Evion Group NL has executed its first binding sales commitment for the Maniry Graphite Project in southern Madagascar, signing a terms sheet with an established German graphite purchaser for natural flake graphite concentrate.

The agreement establishes a minimum of approximately 10,000 tonnes per annum over an initial five-year term from production, representing roughly 50,000 tonnes total.

This volume accounts for approximately 26% of the Stage 1 production target of 39,000 tonnes per annum. Evion has retained the balance, with discussions continuing regarding the remaining 74% with additional customers and strategic partners.

Pricing is determined by published market prices for comparable concentrates, normalised to major German ports. It includes a floor price tied to the project's production cost and debt service obligations, designed to provide downside protection. The purchase price for each shipment will be the greater of the two metrics.

Implementation remains subject to customary conditions precedent, including Evion reaching a Final Investment Decision, securing funding, obtaining approvals, and completing construction. The parties must replace the terms sheet with a definitive long-form offtake agreement within six months.

“This is the first binding sales commitment in Maniry's history, and it is the milestone that changes the conversation about this Project. We now have secured tenure, European Union strategic recognition and a contracted European customer.”

“An established German buyer has assessed our product and committed to it on a binding basis for five years. That is independent validation of Maniry concentrate that no study can provide, and it is the foundation on which project financing discussions proceed.”

— David Round, Managing Director

The asset sits within Evion's portfolio alongside a 50:50 interest in the Panthera Graphite Technologies downstream processing joint venture in India, which began shipments to the US and Europe in 2025. Maniry has also been recognised by the European Union as a Strategic Project under its Critical Raw Materials Act.

In July 2026, NextSource Materials reported positive results from an updated feasibility study for a Phase 2 expansion at its Molo graphite project within the surrounding district, outlining plans to increase production capacity to 150,000 tonnes per year of flake graphite concentrate.

Evion is targeting execution of the definitive long-form agreement within six months while advancing remaining workstreams toward a Final Investment Decision.

Read the full announcement: Evion secures first binding agreement to sell graphite to EU