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BlackEarth Minerals NL
(Sydney:EVG)
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Rating:42Neutral
Price Target:
AU$0.01
â–¼(-35.00% Downside)
Action:Reiterated
Date:09/26/26
The score is driven primarily by very weak financial performance (persistent losses, zero/unstable revenue, and recurring cash burn) despite low balance-sheet leverage. Technicals add further pressure as the stock trades below key moving averages with negative MACD, while valuation is constrained by negative earnings and no dividend support.
Positive Factors
Very low leverage
Near-zero debt-to-equity limits interest and refinancing pressure, giving the company more financial flexibility than a highly leveraged explorer. This cushion can help preserve resources for project advancement while management addresses the absence of profitability.
Negative Factors
Persistent unprofitable operations
Persistent losses across EBIT, EBITDA, and net income show that the current operating base is not supporting profitability. Without a material improvement in revenue or cost absorption, ongoing losses can erode equity value and constrain the company’s ability to fund exploration internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Near-zero debt-to-equity limits interest and refinancing pressure, giving the company more financial flexibility than a highly leveraged explorer. This cushion can help preserve resources for project advancement while management addresses the absence of profitability.
Read all positive factors
BlackEarth Minerals NL (EVG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$13.08M
Dividend YieldN/A
Average Volume (3M)876.24K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue GrowthN/A
EPS Growth58.33%
CountryAU
Employees2
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding871,747,100
10 Day Avg. Volume626,516
30 Day Avg. Volume876,236
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)1.52
Price to Sales (P/S)0.00
P/FCF Ratio-8.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)AU$80.00M
BlackEarth Minerals NL Business Overview & Revenue Model
Company Description
Evion Group NL, headquartered in West Perth, Australia, functions as an integrated graphite developer with activities across Madagascar, India, and Europe. Its principal undertaking is the Maniry graphite project, located in Southern Madagascar. T...
BlackEarth Minerals NL Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 149.88K | 107.88K | 90.89K | 86.44K |
| Gross Profit | -34.46K | 149.88K | -18.10K | 73.97K | 73.80K |
| EBITDA | -2.53M | -3.02M | -3.30M | -4.10M | -3.43M |
| Net Income | -2.70M | -3.69M | -3.21M | -3.57M | -3.44M |
Balance Sheet | |||||
| Total Assets | 14.70M | 8.90M | 9.78M | 11.90M | 11.82M |
| Cash, Cash Equivalents and Short-Term Investments | 4.71M | 1.03M | 1.95M | 4.30M | 5.81M |
| Total Debt | 45.72K | 65.69K | 75.17K | 0.00 | 0.00 |
| Total Liabilities | 1.78M | 788.25K | 710.87K | 620.79K | 998.36K |
| Stockholders Equity | 12.92M | 8.11M | 9.07M | 11.28M | 10.82M |
Cash Flow | |||||
| Free Cash Flow | -2.24M | -2.41M | -2.34M | -3.77M | -7.63M |
| Operating Cash Flow | -2.22M | -2.17M | -2.15M | -2.23M | -3.05M |
| Investing Cash Flow | -561.46K | -758.92K | -194.70K | -2.48M | -4.58M |
| Financing Cash Flow | 6.46M | 2.01M | -13.82K | 3.18M | 6.87M |
BlackEarth Minerals NL Technical Analysis
Neutral
0.02
Price Trends
0.02
Negative
0.03
Negative
0.03
Negative
Market Momentum
>-0.01
Positive
51.06
Neutral
133.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EVG, the sentiment is Neutral. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.06 is Neutral, neither overbought nor oversold. The STOCH value of 133.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:EVG.
BlackEarth Minerals NL Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | AU$28.43M | -14.80 | -13.41% | ― | ― | 37.54% | |
48 Neutral | AU$24.66M | -4.59 | -19.95% | ― | ― | -2.96% | |
45 Neutral | AU$24.04M | -1.21 | -29.51% | ― | -100.00% | -164.77% | |
42 Neutral | AU$13.08M | -3.75 | -24.49% | ― | ― | 58.33% | |
42 Neutral | AU$13.38M | -2.89 | -83.24% | ― | ― | -9.30% |
* Basic Materials Sector Average
AU:EVG
BlackEarth Minerals NL
0.02
-0.01
-42.31%
AU:REE
RareX Limited
0.01
-0.03
-73.81%
AU:VML
Vital Metals Ltd
0.09
-0.29
-75.84%
AU:AR3
Australian Rare Earths Limited
0.10
-0.26
-73.24%
AU:HTM
High-Tech Metals Limited
0.27
-0.02
-5.36%
AU:AXL
Axel REE Ltd.
0.06
-0.04
-39.36%
BlackEarth Minerals NL Corporate Events
Evion Group Relocates Registered Office to Central Perth Address
Oct 12, 2026
Evion Group NL has announced an immediate change to its registered office and principal place of business, relocating its corporate headquarters to Level 3, 267 St Georges Terrace in Perth, Western Australia. The move consolidates the company̵...
EVION Group Updates Market on Director David Round’s Securities Interests
Oct 9, 2026
EVION Group NL has reported a change notice relating to director David Round’s interests in the company’s securities, detailing his indirect holdings through the David Round Family account and Averio Investments Pty Ltd. The notice out...
Evion Group Builds Vertically Integrated Critical Minerals Platform
Oct 7, 2026
Evion Group NL has assembled a portfolio of strategic critical minerals assets, including the Maniry graphite project in Madagascar, an expandable graphite operation in India, and the Carp fluorspar project in Nevada. The company is progressing mi...
Evion Group Sets Timetable for 2026 AGM and Board Nominations
Oct 7, 2026
Evion Group NL has announced that its next Annual General Meeting will be held on or after 25 November 2026, in line with ASX Listing Rule obligations and its corporate constitution. The meeting timing signals the forthcoming cycle of governance a...
Evion Sees UN Critical Minerals Push Bolstering Madagascar Graphite Project
Oct 6, 2026
Evion Group NL has highlighted Madagascar’s selection as one of six founding partner countries in a new United Nations Country Support Mechanism on Critical Energy Transition Minerals, led by UNDP and other UN agencies. The mechanism aims to...
Evion Secures Premium-Priced First South-East Asian Graphite Order
Sep 30, 2026
Evion Group’s Panthera Graphite Technologies joint venture has secured its first South-East Asian order, a 20-tonne shipment of expandable graphite to Ho Chi Minh City, Vietnam. The contract is priced at US$3,650 per tonne FOB, roughly 7% ab...
Evion Group Options Lapse, Trimming Potential Equity Dilution
Sep 28, 2026
Evion Group NL has notified the market that a large tranche of listed options has lapsed, as detailed in an Appendix 3H lodged with the ASX. The update confirms that 60,231,722 EVGAT options, exercisable at $0.03 and due to expire on 27 September ...
Evion Joins Key U.S. Defense Consortium to Advance Fluorspar and Graphite Supply
Sep 15, 2026
Evion Group NL has been admitted to the United States Defense Industrial Base Consortium, giving the Australian miner direct access to a key U.S. Department of Defense contracting channel outside traditional procurement rules. The move complements...
EVION Group Director David Round Increases Indirect Shareholding
Sep 14, 2026
EVION Group NL has reported a change in the indirect securities holdings of director David Round through Averio Investments Pty Ltd as trustee of the DEJA Round Super Fund. The director’s relevant interest increased by a total of 1,000,000 o...
Evion Group Issues 1.75m Unquoted Performance Rights Under Incentive Plan
Sep 11, 2026
EVION GROUP NL has notified the market of a new issue of unquoted equity securities in the form of performance rights, which will expire on June 30, 2027. The securities, carrying the ASX code EVGAB, are part of the company’s ongoing employe...
Evion Group Plans Multi‑Million Option Issue on ASX
Sep 11, 2026
Evion Group NL has notified the ASX of a proposed issue of new options as part of a placement or other type of security issue. The options will be exercisable at A$0.03 each, with a six‑month term from their issue date, and will be created a...
Evion Group Offers New Options to Existing EVGAT Holders
Sep 11, 2026
Evion Group NL has announced it will offer a new series of unquoted options to holders of its existing EVGAT options as those securities approach their September 2026 expiry. Eligible investors recorded at 5pm WST on 27 September 2026 will receive...
Evion Moves to Cancel Unpaid Placement Shares and Options
Sep 11, 2026
Evion Group NL has moved to unwind part of a recent capital raising after certain participants in an upsized second tranche failed to settle their commitments. The original placement raised about A$6.5 million and saw shares and attaching options ...
Evion Uncovers New High-Potential Fluorspar Target at Nevada Carp Project
Sep 8, 2026
Evion Group has identified a new, untested fluorspar target at its Carp project in Nevada, mapping a 200m by 200m zone of barite-fluorite pathfinder alteration and hydrothermal brecciation around 300m southwest of the historically highest-producin...
Evion Secures First Binding Offtake Deal for Maniry Graphite Project
Aug 24, 2026
Evion Group has signed its first binding supply agreement for natural flake graphite concentrate from the Maniry Graphite Project with an established German purchaser. The terms sheet covers a minimum of about 10,000 tonnes per year over five year...
Evion Group Halts Trading Ahead of Material Maniry Graphite Agreement
Aug 24, 2026
Evion Group NL, formerly known as BlackEarth Minerals NL, is an ASX-listed resources company focused on graphite development, with its key asset being the Maniry Graphite project in Madagascar. The company operates in the battery and industrial mi...
EVION Director Consolidates Option Holdings Under Super Fund Structure
Aug 21, 2026
EVION Group NL has reported a change in the way director Malcolm Randall holds his securities, without altering his overall beneficial interest in the company. Randall has transferred his 10 million unlisted options, previously held directly, into...
Evion Group Builds Vertically Integrated Critical Minerals Platform
Aug 20, 2026
Evion Group NL outlines a portfolio of strategic graphite and fluorspar assets designed to underpin a vertically integrated critical minerals business. Its core Maniry graphite project in Madagascar, supported by JORC-compliant resource and reserv...
Evion schedules investor webinar to showcase critical minerals transformation
Aug 17, 2026
Evion Group NL will host a live investor and shareholder webinar on 20 August 2026, led by managing director David Round. The session will present the company’s latest corporate update and outline its transformation over the past six months ...
Evion to Release 2.1 Million Shares From Voluntary Escrow
Aug 17, 2026
Evion Group NL has notified the market that 2,088,608 fully paid ordinary shares will be released from voluntary escrow on 24 August 2026, in accordance with ASX Listing Rule 3.10.A. The end of this escrow period will increase the number of free-t...
Evion Group Reveals Concentrated Ownership in Listed Options Register
Aug 13, 2026
Evion Group NL has released an updated top holders report for its EVGOA listed options and EVGOAESC escrowed options, detailing the distribution of holdings among major shareholders as of 13 August 2026. The report shows that the top 20 option hol...
Evion Sees U.S. AGOA Extension Bolstering Strategic Value of Madagascar Graphite Project
Aug 13, 2026
Evion Group is advancing its Maniry Graphite Project in Madagascar to supply graphite concentrate and downstream products such as expandable graphite and battery anode material, aiming to serve markets aligned with U.S. trade and security policy. ...
Evion Group Clears Regulatory Path for On-Sale of 57 Million New Shares
Aug 12, 2026
Evion Group NL has issued 57,119,849 new shares on 11 August 2026 under an approved shareholder resolution, and has lodged a notice under section 708A(5)(e) of the Corporations Act to clarify the regulatory status of these securities. The move is ...
EVION Group Seeks ASX Quotation for New Shares and Options
Aug 12, 2026
EVION GROUP NL has applied for quotation on the ASX of 57,119,849 ordinary fully paid shares and 291,933,334 options expiring in August 2029, all issued on 11 August 2026. The move formalises the listing of these securities previously flagged to t...
Evion Group reveals tightly held options register with top 20 controlling 78%
Aug 12, 2026
Evion Group NL has disclosed the top 20 holders of its EVGOA listed options, exercisable at $0.05 and expiring in August 2029, showing a highly concentrated register where the leading investors each control between roughly 1% and 10% of the class....
EVION updates market on director Malcolm Randall’s expanded equity holdings
Aug 11, 2026
EVION Group NL has updated the market on changes to director Malcolm Randall’s interests in the company’s securities, detailing new holdings of ordinary shares and both listed and unlisted options. The adjustments reflect an issue of s...
Evion Group Updates Timeline and Terms for New Listed Options Issue
Aug 6, 2026
Evion Group NL has updated its proposed securities issuance, confirming that shareholders have approved both placement options and lead manager options, clearing a key procedural step for the capital raising. The company remains focused on using l...
Evion Group Launches Prospectus for 293 Million New Options
Aug 6, 2026
Evion Group NL has released an option prospectus detailing the offer of up to 293.1 million new options, including free-attaching options for placement participants, options to the lead manager, and options for marketing services. The document emp...
Evion Group Issues 2.4 Million Unquoted Performance Rights Under Incentive Scheme
Aug 5, 2026
Evion Group NL has notified the market of the issue of 2,425,000 unquoted performance rights under its employee incentive scheme, with these rights expiring on 30 June 2027. The securities, which are not intended to be quoted on the ASX, reflect t...
Evion Group Expands ASX-Quoted Share Base With 18 Million New Securities
Aug 4, 2026
EVION GROUP NL has applied for quotation on the ASX of 18,000,000 new ordinary fully paid shares, expanding its listed securities base under the code EVG. The issuance forms part of previously announced transactions, indicating continued capital m...
Evion Group Seeks ASX Quotation for Nearly 40 Million New Shares
Aug 4, 2026
EVION GROUP NL has applied for quotation of 39,876,925 new ordinary fully paid shares on the Australian Securities Exchange, under its existing code EVG. The application, lodged as an Appendix 2A, formalizes the move to have these newly issued sec...
Evion Group NL Clears Compliance Path for On-Sale of 68 Million New Shares
Aug 4, 2026
Evion Group NL has issued 67,960,258 new shares on 4 August 2026 under approvals obtained at a prior shareholder meeting, with tranches allocated under multiple resolutions. The issuance represents a significant capital management step, expanding ...
Evion Group Trims Potential Dilution as 1.7m Performance Rights Lapse
Aug 4, 2026
Evion Group NL has notified the market of the cessation of 1,700,000 performance rights, expiring 22 November 2027, following the lapse of conditional rights that could not be satisfied. The adjustment to its issued capital underscores a tightenin...
Evion Group Issues 20 Million Incentive Options to Bolster Management Alignment
Aug 4, 2026
EVION GROUP NL has notified the market of the issuance of two new classes of unquoted equity securities, comprising Class A and Class B incentive options. These options form part of the company’s remuneration and incentive framework and are ...
Evion boosts critical minerals portfolio with Nevada fluorspar deal and landmark Madagascar permits
Jul 31, 2026
Evion Group advanced its CARP Fluorspar Project in Nevada during the June quarter, securing an exclusive option to acquire the historically producing asset and expanding the footprint from 14 to 59 unpatented lode claims. The larger 493-hectare la...
Evion hires Nevada specialists to advance high-grade Carp fluorspar project
Jul 26, 2026
Evion Group NL has engaged Nevada-based Rangefront Mining Services to carry out reconnaissance geological mapping and surface rock chip sampling at its Carp Fluorspar Project in Lincoln County. The work will concentrate on a newly identified north...
Evion Details Madagascar Levy Requirements for Maniry Graphite Permits
Jul 22, 2026
Evion Group NL has clarified that, as part of securing mining permits for its Maniry Graphite Project in Madagascar, it must pay a government levy equal to 3% of the project’s initial capital expenditure under the country’s new 2023 mi...
Evion Wins Key Mining Permits for EU-Backed Maniry Graphite Project
Jul 21, 2026
Evion Group NL has secured mining permits for its Maniry Graphite Project in Madagascar, completing the conversion of remaining exploration permits and locking in long-term tenure over all key project areas defined in its definitive feasibility st...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.