Annual report
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DIRECTORS’ REPORT For the year ended 30 June 2026
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CONTENTS PAGE CORPORATE DIRECTORY ................................................................................................................................... 1 CHAIRMAN’S LETTER ........................................................................................................................................ 2 DIRECTORS’ REPORT ......................................................................................................................................... 4 AUDITOR’S INDEPENDENCE DECLARATION ..................................................................................................... 30 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............................. 31 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................................... 32 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .................................................................................... 33 CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................................ 35 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............................................................................. 36 DIRECTORS’ DECLARATION ............................................................................................................................. 65 INDEPENDENT AUDITOR’S REPORT................................................................................................................. 66 ADDITIONAL ASX INFORMATION .................................................................................................................... 72
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Page 1 CORPORATE DIRECTORY DIRECTORS Mal Randall Non-Executive Chairperson David Round Managing Director Craig Lennon Non-Executive Director Heather Zampatti Non-Executive Director COMPANY SECRETAR Y Kellie Davis REGISTERED OFFICE AND PRINCIPAL ADMINISTRATIVE OFFICE Suite 3, Ground Floor 28 Ord Street West Perth WA 6005 T: +61 8 6158 9916 E: info@eviongroup.com W: www.eviongroup.com AUDITORS Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA 6008 SHARE REGISTRY Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 T: 1300 288 664
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 2
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Page 4 DIRECTOR S’ REPORT The Directors present their report on Evion Group NL (“Evion” or the “Company”) and its subsidiaries (the “Group”) for the financial year ended 30 June 2026. BOARD OF DIRECTORS The Directors of the Company at any time during or since the year end are: Malcolm Randall Non-Executive Chairperson – appointed 20 May 2026 Qualifications Dip Applied Chemistry, FAICD Experience Mr Randall holds a Bachelor of Applied Chemistry Degree and is a Fellow of the Australian Institute of Company Directors. He has extensive experience in corporate, management and marketing in the resource sector , including more than 25 years with the Rio Tinto group of companies His experience extends over a broad range of commodities including iron ore, diamonds, base metals, coal, uranium, rare earths and industrial minerals both in Australia and internationally. Other current and former ASX listed directorships in last 3 years Argosy Minerals Limited (ASX: AGY) – Non-Executive Chairman (current) Hastings Technology Metals Limited (ASX: HAS) – Non-Executive Director (current) New Murchison Gold Limited (ASX: NMG) – Non-Executive Director (current) Kingsland Minerals Limited (ASX: KNG) – Non-Executive Chairman (resigned 2 November 2023) David Round Managing Director – appointed 1 May 2024 Qualifications BBus, FCPA, MBA Experience Mr Round has over 20 years senior executive experience in capital markets, mine operations and specifically in the development of critical minerals supply chain businesses. Mr Round was previously CFO and Company Secretary to Ironbark Zinc Ltd and Wolf Minerals Ltd, and acted for nickel sulphide producer, Albidon Ltd, overseeing their operations in Zambia. Mr Round previously acted as CFO and Head of Sales and Marketing for Australian listed graphite and critical minerals producer, Bass Metals Ltd and was instrumental in the company’s acquisition of its assets, an d development and growth of their operations over a 5-year period. Mr Round has been involved in a number of Board and Committee roles that have seen the growth and development of resource and mining services companies in Australian and overseas. Other current ASX listed directorships None Former ASX listed directorships in last 3 years Resource Minerals International Ltd (formerly Resource Mining Corporation Limited, ASX: RMI) – Non-Executive Director from 23 March 2022 to 8 April 2025.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 5 Craig Lennon Non-Executive Director – appointed 1 May 2024 Qualifications CA, AGIA Experience Mr Lennon is a highly experienced corporate and finance executive, having served as the Chief Executive Officer of ASX-listed Greenwing Resources Ltd, Managing Director (from 2016 to 2019), Chief Executive Officer (from 2007 to 2016) and Chief Financial Officer (from 2007 to 2016) of ASX-listed Highlands Pacific Limited. Prior to Highlands Pacific, Mr Lennon worked for KPMG for five years in Australia, gaining experience in industries including manufacturing, construction, retail, hospitality and mining, and also worked in the United Kingdom for two years in the manufacturing industry. Craig has vast experience working internationally with funding partners and corporate transactions including joint ventures, mergers & acquisitions, capital raisings and debt funding. Mr Lennon is also currently the Head of Asia Pacific and Chief Executive Officer for TSXV Listed Nickel 28 Capital Corp, a leading battery metals investment vehicle. Other current and former ASX listed directorships in last 3 years None Heather Zampatti Non-Executive Director – appointed 20 May 2026 Non-Executive Chairperson – appointed 23 November 2023 and resigned on 20 May 2026 Qualifications Dr Com (Hon), B Sc, Dip Ed, MSAA, Fellow of AIDC Experience Ms. Zampatti has over 40 years of experience in stockbroking, finance, investment policy, strategy and funds management. Ms. Zampatti sits on the Board as Chairperson of the Silverchain Foundation, the Federal Government Remuneration Tribunal, Theatre 180, The University of WA Club, ASIC Financial Services Consultative Committee and Edith Cowan University (ECU) Resources Committee and Council Member. Ms. Zampatti was the head of wealth management at Bell Potter Securities since 2002. Ms. Zampatti was a former member of the Federal Government’s Takeover Panel and the Financial Sector Advisory Council, Chair of Lotterywest and Princess Margaret Hospital Foundation; and board member of Osteoporois Australia, Healthways, AIM WA, Chief Executive Women (CEW), and WA Ballet. Other current and former ASX listed directorships in last 3 years None Warrick Hazeldine Non-Executive Director – appointed 1 May 2024 and resigned on 19 May 2026 Qualifications GAICD Experience Mr Hazeldine has more than 20 years of capital markets experience from working with a range of ASX-listed companies on investor relations activities, predominately in the natural resources sector. In recent years, he has played a key role in several lithiu m, hydrogen and battery materials transactions. Mr Hazeldine is a founding director of investor and corporate communications firm Purple (formerly Cannings Purple). Mr Hazeldine sits on the board of Argent Minerals Ltd. He was a former Chair and Non-Executive Director of ChemX Materials and Global Lithium Resources.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 6 Warrick Hazeldine (continued) He is currently a board member of Surfing WA, Curtin University Business and Law School and has held a range of advisory and Board positions with not-for-profit organisations. Other current and former ASX listed directorships in last 3 years Argent Minerals Limited (ASX: ARD) – Non-Executive Director since 24 July 2025 Global Lithium Resources Ltd (ASX: GL1) – Non-Executive Chair from 1 February 2021 to 15 May 2023 and Non - Executive Director from 1 February 2021 to 9 August 2023 ChemX Materials Ltd (ASX: CMX) – Independent Non-Executive Chair from 6 February 2023 to 27 May 2025 and Non- Executive Director from 3 September 2021 to 27 May 2025 COMPANY SECRETAR Y Kellie Davis Company Secretary – from 22 May 2024 Mrs. Kellie Davis is a Chartered Accountant with over 20 years of experience in accounting and ASX compliance, predominantly in the resources sector. She has provided company secretarial compliance services for a number of listed ASX companies in the exploration and resources sectors. Kah Yan Lim Joint Company Secretary – appointed 22 May 2024 and resigned on 18 June 2026 Ms. Kah Yan Lim is a Certified Practicing Accountant. She has over 20 years of professional corporate financial reporting and compliance experience primarily in the resource sector across different commodities. MEETINGS OF DIRECTORS The number of meetings of the Directors and the number of meetings attended by each Director during the financial year ended 30 June 2026 were: PRINCIPAL ACTIVITIES Evion Group is a vertically integrated critical minerals company with projects and operations across the Republic of Madagascar, India and the United States. The Company’s flagship asset is the Maniry Graphite Project in Madagascar. Its portfolio also includes Panthera Graphite Technologies Joint Venture in India and the CARP Fluorspar Project in Nevada, USA. During the financial year, the Company’s principal activities comprised the exploration, evaluation and advancement of critical mineral projects, together with downstream graphite processing. Board Meetings Remuneration Committee Audit Committee Number held and eligible to attend Number attended Number held and eligible to attend Number attended Number held and eligible to attend Number attended Malcolm Randall 1 1 1 1 - - David Round 7 7 Heather Zampatti 7 7 3 3 3 2 Craig Lennon 7 7 3 3 3 3 Warrick Hazeldine 6 4 2 2 3 3
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 7 The overview of Evion’s operations is contained in this section of the Annual Report: Operations Update on pages 7 to 19. STATE OF AFFAIRS There were no significant changes in the Group’s state of affairs during the financial year, other than as set out in the Operations Update on pages 7 to 19. OPERATIONS UPDATE Maniry Graphite Project 100% ownership, Madagascar The Maniry Graphite Project in southern Madagascar is Evion's flagship development asset and forms the foundation of the Company's strategy to establish a vertically integrated graphite business. The Project is positioned to become a future supplier of high-quality natural graphite concentrate into global markets, including battery anode manufacturers and industrial graphite users supporting the global energy transition and diversification of critical mineral supply chains. Underpinned by a Definitive Feasibility Study ("DFS") completed in 2022 1, Maniry represents a long -life, high-grade graphite development opportunity with the potential to produce up to approximately 60,000 tonnes per annum ("tpa") of graphite concentrate over a 21-year mine life. The DFS demonstrated robust project economics, including a real pre-tax Net Present Value ("NPV") of US$263 million. During the reporting period, Evion continued advancing the Maniry Graphite Project through regulatory engagement, environmental approvals, international stakeholder engagement and development funding initiatives. These activities strengthened the Project's strategic position and supported its progression towards development. Project Highlights: • 100% owned flagship graphite development project located in southern Madagascar. • Definitive Feasibility Study ("DFS") completed in 2022 supporting: o 21-year mine life (including an 18-year Ore Reserve); o Stage 1 production of approximately 39,000 tpa of graphite concentrate; o Stage 2 production of approximately 56,000tpa from Year 4, with potential production capacity of up to 60,000tpa; and o Real pre-tax Net Present Value ("NPV") of US$263 million. • Mining Permits granted subsequent to the reporting period, securing long-term mining tenure across the key project areas underpinning the DFS. • First critical minerals project granted Mining Permits under Madagascar’s new Mining Code. • Recognised by the EU under the Critical Raw Materials Act as a Strategic Project. • Invited to register on the EU Energy and Raw Materials Platform as a preferred supplier of graphite concentrate to the European Union. • EU-endorsed grant support of up to €3 million secured for early- stage development activities, including workforce training and recruitment. • Funding strategy advanced with support from BurnVoir Corporate Finance and engagement with international development finance institutions. 1 ASX Release 3 November 2022
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 8 Figure 1: Evion’s Maniry Graphite Mine – southern Madagascar. Mining Permits Granted for the Maniry Graphite Project During the reporting period, Evion achieved significant progress in the Mining Permit approval process, with the Madagascar Mines Ministry completing its technical assessment of the Company's application and confirming that it satisfied the substantive requirements of the new Mining Code. The Ministry subsequently directed the Bureau du Cadastre Minier de Madagascar ("BCMM") to progress the administrative steps required to facilitate the transition of the Maniry tenements to Mining Permits 2. Subsequent to the reporting period, Evion achieved a major milestone with the grant ing of Mining Permits for the Maniry Graphite Project by the Government of Madagascar. 3 The grant completed the conversion of the Company's remaining exploration permits ("PRs") into Mining Permits, securing long-term mining tenure across the key project areas underpinning the DFS. The Mining Permit approval process was completed in July 2026 following the review, execution and registration of the formal CSR Mining Contracts in Madagascar, culminating in the publication of the Government Decree and formal completion of the permitting process. The grant represents a significant milestone for both Evion and Madagascar's mining sector, with Maniry becoming the first critical minerals project to receive Mining Permits under the country's new Mining Code. This achievement reflects the strategic importance of the Project together with the Company's continued engagement with government authorities and key stakeholders. The grant of Mining Permits marks Maniry's transition from an exploration -stage asset to a development -stage project, providing the regulatory certainty required to advance project financing, offtake discussions and development activities. Following the grant, Evion continues to engage with strategic partners, potential offtake customers, international financial institutions, commercial lenders and financiers as the Company progresses towards a Final Investment Decision ("FID") and potential construction. The Mining Permits were granted in accordance with the Malagasy Mining Code and are renewable in accordance with prevailing legislation. The Company continues to comply with applicable regulatory requirements, including 2 ASX Release 19 February 2026 3 ASX Release 21 July 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 9 environmental, social, health and safety obligations, and remains committed to responsible project development aligned with international Environmental, Social and Governance (“ESG”) standards. The issue of the Mining Permits and final Government Decree requires Evion to make a contribution to Madagascar's Community Development Mining Fund ("FMISC") in accordance with the Mining Code. The amount payable and timing of payment remain subject to confirmation as at the date of this report 4. Figure 2: Map of the Maniry Project tenements per the DFS. Strategic Positioning and Funding Pathway During the reporting period, Evion remained focused on progressing the Maniry Graphite Project towards development. The Project continued to strengthen its strategic position within the global critical minerals supply chain. Maniry remains the only African graphite project recognised by the EU as a Strategic Project under the CRMA5, strengthening Evion's engagement with European industrial partners, potential offtake customers and international financing institutions. In December 2025, Evion was invited by the E U to register Maniry on the EU Energy and Raw Materials Platform as a preferred supplier of graphite concentrate, providing a pathway to connect the Project with European industrial participants and potential offtake partners. 6 Building on this recognition, Evion continued progressing engagement with European stakeholders and advancing EU- supported funding initiatives during the reporting period. The Company secured EU -endorsed grant support of up to 4 ASX Release 21 July 2026 5 ASX Release 5 June 2025 6 ASX Release 4 Dec 2025
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 10 €3 million for early-stage development activities, including workforce training and recruitment, with the first tranche of funding received in October 2025 and provided in support of Agence Française de Développement. 7 The grant support represents continued international backing for the development of the Maniry Graphite Project and will assist in building local capability as the Project advances towards development. During the reporting period, Evion appointed BurnVoir Corporate Finance as its corporate finance advisor to coordinate the Company's project funding strategy and engagement with prospective financiers. 8 Evion also continued discussions with international development finance institutions, including the European Investment Bank ("EIB") and KfW Development Bank, as part of its broader financing strategy. The Company remains engaged with government authorities, strategic partners, potential offtake customers and funding institutions as it advances Maniry towards a Final Investment Decision ("FID") and construction. 9 Environmental and Community Engagement Evion continues to progress the remaining regulatory requirements for development of the Maniry Graphite Project, including the environmental approval process through Madagascar's Office National pour l'Environnement ("ONE"). The Company remains committed to responsible project development and continues to engage with government authorities, local communities and stakeholders to support ESG outcomes aligned with applicable Malagasy regulations and international standards. During the reporting period, Evion progressed workforce development and local capability initiatives supported by EU grant funding (refer to ASX Release dated 10 0ctober 2025) . These programs are intended to support future employment requirements for the Maniry Project while developing local technical capability as the Project advances towards construction. Key Short -Term Activities of the Maniry Graphite Project The Company remains focused on progressing the Maniry Graphite Project towards development through the following key activities: • Secure endorsement of the Environmental Plan by Madagascar’s environmental authority, the Office National pour l’Environnement (“ONE”), following completion of the required review process and site engagements. • Advance project financing discussions with international development finance institutions, strategic partners and potential financiers, leveraging Maniry’s EU Strategic Project status and available funding pathways. • Continue engagement with the European Union regarding grant funding, broader financial support initiatives and development pathways for the Project. • Advance offtake discussions with potential industry participants, including battery anode manufacturers and graphite users in Europe, the United States and other key markets. • Progress development readiness activities as the Company advances towards a Final Investment Decision (“FID”) and construction of the Maniry Graphite Project. 7 ASX Releases 10 October 2025 and 20 October 2025 8 ASX Release 25 August 2025
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 11 CARP Fluorspar Project Nevada, USA The CARP Fluorspar Project, located within the historic Viola Mining District in Lincoln County, Nevada, USA, represents Evion's entry into the strategically important fluorspar sector , further diversifying the Company's critical minerals portfolio. The Project comprises a historically producing high-grade fluorspar system and complements the Company's existing graphite portfolio, providing exposure to an additional critical mineral essential to industrial manufacturing, advanced technologies and the global energy transition. Fluorspar is recognised as a critical mineral by the United States and other major jurisdictions due to its importance in steelmaking, aluminium production, fluorochemicals and emerging clean energy technologies. In May 2026, Evion secured an exclusive option to acquire the CARP Fluorspar Project through the execution of a binding Share Sale Agreement. 10 The acquisition aligns with Evion's strategy of building a diversified critical minerals portfolio with exposure to commodities supporting industrial applications and global supply chain diversification. The Project offers significant exploration potential across a historically productive mineralised system and provides a platform for future resource definition and development. Project Highlights: • Exclusive option to acquire the CARP Fluorspar Project, located within the historic Viola Mining District in Lincoln County, Nevada, USA. • Historically producing high-grade fluorspar system, with approximately 44,900 tonnes of fluorspar produced between 1958 and 1971 at an average grade of approximately 69% CaF₂ . • Exclusive option secured during the financial year to acquire the Project through a binding Share Sale Agreement, establishing Evion’s entry into the fluorspar sector. • Expanded the Project land position from 14 to 59 unpatented mining claims, increasing the area under tenure to approximately 493 hectares. • Independent technical review completed, confirming the 2024 surface sampling results are suitable for reporting in accordance with the JORC Code (2012). • High-grade fluorspar mineralisation confirmed across multiple historical workings, including 14 surface samples grading between 49.83% and 88.15% CaF₂. • Staged exploration programme established to evaluate the broader mineralised system and define priority drill targets. 10 ASX Release 12 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 12 Figure 3: Location map of the CARP Fluorspar Project. Project Acquisition The initial project area comprised 14 contiguous unpatented lode mining claims covering approximately 117 hectares. During the reporting period , Evion expanded its land position through the staking of an additional 45 adjoining unpatented mining claims, increasing the Project area to 59 claims covering approximately 493 hectares. The expanded land position encompasses the historically producing CARP fluorspar system together with highly prospective surrounding ground, supporting systematic exploration, resource definition and future development. 11 Evion established two wholly-owned U.S. subsidiaries for the purpose of holding these additional claims. Independent Technical Review and Verification During the reporting period , the Company completed an independent technical review and verification of the 2024 surface rock chip sampling programme undertaken by Globex Mining Enterprises Inc. at the CARP Fluorspar Project . 12 Evion's Competent Person reviewed the sampling methodology, analytical procedures and assay data, confirming the results are suitable for reporting in accordance with the JORC Code (2012). The review independently verified the historical sampling results and confirmed the presence of high -grade fluorspar mineralisation across multiple historically producing zones within the Project, supporting confidence in the geological interpretation and providing the technical basis for the Company's planned exploration and evaluation activities (see ASX Release dated 25 May 2026). 11 ASX Release 12 May 2026 12 ASX Release 25 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 13 Figure 4: Fluorite in hand sample – the CARP Fluorspar Project 13 Confirmed High -Grade Surface Sampling Results The independently verified 2024 sampling programme comprised 25 surface rock chip samples collected across the Project area. 14 Results included: • 14 samples grading between 49.83% and 88.15% CaF₂; and • three additional samples grading between 22.81% and 32.67% CaF ₂. Key geological observations included: Exceptional grades – Peak assay results of 88.15% CaF ₂ were recorded from the West Pit, with numerous additional samples returning grades between approximately 78% and 87% CaF ₂, substantially exceeding typical metallurgical - grade fluorspar specifications. Multiple styles of mineralisation – High-grade fluorspar mineralisation was identified across multiple geological settings, including manto-style replacement bodies, veins and fault-hosted structures. 13 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. 14 ASX Release 25 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 14 Figure 5: Confirmed sampling locations and historic open pit outlines – CARP Fluorspar Project. Historical Production The CARP Project is a historically producing fluorspar operation with documented production history demonstrating the presence of a significant fluorspar mineralised system. 15 Historical records indicate: • Approximately 44,900 tonnes of fluorspar were produced between 1958 and 1971 at an average grade of approximately 69% CaF₂; • Mining was confined to four shallow open pits (South, Central, West, and North); and • Ore was sold directly to Kaiser Steel Corporation as metallurgical-grade (“Metspar”) product following simple crushing without concentration. 15 ASX Release 12 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 15 Exploration and Next Steps Following completion of the independent geological review, the Company established a staged exploration strategy in June 2026 designed to systematically evaluate the expanded land position and advance the Project towards drill target definition.16 Figure 6: Proposed exploration work programme coverage - CARP Fluorspar Project. The initial exploration programme comprises: • drone-based magnetic surveys; • ground magnetic surveys; • surface geochemical sampling; and • structural mapping and target refinement. These activities are designe d to define the geological and structural controls on mineralisation, refine exploration targets and support subsequent geophysical surveys and drill targeting. The exploration programme is designed to prioritise drill targets across the known CARP mineralised system while evaluating the broader north-west structural corridor across the expanded claim package. Post reporting period, Evion announced the identification of a new exploration target at the CARP Fluorspar Project, approximately 300 metres southwest of the historically highest -producing South Pit. The 200m × 200m target, with no evidence of previous mining, exhibited barite, hydrothermal brecciation, calcite veining and silica alteration. A total of 41 rock chip samp les were submitted for laboratory analysis, with results expected in the coming weeks. The 16 ASX Release 29 June 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 16 Company also outlined its Phase Two exploration programme, comprising drone magnetic and surface geochemical surveys.17 Key Short -Term Activities of the CARP Fluorspar Project The Company’s key short-term activities are focused on advancing the Project’s exploration programme and progressing the necessary permitting for future drilling. Key activities include: • Receive and interpret Phase One rock chip assay results, with results expected in the coming weeks. • Complete the drone magnetic survey across the Project to further define geological structures and prospective mineralisation. • Complete the surface geochemical survey across the north–south mineralised zone. • Integrate field, geophysical and geochemical results into the Project’s geological model to refine exploration targets. • Progress B ureau of L and Management (“BLM”) permitting to facilitate the planned maiden drilling programme. Panthera Graphite Technologies Pvt Ltd 50:50 Joint Venture with Metachem Manufacturing Co. India Panthera Graphite Technologies ("PGT") represents Evion's first operating critical minerals processing business and provides the Company's downstream manufacturing platform for expandable graphite products. Operated through a 50:50 joint venture with Metachem Manufacturing Co., an experienced expandable graphite producer located near Pune, India, PGT provides Evion with an established downstream manufacturing platform and exposure to higher-value graphite processing and commercial production. PGT forms a key component of Evion's vertically integrated graphite strategy, enabling the Company to participate further along the graphite value chain through the production of value -added expandable graphite products. The operation complements Evion's u pstream graphite development activities by providing downstream processing capability and exposure to higher-value graphite product markets. View our Panthera Graphite facility on our website here: Expandable Graphite – Evion. Project Highlights: • First full year of commercial production completed. • Premium realised pricing of approximately US$3,100–3,400/t achieved for expandable graphite products. • Operating cash flow contributed towards reducing the on-site debt facility. • Stage 1 expansion pathway targeting EBITDA of approximately US$3.4 million. • Stage 2 expansion pathway targeting EBITDA of approximately US$5.8 million. First Full Year of Commercial Production FY2026 marked a significant milestone for PGT , with the business completing its first full year of commercial production and demonstrating the earnings potential of Evion's downstream graphite processing strategy. For the year ended 31 March 2026, PGT generated unaudited EBITDA of US$530,000 while operating at approximately 20–25% of nameplate capacity, demonstrating the operating leverage available as production volumes increase. 18 17 ASX Release 9 September 2026 18 ASX Release 4 June 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 17 The result demonstrated PGT's commercial operating model, supported by established customer relationships, premium product pricing and a scalable manufacturing platform capable of supporting future growth. For the financial year ended 31 March 2026, PGT generated unaudited revenue of US$1.72 million from sales of 720 tonnes of expandable graphite products and achieved a gross profit margin of 54.5%. Core expandable graphite products achieved realised pricing of approximately US$3,100– 3,400 per tonne, reflecting the quality, specifications and market positioning of PGT's products. The result demonstrated PGT's commercial operating model, supported by established customer relationships, premium product pricing and a scalable manufacturing platform capable of supporting future growth. During the reporting period, PGT expanded its international customer base, completing initial shipments of expandable graphite products into the United States and progressing sales opportunities across the United States, Europe and Asia. 19 These developments reflected growing customer interest in secure, non -Chinese sources of expandable graphite and strengthened PGT’s position as an emerging supplier within global critical mineral supply chains. The operation also strengthened its financial position during the year, with operating cash flows used to reduce the on-site debt facility 20. With commercial production established, an expanding international customer base and strong margins demonstrated at current production levels, PGT provides Evion with an established downstream operation with a clear pathway to increased production and scale. Figure 7: The expandable graphite JV Facility near Pune, India 19 ASX Release 28 August 2025, 19 September 2025 and 1 December 2025 20 ASX Release 4 June 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 18 Expansion Strategy Following the successful completion of its first full year of commercial production, Evion continues to pursue a staged expansion strategy designed to increase production capacity and support future earnings growth from the Panthera operation. The Stage 1 expansion pathway towards 2,500 tonnes per annum is expected to support projected EBITDA of approximately US$3.4 million, while the planned Stage 2 expansion pathway towards approximately 4,000 tonnes per annum provides further scalability and is expected to support projected EBITDA of approximately US$5.8 million . The staged expansion strategy enables Evion to align production growth with market demand while leveraging PGT's existing manufacturing capability, technical expertise, operating platform and established customer relationships. 21 Together with the Maniry Graphite Project in Madagascar and the CARP Fluorspar Project in Nevada, Panthera strengthens Evion's position as a vertically integrated critical minerals company with exposure across resource development, downstream processing and value-added product manufacturing. PGT provides Evion with an established operating platform and earnings contribution while supporting the Company's longer-term strategy of supplying critical mineral products into global industrial markets. Key Short -Term Activities of Panthera Graphite Technologies The Company remains focused on progressing the next phase of growth for PGT through: • Continuing to increase commercial production to support customer demand and improve utilisation of existing production capacity. • Progressing the planned Stage 1 production expansion towards 2,500 tonnes per annum . • Advancing customer qualification programs and expanding PGT's expandable graphite customer base across targeted industrial sectors. • Continuing development of higher-value downstream graphite products and evaluating additional advanced graphite applications. • Strengthening Evion's position within global critical minerals supply chains through its established downstream manufacturing capability and vertically integrated graphite strategy. Forward Looking Statements Some of the statements appearing in this report may be in the nature of forward -looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Evion operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results exp ressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company’s control. The Company does not undertake any obligation to update publicly or release any revisions to these forward -looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this repor t. To the maximum extent permitted by law, none of the Company’s Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this report. You are cautioned not to place undue reliance on any 21 ASX Release 17 March 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 19 forward-looking statement. The forward-looking statements in this report reflect views held only as at the date of this report. This report is not an offer, invitation or recommendation to subscribe for, or purchase securities by the Company. Nor does this repor t constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. Where the Company refers to Exploration Results in this Report (referencing previous releases made to the ASX), the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements. Corporate During the first half of the year ended 30 June 2026, Evion strengthened its financial position through a strategic capital raising that brought in approximately A$2. 9 million before costs. The capital raising also strengthened Evion’s alignment with United States critical minerals interests, providing more than just financial support. The involvement of a US‑based strategic investor deepened the Company’s connection to a market that is actively reshaping its supply chains to reduce reliance on Chinese graphite. This alignment positioned Evion to benefit from growing US demand for secure, transparent and compli ant sources of critical minerals. It also created a pathway for broader commercial engagement, including potential offtake discussions, downstream collaboration and access to networks that influence procurement decisions across industrial, energy and defence sectors. As a result, Evion enhanced its visibility and credibility within a market that is prioritising diversified graphite supply, improving the Company’s ability to convert commercial opportunities into long‑term revenue streams. During the second half of the year ended 30 June 2026, the Company secured firm commitments for a two -tranche placement raising about A$7.24 million before costs . Tranche 2 (approximately A$2.94 million) was approved at a general meeting held on 9 July 2026. The funds will go towards completing the CARP acquisition, further exploration at CARP, advancing the Maniry Graphite Project, expanding Panthera Graphite Technologies, and general working capital purposes 22. Evion also strengthened its leadership to support its U.S. critical minerals strategy and next phase of growth. In June 2026, the Company appointed The Hon Arthur Sinodinos AO as Strategic Advisor23. Mal Randall was appointed as Non- Executive Chair on 20 May 2026, who has more than 45 years in the resources sector, and Heather Zampatti moved from Chair to Non -Executive Director, keeping continuity. In management, Mark Fletcher was appointed Head of Geology to support CARP, work towards a Final Investment Decision on Maniry, and review new project opportunities. Mick Ryan, who has more than 40 years of mining experience, continues as project manager, leading the Maniry team and helping assess new opportunities 24. RESULTS OF OPERATIONS For the financial year ended 30 June 2026, the Group incurred a loss of $2,702,089 (2025: $3,685,040). There were n o dividends paid or recommended during the financial year ended 30 June 2026 (2025: No dividends were paid or recommended). FINANCIAL POSITION The Group working capital surplus was $3,710,546 at 30 June 2026 (2025: working capital surplus of $603,267). In the Directors’ opinion, there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. 22 ASX Release 29 May 2026 23 ASX Release 2 June 2026 24 ASX Release 20 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 20 ENVIRONMENTAL REGULATION AND PERFORMANCE The Group’s operations are subject to environmental regulation under the laws of Commonwealth of Australia and the jurisdictions in which the Group has operations. The Board believes that adequate systems are in place to manage all applicable environmental requirements relevant to the operations of entities in the Group and are not aware of any breach of environmental requirements as they apply to the entities of the Group. EVENTS OCCURRING AFTER THE REPORTING DATE • On 2 July 2026, the Company announced the acceleration of its downstream critical materials strategy, building on its commercially proven expandable graphite business to target higher -value applications across AI infrastructure, defence and energy security. The Company hi ghlighted opportunities to expand into advanced graphite materials for thermal management and other critical applications, supported by growing global demand and increasing supply-chain diversification away from China. • On 9 July 2026, the Company held a General Meeting where all results passed on a poll and the following securities were issued pursuant to the resolutions in the Notice of Meeting dated 9 June 2026: o Resolution 1- 11,939,458 consideration shares issued to Globex Nevada Inc. on 21 July 2026 o Resolutions 8-12 – 2,833,334 Placement shares at $0.03 per share issued on 4 August 2026 o Resolution 2 and 3 – 22,583,333 shares issued to Burnvoir Corporate Finance Pty Ltd on 4 August 2026 in part satisfaction of acquisition success fee o Resolution 14 – 1 million shares issued to DGWA (or its nominees(s)) in part consideration for European Investor Relations and Corporate Advisory services o Resolution 15 – 4.5 million shares issued to Equities Club (or its nominee(s)) in consideration for marketing services on 4 August 2026 and escrowed 12 months from issue date o Resolution 16 and 17 - 20 million Director incentive options issued on 4 August 2026 o Resolution 6 - 57,119,849 T2 Placement shares at $0.03 per share issued on 11 August 2026 o Resolution 15 - 4.5 million listed options exercisable at $0.05 each and expiring on 7 August 2029 to Equities Club (or its nominee(s)) in consideration for marketing services on 11 August 2026, and escrowed 12 months from issue date o Resolutions 7-12 and 13 – 240,000,001 listed Placement options and 47,433,333 listed Lead Manager options to GBA Capital Pty Ltd (or its nominee(s)) issued on 11 August 2026, both exercisable at $0.05 each and expiring on 7 August 2029 • On 21 July 2026, the Company announced the grant of its Mining Permits for the Maniry Graphite Project in southern Madagascar. The formal approval converts the Company’s remaining exploration permits (PRs) to Mining Permits, securing long- term mining tenur e across all key project areas underpinning the Definitive Feasibility Study (DFS). 25 The Mining Permit approval process was completed during the quarter following the review, execution and registration of the formal CRS Mining Contracts in Madagascar, culminating in the publication of the Government Decree and formal completion of the permitting process. As part of the Mining Permit approval, Evion is required to pay a mandatory FMISC levy (Fonds Minier pour l’Investissement Social et Communautaire) to the Madagascan government equivalent to 3% of its initial CAPEX for the development of the Project. The levy is designed to fund local development and environmental management projects at national, regional and local levels. Th e levy is part of the new Mining Law enacted in 2023 26. • On 27 July 2026, the Company announced plans to undertake its next field exploration programme at the CARP Fluorspar Project in Lincoln County, Nevada, USA. The Company has engaged Rangefront Mining Services to undertake reconnaissance geological mapping and surface rock -chip sampling. The programme will focus on the newly identified north-western extension corridor and the recently consolidated claim area. The objective is to assess the poten tial extension of the high -grade fluorspar system beyond its historic workings and to identify priority targets for follow-up geochemical and magnetic surveys. 25 ASX Release 21 July 2026 26 ASX Release 22 July 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 21 • On 10 August 2026, Evion announced it had been accepted as a member of the Cornerstone Consortium, the U.S. Department of Defense’s public -private industrial base consortium managed by the U.S. Army Combat Capabilities Development Command Chemical Biological Center and Army Contracting Command – Rock Island27. The consortium was established to strengthen the resilience of the U.S. manufacturing and defence industrial base. • On 13 August 2026, the United States Senate passed a three -year extension of the African Growth and Opportunity Act (AGOA) to 31 December 2028, including provisions to prioritise and streamline access to and processing of critical minerals in eligible African countries. Madagascar, where the Company’s Maniry Graphite Project is located, is an AGOA beneficiary country, supporting the strategic relevance of the Project to evolving U.S.-Africa critical minerals supply chains. • On 25 August 2026, Evion executed its first binding offtake commitment for the Maniry Graphite Project, via a binding terms sheet with an established German graphite purchaser for the supply of natural flake graphite concentrate from Maniry. The terms sheet is for a minimum of approximately 10,000tpa of natural flake graphite concentrate over an initial five-year term, from commencement of production, being approximately 50,000tpa of contracted product across the term 28. • On 9 September 2026, Evion announced the identification of a new exploration target at the CARP Fluorspar Project, approximately 300 metres southwest of the historically highest -producing South Pit. The 200m × 200m target, with no evidence of previous mining, exhibited barite, hydrothermal brecciation, calcite veining and silica alteration. A total of 41 rock chip samples were submitted for laboratory analysis, with results expected in the coming weeks. The Company also outlined its Phase Two exploration programme, comprising drone magnetic and surface geochemical surveys. 29 • On 11 September 2026, the Company announced that Participants in the upsized Tranche 2 Placement 30 ("Non Settling Participants") have failed to pay the subscription moneys owing in respect of its Shares. In aggregate, 24,333,333 Shares and 24,333,333 Attaching Options were issued to the Non-Settling Participants for total subscription proceeds of approximately A$730, 000, none of which has been received by the Company ("Unsettled Securities"). Those Unsettled Securities remain in holding locks maintained by the Share Registry and cannot be traded by the Non-Settling Participants. In connection with its engagement as Sole Lead Manager and Bookrunner to the Placement, GBA Capital Pty Ltd (GBA) was also issued one (1) option for every five (5) Shares issued under the Placement, on the same terms as the Attaching Options (exercisable at A$0.05 each, expiring three (3) years from the date of issue) (GBA Options). GBA has agreed to reduce its holdings of GBA Options to 25,000,000 in aggregate. Accordingly, 22,433,333 GBA Options will be cancelled for nil consideration. As the subscription moneys for the Unsettled Securities were never received, the Company intends to seek approval of shareholders by special resolution to cancel, for nil consideration, the 24,333,333 Shares comprising the Unsettled Securities. The Company will dispatch a notice of meeting setting out the proposed resolution to shareholders in due course. As the cancellation of the 24,333,333 Attaching Options and 22,433,333 GBA Options will be for nil consideration, this can be effected by the Company without security holder approval in accordance with ASX Listing Rule 6.23.1. • On 11 September 2026, the Company announced an offer of new options (New Options) to holders of option class EVGAT Options which are exercisable at A$0.03 each and expire on 27 September 2026 (Eligible Optionholders). New Options will be offered to Eligible Optionholders who are recorded as holding EVGAT Options on the expiry date of the EVGAT Options, being 5pm (WST) 27 September 2026 (Record Date), on the basis of one (1) New Option for every one (1) EVGAT Option held. The New Options will be offered at a subscription price of A$0.001 per New Option and will be exercisable at A$0.03 each on or before the date that is six (6) months from the date of issue of the New Options. 27 ASX Release 10 August 2026 28 ASX Release 25 August 2026 29 ASX Release 9 September 2026 30 ASX Release 12 and 26 May 2026
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 22 • On 16 September 2026, t he Company announced it had been accepted into the United States Defense Industrial Base Consortium, a second U.S. Department of Defense contracting channel for Evion’s Nevada fluorspar and non-China graphite production. Other than the above, the Directors are not aware of any matter or circumstance that has significan t or may significantly affect the Group’s operations, results or state of affairs in subsequent financial years. FUTURE DEVELOPMENTS The Review of Operations section set out on pages 7 to 19 of this Annual Report gives an indication of likely developments and the expected results of the operations. In the opinion of the Directors, disclosure of any further information would be likely to result in unreasonable prejudice to the Group . SHARES UNDER OPTIONS At the date of this report, the unissued ordinary shares of Evion Group NL under option (listed) are as follows: Date of grant Expiry date Exercise price (cents) Number of shares under option (listed) 11 August 2026 7 August 2029 5 291,933,334 At the date of this report, the unissued ordinary shares of Evion Group NL under option (unlisted) are as follows: Date of grant Expiry date Exercise price (cents) Number of shares under option (unlisted) 22 November 2024(1) 22 November 2027 4 8,000,000 22 November 2024(1) 22 November 2027 5 8,000,000 22 November 2024(1) 22 November 2027 5 10,000,000 27 March 2025 27 September 2026 3 60,231,722 2 May 2025 22 November 2027 5 1,750,000 9 July 2026(1) 4 August 2029 7.5 10,000,000(3) 9 July 2026(1) 4 August 2029 10 10,000,000(3) 107,981,722 (1) Date of shareholders’ approval. (2) 20,000,000 unlisted options were granted to the Company’s Directors. Refer to Note 16 to the financial statements. No shares were issued as a result of the exercise of the options as at the date of this report. SHARES UNDER PERFORMANCE RIGHTS At the date of this report, the unissued ordinary shares in the Company under performance rights, with no exercise price, are as follows: Date of grant Expiry date Number of shares under performance rights (unlisted) 23 November 2023(1) 22 November 2026 6,000,000 22 November 2024(1) 22 November 2027 10,500,000 2 May 2025 22 November 2027 2,900,000 24 November 2025(1) 30 June 2027 2,000,000 11 September 2026 30 June 2027 1,750,000 23,875,000 (1) Date of shareholders’ approval.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 23 During the financial year and up to the date of this report, 1 .5 million ordinary shares were issued on exercise of performance rights granted on 24 November 2025. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS During the financial year, the Company paid insurance premiums to insure the Directors against liabilities incurred by them in their capacity as a Director of the Group. The total amount of insurance premiums paid has not been disclosed for confidentiality reasons. During the year and as at the date of this report, no indemnity in favour of a current or former Director or officer of the Group has been called on. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company or to intervene in any proceedings to which the C ompany is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. NON-AUDIT SERVICES During the year, no non- audit services were provided by the auditor (or by another person or firm on the auditor’s behalf). AUDITOR’S INDEPENDENCE DECLARATION The auditor’s independence declaration as required under section 307 C of the Corporations Act 2001 is set out on page 30.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 24 REMUNERATION REPORT (AUDITED) The report outlines the remuneration arrangements in place for Evion Group NL’s key management personnel (“KMP”) for the financial year ended 30 June 2026 . For the purposes of this report KMP pe rsonnel refers to as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Group. Key management personnel The KMP of the Group during or since the end of the financial year were: Name Position Appointed Malcolm Randall Non-Executive Chairperson 20 May 2026 Heather Zampatti Non-Executive Director Non-Executive Chairperson From 20 May 2026 23 November 2023 and resigned 20 May 2026 David Round Managing Director 1 May 2024 Craig Lennon Non-Executive Director 1 May 2024 Warrick Hazeldine Non-Executive Director 1 May 2024 and resigned 19 May 2026 Remuneration Policy The Board policy is to remunerate Directors, officers and employees at market rates for time, commitment and responsibilities. The Board determines payment to the Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of Directors’ fees that can be paid is subject to approval by shareholders in general meeting, from time to time. Fees for Non-Executive Directors are not linked to the performance of the Group. There is currently no scheme to provide retirement benefits, other than statutory superannuation, to Non-Executive Directors. The Group’s aim is to remunerate at a level that will attract and retain high-calibre directors, officers and employees. The Group’s officers and Directors are remunerated to a level consistent with the size of the Group . Remuneration Report at FY202 5 AGM The FY2025 remuneration report received positive shareholder support at the FY202 5 AGM with a vote of 87.84% in favour. Use of remuneration consultants The Remuneration Committee engaged The Reward Practice as remuneration consultant to the Board to review the proposed short-term and long-term incentive programmes for employees for the financial year ended 30 June 2026. The Reward Practice was paid $2,200 (including GST) for this review. The Reward Practice was prohibited from providing advice or recommendations to key management personnel before the advice or recommendations were given to member of the Remuneration Committee and not unless the Reward Practice had approval to do so from members of the Remuneration Committee. The Board is satisfied that the remuneration recommendation was made free from undue influence by the member or members of the key management personnel to whom the recommendation relates.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 25 REMUNERATION REPORT (AUDITED) (continued) Contractual arrangements with Executive KMP Component Managing Director – David Round Contract duration Ongoing employment contract Notice by individual 6 months Notice by Company (1) 6 months (1) The Company may choose to terminate the contract immediately by making a payment in lieu of notice equal to the fixed remuneration the Executive KMP would have received during the ‘ Employer Notice Period’. On termination of employment, Executive KMP will be entitled to the payment of any fixed remuneration calculated up to the termination date and any leave entitlement accrued at the termination date. The Board determines in its discretion whether the Executive retains any unvested performance rights. A total of 3,500,000 performance rights were issued to Executive KMP during the financial year ended 30 June 2026 , the terms and conditions of which are set-out below. Fair value per performance right at grant date was $0.031. Grant date Expiry date Vesting conditions 3 December 2025 30 June 2026 Achieve a market capitalisation of $25 million for 20 trading days before 30 June 2026 3 December 2025 30 June 2027 Achieve a market capitalisation of $50 million for 20 trading days before 30 June 2027 Post year -end on 4 August 2026, a total of 10,000,000 unlisted options were issued to Executive KMP. 5,000,000 unlisted options had a fair value per option at grant date of $0.01332 and an exercise price of $0.075 per option. 5,000,000 unlisted options had a fair value per option at grant date of $0.01115 and an exercise price of $0.10 per option. Options granted have an expiry period of three years. Non-Executive Director s (“NEDs”) Remuneration The current fee is $ 75,000 per annum ( exclusive of superannuation) for the role of Chairperson and $5 2,000 per annum (exclusive of superannuation) for other NEDs . Fees paid to NEDs cover all activities associated with their role on the Board and any sub -committees. NEDs are entitled to fees or other amounts as the Board determines where they perform special duties or otherwise perform extra services on behalf of the Company. They are also entitled to be reimbursed for reasonable out-of-pocket expenses incurred in the course of their duties. The Company’s constitution and the ASX listing rules specify that the NED fee pool limit, shall be approved periodically by shareholders. The maximum annual aggregate fees payable to all NEDs, excluding amounts for special exertion or the reimbursement of reasonable business expenditures, is $350,000 and was approved by shareholders at the annual general meeting on 22 November 2024. Fees are reviewed annually by the board against comparable companies. All NEDs enter into a service agreement with the Company in the form of a letter of appointment which summarises the key terms and conditions of the NED’s appointment. From time to time, the Board may approve the grant of equity to NEDs. Considering the need to attract and retain specialist director skills and experience to guide the Company through project implementation and into successful operations. Nil performance rights and nil options were issued to NEDs during the year ended 30 June 2026 (202 5: 7,000,000 performance rights and 6,000,000 unlisted options.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 26 REMUNERATION REPORT (AUDITED) (continued) Details of remuneration for year ended 30 June 202 6 The following table discloses the remuneration of the Directors of the Company: Name Year Fixed remuneration (1) Cash bonus Termination payment Non- monetary benefits Other long- term benefits Share- based payment (2) Total Performance related $ $ $ $ $ $ $ % Malcolm Randall (3) 2026 8,669 - - - - 122,344 131,013 - 2025 - - - - - - - - David Round (4) 2026 408,539 45,000 - 2,967 - 163,680 620,185 7 2025 362,375 - - 2,967 - 175,992 541,334 33 Craig Lennon 2026 50,000 - - - - - 50,000 - 2025 50,000 - - - - 41,406 91,406 45 Heather Zampatti 2026 86,667 - - - - - 86,667 - 2025 90,000 - - - - 77,266 167,266 46 Warrick Hazeldine (5) 2026 45,833 - - - - - 45,833 - 2025 50,000 - - - - 41,406 91,406 45 TOTAL 2026 599,708 45,000 - 2,967 - 286,023 933,698 2025 552,375 - - 2,967 - 336,070 891,412 (1) Fixed remuneration includes cash salary, fees, superannuation, and annual leave benefits. (2) Represents non-cash value of performance right and option remuneration arrangements under the Company’s Securities Incentive Plan. These amounts are recognised in the Company’s profit or loss over the v esting period in accordance with AASB 2 Share-based Payment. (3) Appointed on 20 May 2026. Post year-end on 4 August 2026, Malcolm Randall was issued a total of 10,000,000 unlisted options. 5,000,000 unlisted options had a fair value per option at grant date of $0.01332 and an exercise price of $0.075 per option. 5,000,000 unlisted options had a fair value per option at grant date of $0.01115 and an exercise price of $0.10 per option. The options granted have an expiry period of three years. (4) Post year-end on 4 August 2026, David Round was issued a total of 10,000,000 unlisted options. 5,000,000 unlisted options had a fair value per option at grant date of $0.01332 and an exercise price of $0.075 per option. 5,000,000 unlisted options had a fair value per option at grant date of $0.0111 5 and an exercise price of $0.10 per option. The options granted have an expiry period of three years. (5) Warrick Hazeldine resigned on 19 May 2026. The Board determined Mr Hazeldine could retain his performance rights and options. The share-based payment expense in relation to these was accelerated on resignation.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 27 REMUNERATION REPORT (AUDITED) (continued) Details of rights held by KMP (continued) The table below shows a reconciliation of rights over EVG ordinary shares held directly, indirectly, or beneficially by each KMP from the beginning to the end of the financial year 30 June 2026 (FY26). KMP and grant dates of rights Opening balance Granted in FY26 Exercised in FY26(1) Lapsed/ Forfeited in FY26 Closing balance Vesting date Expiry date Vested in FY26 Number Number Number Number Number Number Malcom Randall - - - - - - David Round 10,375,000 3,500,000 (1,500,000) (4,875,000) 7,500,000 - 20/1/2022 4,875,000 - - (4,875,000) - 20/1/2026 20/1/2026 - 23/11/2023 2,000,000 - - - 2,000,000 22/11/2026 22/11/2026 - 22/11/2024 3,500,000 - - - 3,500,000 22/11/2027 22/11/2027 - 03/12/2025 - 3,500,000 (1,500,000) - 2,000,000 30/06/2026 30/06/2026 1,500,000 Craig Lennon 2,500,000 - - - 2,500,000 - 22/11/2024 2,500,000 - - - 2,500,000 22/11/2027 22/11/2027 - Heather Zampatti 4,925,000 - - - 3,000,000 - 20/1/2022 1,925,000 - - (1,925,000) - 20/1/2026 20/1/2026 - 23/11/2023 1,000,000 - - - 1,000,000 22/11/2026 22/11/2026 - 22/11/2024 2,000,000 - - - 2,000,000 22/11/2027 22/11/2027 - Warrick Hazeldine(2) 2,500,000 - - - 2,500,000 - 22/11/2024 2,500,000 - - - 2,500,000 22/11/2027 22/11/2027 - (1) Rights converted to ordinary shares of EVG for nil consideration on 5 July 2024. (2) Resigned on 19 May 2026.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 28 REMUNERATION REPORT (AUDITED) (continued) Shares and options over shares of the Company held by KMP (continued) This table shows the movement of EVG ordinary shares held directly, indirectly, or beneficially by each KMP, including their related parties from the beginning to the end of the financial year 30 June 2026. Opening balance Received on exercise of rights Other changes Closing balance KMP Number of shares Number of shares Number of shares Number of shares Malcolm Randall - - 200,000 200,000 David Round 9,195,551 1,500,000(1) 1,504,449 12,200,000 Craig Lennon 500,000 - 350,000 850,000 Heather Zampatti 1,630,695 - 447,455 2,078,150 Warrick Hazeldine(2) 900,000 - 429,781 1,329,781 (1) Vested and exercised on 30 June 2026. (2) Resigned on 19 May 2026. This table shows the movement of options of the Company held directly, indirectly, or beneficially by each KMP, including their related parties from the beginning to the end of the financial year 30 June 2026. Opening balance Granted free attaching Other changes Closing balance KMP Number of options Number of options Number of options Number of options Malcolm Randall(1) - - - - David Round(2) 5,500,000 - - 5,500,000 Heather Zampatti 2,590,124 - - 2,590,124 Craig Lennon 2,000,000 - - 2,000,000 Warrick Hazeldine(3) 2,000,000 - - 2,000,000 (1) Post year-end on 4 August 2026, a 10,000,000 unlisted options were issued to Malcolm Randall. 5,000,000 unlisted options had a fair value per option at grant date of $0.01332 and an exercise price of $0.075 per option. 5,000,000 unlisted options had a fair value per option at grant date of $0.01115 and an exercise price of $0.10 per option. Options granted have an expiry period of three years. (2) Post year-end on 4 August 2026, a 10,000,000 unlisted options were issued to David Round. 5,000,000 unlisted options had a fair value per option at grant date of $0.01332 and an exercise price of $0.075 per option. 5,000,000 unlisted options had a fair value per option at grant date of $0.01115 and an exercise price of $0.10 per option. Options granted have an expiry period of three years. (3) Resigned on 19 May 2026.
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DIRECTORS’ REPORT For the year ended 30 June 2026 Page 29 REMUNERATION REPORT (AUDITED) (continued) Financial transactions with KMP During the financial year, the following was paid and payable to KMP for services. Director $ Description of services Warrick Hazeldine(1) 45,833 Key management personnel service paid and payable to Northpoint Equity Pty Ltd. Mr Hazeldine is a director of Northpoint Equity Pty Ltd. (1 ) Resigned on 19 May 2026. 2026 $ 2025 $ Current liabilities (amounts payable) - 4,583 Du ring the financial year, $9,750 (excluding GST) was paid to Averio for external corporate and accounting services. Averio is a business name registered under Mas Des Figues Pty Ltd, of which David Round is a director. END OF REMUNERATION REPORT T he Directors’ Report is signed in accordance with a resolution of the Board of Directors made pursuant to section 298(2) of the Corporations Act 2001. O n behalf of the Directors, D avid Round Managing Director Perth, 25 September 2026
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To the Board of Directors, AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the audit of the financial statements of Evion Group NL for the year ended 30 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and • any applicable code of professional conduct in relation to the audit. Yours Faithfully HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA Director Dated this 25th day of September 2026 Perth, Western Australia Page 30
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P age 31 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2026 2026 2025 Notes $ $ Other income 3 53,749 202,605 Exploration and evaluation costs expensed (283,434) (467,111) Personnel and consulting costs (1,278,583) (1,361,641) Share-based payments expense to key management personnel, employees and consultants 16(c) 344,885 (432,788) Occupancy costs (36,220) (44,207) Administration costs (1,164,480) (756,409) Depreciation of non-current assets (34,462) (37,056) Net foreign currency exchange differences (12,354) (12,911) Other expenses from ordinary activities 4 (131,445) (193,876) Finance costs (59,900) (11,156) Share of loss of equity accounted joint venture 20(b) (99,845) (570,490) Loss before income tax (2,702,089) (3,685,040) Income tax benefit 5 - - Loss after income tax (2,702,089) (3,685,040) Other comprehensive income/(loss) Items that may be reclassified subsequently to the consolidated statement of profit or loss: Exchange differences on translation of foreign operations (191,059) 82,321 Items not to be reclassified subsequently to the consolidated statement of profit or loss: Investments designated as fair value through other comprehensive income (10,982) (112,603) Total comprehensive income/(loss) for the year attributable to owners of Evion Group NL (2,904,130) (3,715,322) Basic and diluted loss per share (cents per share) 17 (0.49) (0.96) T he above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
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Page 32 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of 30 June 2026 2026 2025 Notes $ $ Current assets Cash and cash equivalents 6 4,706,374 1,026,901 Trade and other receivables 7 271,723 210,455 Other current assets 106,475 108,810 Total current assets 5,084,572 1,346,166 Non-current assets Other financial assets 8 105,803 116,786 Equity accounted investments 20 (b) 261,041 392,240 Capitalised exploration and evaluation expenditure 9 9,025,025 6,801,196 Property, plant and equipment 10 180,631 179,527 Right-of-use assets 11 38,906 59,299 Total non-current assets 9,611,406 7,549,048 TOTAL ASSETS 14,695,978 8,895,214 Current liabilities Trade and other payables 12 646,167 501,408 Financial liabilities 16 (c) 489,464 - Lease liabilities 11 22,391 20,345 Deferred revenue 9 161,413 165,272 Provisions 13 54,591 55,874 Total current liabilities 1,374,026 742,899 Non-current liabilities Provisions 13 380,170 - Lease liabilities 11 23,330 45,346 Total non-current liabilities 403,500 45,346 TOTAL LIABILITIES 1,777,526 788,245 NET ASSETS 12,918,452 8,106,969 Equity Issued capital 14(a) 36,751,013 30,202,075 Reserves 15 2,592,515 2,536,115 Accumulated losses (26,425,076) (24,631,221) TOTAL EQUITY 12,918,452 8,106,969 The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
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Page 33 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2026 Issued capital Share-based payment reserve Share options reserve Shares to be issued Financial assets reserve (1) Foreign currency translation reserve Accumulated losses Total $ $ $ $ $ $ $ $ Balance on 1 July 2025 30,202,075 2,572,501 218,958 - (121,459) (133,885) (24,631,221) 8,106,969 Loss for the year - - - - - - (2,702,089) (2,702,089) Other comprehensive income/(loss) - - - - (10,982) (191,059) - (202,041) Total comprehensive income/(loss) for the year - - - - (10,982) (191,059) (2,702,089) (2,904,130) Issue of shares or share options 7,327,927 - - - - - - 7,327,927 Share issue transaction costs (1,197,821) - - - - - - (442,763) Proceeds from exercise of share options 402,079 - (36,553) - - - - 365,526 Share-based payments - (194,460) - - - - - (194,460) Exercise of performance rights 16,752 (16,752) - - - - - - Expired performance rights - - - - - - 604,631 604,631 Expired options transferred to accumulated losses - (303,602) - - - - 303,602 - Shares to be issued - - - 809,808 - - - 809,808 Balance at 30 June 2026 36,751,013 2,057,687 182,405 809,808 (132,441) (324,944) (26,425,076) 12,918,452 (1) Represents the fair value movement in financial assets designated as fair value through other comprehensive income. The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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Page 34 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) For the year ended 30 June 2026 Issued capital Share-based payment reserve Share options reserve Financial assets reserve (1) Foreign currency translation reserve Accumulated losses Total $ $ $ $ $ $ $ Balance on 1 July 2024 28,217,167 2,606,163 - (8,856) (216,206) (21,530,650) 9,067,618 Loss for the year - - - - - (3,685,040) (3,685,040) Other comprehensive income/(loss) - - - (112,603) 82,321 - (30,282) Total comprehensive income/(loss) for the year - - - (112,603) 82,321 (3,685,040) (3,715,322) Issue of shares or share options 2,000,000 - 218,958 - - - 2,218,958 Share issue transaction costs (193,092) - - - - - (193,092) Employee Securities Incentive Scheme issue 23,000 - - - - - 23,000 Share-based payments - 432,788 - - - - 432,788 Issue of broker’s options - 273,019 - - - - 273,019 Exercise of performance rights 155,000 (155,000) - - - - - Expired options transferred to accumulated losses - (584,469) - - - 584,469 - Partly paid ordinary shares fully paid up and become fully paid ordinary shares - - - - - - - Balance on 30 June 2025 30,202,075 2,572,501 218,958 (121,459) (133,885) (24,631,221) 8,106,969 (1) Represents the fair value movement in financial assets designated as fair value through other comprehensive income. The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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Page 35 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2026 2026 2025 Notes $ $ Cash flows from operating activities Receipts from customers - 137,387 Payments to suppliers and employees (1,987,639) (1,996,223) Expenditure on exploration (215,496) (357,700) Interest received 43,886 51,084 Interest paid (60,779) (5,714) Net cash used in operating activities 6 (a) (2,220,028) (2,171,166) Cash flows from investing activities Payments for exploration and evaluation expenditure (382,827) (222,145) Purchase of plant and equipment (15,178) (13,782) Proceeds from disposal of plant and equipment - 1,793 Investment in a joint venture 49,686 (524,791) Payment for acquisition of entity (213,140) - Net cash used in investing activities (561,459) (758,925) Cash flows from financing activities Proceeds from issue of shares and share options 6,919,411 2,218,958 Payments for share issue transaction costs (442,766) (193,092) Payment of lease liabilities (principal) 6 (b) (20,007) (19,067) Net cash generated by/(used in) financing activities 6,456,638 2,006,799 Net (decrease)/ increase in cash held 3,672,151 (923,292) Cash and cash equivalents at the beginning of the year 1,026,901 1,949,729 Effect of exchange rates on cash and cash equivalents 4,322 464 Cash and cash equivalents at the end of the year 6 4,706,374 1,026,901 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 This section sets out the material accounting policies adopted in the preparation of these consolidated financial statements of Evion Group NL and its subsidiaries and joint arrangements (collectively, the “Group”). Where an accounting policy and critical accounting estimates , assumptions, and judgements are specific to a note, they are described within the note to which they relate. E vion Group NL is a no liability company, incorporated and domiciled in Australia. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements for the year ended 30 June 2026 were approved and authorised for issue by the Board of Directors on 25 September 2026. 1. BASIS OF PREPARATION These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations, and other authoritative pronouncements of the Australian Accounting Standards Board (‘’AASB”) and the Corporations Act 2001. (a) Compliance with IFRS C ompliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. ( b) Historical cost convention T he financial statements have been prepared under the historical cost convention. History c ost is generally based on the fair values of the consideration given in exchange for goods and services . ( c) Functional and presentation currency A ll amounts are presented in Australian dollars, which is the Group’s reporting currency and functional currency of the Company. ( d) New and revised accounting standards and interpretations Th e Group has adopted all new and revised standards and interpretations issued by AASB that are relevant to its operations of the Group and effective for the current reporting period. ( e) Standards and interpretations in issue not yet adopted C ertain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2026 reporting period and have not been early adopted by the Group . These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ( f) Going concern Th e consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Group incurred a loss for the period of $2,702,089 (2025: loss of $ 3,685,040) and net cash outflows from operating activities of $2,709,490 (2025: $2,171,166). As at 30 June 2026, the Group had a cash balance of $4,706,374 (2025: $1,026,901). Page 36
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 37 BASIS OF PREPARATION (continued) (f) Going concern (continued) The ability of the Group to continue as a going concern is principally dependent upon the ability of the Company to secure funds by raising capital from equity markets and managing cashflow in line with the available funds. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Group to continue as a going concern. The Directors are satisfied that the going concern basis of preparation of the consolidated financial report is appropriate due to: • The Company has a history of successful capital raising to date and the Directors are confident of the Company’s ability to raise additional funds as and when they are required; and • The Directors have prepared a cash flow forecast which indicates that the Group will have sufficient cash flows to meet all commitments and working capital requirements for a period of 12 months from the date of this report. Based on the reasons above, the Directors believe it is appropriate that the consolidated financial report be prepared on a going concern basis. Should the Group be unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due. (g) Principles of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised profits on transactions between members of the Group are eliminated in full. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accou nting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (h) Foreign currency translation Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary asset s and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the statement of profit or loss. For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Australian dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are transl ated at the average exchange rates for the period. Exchange differences arising are recognised in other comprehensive income and accumulated in equity. On the disposal of a foreign operation, the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 38 1. BASIS OF PREPARATION (continued) (i) Critical accounting estimates, assumptions and judgements The preparation of these financial statements requires management to make judgements, estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. Actual results may differ from those reported in these statements. The areas involving significant estimates, judgements or assumptions are found in the following notes: • Recognition of deferred tax assets for carried forward tax losses – Note 5 • Carry forward value of exploration and evaluation expenditure – Note 9 • Share-based payments – Note 16 • Classification of joint arrangements – Note 20 (b) Environmental matters Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or enacted environmental legislation, and the Directors’ understanding thereof. At the current stage of the Group’s development and its current environmental impact, the Directors believe such treatment is reasonable and a ppropriate. (j) Impairment of non-financial assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash- generating units). Impaired assets are reviewed for possible reversal of the impairment at each reporting date. When an impairment loss subsequently reverses, the carr ying amount of the asset (or cash -generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 39 2. SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. The Board has identified that the Group has four reportable segments which are exploration activities relating to minerals within Australia , the Republic of Madagas car and the United States , and a joint venture operation in India and activities relating to pre-feasibility study of battery anode materials plant. (i) Segment revenue and results For the year ended 30 June 2026 Australia Madagascar United States India Total $ $ $ $ $ Revenue - - - - - Exploration and evaluation expenditure (200,521) (82,913) - - (283,434) Personnel and consulting costs (1,196,212) (82,372) - - (1,278,584) Share-based payment expense 344,885 - - - 344,885 Occupancy costs (14,954) (21,266) - - (36,220) Administration costs (987,016) (168,082) - - (1,155,098) Depreciation of non-current assets (27,782) (6,680) - - (34,462) Other expenses from ordinary activities - (131,445) - - (131,445) Finance costs (59,900) - - - (59,900) Share of loss of equity accounted joint venture - - - (99,845) (99,845) Segment result (2,141,500) (492,757) - (99,845) (2,734,103) Other income 53,749 Other expenses (21,735) Loss from continuing operations (2,702,089) (ii) Segment Assets 30 June 2026 Australia Madagascar United States India Total $ $ $ $ $ Segment Assets 233,509 9,025,025 - 261,041 9,519,575 Unallocated: Cash and cash equivalents 4,706,374 Other assets 470,029 Total Group Assets 14,695,978 30 June 2025 Australia Madagascar United States India Total $ $ $ $ $ Segment Assets 244,492 6,801,196 - 392,240 7,437,928 Unallocated: Cash and cash equivalents 1,026,901 Other assets 430,385 Total Group Assets 8,895,214
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 40 2. SEGMENT INFORMATION (continued) (iii) Segment Liabilities (continued) (iv) Other segment information (1) Capital expenditure consists of additions to exploration and evaluation assets and property, plant and equipment. (1) Capital expenditure consists of additions to exploration and evaluation assets and property, plant and equipment. 30 June 2026 Australia Madagascar United States India Total $ $ $ $ $ Segment Liabilities - - - - - Unallocated: Trade and other payables 646,167 Other current liabilities 596,173 Other liabilities 535,186 Total Group Liabilities 1,777,526 30 June 2025 Australia Madagascar United States India Total $ $ $ $ $ Segment Liabilities - - - - - Unallocated: Trade and other payables 501,408 Other current liabilities 241,491 Other liabilities 45,346 Total Group Liabilities 788,245 30 June 2026 Australia Madagascar United States India Total $ $ $ $ $ Investment in a joint venture - - - (49,686) (49,686) Capital expenditure(1) 14,512 221,441 - - 235,953 30 June 2025 Australia Madagascar United States India Total $ $ $ $ $ Investment in a joint venture - - - 524,791 524,791 Capital expenditure(1) 2,862 246,217 - 249,079
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 41 3. OTHER INCOME 2026 2025 $ $ Research and development (“R&D”) rebate - - Royalties - 147,034 Interest income 53,749 45,385 Recovery of expenses - 7,335 Other income - 2,851 53,749 202,605 4. OTHER EXPENSES 2026 2025 $ $ Donations and sponsorship 20,905 39,932 Provision for non-recoverability of value-added tax 19,998 54,225 Allowance for expected credit losses 90,542 78,182 Fines and penalties - 21,024 Net (gain)/loss on disposal of property, plant and equipment - (1,049) Others - 1,562 131,445 193,876 5. INCOME TAX EXPENSE Income tax expense comprises current and deferred tax and is recognised in the consolidated statement of profit or loss except to the extent that it relates to items recognised in the consolidated statement of other comprehensive income. 2026 2025 $ $ Current tax - - Deferred tax - - - - (a) Reconciliation of income tax expense to prima facie tax payable 2026 $ 2025 $ Loss before income tax (2,702,089) (3,685,040) Deduct: Loss from equity-accounted investments 99,845 (570,490) Loss subject to tax (2,602,244) (3,114,550) Prima facie tax benefit at 30% (2025:30%) (780,673) (934,365) Non-deductible expenses 275,034 334,080 Movement in unrecognised temporary differences (111,675) (260,777) Movement in deferred tax assets not brought into account 617,314 861,062 Income tax benefit - - Current income tax benefit/(expense) is calculated on the basis of the taxation laws enacted or substantially enacted at the end of the reporting period in the countries where the Company’s subsidiaries operate and generate taxable income. Current tax is the expected tax payable on the taxable income for the year and any adjustments to tax payable in respect to prior years. Result from equity accounted investments has been taxed in the company whose result is disclosed as equity accounted investments in the consolidated financial statements.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 42 5. INCOME TAX EXPENSE (continued) (b) Deferred tax Deferred tax is provided using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. No deferred income tax is recognised if temporary differences arise from the ini tial recognition of an asset or a liability (other than in a business combination) affects neither the accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that is probable that taxable profits will be available against which the asset can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are not recognised for temporary differences between carrying amounts and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. (c) Unrecognised deferred tax assets Unused tax losses for which no deferred tax asset has been recognised are $16,213,873 (2025: $19,488,813). Potential tax benefit is $4,864,162 (2025: $5,846,644). Critical accounting estimates and judgements Deferred tax Judgement is required in determining whether deferred tax assets are recognised in the consolidated statement of financial position. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable income. Assumptions about the generation of future taxable income depend on management’s estimates of future cash flows from operations . The current income tax position represents the Directors’ best estimate, pending on assessment by the Australian Taxation Office. With regards to R&D incentive , AusIndustry reserves the right to review claims made under the R&D legislation. 6. CASH AND CASH EQUIVALENT S 2026 2025 $ $ Cash at bank and in hand 1,150,431 320,958 Short-term deposits 3,555,943 705,943 4,706,374 1,026,901
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 43 6. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of loss for the year to net cash flows from operating activities 2026 2025 $ $ Loss after income tax (2,702,089) (3,685,040) Share-based payments – key management personnel, employees and consultants (344,885) 432,788 Options issued for payment of services to broker 51,734 273,019 Depreciation of non-current assets 34,462 37,056 Net foreign currency differences 12,348 (464) Gain on disposal of plant and equipment - (1,049) Allowance for expected credit losses 90,542 78,182 Write-off of exploration assets - 82,751 Share of (profit)/loss of equity accounted investments 99,845 570,490 Changes in assets and liabilities: (Increase)/decrease in receivables (91,068) (34,724) Increase/(decrease) in trade and other payables 144,761 82,217 (Decrease)/increase in employee entitlement provision (1,284) (2,239) (Decrease)/increase in other liabilities 485,606 (4,153) Net cash used in operating activities (2,220,028) (2,171,166) (b) Reconciliation of liabilities arising from financing activities The Group’s only financing liabilities arise from lease arrangements recognised under AASB 16. The reconciliation of changes in these liabilities for the financial year ended 30 June 2026 is as follows: (i) Cash flows represent the repayment of principal lease amounts, which are included in financing activities in the consolidated statement of cash flows. (ii) Interest expenses on lease liabilities are recognised in profit or loss and included in operating activities in the consolidated cash flows. (b) Reconciliation of liabilities arising from financing activities (continued) Cash and cash equivalents include cash at bank and on hand as well as short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Lease liabilities - current Lease liabilities – non-current Total lease liabilities $ $ $ Balance at 30 June 2025 20,345 45,346 65,691 Financing cash flows (lease payments) (i) (24,150) - (24,150) Other changes – non-cash - 14 14 Interest expenses(ii) 4,166 - 4,166 Other changes – reclassification to current portion 22,030 (22,030) - Balance on 30 June 2026 22,391 23,330 45,721
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 44 7. TRADE AND OTHER RECEIVABLES Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less any expected credit losses. At each reporting date, the Group applies the AASB 9 simplified approach to measuring expected credit losses. If there is objective evidence of impairment, the amount of expected credit losses is the difference between the receivable’s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. Cashflows relating to short -term receivables are not discounted if the effect is immaterial. The expected credit losses are recognised in the statement of profit or loss. Goods and services tax (GST) and value added tax (VAT) Revenue, expense and assets are recognised net of the amount of GST/VAT, except: (i) where the GST/VAT incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of the asset or as part of the expense; (ii) for receivables and payables which are recognised inclusive of GST/VAT. The net amount of GST/VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are presented in the cash flow statement on a gross basis, except for the GST/VAT component of investing and financing activities which is disclosed as an operating cash flow. 8. OTHER FINANCIAL ASSETS These represent investments in unlisted equity securities of Urbix Inc., which are designated as fair value through other comprehensive income (“FVOCI”). Investments in equity instruments designated as FVOCI are subsequently measured at fair value. Dividends are recognised as income in the consolidated statement of profit or loss unless the dividends clearly represent recovery of investment costs. Other fair value gains or losses are recognised in other comprehensive income and are not reclassified to the consolidated statement of profit or loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. On disposal of the equity instruments, any related balance within the financial assets reserve is reclassified to retained earnings. 9. CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE 2026 2025 $ $ GST receivable 81,145 11,490 Other receivables (1) 190,578 198,965 271,723 210,455 (1) Net of allowances for expected credit losses of $90,543 (2025: $174,356). 2026 2025 $ $ Balance at the beginning of the year 6,801,196 6,545,651 Additions 191,924 234,599 Additions – Carp Fluorspar Project (b) 1,691,737 - Provision of relocation costs(1) 360,759 - Written off (a) - (82,751) Foreign currency translation (20,591) 103,697 Balance at the end of the year 9,025,025 6,801,196
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 45 9. CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE (continued) (1) Refer to Provisions note 13. (a) In the prior year, c umulative exploration costs incurred for the Donnelly River Project tenements were fully written off following the submission of surrender and withdrawal documents . During the financial year ended 30 June 2024, the Group received an initial deposit of $159,945 from unrelated vendors to secure an acquisition of a permit in Madagascar. Nothing has changed since the receipt of the initial deposit. The amount disclosed fo r the current financial year of $ 161,413 accounted for the movement in foreign currency. (b) Carp Fluorspar Project acquisition On 12 May 2026, the Company entered into a share sale and purchase agreement to acquire Carp Fluorspar Pty Ltd, which pursuant to an option agreement with Globex Nevada Inc. holds an option over a 100% interest in the Carp Fluorspar Project on a predominantly deferred consideration basis. • Initial consideration is limited to US$150,000 cash and an issue of shares in Evion equivalent to US$250,000 at the time of issue, which were approved by shareholders on 9 July 2026 . • Deferred payments totalling US$1.46 million in cash and US$1.75 million in shares are progressively payable over a 3-year period. • The Company has also committed to spend US$3.75 million towards exploration expenditure on the Project over the next 4 years. Exercise of the option will follow satisfaction of all the above payments and expenditure commitments. Upon exercise of the option, Globex Nevada Inc. will be granted a 3% royalty calculated on the gross revenue derived from the Carp Fluorspar Project. The initial consideration shares equivalent to US$250,000 at the time of issue, being 11,939,458 shares at the 10- day volume weighted average price of shares immediately prior to the issue date of A$0.03, were issued post year-end on 21 July 2026. These shares were approved by shareholders at the General Meeting held on 9 July 2026, pursuant to Resolution 1 of the Notice of Meeting dated 9 June 2026. BurnVoir Corporate Finance Pty Ltd (“Burnvoir”) acted as financial adviser to the Company on the acquisition. BurnVoir (or their nominee(s)) received 18 million Transaction Shares and 4,583,333 Advisory Shares under the Financial Adviser Mandate with the Company, as part satisfaction of the Carp Project Acquisition Success Fee (“Shares”). These shares were approved by shareholders at the General Meeting held on 9 July 2026 , pursuant to Resolutions 2 and 3 of the Notice of Meeting dated 9 June 2026. Accounting policy The costs of acquiring exploration and evaluation projects are capitalised. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves, otherwise costs are expensed. Exploration and evaluation costs for each area of interest in the early stages of the project life are expensed as they are incurred. Exploration and evaluation costs for each area of interest that has progressed to the definitive feasibility stage are capitalised as exploration and evaluation assets. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves, otherwise costs are expensed.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 46 9. CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE (continued) Accounting Policy (continued) Exploration and evaluation assets are reviewed at each reporting date for indicators of impairment and tested for impairment where such indicators exist. If the test indicates that the carrying value might not be recoverable, the asset is written down to its recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets in respect of that area of interest are first tested for impairment and then reclassified from exploration and evaluation expenditure to development expenditure. Critical accounting estimates and judgements Impairment of exploration and evaluation expenditure The Group’s accounting policy for exploration and evaluation expenditure results in expenditure being capitalised for acquisition costs and an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. This policy requires management to make estimates as to future events and circumstances. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the capitalised expenditure is unlikely, the relevant amount will be written off. 10. PROPERTY, PLANT AND EQUIPMENT Australia Madagascar Total IT and other equipment $ $ $ Balance on 30 June 2024 29,484 24,706 54,190 Additions 2,862 11,618 14,480 Depreciation (9,881) (7,159) (17,040) Disposals - (745) (745) Foreign currency translation - 936 936 Balance at 30 June 2025 22,465 29,356 51,821 Additions 15,856 666 16,522 Depreciation 3,415 (6,732) (3,317) Disposals (11,494) - (11,494) Foreign currency translation - (607) (607) Balance at 30 June 2026 30,243 22,683 52,925 Capitalised works in progress Balance at 30 June 2024 127,706 - 127,706 Additions - - - Balance at 30 June 2025 127,706 - 127,706 Additions - - - Balance at 30 June 2026 127,706 - 127,706 Net book value at 30 June 2025 150,171 29,356 179,527 Net book value at 30 June 2026 157,948 22,683 180,631
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 47 10. PROPERTY, PLANT AND EQUIPMENT (continued) Each class of plant and equipment is stated at historical cost less, where applicable, any accumulated depreciation and impairment loss. Historical cost includes expenditure that is directly attributable to the acquisition of the assets and any costs direc tly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these subsequent costs will flow to the Group and the costs can be measur ed reliably. All repairs and maintenance costs are recognised in profit or loss during the reporting period in which they are incurred. Gains and losses arising on a disposal of plant and equipment are recognised in the statement of profit or loss and determined by comparing proceeds from the sale of the assets to their carrying amount. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Assets are depreciated on a diminishing value basis to write down the cost, net of their residual values over their estimated useful lives as follows: • IT equipment 2 – 5 years • Furniture and fittings 3 – 12 years The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 11. RIGHT-OF-USE ASSETS The Group has lease contracts for its corporate office and office equipment with lease terms between three and four years. Set out below are the carrying amounts of right -of-use assets and the lease liabilities recognised and the associated expenses. (a) Amounts recognised in the statement of financial position 2026 2025 $ $ Right-of-use assets Rental property 36,277 54,416 Office equipment 2,629 4,883 38,906 59,299 Lease liabilities Current 22,391 20,345 Non-current 23,330 45,346 45,721 65,691 (b) Amounts recognised in the statement of profit or loss 2026 2025 $ $ Depreciation charge of right-of-use assets: Rental property 18,139 18,139 Office equipment 2,253 1,877 20,392 20,016 Interest expense (included in finance costs) 4,165 5,442
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 48 11. RIGHT-OF-USE ASSETS (continued) The total cash outflow for leases in 2026 was $24,150 (2025: $19,067) – refer to Note 6(b). (c) Lease liabilities At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease present, a right - of-use asset and a corresponding lease liability will be recognised by the Group where the Group is a lessee. Exceptions include contracts that are classified as short -term leases (i.e. leases with a lease term or remaining lease term of 12 months or less) and leases of low -value assets which are recognised as an operating expense on a straight -line basis over the term of the lease. Initially, the lease liability is measured at the present value of the lease payments still to be paid at the commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lessee’s incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment. The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in a rate or an index or if the Group changes its assessment of wheth er it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recognised in the Consolidated Income Statement if the carrying amount of the right -of-use asset has been reduced to nil. (d) Right-of-use assets The right -of-use assets comprises the initial measurement of the corresponding lease liability, any lease payment made at or before the commencement date and any initial direct costs incurred less any lease incentives received . The subsequent measurement of the right -of-use asset is at cost less accumulated depreciation , impairment losses and any adjustments for remeasurement of the lease liability. Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the shortest. Where a lease transfers ownership of the underlying asset or the costs of the right -of-use assets reflects that the Group anticipa tes the exercise of a purchase option, the specific asset is depreciated over the useful life of the underlying asset. 12. TRADE AND OTHER PAYABLES 2026 2025 $ $ Trade payables 157,076 216,712 Accruals 227,669 52,290 Other liabilities 261,422 232,406 646,167 501,408 Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. 13. PROVISIONS 2026 2025 $ $ Leave obligations – current 54,591 55,874
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 49 13. PROVISIONS (continued) Employee benefits Liabilities for unpaid wages and salaries are recognised in other liabilities. The leave obligations cover the Group’s liabilities for annual leave and long service leave which are classified as either short -term benefits or long -term benefits. The current liability includes all of accrued annual leave and the unconditional entitlements to long service leave where employees are entitled to pro rata payments in accordance with their employment contracts. The entire amount of the provision is presented as current, since the Group does not have an unconditional right to defer settlement. However, based on past experience, the Group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12 months. 2026 2025 $ $ Current leave obligations expected to be settled after 12 months 19,411 - Relocation provision The Company’s wholly owned subsidiary, BlackEarth Minerals Madagascar SARL, is required to have a Relocation Action Plan (RAP) as part of the regulatory and social framework to develop the Maniry Graphite Project in southern Madagascar. The relocation provision includes total compensation costs in the RAP to move affected families and build them new property. Cash compensation is for land losses, providing assistance to vulnerable households affected, Committees’ costs (Steering Committee, Dispute Resolution Committee and Management & Implementation Unit), and follow- up, evaluation & closing audit costs. 2026 2025 $ $ Non-current relocation provision 360,759 - 14. ISSUED CAPITAL (a) Share capital 2026 2025 Number of Securities $ Number of securities $ Fully paid ordinary shares (i) 734,157,496 36,662,730 434,919,971 30,113,792 Partly paid ordinary shares at 2.01 cents (ii) 4,392,186 88,283 4,392,186 88,283 738,549,682 36,751,013 439,312,157 30,202,075
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 50 14. ISSUED CAPITAL (continued) (i) Movement in fully paid ordinary shares 2026 2025 Number of securities $ Number of securities $ Balance at the beginning of the year 434,919,971 30,113,792 345,963,187 28,128,884 Exercise of performance rights 1,500,000 16,752 1,000,000 155,000 Exercise of options 12,184,197 365,526 - - Issued for cash at 3.0 cents per share 143,003,227 4,290,097 - - Issued for cash at 2.1 cents per share 138,372,886 2,905,831 - - Issued for cash at 3.16 cents per share 4,177,215 132,000 - - Issued for cash at 2.3 cents per share - - 86,956,784 2,000,000 Share-based payments for option exercise - 36,553 - - Employee securities incentive scheme issues - - 1,000,000 23,000 Share issue transaction costs - (1,197,821) - (193,092) Balance at the end of the year 734,157,496 36,662,730 434,919,971 30,113,792 (ii) Movement in partly paid ordinary shares 2026 2025 Number of securities $ Number of securities $ Balance at the beginning of the year 4,392,186 88,283 4,392,186 88,283 Partly paid ordinary shares fully paid up and become fully paid ordinary shares - - - - Balance at the end of the year 4,392,186 88,283 4,392,186 88,283 Issued and paid- up capital is recognised at fair value of the consideration received. Transaction costs arising on the issue of ordinary shares or options are recognised in equity as a deduction, net of tax, from the proceeds. Partly paid ordinary shares carry one vote per share and carry a right to dividends in proportion to the amount already paid. Upon the exercise of the options, each option is convertible into one ordinary share of the Company. 15. RESERVE S (a) Refer to Note 16 for details. (b) In the prior year 72,985,919 options were issued to raise $218,958 before costs. They are unlisted options with exercise price of $0.03 per option and expire on 27 September 2026. 12,184,197 of these options were exercised during the year and $36,553 was transferred to issued share capital. 2026 2025 $ $ Share-based payments - options (a) 1,455,094 747,055 Share-based payments - performance rights (a) 602,591 1,825,446 Share capital to be issued 809,808 - Share options reserve (b) 182,405 218,958 Financial assets reserve (132,441) (121,459) Foreign currency translation reserve (324,944) (133,885) 2,592,515 2,536,115
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 51 16. SHARE-BASED PAYMENTS The Company provides benefits to employees and others (that is, consultants of the Company) in the form of share - based payment transactions, whereby the employees and others render services in exchange for rights over shares (“equity-settled transactions”). The cost of these equity-settled transactions is measured by reference to the fair value at the date at which they are granted. The fair value of the equity-settled securities is measured to reflect expected market vesting conditions but excludes the impact of any non- market vesting conditions. Non -market vesting conditions are included in the assumptions about the number of equity- settled securities that are expected to become exercisable. The fair value of the equity - settled securities is recognised as an employee benefits expense over the vesting period which is the period over which all of the specified vesting conditions are to be satisfied, with a corresponding increase in equity. At the end of each period, the Company revises its estimates of the number of equity-settled securities that are expected to become exercisable. The impact of t he revision to original estimates, if any, is recognised in the profit or loss with a corresponding adjustment to equity. (a) Unlisted options During the financial year ended 30 June 2026: - 10,000,000 unlisted options were agreed to be issued to the Directors of the Company. Options granted have an exercise price of $0.075 per option with the expiry period of three years. - 10,000,000 unlisted options were agreed to be issued to the Directors of the Company. Options granted have an exercise price of $0.10 per option with the expiry period of three years. These unlisted options were issued after the year end on 4 August 2026. Fair value of options granted The weighted average price was calculated by using the Black -Scholes option pricing model taking into account the terms and conditions upon which the options were granted. 10 million options issued 10 million options issued Weighted average fair value of each option granted (cents) 1.332 1.115 Inputs into the model: Grant date share price (cents) 3.4 3.4 Exercise price (cents) 7.5 10.0 Expected volatility (%) 84.90 84.90 Option life (years) 3 3 Dividend yield (%) 0.00 0.00 Risk-free interest rate (%) 4.00 4.08 Grant date 9 July 2026 As of 30 June 2026, there were 27,750,000 unlisted options on issue for share based payments (30 June 2025: 44,750,000). Unlisted Options Opening balance Granted in period Exercised in period Expired in period Closing balance Number Number Number Number Number Expiring 27 September 2026 at $0.03 72,985,919 - (12,184,197) - 60,801,722 Expiring 8 June 2026 at $0.125 17,000,000 - - (17,000,000) - Expiring 22 November 2027 at $0.04 8,000,000 - - - 8,000,000 Expiring 22 November 2027 at $0.05 18,000,000 - - - 18,000,000 Expiring 22 November 2027 at $0.05 1,750,000 - - - 1,750,000 Total 117,735,919 - (12,184,197) (17,000,000) 88,551,722
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 52 16. SHARE-BASED PAYMENTS (continued) The weighted average remaining contractual life of the options outstanding at the end of the period was 1.40 years (30 June 2025: 1.84 years). (b) Listed options During the financial year ended 30 June 2026: - 4,500,000 listed options were agreed to be issued in consideration for Marketing Services . Options granted have an exercise price of $0.05 per option with the expiry period of three years. - 28,600,645 listed options were agreed to be issued in consideration for Lead Manager Services . Options granted have an exercise price of $0.05 per option with the expiry period of three years. These listed options were issued after the year end on 11 August 2026. Fair value of options granted The weighted average price was calculated by using the Black -Scholes option pricing model taking into account the terms and conditions upon which the options were granted. 4.5 million options issued 28.6 million options issued Weighted average fair value of each option granted (cents) 0.0193 0.0264 Inputs into the model: Grant date share price (cents) 4.71 4.62 Exercise price (cents) 5.0 5.0 Expected volatility (%) 88.58 89.71 Option life (years) 3.10 3.10 Dividend yield (%) 0.00 0.00 Risk-free interest rate (%) 4.71 4.62 Grant date 11 May 2026 21 May 2026 These listed options were issued post 30 June 2026. There were no other listed options on issue for share based payments as at 30 June 2026 (30 June 2025: nil). (c) Performance rights During the financial year ended 30 June 2026 the following performance rights were issued: - 1,500,000 performance rights were issued to the Managing Director of the Company with a nil exercise price and an expiry of 0.57 years . The fair value of the performance rights granted was $0.0 112. These performance rights vested and were converted on 30 June 2026. - 2,000,000 performance rights were issued to the Managing Director of the Company with a nil exercise price and an expiry of 1.60 years. The fair value of the performance rights granted was $0.0123. The following table identifies the hurdles to which conversion of the newly issued performance rights are linked during the term of the performance rights: Hurdles Number of rights Achieve a market capitalisation of $25 million for 20 trading days before 30 June 2026 1,500,000 Achieve a market capitalisation of $50 million for 20 trading days before 30 June 2027 2,000,000 As of 30 June 2026, there were 21,400,000 performance rights (30 June 2025: 34,975,000).
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 53 16. SHARE-BASED PAYMENTS (continued) (c) Performance rights (continued) Unlisted Performance Right Opening balance Granted in period Exercised in period Expired in period Closing balance Number Number Number Number Number Expiring 20 January 2026 15,575,000 - - (15,575,000) - Expiring 22 November 2026 6,000,000 - - - 6,000,000 Expiring 22 November 2027 13,400,000 - - - 13,400,000 Expiring 30 June 2026 - 1,500,000 (1,500,000) - - Expiring 30 June 2027 - 2,000,000 - - 2,000,000 Total 34,975,000 3,500,000 (1,500,000) (15,575,000) 21,400,000 The weighted average remaining contractual life of the rights outstanding at the end of the period was 1.08 years (30 June 2025: 1.41 years). (c) Shares Post year-end, the following shares were issued as approved by shareholders on 9 July 2026. The value of these share- based payments for 30 June 2026 is calculated at grant date as follows: Holder Number of shares Issue date Grant date Share price at Grant date ($) Share-based payment ($’000) Acquisition success fee: BurnVoir Corporate Finance Limited 22,583,3331 4 August 2026 20 May 2026 0.042 8945 Marketing Services: Equities Club Pty Ltd (or its nominee(s)) 4 4,500,000 4 August 2026 11 May 2026 0.037 167 European Investor Relations & Corporate Advisory Services: DGWA (or its nominee(s)) 1,000,000 4 August 2026 10 November 2025 0.031 31 Consideration shares: Globex Nevada Inc. 11,939,4583 21 July 20262 20 May 2026 0.042 3526 35,439,458 (1) Made up of 18 million Transaction Shares and A$137,500 (inclusive of GST) worth of Advisory Shares. (2) Issue price per agreement is the 10-day volume weighted average price of EVG shares prior to issue date. (3) Shares having a value of US$250,000 per the agreement with Globex. (4) The Marketing Services shares have been amortised over 12 months. (5) The acquisition success fee was equity settled post year -end. $756,000 has been recognised as shares to be issued and $137,500 as a financial liability. (6) The consideration shares were issued post year -end and $352,000 has been recognised as capitalised exploration and evaluation expenditure and a financial liability. (d) Expenses arising from share-based payment transactions 2026 $ 2025 $ Share-based payments - key management personnel 244,687 336,070 Share-based payment transactions under Employee Incentive Securities Plan (601,469) 9,203 Share-based payments - former key management personnel - 87,515 Share-based payments – marketing services 11,897 - (344,885) 432,788
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 54 16. SHARE-BASED PAYMENTS (continued) (d) Expenses arising from share-based payment transactions (continued) 2026 $ 2025 $ Share-based payments – lead manager services 755,057 - Recognised in equity 755,057 - 17. EARNINGS PER SHARE (EPS) Basic earnings per share is calculated by dividing profit for the year after income tax attributable to the ordinary shareholders by the weighted average number of ordinary shares on issue during the financial year. Diluted earnings per share is calculated by dividing profit for the year after income tax attributable to the ordinary shareholders by the weighted average number of ordinary shares on issue during the financial year, after adjusting for the effects of all potential dilutive ordinary shares that were outstanding during the financial year. 2026 2025 Loss attributable to ordinary equity holders of Evion Group NL ($) (2,702,089) (3,685,040) Weighted average number of ordinary shares used in calculating basic and diluted EPS 545,994,038 384,928,760 The Group’s options potentially dilute basic earnings per share in the future. However, they have been excluded from the calculation of diluted earnings per share because they are anti-dilutive. 18. KEY MANAGEMENT PERSONNEL COMPENSATION Total remuneration paid to key management personnel of the Group during the year is as follows: 2026 $ 2025 $ Short-term benefits (1) 647,675 555,342 Share-based payments 286,023 336,070 933,698 891,412 (1) Short-term benefits include post-employment benefits of $45,572 (2025: $51,814). Detailed remuneration disclosures are provided in the R emuneration Report on pag e 19. Refer to N ote 19(c) for transactions with key management personnel related entities. 19. RELATED PARTY TRANSACTIONS (a) Parent entities The ultimate parent entity within the Group is Evion Group NL. Madagascar Graphite Ltd is the parent entity of BlackEarth Minerals Madagascar SARL. (b) Subsidiaries and joint ventures Interests in subsidiaries and joint ventures are set out in Note 20.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 55 19. RELATED PARTY TRANSACTIONS (continued) (c) Key management personnel related entities 2026 $ 2025 $ Provision of key management personnel services 45,833 50,000 Payable to related parties - 4,583 Northpoint Equity Pty Ltd provide d key management personnel services during the year until 19 May 2026. Former director Warrick Hazeldine is a director of Northpoint Equity Pty Ltd. The disclosed amounts were billed based on normal market rates for such services and were due and payable under normal payment terms. During the financial year, $9,750 (excluding GST) was paid to Averio for external corporate and accounting services. Averio is a business name registered under Mas Des Figues Pty Ltd, of which David Round is a director. 20. INTERESTS IN OTHER ENTITIES (a) Subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries : Name of subsidiary Country of incorporation Ownership interest (%) (1) 2026 2025 BlackEarth Australia Pty Ltd Australia 100 100 Madagascar Graphite Ltd Mauritius 100 100 BlackEarth Minerals Madagascar SARL Madagascar 100 100 Carp Fluorspar Pty Ltd Australia 100 - Evion USA Holdings United States 100 - Evion Resources LLC United States 100 - (1) All shares held are ordinary shares. The proportion of ownership interest is equal to the proportion of voting power held. (b) Equity accounted investments The Group’s interest in equity accounted investments as at the end of the period is as follows: The Group’s carrying amount and share of profit/(loss) of the equity accounted investments is as follows: 2026 $ 2025 $ Balance at the beginning of the year 392,240 430,174 Share of profit/(loss) (99,845) (570,490) Dividends received from equity accounted investments - - Foreign currency translation 18,332 7,765 Contribution/(repayment) during the year (49,686) 524,791 Balance at the end of the year 261,041 392,240 Name of joint venture Country of incorporation Acquisition date Principal activity Ownership interest (%) 2026 2025 Panthera Graphite Technologies Pvt Limited India 7 July 2022 Manufactures and sells expandable graphite-based flame/fire retardants 50 50
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 56 20. INTERESTS IN OTHER ENTITIES (continued) (b) Equity accounted investments (continued) The summarised financial information for the joint venture is set out below. The information disclosed reflects the amounts presented in the financial statements of the joint venture and not Evion’s share of those amounts. Summarised statement of profit or loss and other comprehensive income 2026 $ 2025 $ Revenue 2,983,018 829,194 Interest income 782 1,280 Other income 40,742 8,709 Depreciation of non-current assets (237,538) (267,123) Interest expense (625,443) (573,688) Other expenses (2,318,964) (1,100,943) Profit/(loss) before income tax (157,403) (1,102,571) Income tax expense (42,288) (38,409) Profit/(loss) for the year (199,691) (1,140,980) Other comprehensive income - - Total comprehensive income (199,691) (1,140,980) Dividend received - - Group’s share of profit/(loss) for the year (99,845) (570,490) Summarised statement of financial position 2026 $ 2025 $ Current assets 1,048,106 2,461,053 Non-current assets 5,084,973 6,095,851 Total assets 6,133,079 8,556,904 Current financial liabilities 1,530,177 2,928,287 Other current liabilities 447,419 2,133,960 Non-current financial liabilities 4,491,921 3,702,428 Other non-current liabilities 97,175 57,331 Total liabilities 6,566,692 8,822,006 Net assets/(Net liabilities) (433,613) (265,102) Group’s share of net assets/(net liabilities) (216,807) (132,551) Commitments and contingent liabilities of the joint venture 2026 $ 2025 $ Commitment to provide funding for the joint venture’s Capital commitments, if called - 770,000 As of 30 June 2026, the joint venture had no contingent liabilities.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 57 20. INTERESTS IN OTHER ENTITIES (continued) (b) Equity accounted investments (continued) Joint ventures are joint arrangements in which two or more parties with joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only whe n decisions about the relevant activities require the unanimous consent of the parties sharing control. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. If more than an insignificant share of output from a joint venture is sold to third parties, this indicates that the joint venture is not dependent on the parties to the arrangement for funding and that the parties to the arrangement have no obligation for the liabilitie s of the arrangement. Joint ventures are accounted for using the equity method. Equity accounted investments are initially recorded at cost, including the value of any goodwill on acquisition. Subsequently, the carrying amount of the investment is adjusted to reflect the share of post -acquisition profit or loss and other comprehensive income. After application of the equity method, including recognising the Group’s share of the joint ventures’ results, the value of the investment will be assessed for impairment if there is objective evidence that an impairment of the investment may hav e occurred. Where the carrying value of an equity accounted investment is reduced to nil after having applied equity accounting principles (and the Group has no legal or constructive obligation to make further payments, nor has made payments on behalf of the joint venture), dividends received from the joint venture will be recognised in share of profit/(loss) of equity accounted investments in the consolidated statement of profit or loss. 21. REMUNERATION OF AUDITO R 2026 2025 $ $ Amount paid or payable for audit or review of the financial statements 54,624 45,348 The auditor of Evion Group NL is Hall Chadwick WA Audit Pty Ltd. No non audit services were provided. 22. CONTINGENCIES The Group has no contingent assets outstanding at the end of the financial year. The Directors are not aware of any significant breaches of environmental legislation and requirements during the financial year. The Group has the following contingent liabilities outstanding at the end of the financial year: Carp Fluorspar Project Acquisition On 12 May 2026, the Company entered into a share sale and purchase agreement to acquire Carp Fluorspar Pty Ltd, which pursuant to an option agreement with Globex Nevada Inc. holds an option over a 100% interest in the Carp Fluorspar Project, on a predominantly deferred consideration basis. Exercise of the option will follow satisfaction of all the payments and expenditure commitment noted in note 23 below. Upon exercise of the option, Glo bex Nevada Inc. will be granted a 3% royalty calculated on the gross revenue derived from the Carp Fluorspar Project.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 58 23. COMMITMENTS (a) Exploration Madagascar In order to maintain current rights of tenure to mining tenements, the Group has exploration and evaluation obligations up until the expiry of those licenses. The following stated obligations are not provided for in the financial statements and represent a commitment of the Group for Madagascar: 2026 2025 $ $ Within 12 months 1,332,772 - Between 12 months and 5 years 4,800,721 - Total 6,213,493 - The Group is obliged to pay permit fees of $77,868 per annum (2025: $100,572 per annum). (b) Option Agreement to acquire Carp Fluorspar Project During the year, the Company entered into an Option Agreement under which it may acquire the Carp Fluorspar Project by satisfying a series of staged cash payments, share issues and explor ation expenditure requirements over a four‑year period. The Company is not obliged to complete the acquisition. The amounts below are payable or required to be incurred, only if the Company elects to proceed toward exercising the option, and the Company may withdraw at any stage in which case it forfeits the option and any amounts already paid or incurred. The share ‑based consideration is subject to shareholder approval and will be satisfied by the issue of ordinary shares at a deemed issue price based on the 10‑day VWAP immediately prior to issue and accordingly the number of shares to be issued is not yet determinable. All amounts are denominated in US dollars, and the Australian dollar equivalent will depend on exchange rates prevailing at the relevant dates. US$ Period (from Agreement date) Cash Shares (deemed value) Exploration expenditure Total Before first anniversary of effective date 260,000 450,000 500,000 1,210,000 Before second anniversary of effective date 450,000 500,000 500,000 1,450,000 Before third anniversary of effective date 750,000 800,000 1,000,000 2,550,000 Between third and fourth anniversary - - 1,750,000 1,750,000 TOTAL 1,460,000 1,750,000 3,750,000 6,960,000 Upon exercise of the Option, the Optionee will grant the Optionor a 3% royalty calculated on the gross revenue derived from the Project (Royalty) pursuant to a royalty agreement on customary terms. If the Optionor elects to sell, or receives a bona fide third party offer to purchase, any of its interest in the Royalty, the Optionee will have a first right of refusal to purchase the relevant interest in the Royalty at the same price and upon the same terms and conditions. (c) Capital commitments The Group has no capital expenditure contracted at year end (2025: $Nil). (d) Exploration The Group is obliged to pay annual federal maintenance fees of US$200 per claim in the United States for the 45 additional claims acquired on 12 May 2026.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 59 24. FINANCIAL INSTRUMENTS (a) Capital management The Group manages its capital to ensure that it will be able to continue as going concern while maximising the return to stakeholders through the optimi sation of the debt and equity balance. The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital management activities require the maintenance of a strong cash balance to support ongoing business growth and exploration. Given the nature of the business, the Group monitors capital on the basis of current business operations and cash flow requirements. The Group’s approach to capital management remains unchanged from 2023. At the end of the financial year, the financial instruments of the Group are as follows: 2026 2025 $ $ Financial assets at amortised cost Cash and cash equivalents 4,706,374 1,026,901 Trade and other receivables 271,723 210,455 Financial assets at fair value through other comprehensive income Other financial assets 105,803 116,786 5,083,900 1,354,142 Financial liabilities at amortised cost Trade and other payables 646,167 501,408 Lease liabilities 45,722 65,691 691,889 567,099 Net financial instruments 4,392,011 787,043 (b) Financial risk management objectives In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further q uantitative information in respect of those risks is presented throughout these financial statements. There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The Board has overall responsibility for the determination of the Group’s risk management objectives and policies. Whilst the Board is responsible for risk management, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group’s finance function. The Board receives monthly financial reports through which it reviews the effectiveness of the processes put in place and the appropriateness of objectives and policies. The Group’s overall risk management focuses and seeks to minimise potential adverse impacts on the financial performance of the Group. (c) Market risk Cash flow and fair value interest rate risk The Group is exposed to interest rate risk through cash and cash equivalents. Trade and other receivables and payables are non -interest-bearing financial assets and liabilities. The Group does not enter into any derivative instruments to mitigate this risk. As this is not considered a significant risk for the Group , no policies are in place to formally mitigate this risk.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 60 24. FINANCIAL INSTRUMENTS (continued) (c) Market risk (continued) As at 30 June 2026, if the interest rates had weakened/strengthened by 100 basis points from year -end rates with all other variables held constant, the loss for the year would have been $47,086 higher/lower (2025: $10,256). Foreign exchange risk The Group operates internationally and is primarily exposed to foreign exchange risk arising from currency exposures to the US dollars and Malagasy Aviary. Foreign exchange risk arises from commercial transactions and recognised assets and liabilities deno minated in a currency that is not the entity’s functional currency and net investments in foreign operations. The functional currency of the operations in Australia is the Australian dollar and that of its operations in Madagascar is the Malagasy Ariary. T ransactions are primarily incurred by these operations in their functional currency. In addition, Evion Group NL (the ultimate parent entity) advances funds to its Malagasy subsidiary in the US dollars. The gains or losses on re -measurement of these intercompany fundings are not eliminated on consolidation as they do not form part of the net investment in foreign operations. The Group’s exposure to foreign exchange risk at the end of the year, expressed in Australian dollars, was as follows: USD MGA EUR 2026 $ $ $ Financial assets Cash and cash equivalents 573 149,639 - Trade and other receivables - 27,677 - Other financial assets 105,803 - - 106,376 177,316 - Financial liabilities Trade and other payables - 392,504 - - 392,504 - Net financial instruments 106,376 (215,188) - USD MGA EUR 2025 $ $ $ Financial assets Cash and cash equivalents 1,332 9,143 - Trade and other receivables - 197,294 - Other financial assets 116,786 - - 118,118 206,437 - Financial liabilities Trade and other payables 10,310 269,590 - 10,310 269,590 - Net financial instruments 107,808 (63,153) - The exposure to foreign exchange risk is mitigated by having comparable assets and liabilities in the US dollars. Hence, a sensitivity analysis has not been performed.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 61 (d) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. The Group’s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit risk arises from cash and cash equivalents and receivables. Cash and cash equivalents are held with recognisable banks. Other receivables are due from third parties considered credit worthy. The carrying amounts of financial assets represent the maximum credit exposure. An impairment adjustment of $90,542 (2025: $ 174,356) has been made to the trade receivables balance for amounts determined to be unrecoverable at reporting date. (e) Liquidity risk Ultimate responsibility for liquidity risk management rests with the Board, which has established an appropriate liquidity risk management framework for the management of the Group ’s short, medium and long- term funding and liquidity management requirements. The Group manages liquidity by maintaining adequate banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The maturity profiles of financial liabilities, based on co ntractual undiscounted amounts are as follows: (f) Fair value The carrying values of the Group’s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values due to their short-term nature. The fair value of the Group’s investment in unlisted equity securities is classified as Level 3 on the fair value hierarchy with reference to the nature of valuation inputs used: • Level 1 – Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. • Level 3 – Valuation inputs are unobservable market data. 24. FINANCIAL INSTRUMENTS (continued) Within 12 months Between 12 months and 5 years Total contractual cash flows Carrying amount 30 June 2026 $ $ $ $ Trade and other payables 646,167 - 646,167 646,167 Lease liabilities 22,989 23,487 46,477 45,721 669,156 23,487 692,644 691,888 30 June 2025 Trade and other payables 501,408 - 501,408 501,408 Lease liabilities 24,149 46,477 70,626 65,691 525,557 46,477 572,034 567,099
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 62 24. FINANCIAL INSTRUMENTS (continued) (f) Fair value (continued) The following table shows the movements in the Group’s Level 3 financial assets: 2026 2025 $ $ At the beginning of the year 116,786 229,389 Addition of financial assets - - Unrealised losses recognised in the consolidated statement of comprehensive income (in the financial assets reserve) (10,983) (112,603) At the end of the year 105,803 116,786 25. PARENT ENTITY INFORMATION 2026 2025 $ $ Financial position of parent entity at year end Current assets 4,869,458 1,090,347 Total assets 12,499,781 7,725,772 Current liabilities 811,882 297,754 Total liabilities 854,623 343,099 Net assets 11,645,158 7,382,673 Equity Issued capital 36,751,013 30,202,075 Reserves 2,917,460 2,670,000 Accumulated losses (28,023,314) (25,489,402) 11,645,158 7,382,673 2026 2025 Result of parent entity $ $ Loss for the year (3,442,145) (3,573,897) Other comprehensive loss: Investments designated as fair value through other comprehensive income (10,982) (112,603) Total comprehensive loss for the year (3,453,127) (3,686,500) The financial information presented has been prepared using accounting policies consistent with those applied in the consolidated financial statements, except for the investment in subsidiaries which are accounted for at cost in the financial statements of Evion Group NL. As at 30 June 2026, the Company has no capital and contractual expenditure commitments in place (2025: $Nil). Contingent liabilities are consistent with Note 22. 26. EVENTS OCCURRING AFTER THE REPORTING DATE • On 9 July 2026, the Company held a General Meeting where all results passed on a poll and the following securities were issued pursuant to the resolutions in the Notice of Meeting dated 9 June 2026: o Resolution 1- 11,939,458 consideration shares issued to Globex Nevada Inc. on 21 July 2026 o Resolutions 8-12 – 2,833,334 Placement shares at $0.03 per share issued on 4 August 2026 o Resolution 2 and 3 – 22,583,333 shares issued to Burnvoir Corporate Finance Pty Ltd on 4 August 2026 in part satisfaction of acquisition success fee o Resolution 14 – 1 million shares issued to DGWA (or its nominees(s)) in part consideration for European Investor Relations and Corporate Advisory services o Resolution 15 – 4.5 million shares issued to Equities Club (or its nominee(s)) in consideration for marketing services on 4 August 2026 and escrowed 12 months from issue date o Resolution 16 and 17 - 20 million Director incentive options issued on 4 August 2026 o Resolution 6 - 57,119,849 T2 Placement shares at $0.03 per share issued on 11 August 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 63 26. EVENTS OCCURRING AFTER THE REPORTING DATE (continued) o Resolution 15 - 4.5 million listed options exercisable at $0.05 each and expiring on 7 August 2029 to Equities Club (or its nominee(s)) in consideration for marketing services on 11 August 2026, and escrowed 12 months from issue date o Resolutions 7- 12 and 13 – 240,000,001 listed Placement options and 47,433,333 listed Lead Manager options to GBA Capital Pty Ltd (or its nominee(s)) issued on 11 August 2026, both exercisable at $0.05 each and expiring on 7 August 2029 • On 21 July 2026, the Company announced the grant of its Mining Permits for the Maniry Graphite Project in southern Madagascar. The formal approval converts the Company’s remaining exploration permits (PRs) to Mining Permits, securing long- term mining tenure across all key project are as underpinning the Definitive Feasibility Study (DFS).31 The Mining Permit approval process was completed during the quarter following the review, execution and registration of the formal CRS Mining Contracts in Madagascar, culminating in the publication of the Government Decree and formal completion of the permitting process. As part of the Mining Permit approval, Evion is required to pay a mandatory FMISC levy (Fonds Minier pour l’Investissement Social et Communautaire) to the Madagascan government equivalent to 3% of its initial CAPEX for the development of the Project. The levy is designed to fund local development and environmental management projects at national, regional and local levels. Th e levy is part of the new Mining Law enacted in 2023 32. • On 27 July 2026 the Company announced it would execute the next phase of field exploration at the Carp Fluorspar Project in Lincoln County, Nevada, USA . The expanded field programme is focusing on the newly identified north-west extensional corridor and the recently consolidated claim ground . With geological mapping and sampling designed to define the geochemical footprint of the corridor to prioritise targets for the follow -up magnetic and geochemical surveys 33. • On 10 August 2026, Evion announced it had been accepted as a member of the Cornerstone Consortium, the U.S. Department of Defense’s public-private industrial base consortium managed by the U.S. Army Combat Capabilities Development Command Chemical Biological Center and Army Contracting Command – Rock Island 34. The consortium was established to strengthen the resilience of the U.S. manufacturing and defence industrial base. • On 25 August 2026, Evion executed its first binding offtake commitment for the Maniry Graphite Project , via a binding terms sheet with an established German graphite purchaser for the supply of natural flake graphite concentrate from Maniry. The terms sheet is for a minimum of approximately 10,000tpa of natural flake graphite concentrate over an initial five-year term, from commencement of production, being approximately 50,000tpa of contracted product across the term 35. • On 9 September 2026, Evion announced the identification of a new exploration target at the CARP Fluorspar Project, approximately 300 metres southwest of the historically highest -producing South Pit. The 200m × 200m target, with no evidence of previous mining, exhibited barite, hydrothermal brecciation, calcite veining and silica alteration. A total of 41 rock chip samples were submitted for laboratory analysis, with results expected in the coming weeks. The Company also outlined its Phase Two exploration pr ogramme, comprising drone magnetic and surface geochemical surveys. 36 • On 11 September 2026, the Company announced that Participants in the upsized Tranche 2 Placement 37 ("Non- Settling Participants") have failed to pay the subscription moneys owing in respect of its Shares. In aggregate, 24,333,333 Shares and 24,333,333 Attaching Options were issued to the Non -Settling Participants for total subscription proceeds of approximately A$730,000, none of which has been received by the Company ("Unsettled Securities"). Those Unsettled Securities remain in holding locks maintained by the Share Registry and cannot be traded by the Non-Settling Participants. 31 ASX Release 21 July 2026 32 ASX Release 22 July 2026 33 ASX Release 27 July 2026 34 ASX Release 10 August 2026 35 ASX Release 25 August 2026 36 ASX Release 9 September 2026 37 ASX Release 12 and 26 May 2026
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2026 Page 64 26. EVENTS OCCURRING AFTER THE REPORTING DATE (continued) In connection with its engagement as Sole Lead Manager and Bookrunner to the Placement, GBA Capital Pty Ltd (GBA) was also issued one (1) option for every five (5) Shares issued under the Placement, on the same terms as the Attaching Options (exercisable at A$0.05 each, expiring three (3) years from the date of issue) (GBA Options). GBA has agreed to reduce its holdings of GBA Options to 25,000,000 in aggregate. Accordingly, 22,433,333 GBA Options will be cancelled for nil consideration. As the subscription moneys for the Unsettled Securities were never received, the Company intends to seek approval of shareholders by special resolution to cancel, for nil consideration, the 24,333,333 Shares comprising the Unsettled Securities. The Company will dispatch a notice of meeting setting out the proposed resolution to shareholders in due course. As the cancellation of the 24,333,333 Attaching Options and 22,433,333 GBA Options will be for nil consideration, this can be effected by the Company without security holder approval in accordance with ASX Listing Rule 6.23.1. • On 11 September 2026, the Company announced an offer of new options (New Options) to holders of option class EVGAT Options which are exercisable at A$0.03 each and expire on 27 September 2026 (Eligible Optionholders). New Options will be offered to Eligible Optionholders who are recorded as holding EVGAT Options on the expiry date of the EVGAT Options, being 5pm (WST) 27 September 2026 (Record Date), on the basis of one (1) New Option for every one (1) EVGAT Option held. The New Options will be offered at a subscription price of A$0.001 per New Option and will be exercisable at A$0.03 each on or before the date that is six (6) months from the date of issue of the New Options. • On 16 September 2026, the Company announced it had been accepted into the United States Defense Industrial Base Consortium, a second U.S. Department of Defense contracting channel for Evion’s Nevada fluorspar and non-China graphite production. 27. CONSOLIDATED ENTITY DISCLOSURE STATEMENT Name of Entity Type of Entity Trustee or participant in Joint Venture % of share capital held Country of incorporation Australian Resident or Foreign Resident (for tax purposes) Foreign tax jurisdiction of foreign residents Evion Group NL Body Corporate Not applicable Not applicable Australia Yes Not applicable BlackEarth Australia Pty Ltd Body Corporate Not applicable 100 Australia Yes Not applicable Madagascar Graphite Ltd Body Corporate Not applicable 100 Mauritius Yes Mauritius BlackEarth Minerals Madagascar SARL Body Corporate Not applicable 100 Madagascar Yes Madagascar Evion USA Holdings Body Corporate Not applicable 100 United States Foreign United States Evion Resources LLC Body Corporate Not applicable 100 United States Yes Not applicable Carp Fluorspar Pty Ltd Body Corporate Not applicable 100 Australia Yes Not applicable Panthera Graphite Technologies Pvt Limited Body Corporate Participant in Joint Venture, partner 50 India Foreign India
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P age 65 DIRECTORS’ DECLARATION The directors of Evion Group NL declare that: 1. T he financial statements and notes are in accordance with the Corporations Act 2001 including: (a ) complying with Australian Accounting Standards and the Corporations Regulations 2001; (b) giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and (c) complying with International Financial Reporting Standards, as stated in N ote 1 to the financial statements. 2. A t the date of this statement there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. 3. T he directors have been given the declarations required by section 295A of the Corporations Act 2001. 4. I n the Directors’ opinion, the attached consolidated entity disclosure statement is true and correct. T his declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 295(5) of the Corporations Act 2001. D avid Round Managing Director P erth, 25 September 2026
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EVION GROUP NL Report on the Audit of the Financial Report Opinion We have audited the financial report of Evion Group NL (“the Company”) and its subsidiaries (“the Consolidated Entity”), which comprises the consolidated statement of financial position as at 30 June 202 6, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material a ccounting policy information, the consolidated entity disclosure statement and the director’s declaration. In our opinion: a. the accompanying financial report of the Consolidated Entity is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 202 6 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Consolidated Entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We draw attention to Note 1(f) in the financial report which indicates that the Consolidated Entity incurred a net loss of $2,702,089 during the year ended 30 June 2026. As stated in Note 1(f), these events or conditions, along with other matters as set forth in Note 1(f), indicate that a material uncertainty exists that may cast significant doubt on the Consolidated Entity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Page 66
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Key Audit Matters In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters which in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed the Key Audit Matter Capitalised Exploration and Evaluation Expenditure As disclosed in note 9 to the financial statements, as at 30 June 202 6, the Consolidated Entity’s capitalised exploration and evaluation assets was $9,025,025. Exploration and evaluation is a key audit matter due to: • The significance of the balance to the Consolidated Entity’s financial position. • The level of judgement required in evaluating management’s application of the requirements of AASB 6 Exploration for and Evaluation of Mineral Resources. (‘AASB 6’) is an industry specific accounting standard requiring the application of significant judgements, estimates and industry knowledge. This includes specific requirements for expenditure to be capitalised as an asset and subsequent requirements which must be c omplied with for capitalised expenditure to continue to be carried as an asset. Our procedures included, amongst others: • Assessing management’s determination of its areas of interest for consistency with the definition in AASB 6. This involved analysing the tenements in which the Consolidated Entity holds an interest and the exploration programs planned for those tenements. • For each area of interest, we assessed the Consolidated Entity ’s rights to tenure on a sample basis by performing a variety of verification to government registries, agreements or checking that exploration permits have been registered for renewal and their annual fees have been paid in accordance with regulatory provisions. • We considered the activities in each area of interest to date and assessed the planned future activities for each area of interest by evaluating budgets. • Substantiated a sample of expenditure by agreeing to supporting documentation. • We assessed each area of interest for one or more of the following circumstances that may indicate impairment of the capitalised expenditure: o the licenses for the right to explore expiring in the near future or are not expected to be renewed; o substantive expenditure for further exploration in the specific area is neither budgeted or planned; Page 67 Page 66
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Key Audit Matter How our audit addressed the Key Audit Matter o decision or intent by the Consolidated Entity to discontinue activities in the specific area of interest due to lack of commercially viable quantities of resources; and o data indicating that, although a development in the specific area is likely to proceed, the carrying amount of the exploration asset is unlikely to be recovered in full from successful development or sale. • Examination of the disclosures made in the financial report. Acquisition of Carp Fluorspar As disclosed in note 9(b) to the financial statements, the Company entered into a share sale and purchase agreement to acquire Carp Fluorspar Pty Ltd. Carp Fluorspar Pty Ltd holds an option over a 100% interest in the Carp Fluorspar Project in Nevada, USA, under an option agreement with Globex Nevada Inc. Consideration comprised cash and the issue of equity instruments. Acquisition costs of $1,691,739 have been capitalised to exploration and evaluation expenditure. The acquisition is a key audit matter due to: • The judgement required to determine whether the transaction is a business combination under AASB 3 Business Combinations or an asset acquisition. • The judgement required to measure the equity-settled consideration and success fee shares under AASB 2 Share-based Payment. These shares were issued after year -end, following shareholder approval. Our procedures included, amongst others: • Reviewing the share sale and purchase agreement, the option agreement and the financial adviser mandate to understand the key terms and conditions of the transaction. • Evaluating management's assessment that the transaction does not meet the definition of a business under AASB 3 and has been accounted for as an asset acquisition. • Agreeing the cash consideration paid to supporting documentation. • Assessing the measurement of the shares issued as consideration and as the acquisition success fee in accordance with AASB 2. This included the grant dates, the share prices applied and the shareholder approvals obtained. • Assessing whether the capitalised acquisition costs meet the recognition criteria of AASB 6 Exploration for and Evaluation of Mineral Resources. • Assessing the adequacy of the related disclosures in notes 9(b), 16(d), 22 and 23(b) to the financial statements. Page 68
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Other Information The directors are responsible for the other information. The other information comprises the information included in the Consolidated Entity’s annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon , with the exception of the remuneration report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error, and the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Consolidated Entity or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high le vel of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis fo r our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Page 69
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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Consolidated Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Consolida ted Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Consolidated Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Consolidated Entity to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Consolidated Entity audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 202 6. In our opinion, the Remuneration Report of the Company, for the year ended 30 June 202 6, complies with section 300A of the Corporations Act 2001. Page 70
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Responsibilities The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with s 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards. HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA Director Dated this 25th day of September 2026 Perth, Western Australia Page 71
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ADDITIONAL ASX INFORMATION The information set out below is as of 24 September 2026, pursuant to the requirements of ASX Listing Rule 4.10. 1. CORPORATE GOVERNANCE STATEMENT The Company’s Corporate Governance Statement can be found at https://eviongroup.com/corporate -gove rnance. 2. SUBSTANTIAL SHAREHOLDERS There are no shareholders with holdings greater than 5%. 3. EQUITY SECURITIES The number of holders of each class of securities is as follows: Quoted/Unquoted Class Number of units Number of holders Quoted Fully paid ordinary shares 871,747,061 1,750 Quoted $0.05 Options 291,933,334 132 Unquoted Partly paid shares 4,392,186 23 Unquoted $0.03 Options 60,231,722 132 Unquoted $0.04 Options 8,000,000 2 Unquoted $0.05 Options 19,750,000 9 Unquoted $0.075 Options 10,000,000 2 Unquoted $0.10 Options 10,000,000 2 Unquoted Performance rights expiring 22/11/2026 6,000,000 3 Unquoted Performance rights expiring 30/06/2027 4,425,000 16 Unquoted Performance rights expiring 22/11/2027 11,700,000 18 4. VOTING RIGHTS Ordinary shares In accordance with the Company's Constitution, on a show of hands every member present in person or by proxy or attorney or duly authorised representative has one vote. On a poll every member present in person or by proxy or attorney or duly authorised representative has one vote for every fully paid ordinary share held. Par tly paid ordinary shares In accordance with the Company's Constitution, on a show of hands every member present in person or by proxy or attorney or duly authorised representative has one vote. On a poll every member present in person or by proxy or attorney or duly authorised representative has a pro rata vote for every equivalent fully paid ordinary share held. Opti ons Options have no voting rights. Perfo rmance Rights Performance rights have no voting rights. 5. HOLDERS HOLDING LESS THAN A MARKETABLE PARCEL There were 457 shareholders of ordinary shares who held less than a marketable parcel of shares. Page 72
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ADDITIONAL ASX INFORMATION Page 73 6. DISTRIBUTION OF SHAREHOLDERS Distribution of equity securities Number of holders of fully paid ordinary shares Number of holders of partly paid ordinary shares Number of holders of listed options Number of holders of unlisted options Number of holders of performance rights 0 - 1,000 34 - - - - 1,001 - 5,000 12 1 - 6 - 5,001 – 10,000 40 - - 8 - 10,001 - 100,000 958 16 8 61 - 100,001 and over 706 6 124 67 10 TOTAL 1,750 23 132 142 10 7. 20 LARGEST SHAREHOLDERS Position Name Number of fully paid ordinary shares held % Held 1 DEVPRI PTY LTD <UPAJ FAMILY A/C> 26,472,944 3.04% 2 BURNVOIR CORPORATE FINANCE LIMITED 24,671,940 2.83% 3 SABA NOMINEES PTY LTD <SABA A/C> 24,666,666 2.83% 4 DR JOSEPH RABAR 19,390,000 2.22% 5 MR GREGORY ALLAN HEAD 19,250,264 2.21% 6 GBA CAPITAL PTY LTD 17,666,668 2.03% 7 YARRAANDOO PTY LTD <YARRAANDOO SUPER FUND A/C> 17,289,812 1.98% 8 NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 14,717,029 1.69% 9 BILPIN NOMINEES PTY LTD 12,000,000 1.38% 10 GLOBEX NEVADA INC 11,939,458 1.37% 11 MR BRENDAN CASHEL BALASEKERAN & MRS TANYA MELISSA BALASEKERAN <THE PHOENIX A/C> 11,855,288 1.36% 12 CITICORP NOMINEES PTY LIMITED 10,887,175 1.25% 13 HEATH COACHING AND CONSULTING PTY LTD 9,591,915 1.10% 14 THOMAS GEORGE REVY 9,292,426 1.07% 15 MR NEIL ATHERTON DAY 8,739,944 1.00% 16 MS SIHONG ZENG 8,694,444 1.00% 17 BLTS CAPITAL PTY LTD <ERKES A/C> 8,147,928 0.93% 18 EURASIAN PTY LTD <TEMPTASIA SUPER FUND A/C> 8,000,000 0.92% 19 AVERIO INVESTMENTS PTY LTD <DEJA ROUND SUPER FUND A/C> 7,716,667 0.89% 20 MR DENNIS VINCENT MIFSUD <MUSCAT A/C> 7,000,000 0.80% Total 277,990,568 31.89%
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ADDITIONAL ASX INFORMATION Page 74 8. 20 LARGEST OPTIONHOLDERS 9. UNQUOTED SECURITIES The followings are holders who held 20% or more of the unquoted securities: Class Name of holder Number of units held % Held Partly paid ordinary shares THOMAS GEORGE REVY & VALERIA MARIA REVY <REVCORP SUPER FUND A/C> 2,000,000 45.54% $0.04 Unquoted Options ZENIX NOMINEES PTY LTD 4,000,000 50.00% $0.04 Unquoted Options LAGUNDI PTY LTD <PREVELLY SUPER FUND> 4,000,000 50.00% $0.05 Unquoted Options MR DAVID WILLIAM ROUND 4,000,000 20.25% $0.05 Unquoted Options ZENIX NOMINEES PTY LTD 4,000,000 20.25% $0.05 Unquoted Options LAGUNDI PTY LTD <PREVELLY SUPER FUND A/C> 4,000,000 20.25% $0.075 Unquoted Options MR DAVID WILLIAM ROUND 5,000,000 50.00% $0.075 Unquoted Options RENIQUE HOLDINGS PTY LTD <RANDALL SUPER FUND A/C> 5,000,000 50.00% $0.10 Unquoted Options MR DAVID WILLIAM ROUND 5,000,000 50.00% $0.10 Unquoted Options RENIQUE HOLDINGS PTY LTD <RANDALL SUPER FUND A/C> 5,000,000 50.00% Position Name Number of quoted options held % Held 1 ELK POINT MINERALS PTY LTD <ELK POINT A/C> 21,216,666 7.27% 2 GBA CAPITAL PTY LTD 17,666,668 6.05% 3 DEVPRI PTY LTD <UPAJ FAMILY A/C> 17,500,000 5.99% 4 BILPIN NOMINEES PTY LTD 12,000,000 4.11% 5 MR BRENDAN CASHEL BALASEKERAN & MRS TANYA MELISSA BALASEKERAN <THE PHOENIX A/C> 10,000,000 3.43% 6 ELK POINT MINERALS PTY LTD <ELK POINT A/C> 8,999,999 3.08% 7 MS SIHONG ZENG 8,333,333 2.85% 8 SABA NOMINEES PTY LTD <SABA A/C> 8,000,000 2.74% 9 GOFFACAN PTY LTD 8,000,000 2.74% 10 BLTS CAPITAL PTY LTD <ERKES A/C> 7,500,000 2.57% 11 MR DENNIS VINCENT MIFSUD <MUSCAT A/C> 7,000,000 2.40% 12 ONE57 HOLDINGS PTY LTD 6,666,663 2.28% 13 KEYANO PTY LTD <KEYANO A/C> 5,000,001 1.71% 13 VIVIEN ENTERPRISES PTE LTD 5,000,000 1.71% 13 INVENET PTY LTD 5,000,000 1.71% 14 HEATH COACHING AND CONSULTING PTY LTD 5,000,000 1.71% 15 EQUITIES CLUB CT PTY LTD 4,500,000 1.54% 16 BILGOLA NOMINEES PTY LIMITED 3,666,667 1.26% 17 NEAVE TRADING PTY LTD 3,599,939 1.23% 18 MR VAY NIM 3,500,000 1.20% 19 MR ANTHONY JOHN FORREST & MRS SUSAN MARGARET FORREST <AJ & SM FORREST S/F A/C> 3,400,000 1.16% 19 S3 CONSORTIUM HOLDINGS PTY LTD <NEXTINVESTORS DOT COM A/C> 3,333,334 1.14% 20 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 3,333,334 1.14% 20 MR JOHN LANGLEY HANCOCK 3,333,333 1.14% 20 MR NEIL ATHERTON DAY 3,333,333 1.14% 20 NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 3,333,333 1.14% 20 DGMS GROUP PTY LTD <KJ GROUP A/C> 3,333,333 1.14% Total 194,883,269 66.76%
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ADDITIONAL ASX INFORMATION Page 75 Class Name of holder Number of units held % Held Performance rights expiring 22/11/2026 THOMAS GEORGE REVY 3,000,000 50.00% Performance rights expiring 22/11/2026 MR DAVID ROUND <DAVID ROUND FAMILY A/C> 2,000,000 33.33% Performance rights expiring 30/06/2027 MR DAVID ROUND <DAVID ROUND FAMILY A/C> 2,000,000 32.39% Performance rights expiring 30/06/2027 CHARLES STEPHEN MARK FLETCHER 1,750,000 28.34% Performance rights expiring 30/06/2027 MRS KELLIE ANNE DAVIS 1,750,000 28.34% Performance rights expiring 22/11/2027 MR DAVID WILLIAM ROUND 3,500,000 29.91% Performance rights expiring 22/11/2027 CRAIG LENNON <CRAIG LENNON FAMILY A/C> 2,500,000 21.37% Performance rights expiring 22/11/2027 WARRICK HAZELDINE 2,500,000 21.37% 10. ON-MARKET BUYBACK In accordance with ASX Listing Rule 4.10.18, the Company confirms that it is not currently subject to an on-market buyback. 11. SCHEDULE OF MINERAL TENEMENTS International Tenement ID Location Country Interest PR25605 Maniry Madagascar 100% PR25606 Maniry Madagascar 100% PR3432 Maniry Madagascar 100% PR39750 Maniry Madagascar 100% PR39751 Maniry Madagascar 100% PE5394 Maniry Madagascar 100% PE5391 Ianapera Madagascar 100% PE5392 Ianapera Madagascar 100% PE5393 Ianapera Madagascar 100% PE25093 Ianapera Madagascar 100% PE25094 Ianapera Madagascar 100% CARP-FLUORSPAR001 Nevada United States 100%** CARP-FLUORSPAR002 Nevada United States 100%** CARP-FLUORSPAR003 Nevada United States 100%** CARP-FLUORSPAR004 Nevada United States 100%** CARP-FLUORSPAR005 Nevada United States 100%** CARP-FLUORSPAR006 Nevada United States 100%** CARP-FLUORSPAR007 Nevada United States 100%** CARP-FLUORSPAR008 Nevada United States 100%** CARP-FLUORSPAR009 Nevada United States 100%** CARP-FLUORSPAR010 Nevada United States 100%** CARP-FLUORSPAR011 Nevada United States 100%** CARP-FLUORSPAR012 Nevada United States 100%** CARP-FLUORSPAR013 Nevada United States 100%** CARP-FLUORSPAR014 Nevada United States 100%** CARP-FLUORSPAR015 Nevada United States 100%** CARP-FLUORSPAR016 Nevada United States 100%** CARP-FLUORSPAR017 Nevada United States 100%**
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ADDITIONAL ASX INFORMATION Page 76 International CARP-FLUORSPAR018 Nevada United States 100%** CARP-FLUORSPAR019 Nevada United States 100%** CARP-FLUORSPAR020 Nevada United States 100%** CARP-FLUORSPAR021 Nevada United States 100%** CARP-FLUORSPAR022 Nevada United States 100%** CARP-FLUORSPAR023 Nevada United States 100%** CARP-FLUORSPAR024 Nevada United States 100%** CARP-FLUORSPAR025 Nevada United States 100%** CARP-FLUORSPAR026 Nevada United States 100%** CARP-FLUORSPAR027 Nevada United States 100%** CARP-FLUORSPAR028 Nevada United States 100%** CARP-FLUORSPAR029 Nevada United States 100%** CARP-FLUORSPAR030 Nevada United States 100%** CARP-FLUORSPAR031 Nevada United States 100%** CARP-FLUORSPAR032 Nevada United States 100%** CARP-FLUORSPAR033 Nevada United States 100%** CARP-FLUORSPAR034 Nevada United States 100%** CARP-FLUORSPAR035 Nevada United States 100%** CARP-FLUORSPAR036 Nevada United States 100%** CARP-FLUORSPAR037 Nevada United States 100%** CARP-FLUORSPAR038 Nevada United States 100%** CARP-FLUORSPAR039 Nevada United States 100%** CARP-FLUORSPAR040 Nevada United States 100%** CARP-FLUORSPAR041 Nevada United States 100%** CARP-FLUORSPAR042 Nevada United States 100%** CARP-FLUORSPAR043 Nevada United States 100%** CARP-FLUORSPAR044 Nevada United States 100%** CARP-FLUORSPAR045 Nevada United States 100%** FL-1 Nevada United States 100%* FL-2 Nevada United States 100%* FL-3 Nevada United States 100%* FL-4 Nevada United States 100%* FL-5 Nevada United States 100%* FL-6 Nevada United States 100%* FL-7 Nevada United States 100%* FL-8 Nevada United States 100%* FL-9 Nevada United States 100%* FL-10 Nevada United States 100%* FL-11 Nevada United States 100%* FL-12 Nevada United States 100%* FL-13 Nevada United States 100%* FL-14 Nevada United States 100%* * These tenements were acquired when the Company entered into an agreement to acquire a 100% interest in Carp Fluorspar Pty Ltd (“Acquisition”) for consideration of A$1. Carp Fluorspar Pty Ltd (“Optionee”) has entered into an option agreement (“Option Agreement”) with Globex Nevada Inc. (“Optionor”) granting the Optionee an option to acquire a 100% right, title and interest in 14 contiguous unpatented lode claims comprising the Carp Fluorspar Project. Upon settlement of the Acquisition, the Company will indirectly assume the Optionee’s obligations under the Option Agreement. ** In application.
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ADDITIONAL ASX INFORMATION Page 77 12. ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT The Global Mineral Resources and Group Ore Reserves table shown below remains unchanged since 30 June 202 5. Governance and Internal Controls The Company has put in place governance arrangements and internal controls with respect to its estimates of Mineral Resources and Ore Reserves, and the estimation process, including: • Oversight and approval of each annual statement by responsible senior officers; • Establishment of internal procedures and controls to meet JORC Code 2012 compliance in all external reporting; and • Board approval of new and materially changed estimates. Global Mineral Resources at 30 June 2026 Area (Madagascar) 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 8.5% 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 * 3% TGC cut-off grade ** 5% TGC cut-off grade Reported at the cut-off grades above; figures in the table above have been rounded, reported to the appropriate significant figures with graphite tonnages rounded to the nearest thousand, in accordance with the 2012 JORC Code. Group Ore Reserves at 30 June 2026 Ore Reserve Area Classification Tonnes (Mt) TGC Grade (%) Razafy Probable 13.2 6.20 Razafy NW Probable 3.0 8.22 Total Probable 16.2 6.58 All stated Ore Reserves are included within the quoted Mineral Resources and are quoted in dry tonnes. Competent Persons Statement Mineral Resource – Razafy and Razafy NorthWest The information in this Report that relates to in situ Mineral Resources for Razafy and Razafy NW was prepared, and fairly reflects information compiled, by Mr Grant Louw and Dr Andrew Scogings, each of whom have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Louw is an employee of Snowden Optiro and is a Member of both the Australian Institute of Geoscientists and the Geological Society of South Africa. Dr Scogings is an employee of Snowden Optiro , a Member of the Australian Institute of Geoscientists and the Geological Society of South Africa and is a Registered Professional Geoscientist (RP Geo. Industrial Minerals). Mr Louw and Dr Scogings consent to the inclusion of information in the Mineral Resource report that is attributable to each of them, and to the inclusion of the information in the release in the form and context in which they appear.
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ADDITIONAL ASX INFORMATION Page 78 12. ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT (continued) Competent Persons Statement (continued) Mineral Resource – Haja The information contained in this Report that relates to the Haja Mineral Resource is based on information compiled by Ms. Annick Manfrino, Principal of Sigma Blue and previously Manager Geology of BlackEarth Minerals – now Evion Group. Ms. Manfrino is a member of The Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Ms. Manfrino completed a site inspection and is the Competent Person for this Resource estimation. Ms. Manfrino consents to the use of the information included in this document in the form and context in which it appears. Ore Reserve – Razafy & Razafy NorthWest The reported Ore Reserves have been prepared under the supervision and management of Mr Michael Ryan. Mr Ryan is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Evion Group NL as Project Manager for the Maniry Graphite Project. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Re sources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Ryan gives Evion Group NL consent to use this reserve estimate in reports. Mr Ryan holds a beneficial interest in shares in the company through a superannuation fund and holds performance rights and unlisted options directly. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous ASX announcements on Mineral Resources (3 November 2022), and in the case of estimates of Mineral Resources and Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ f indings are on the ASX website and on the Company’s website at www.eviongroup.com.
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