing.
• The trial programme was designed to test mining methods, processing performance, product quality, environmental management and export logistics.
• Key objectives, including the development of procedures and validation of export supply chains, are reported as having been achieved.

Alongside Gaibandha, Everlast Minerals Ltd also references the Kurigram and Pabna exploration licence applications in Bangladesh. These areas are described by the company as highly prospective for mineral sands, indicating an early-stage pipeline beyond the current operational project.

Bangladesh is less established in global mineral sands than some other jurisdictions. For that reason, the operational knowledge built through the Gaibandha pilot — particularly around logistics and export processes via Chittagong Port — may be highly relevant for future project stages and any additional assets the company advances in the country.

Sustainability and operational practices

The ASX release states that Everlast Minerals Ltd is committed to:

• Environmental stewardship
• Workplace safety
• Community engagement
• Regulatory compliance

These elements are highlighted as central to ongoing operations as the company moves into a higher activity phase with scaled-up pilot production. While detailed environmental metrics are not provided in this announcement, the pilot programme is reported to have included evaluation of environmental management practices alongside technical and logistical objectives.

For mining projects in emerging jurisdictions, clear processes around community relations and compliance are often important considerations for both investors and regulators. Furthermore, the company notes that it will provide further updates as commissioning progresses and as it advances toward trial-commercial production.

Why investors may monitor Everlast Minerals at this stage

From an investor perspective, the announcement from Everlast Minerals Ltd brings together several catalysts in one development step.

Key factors include:

• Transition from developer to exporter: Gaibandha has moved beyond conceptual planning, with material shipped and accepted by international customers.
• Validated export pathway: The logistical model from mine to port to export vessel has been tested at pilot scale.
• Near-term operational catalyst: A defined commissioning window of about 60 days provides a clear timeframe for potential news flow on expanded production.
• Capacity growth potential: New modular equipment is expected by the company to materially increase output and improve efficiency.
• Staged growth approach: The company is following a sequence from pilot to trial-commercial production, then toward larger-scale operations, which allows performance and economics to be evaluated at each step.

How this translates into future cash flow and valuation will depend on several variables, including:

• Achieved production rates and recoveries after commissioning.
• Realised pricing and offtake terms for mineral sands concentrates.
• Operating costs at expanded scale.
• Further development decisions at Gaibandha and across other Bangladesh licences and applications.

For now, the Everlast Minerals first export shipment from Gaibandha Project Bangladesh has demonstrated that material can be mined, processed and exported under commercial terms — a key requirement for any aspiring producer.

Glossary of key terms

• Everlast Minerals Ltd: ASX-listed mineral sands project developer (ASX: EV8) focused on assets in Bangladesh, including the Gaibandha Project and Kurigram and Pabna exploration licence applications.
• FOB (Free on Board): Trade term where the seller's responsibility and risk generally transfer to the buyer once goods are loaded onto the vessel at the named port. The sale is typically completed at vessel departure.
• Mineral sands concentrates: Processed sand containing a higher proportion of heavy minerals such as ilmenite, rutile and zircon, produced after separating most waste material.
• Modular equipment: Mining or processing units designed in standard, transportable modules that can be shipped in containers and assembled on site to form a flexible plant.
• Pilot-scale operations: Smaller-scale mining and processing used to test methods, refine procedures and generate data before moving to larger-scale production.
• Trial-commercial production: Intermediate stage between pilot operations and full commercial production, used to validate performance, costs and product at higher, but not yet full-scale, output levels.
• Commissioning: The process of assembling, testing and calibrating new equipment to confirm it operates as designed before entering regular production.

Ready to Learn More About Everlast Minerals and the Gaibandha Project?

With its first export shipment completed and new modular equipment on site ahead of commissioning, Everlast Minerals Ltd (ASX: EV8) is transitioning from pilot-scale developer to emerging producer. Investors looking to understand the full scope of the Gaibandha Project, the company's Bangladesh asset pipeline, and its pathway toward trial-commercial production can find further details by visiting www.everlastminerals.com.