Evion Group Confirms 88.15% CaF₂ at Nevada’s Carp Fluorspar Project

Evion Confirms Exceptional Fluorspar Grades at Nevada's Carp Project – Up to 88.15% CaF₂ Independently Verified

Evion Group (ASX: EVG) has taken a significant step forward at its Carp Fluorspar Project in Lincoln County, Nevada, announcing the independent verification of 2024 surface rock chip sampling results that confirm the presence of widespread, high-grade fluorspar mineralisation across multiple historically producing pit areas. With peak assays reaching 88.15% CaF₂ – well above industry thresholds for premium-grade material – and a consolidated land position now spanning 493 hectares, the announcement delivers a technically credible and geologically compelling foundation for the Company's next phase of exploration.

This verification is more than a procedural box-tick. It transforms data collected by a third party into JORC-compliant results underpinned by an independent Competent Person review, giving investors a high-confidence baseline from which Evion can now advance drill targeting, resource definition, and field programmes at a U.S. project in a commodity the country imports at 100% reliance from overseas.

The Numbers That Matter: Sampling Results at a Glance

Of the 25 surface rock chip samples assessed, the results were overwhelmingly positive, with the majority returning grades that meet or exceed standard commercial thresholds for fluorspar products.

The headline result – 88.15% CaF₂ from Sample C-9, a manto-style sample at the West Pit – stands out not just as the peak reading but as a representative data point across a broad spatial distribution. Furthermore, high-grade results were not isolated to a single location; they were returned from four distinct pit areas and intervening bulldozer cut zones.

Selected high-grade highlights by location:

• West Pit: C-9: 88.15%, C-8: 78.29%, C-16: 83.83%
• North Pit 1: C-11: 83.83%, C-23: 80.14%, C-12: 73.15%
• North Pit 2: C-13: 86.92%
• Central Pit: C-18: 86.51%, C-20: 57.33%
• South Pit: C-1: 75.62%, C-7 (Bulldozer Cut): 63.29%

The spatial spread of these results is one of the most important aspects of the announcement. High-grade fluorspar appearing consistently across South, West, North, and Central Pits – as well as in the bulldozer cuts connecting them – points toward a large, laterally continuous mineralised system rather than isolated pockets of enrichment.

Understanding the Verification Process: Why Does Independent Confirmation Matter?

What Is JORC Compliance?

For investors new to the resources sector, the term "JORC Code" refers to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – essentially the quality standard that governs how exploration data is reported to the market by ASX-listed companies.

When Evion states that the results are "suitable for reporting under the JORC Code (2012)," it means an independent, qualified geologist – in this case Mr Mark Fletcher of Arrowman Pty Ltd, a Member of the Australian Institute of Geoscientists – has reviewed the original sampling methodology, chain of custody, laboratory procedures, and quality assurance protocols and confirmed they meet that standard.

Why Does This Matter to Investors?

The original 2024 sampling was conducted by Globex Mining Enterprises Inc. (TSX: GMX), the project vendor from whom Evion is acquiring the asset under an option agreement. Independent verification by Evion's own Competent Person removes reliance on vendor-provided data and establishes a technically defensible foundation for all future exploration activity and public reporting.

In short: the numbers stand up to scrutiny.

Key analytical detail: Samples were analysed at American Assay Laboratories in Sparks, Nevada – an ISO 17025-certified laboratory – using wavelength dispersive X-ray fluorescence (WD-XRF) following lithium borate fusion, a recognised and appropriate methodology for fluorspar analysis. An independent consultant also physically validated sample locations in the field using a handheld XRF analyser, with all values confirmed within acceptable range.

Key Terms Explained

Beyond Fluorspar: Polymetallic Potential Adds a Second Dimension

While the fluorspar story is the primary focus, the sampling data hints at additional value within the Carp system. Anomalous gold was identified in several samples, and a float sample from a sub-vertical mineralised carbonate replacement body returned:

• 151.5 ppm silver (Ag)
• 0.28% copper (Cu)
• 2.79% lead (Pb)
• 8.64% zinc (Zn)

These base and precious metal readings are from a single grab sample and should be interpreted cautiously at this stage. However, they do indicate the geological system has complexity beyond simple fluorspar mineralisation. In addition, the presence of a barite-Ag-Pb-Zn assemblage in a carbonate replacement setting is a recognised signature worth pursuing with systematic follow-up work.

A Commanding Land Position in a Prospective District

The announcement also confirms the scale of Evion Group's ground position at the Carp Fluorspar Project, which has been substantially expanded from the original option acquisition.

The 45 adjoining claims were staked by Evion directly, filed and acknowledged by the Nevada State notarial officer in May 2026, and are considered highly prospective for additional fluorspar discoveries along strike from the known mineralised zones. This expanded footprint gives the Company control over both the defined system and the most geologically prospective surrounding ground, providing meaningful exploration upside beyond the four known pit areas.

Why Fluorspar, Why Nevada, Why Now?

The Supply Chain Gap

Fluorspar is classified as a critical mineral by the United States, European Union, Australia, Canada, and Japan. It is a non-substitutable input across a range of industries that sit at the heart of both modern manufacturing and advanced technology:

• Semiconductor fabrication
• Lithium-ion battery electrolytes and electrode coatings
• Nuclear fuel (uranium hexafluoride conversion)
• Aerospace and defence system components
• Hydrofluoric acid production
• Steel and aluminium smelting
• Advanced refrigerants and air conditioning systems

Despite this broad industrial importance, the United States has had no meaningful domestic fluorspar production since 1990 and currently imports 100% of its requirements. Global supply of approximately 10.2 million tonnes in 2025 is dominated by China at approximately 59%, with Mongolia and Mexico contributing the bulk of the remainder.

The strategic significance of this supply gap has been formally recognised. The U.S. Defense Logistics Agency recently awarded a US$168.9 million fluorspar supply contract, a direct signal of the commodity's place in national security-linked supply chain priorities.

Why the Carp Project's Grades Are Commercially Meaningful

The relevance of the assay results becomes clearer when placed against commercial grade thresholds:

With 14 of 25 surface samples exceeding 49.83% CaF₂ and multiple samples at or above the 80–88% range in raw rock form, the Carp samples are in metspar territory and in some cases approaching acidspar feedstock quality at the raw sample level – before any beneficiation or processing is applied. This is a meaningful starting point for a project at an early exploration stage.

Understanding Fluorspar: The Critical Mineral Most Investors Haven't Heard Of

Fluorspar represents one of the most strategically important yet least understood critical minerals in modern industry. Unlike gold or copper, fluorspar's value lies not in its monetary worth but in its irreplaceable role across multiple industrial processes.

What Makes Fluorspar Critical?

Fluorspar (calcium fluoride, CaF₂) serves as the primary source of fluorine, an element with unique chemical properties that make it essential rather than merely useful. In steel production, fluorspar acts as a flux that removes impurities and lowers melting temperatures, improving efficiency and product quality. Without it, modern steel manufacturing becomes significantly more expensive and technically challenging.

The semiconductor industry depends on ultra-pure hydrofluoric acid derived from high-grade fluorspar for etching silicon wafers. This process cannot be substituted with alternative materials, making fluorspar an absolute requirement for computer chips, smartphones, and advanced electronics.

The Supply Concentration Problem

China controls approximately 59% of global fluorspar production, creating a strategic vulnerability for Western manufacturers. This concentration becomes particularly concerning given fluorspar's role in defence applications, including uranium processing for nuclear fuel and advanced aerospace components.

The United States' complete reliance on imports since 1990 represents a significant supply chain risk that policymakers are increasingly recognising as a national security concern.

Next Steps: A Clear Path Forward

Following the successful verification milestone, Evion has outlined the framework for its upcoming field programme. The Company has indicated that a detailed update on scope, timing, and budget will be provided to the market shortly.

Planned exploration activities include:

1. Systematic surface sampling and assaying across the full 59-claim project area to extend geochemical coverage beyond the original 25-sample locations and define the lateral extent of high-grade mineralisation
2. Detailed geological mapping and structural interpretation to understand the controls on high-grade fluorspar and refine drill targeting
3. Drill programme planning focused on untested depth extensions of the steeply dipping vein systems and new manto-style targets identified within the expanded claim package
4. Permitting and regulatory engagement with the Bureau of Land Management to progress approvals required for planned drilling on BLM-administered land

The JORC Table 1 disclosure also references potential for an aeromagnetic survey and further prospecting of exposed mineralisation as part of early-stage target generation.

Planned Activity Timeline:

The Investment Case: What This Announcement Builds

This verification announcement does several things simultaneously for Evion's investment case.

It converts third-party data into Company-owned, JORC-compliant results. The distinction between a vendor's press release and a JORC-compliant result reviewed by an independent Competent Person is material. Evion now owns the technical foundation of the Carp Project's exploration case in a form that supports further disclosure, resource work, and ultimately drilling.

It confirms grade quality well above typical commercial thresholds across a district-scale footprint. Surface sampling is by nature preliminary. However, consistent grades of 70–88% CaF₂ across four separate historically mined pit areas – in different mineralisation styles including mantos, veins, and replacement bodies – argues strongly for genuine geological continuity rather than sample-specific anomalies.

It positions Evion in a commodity with confirmed strategic significance and a structural domestic supply deficit. The combination of U.S. critical mineral classification, zero domestic production, and documented demand from sectors including defence, semiconductors, and battery manufacturing creates a structural backdrop that favours projects with genuine high-grade, accessible fluorspar mineralisation on U.S. soil.

It establishes a larger, more prospective project footprint than the original acquisition. The expansion from 14 to 59 claims – adding 376 hectares of prospective ground along strike – was executed by Evion directly and at low cost, materially increasing the exploration optionality available to shareholders.

"Evion Group has independently confirmed exceptional fluorspar grades of up to 88.15% CaF₂ across a district-scale, historically producing system in Nevada – one of the few U.S.-based fluorspar projects with the grade and geological complexity to warrant serious development attention."

With a 493-hectare consolidated land position, JORC-compliant results in hand, and a field programme in planning, investors should watch closely as the Company transitions from verification into active exploration and drill targeting. The Evion Group Carp Fluorspar Project high-grade fluorspar results in Nevada represent a significant milestone in establishing the Company's position in this critical mineral sector, particularly given the United States' complete dependence on imported supply and the strategic importance of securing domestic fluorspar resources.

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