Evion Group Partners with Nevada Experts to Propel Carp Fluorspar Project Toward Drilling Phase

Rangefront Mining Services Focuses on North-West Corridor Expansion

Evion Group has appointed Rangefront Mining Services, a respected geological and mining services firm based in Elko, Nevada, to lead the next phase of field exploration at the Carp project. This engagement prioritizes mapping and surface sampling within the staged exploration program announced on 29 June 2026, with special attention to the newly identified north-west extensional corridor. Rangefront’s team brings valuable local expertise relevant to the carbonate-replacement fluorspar mineralization style at Carp and operates under an existing Services Agreement with Evion.

The field program, led by Rangefront geologists and supported by Evion’s Head of Exploration, Mark Fletcher, aims to evaluate the extent of the Carp system beyond its four historic open pits — South, Central, West, and North — which were mined from 1958 to 1971. Concentrating on the newly consolidated claim area and the north-west corridor positions Evion to discover extensions of the mineralized system and develop a structured geological approach toward drill-ready targets.

Historic Production and Recent Surface Sampling Highlights

The Carp Fluorspar Project has a production history from 1958 to 1971, during which approximately 44,900 tonnes of fluorspar averaging around 69% CaF2 were extracted from four shallow open pits. The material was sold directly to Kaiser Steel Corporation as metspar (metallurgical-grade fluorspar) without beneficiation, underscoring the high-grade nature and commercial viability of the deposit. This lack of required processing highlights the exceptional quality of the Carp system compared to many global fluorspar deposits.

Independent 2024 surface rock chip sampling confirmed grades up to 88.15% CaF2 across all four historic pit areas, as detailed in the company’s 25 May 2026 announcement. These results demonstrate that the high-grade mineralization extends across multiple zones within the Carp Project’s historic production areas. The 88.15% CaF2 grade approaches acid-grade fluorspar specifications, which command premium prices internationally. The presence of such elevated grades in recent sampling indicates significant untapped ore potential at both historic pits and the newly identified north-west extensional corridor.

Project Geology and Land Holdings

Carp is a high-grade carbonate-replacement fluorspar system, a relatively rare mineralization style in Nevada and the western United States. The project covers 59 unpatented lode claims spanning approximately 493 hectares within the Viola Mining District on Bureau of Land Management land, about 140 kilometres northeast of Las Vegas, Nevada. This extensive land position provides Evion with control over the historic mining areas and surrounding ground with potential for mineralized system extensions.

This exploration program represents the first modern, integrated evaluation of the Carp system since the 1970s. The project has not been systematically assessed using contemporary exploration techniques, geochemical sampling protocols, or geophysical surveys. Recent claim consolidations and identification of the north-west extensional corridor reflect Evion’s strategy to broaden the exploration target area and unlock the asset’s full potential. The 493-hectare landholding ensures tenure security to support a multi-year exploration and development plan.

Reconnaissance Mapping and Sampling Program Objectives

The field program is designed to enhance geological understanding and establish a systematic path to drilling. Its primary objective is to delineate the geochemical footprint of the north-west corridor, guiding subsequent surface geochemical and drone-based or ground magnetic surveys. Samples collected during reconnaissance will be analyzed at certified laboratories, with results delivered in industry-standard formats to support geological interpretation and target generation.

This approach prioritizes areas for detailed follow-up studies and creates a structured pathway toward drill-ready targets across both the established Carp system and the new extension corridor. Conducting reconnaissance-level mapping and sampling first enables Evion and Rangefront to design more focused and cost-efficient geochemical and magnetic surveys. This staged methodology minimizes early exploration costs while building a solid technical foundation for capital-intensive drilling phases.

Integration Within Staged Exploration Framework

The reconnaissance mapping and sampling engagement announced on 27 July 2026 forms part of a broader staged exploration program outlined in Evion’s 29 June 2026 update. Upon completion of Rangefront’s field work, laboratory assay results will be incorporated into the evolving geological model. This integration will precede the finalization and launch of follow-up surface geochemical surveys and drone or ground magnetic surveys, which are critical steps in systematically de-risking the project ahead of drilling.

This phased approach enables Evion to incrementally build geological confidence and reduce risks before committing significant capital to drilling. Carp is being developed as a systematic exploration opportunity where each phase informs and prioritizes the next. The company has committed to updating shareholders regularly as the program advances and results emerge, ensuring transparent communication of exploration milestones and outcomes.

Fluorspar Market Dynamics and U.S. Supply Importance

Fluorspar (calcium fluoride, CaF2) is classified as a critical mineral by the United States, European Union, Australia, Canada, and Japan. It is essential for numerous strategic industries including semiconductor manufacturing, lithium-ion batteries, nuclear fuel processing, aerospace and defense, advanced refrigerants, and steel and aluminum production. This wide range of applications emphasizes fluorspar’s importance to modern economies and advanced manufacturing sectors.

Significantly, the United States imports 100% of its fluorspar requirements, with no meaningful domestic production since 1990, according to the USGS Mineral Commodity Summaries 2025. Global production totaled approximately 10.2 million tonnes in 2025, dominated by China (about 59%), Mongolia, and Mexico, exposing U.S. manufacturers and defense sectors to supply chain vulnerabilities. The strategic need for secure domestic supply is highlighted by the recent US$168.9 million fluorspar supply contract awarded by the U.S. Defense Logistics Agency. Carp stands out as a rare, high-grade, U.S.-based fluorspar asset aligned with this critical supply security imperative.

Defense and Industrial Demand Boost for High-Grade Fluorspar

The announcement underscores accelerating defense-driven demand, creating urgency for domestic fluorspar sources. The US$168.9 million Defense Logistics Agency contract exemplifies this federal demand focus. Carp’s ability to produce high-grade material without beneficiation that meets acid-grade standards positions it as a key supplier independent of broader commodity cycles.

Evion Managing Director David Round stated, "With the United States importing all of its fluorspar and defense-driven demand accelerating, this program is the next deliberate step toward establishing Carp as a scalable, domestic source of high-grade fluorspar." This reflects Evion’s strategic vision to develop Carp as a critical minerals asset integral to U.S. national security and supply chain resilience. For investors, this suggests potential policy support and sustained offtake interest from defense and critical infrastructure sectors.

Upcoming Milestones and Drilling Timeline

Evion has outlined near-term milestones for the Carp exploration program, including completion of reconnaissance mapping and sampling across the north-west corridor and receipt of laboratory assay results from Rangefront’s fieldwork. Subsequently, the company will integrate these data into the geological interpretation to refine understanding of mineralization extent.

The next phase involves finalizing and initiating follow-up surface geochemical and drone-based or ground magnetic surveys, key steps in the systematic de-risking process. Evion has pledged to keep shareholders informed as the program progresses and results become available, establishing expectations for ongoing updates. This sequence reflects a logical progression from reconnaissance sampling through geochemical and geophysical surveys, culminating in drill-ready target identification. Investors should watch for announcements on Rangefront’s fieldwork completion, assay outcomes, and follow-up survey results.

Rangefront Mining Services’ Expertise and Nevada Experience

Evion’s selection of Rangefront Mining Services aligns with its strategy to engage local, specialized expertise for Carp’s exploration. Rangefront is an established geological and mining services provider headquartered in Elko, Nevada, with extensive experience in western U.S. exploration programs. Their proximity to Carp and familiarity with Nevada’s geology and mining operations provide operational advantages.

Importantly, Rangefront’s team has in-district experience with carbonate-replacement fluorspar mineralization, a relatively specialized deposit type. This local expertise offers Evion technical proficiency and efficiency benefits difficult to replicate with providers lacking Nevada and fluorspar-specific experience. Operating under an existing Services Agreement, Rangefront and Evion maintain a strong working relationship, ensuring alignment with Evion’s operational needs.