The Company has successfully fast tracked its flagship Maniry graphite project in Southern Madagascar, to the completed Bankable Feasibility Study (BFS) Stage, in 4.5 years.
Graphite from the Maniry Project has met specifications consistent with those required by Tier 1:- Expandable graphite markets- Refractory industry participants- Lithium-ion anode material manufacturers.
The Company completed the Maniry DFS in November 2022.
Focus during Feasibility Study (BFS):
- Completed to meet the Equator Principles
- Demonstrated a financially attractive Project
- Build a Project that is technically robust to cater for different specifications for different customers
- Ensure that all stakeholders were consulted throughout the DFS process
Project Life
21 years
NPV@8% pre-tax
US$263 million
IRR pre-tax
33 %
Payback for stage 1&2
3.8 years
Stage 1
Project CAPEX
US$79 million
Stage 2
Project CAPEX
US$25 million
Annual Graphite Production
av30ktpa
Stage 1 – Years 1-3
av60ktpa
Stage 2 – Years 4+
EVION
Creating value towards a responsible and sustainable future.
Global Mineral Resource Inventory Estimate as at August 2022
Area | Classification | Tonnes (Mt) | Total Graphitic Carbon (%TGC) | Contained Graphite (tonnes) |
Razafy | Indicated | 13.6Mt | 6.5% | 890,000 |
Inferred | 12.1Mt | 5.9% | 720,000 | |
Razafy NW | Indicated | 3.1Mt | 8.6% | 266,000 |
Inferred | 2.2Mt | 8.6% | 186,000 | |
Haja | Indicated | - | - | - |
Inferred | 9.0Mt | 5.8% | 522,000 | |
TOTAL | Indicated | 16.7Mt | 6.9% | 1,156,000 |
Inferred | 23.3Mt | 6.1% | 1,428,000 | |
Total Ore Reserves | Probable | 16.2Mt | 6.58% | 1,100,000 |
Maniry Growth in 2022
Objective
Positive Outcome

Futher development into the potential downstream processing of coarse flake material
Significantly increase project revenue

Exploration in the high grade northwest zone of Maniry
Early high grade feed can substantially increase project NPV/IRR

Optimisation of flowsheet to further enhance recovery of the coarse flake material
Increase project revenue

Additional offtake arrangements
Further enhance project confidence
