Evion Group Advances Carp Fluorspar Project Exploration in Nevada

Evion Group Moves to Systematically Advance Nevada's Carp Fluorspar Project

Evion Group NL (ASX: EVG) has set out a staged exploration programme for its Carp Fluorspar Project in Lincoln County, Nevada, with field sampling already underway and a magnetic survey planned as the next key step. According to the ASX announcement, this is the first modern, integrated exploration of the Carp carbonate-replacement fluorspar system since the 1970s, with the work programme designed to move both the historic deposit area and a newly identified north-west corridor towards drill-ready targets.

The update matters because Carp combines three features investors often look for in an early-stage critical minerals project: a documented production history, recent high-grade surface confirmation, and a structured pathway to drilling. Furthermore, it sits within a commodity market where the United States currently imports 100% of its fluorspar requirements, according to the company's announcement citing USGS market context.

A Historically Producing Fluorspar Project Returns to Active Exploration

The Carp project is not a greenfields concept. Evion reported that the site produced approximately 44,900 tonnes at an average grade of around 69% CaF₂ between 1958 and 1971, with material sold directly to Kaiser Steel Corporation as metspar and without beneficiation, meaning the ore did not require additional upgrading before sale.

Historic mining was limited to four shallow open pits identified as South, Central, West and North. In the company's view, that leaves broader exploration potential across a larger mineralised footprint extending well beyond the original mine areas.

Evion also referred to independent verification of 2024 surface rock chip sampling, first announced on 25 May 2026, which returned grades of up to 88.15% CaF₂ across all four historically mined pit areas. For investors, that result is important because it supports the presence of high-grade fluorite mineralisation at surface within the known system, whilst still leaving depth and lateral continuity to be tested.

The project land package now covers 59 unpatented lode claims over about 493 hectares in the Viola Mining District, on Bureau of Land Management administered land around 140km north-east of Las Vegas.

"The work programme we have defined is a direct output of the geological review. We now have a clear picture of the regional structural architecture, a new extensional target to the northwest, and a systematic plan to convert that geological framework into drill-ready targets," said David Round, Managing Director of Evion Group.

What the Exploration Programme Includes

According to the ASX release, Evion has chosen a multi-stage exploration programme rather than proceeding directly to drilling. The company said the approach is intended to build a clearer geological model first, then use that information to sharpen drill targeting across both the main Carp system and the new north-west extensional corridor.

The planned work programme is summarised below.

The company said near-term priorities are the magnetic survey and surface sampling programme, with further geophysical work and drilling to follow as results are assessed.

Current field activity is already focused on the newly identified extensional corridor to the north-west of the main Carp claim block. That area appears central to the geological review completed by Evion, which identified it as a fresh target not previously tested by modern methods.

The company also stated that the magnetic survey will be commissioned once existing multi-client coverage across the district has been assessed. That suggests Evion is attempting to use available regional data to refine survey design before committing additional exploration capital.

Why Magnetic Surveying Matters at Carp

For non-specialist investors, magnetic surveys can sound highly technical, but the purpose in this case is relatively straightforward. A magnetic survey measures small changes in the Earth's magnetic field caused by different rock types and structures below surface.

At Carp, the magnetic survey is not intended to directly detect fluorite. Instead, it is aimed at mapping the structural architecture at depth, particularly the NW-SE structural corridors that the company considers to be the primary exploration targets.

This matters because fluorspar deposits are often controlled by structures such as faults and fractures. These openings can act as pathways for mineral-rich fluids. If the main structures can be mapped more clearly, they may provide better guidance on where mineralisation is concentrated and where drilling should be directed.

Evion said the magnetic data will be used to generate a structural interpretation and 3D inversion model. In simple terms, a 3D inversion model is a computer-built representation of the subsurface based on geophysical data, helping geologists estimate how structures may continue below surface where they cannot be seen directly.

For investors, the benefit is practical. Better structural mapping can reduce low-priority drilling and improve the quality of first-pass drill targets.

Other Geophysical Techniques Under Review

The ASX announcement also outlined two other methods being considered as part of later-stage target generation:

• Ground Penetrating Radar (GPR): A near-surface survey method that may identify contrasting bodies up to about 50 metres below surface. Evion said it could help define additional fluorite manto bodies and possible feeder structures.
• Gravity surveying: This method looks for differences in rock density. Evion noted that fluorite has a specific gravity of around 3.0 to 3.2, compared with host carbonate rocks at about 2.7, which may be enough contrast for a close-spaced gravity survey to detect dense fluorite bodies.

A manto body is a relatively flat or tabular mineralised layer that follows the rock sequence. At Carp, historical pit exposures suggest this style of mineralisation is relevant.

Fluorspar Explained: Why This Mineral Is Drawing Attention

Fluorspar, also known as fluorite when referring to the mineral, is composed of calcium fluoride (CaF₂). It is used across a range of industrial processes and is commonly grouped into product categories based on purity.

Two terms in the Evion update are worth understanding:

• Metspar: Metallurgical-grade fluorspar, generally used in steelmaking and aluminium processing.
• Acid-grade fluorspar: A higher-purity product typically used in chemical applications, including refrigerants and other industrial processes.

The company's announcement framed the Carp Fluorspar Project as targeting acid-grade mineralisation across a broader footprint than the historic pits. That does not mean acid-grade material has been defined as a resource. Rather, it reflects the style and quality of mineralisation the company is seeking to test through modern exploration.

Fluorspar is designated a Critical Mineral by the United States, European Union, Australia, Canada and Japan, according to the ASX release. The company cited its relevance to:

• Semiconductor manufacturing
• Lithium-ion batteries
• Nuclear fuel processing
• Aerospace and defence systems
• Advanced refrigerants
• Steel and aluminium production

That end-market spread is part of the reason fluorspar attracts investor attention despite being less widely followed than lithium, copper or rare earths.

The U.S. Supply Gap Provides the Market Backdrop

The market context in the announcement is clear. Evion stated that the United States imports 100% of its fluorspar requirements and has had no meaningful domestic production since 1990.

The company also cited global fluorspar production of about 10.2 million tonnes in 2025, with supply concentrated in China, Mongolia and Mexico. China alone was reported to account for approximately 59% of production.

That concentration does not guarantee a development outcome for Carp, and the ASX release does not state that Evion has any supply agreement or policy support specific to the project. However, the broader supply picture helps explain why a historically producing Nevada fluorspar system may attract renewed interest.

Evion also referred to a recent US$168.9 million fluorspar supply contract awarded by the U.S. Defense Logistics Agency. In the announcement, this was presented as a sign of the strategic importance of secure fluorspar supply, rather than as project-specific backing for Carp.

What Investors May Watch Next

The staged nature of the programme means Carp is likely to generate news flow in steps rather than through a single major event. Based on the ASX update, several milestones stand out:

1. Surface sampling results from the NW corridor

Sampling is already underway in the new north-west extensional target area. These results may provide the first modern geochemical indication of whether mineralisation extends beyond the historic pit footprint.

2. Magnetic survey commencement

Once existing regional coverage is assessed, Evion expects to commission the magnetic survey. This should provide the structural interpretation and 3D modelling that underpin later drill targeting.

3. Geophysical orientation work

Stage 2 includes testing whether methods such as electrical geophysics, GPR and gravity are useful at Carp. If these methods respond well to the project geology, they may sharpen target definition further.

4. Reconnaissance drilling on NW targets

This is the first direct subsurface test planned for the newly identified corridor, intended to assess interpreted targets along confirmed NW-SE structures.

5. Targeted drilling at the main Carp deposit

Stage 3 drilling is designed to test depth extensions and the broader extent of mineralisation within the known deposit area.

Each of these steps could progressively improve understanding of project scale, continuity and geometry. At this stage, however, Carp remains an exploration project rather than a defined JORC resource.

Why the Carp Update Is Relevant to the EVG Investment Case

According to the announcement, the investment case at Carp currently rests on a combination of historic validation, modern re-evaluation, and disciplined exploration sequencing.

The key points include:

For investors, the central question is whether the current exploration programme can convert a historically mined fluorspar occurrence into a broader modern target inventory with drill support. The ASX release does not yet answer that question, but it does show that the company now has a structured work plan, active field operations and a defined sequence of technical steps.

In addition, the near-term focus is likely to remain on the north-west corridor sampling results and the magnetic survey rollout. Those outputs should provide the first indications of whether the geological review has identified targets with enough scale and continuity to justify drilling across the broader Carp Fluorspar Project system.

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