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#SVML Sovereign Metals – SUSTAINABLE FARMING ON TARGET TO TRIPLE CROP YIELD

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to provide an update on its previously announced Conservation Farming Program (Program) in Malawi.

The Company is actively executing its Environmental, Social, and Governance (ESG) Strategy whilst developing the Kasiya Rutile-Graphite Project (Kasiya or Project). The Program is aimed at improving the livelihoods of local communities through the creation of successful smallholder farmers. Farmers have enthusiastically adopted the Program with 90 participants within the Project area being trained in low-input-cost, high-yield sustainable farming techniques. A further 300 farmers will be added during the 2024 planting season.

The Program has already yielded visibly higher crop growth. Preliminary yield estimates have been undertaken through a cob-count and sizing exercise of all 90 farmers. Yields are conservatively estimated at 3.2 tonnes per hectare, tripling average conventional crop yields. This is despite Malawi’s crop yields expected to be 22.5% lower than average this year due to the El Niño weather phenomenon.

Increases in maize (corn) production will be quantified in the coming months during the harvest season. Farmers participating in the Program expect to begin harvesting in May 2024, and are looking forward to a bumper harvest, despite the much drier than usual year caused by El Niño, causing widespread drought across southern Africa.

The Program ultimately aims to provide a platform where successful smallholder farmers can produce sufficient surplus crops to generate sustainable household income.

Figures 1 & 2 – Left: planted field using traditional techniques & Right: Field farmed under the Program showing substantially more crop growth

 

Sovereign’s Managing Director, Frank Eagar commented, “The incredible improvements in expected maize yields is beyond expectations and is another example of the positive impacts the Kasiya Project will have on our local communities. The 90 farmers in the Program comprise 50% women and 10% vulnerable people. We will maintain this equal opportunity policy as the Program is rolled out across Kasiya. At a time when Malawi and other southern African countries are facing severe drought due to weather conditions, Sovereign takes its social responsibility very seriously and is already delivering tangible benefits for the local community.”

The Program is being implemented by Sovereign’s experienced team on the ground, which previously ran a very successful program for First Quantum Minerals Limited’s Zambian operations, where its conservation farming program has been effectively operating since 2010. Between 2020 and 2022 harvest crops increased by 67% from 6,000 tonnes to 10,000 tonnes of maize, with over 7,000 farmers in the program at the end of 2022.

Conservation farming as a system aims to protect soil from erosion and degradation and increase crop yields. It involves three main principles:

1)   minimum soil disturbance, such as no-till farming,

2)   maintenance of a permanent soil cover, such as cover crops or crop residues and

3)   diversification of plant species, such as crop rotation.

This is a highly important program for Malawi with maize making up two-thirds of national calorie intake, with nine out of ten farming households producing maize, devoting over 70% of their land to growing it. Sovereign has already identified the next season’s farmers, with the Program being scaled up from 90 to 300 farmers in the 2024/2025 agricultural season. This quantity of farmers will prove that the program successfully increases agricultural production in a sustainable manner, during Sovereign’s upcoming Definitive Feasibility Study. Sovereign plans to roll out Conservation Farming as its cornerstone livelihood restoration and improvement project for the Kasiya Project in the medium to long term.

A group of people standing in a field of corn Description automatically generated

Figure 3 – On-site Program leader, Mr Duncan Chinkanda with local farmers and team members showing  Program adopted crops on the left and traditionally farmed land on the right

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Stifel

+44 20 7710 7600

Varun Talwar

 

Ashton Clanfield

 

 

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

#BRES Blencowe Resources – Bulk Sample Processing underway at Pilot Plant Facility in China

Blencowe Resources Plc (LSE: BRES) is pleased to report significant progress on the Definitive Feasibility Study (“DFS”) works for the 100%-owned Orom-Cross graphite project in Uganda including commencement of the 600 tonne bulk sample test work at the Jilin Huiyang New Material Technology Company Ltd (“Jiliin”) facility in China.

 

Highlights:

·      Bulk Sample Processing – commencement of the 600-tonne commercial scale processing at Jilin in China marks a significant step forward for Orom-Cross DFS.

·      Off-take Agreements Progress – senior management and potential offtake partners to meet during April 2024 to advance off-take discussions following strong interest in the large-scale test work, samples delivered to date, and Orom-Cross products across the board.

·      Final Sample Delivery – both 96% concentrate and 99.95% spheronised purified graphite (“SPG”) provided from this latest bulk sample testing are expected to be delivered in Q2 2024 to potential off-taker parties in sufficient quantity for review, leading to product qualification and ultimately contracts.

Following the delivery of the 600 tonne bulk sample materials to China, processing has commenced at the Jilin facility. This same facility previously conducted successful bulk metallurgical test work for Blencowe on the 100-tonne Orom-Cross sample in 2023.

Blencowe plans to utilise this product to generate large volumes of both 96% concentrate and 99.95% uncoated SPG product for final qualification with potential off-take partners.  This process aims to maintain the same consistently high quality as previously delivered via this commercial-scale production process in 2023.

Senior management will visit both China and South Korea over the next few weeks to continue discussions on offtake agreements.  Strong interest has been shown to date and Blencowe is confident that this will continue with the ongoing large-scale test work.

 

 

 

Cameron Pearce, Executive Chairman commented;

“This latest 600 tonne bulk sample testing is a critical part of our DFS. We aim to demonstrate that end products maintain the same high quality and purity in commercial scale processing that have already been achieved in all previous testing to date.  The 100 tonne testing last year confirmed this quality maintains to scale and we are confident we can achieve similar results from this latest 600 tonne testing.  Thereafter we will have sufficient quantity of 99.95% SPG to provide for testing with tier one offtakers for product qualification.”

 

Mr Pearce added “We are making significant progress across all DFS objectives.  Orom-Cross is a world class graphite project with unique characteristics, and its potential is becoming increasingly evident as we deliver each milestone.”

 

 

For further information please contact:

 

 

  Blencowe Resources Plc

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavira.group

 

#FCM First Class Metals PLC – Grant Receipt, Tax Refund & Kerrs Gold Exclusivity

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.

Highlights

  • First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr’s Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard
  • CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
  • Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.

James Knowles Executive Chairman Commented:

“We are pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for our Zigzag project from the OJEP team. Our dedicated geology team (Emerald Geological Services) in Canada demonstrated professionalism and worked diligently to ensure the documentation was completed promptly, aligning with the timelines for payment release by the Canadian Fiscal Year end on March 31, 2023.

Additionally, we are pleased to receive a GST/HST refund of $212,780.03 for the full year 2023. This refund further strengthens our financial position and provides us with confidence to pursue opportunities like the Kerrs Gold Property and the other recent additions to the portfolio. These payments also give us the confidence to start the planned 2024 field work program.

During times of uncertainty and market downturns, such as those we are currently witnessing with junior metal explorer stocks, there is indeed a unique opportunity for strategic investment. First Class Metals recognizes this opportunity and believes in the proactive approach of expanding its portfolio with quality assets available at distressed prices.

Entering into an exclusivity agreement for the Kerrs Gold Property fits this remit. Located in a highly productive gold mining district with numerous active mines, the property’s low-cost entry and substantial NI-43-101 historic reportable resource of 386,467 ounces of gold make it an incredibly exciting prospect, especially with the price of gold continuously reaching new all-time highs.

By capitalising on the market turbulence and acquiring undervalued assets, First Class Metals can fortify its portfolio and position itself for future growth. This approach allows the Company to benefit from potential appreciation in asset value as market conditions stabilise and improve.

Furthermore, First Class Metals understands the importance of divestment in a well-managed portfolio. When the time is right by selectively divesting certain assets,  the Company can generate capital and maximise returns on investment. This disciplined approach to divestment ensures that First Class Metals remains agile and focused on maintaining a strong and balanced portfolio.”

OJEP Grant

FCM announced on the 120 March RNS we had been awarded a $200,000 grant from the OJEP Fund for work completed on the Zigzag property, we are pleased to confirm these funds have now been received. 1polaris.brighterir.com/public/first_class_metals/news/rns/story/ry7ooyr

GST/HST Refund 2023

We have received a GST/HST tax refund for the year ended 2023 for CAD$212,780.03. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) is the Canadian direct equivalent of Value Added Tax (VAT) in the United Kingdom. This refund relates to the entire year of 2023.

Kerrs Gold Exclusivity

FCM has signed a thirty day exclusivity agreement and is currently in the process of finalising commercial terms with a Canadian vendor in respect of an ‘earn in’ to acquire 100% of the Kerrs Gold Property located in the Larder Lake Mining Division of Northeastern Ontario. The property holds a resource estimate of 386,467 Oz Au resource as per an historical NI-43-101 standard.

Ends

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

 

Novum Securities Limited

 

(Financial Adviser)

 

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

 

 

#SVML Sovereign Metals LTD – Follow-Up Drilling Initiated North of Kasiya

FOLLOW-UP DRILLING INITIATED NORTH OF KASIYA RESOURCE AREA

·      Wide-spaced regional follow-up drilling for the Kasiya Project underway focusing on the region to the north of the current resource footprint, with results from the drill program expected in the coming weeks

·      Recently reported reconnaissance drilling to the south identified an 8km extension of mineralisation which remains open along strike and at depth

·      Kasiya is already the largest natural rutile deposit and second-largest flake graphite deposit in the world

·      Kasiya’s current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km2

·      Optimisation program for the Kasiya Project continues in conjunction with our strategic investor, Rio Tinto

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area.

The 70+ hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign’s in-country technical team.

Samples will be initially processed in the Company’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.

SOUTHERN EXTENSION

In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.

All newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.

These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.

A map with a map and a pointer Description automatically generated with medium confidence

Figure 1: Southern mineralised extensions at Kasiya

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Stifel

+44 20 7710 7600

Varun Talwar

 

Ashton Clanfield

 

 

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

 

Competent Person Statement

The information in this announcement that relates to the Exploration Results is extracted from the announcement dated 1 February 2024 entitled ‘Extensions to Rutile & Graphite Mineralisation at Kasiya’. which is available to view at www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.

The information in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.

The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled ‘Kasiya Pre-Feasibility Study Results’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by . Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original announcement.

Ore Reserve for the Kasiya Deposit

 

Classification

Tonnes
(Mt)

Rutile Grade
(%)

Contained Rutile
(Mt)

Graphite Grade (TGC) (%)

Contained Graphite
(Mt)

RutEq. Grade*
(%)

Proved

Probable

 538

1.03%

5.5

1.66%

8.9

2.00%

Total

 538

1.03%

5.5

1.66%

8.9

2.00%

* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding

Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade

Classification

Resource
(Mt)

Rutile Grade
(%)

Contained Rutile
(Mt)

Graphite Grade (TGC) (%)

Contained Graphite
(Mt)

Indicated

 1,200

1.0%

12.2

1.5%

18.0

Inferred

 609

0.9%

5.7

1.1%

6.5

Total

 1,809

1.0%

17.9

1.4%

24.4

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

 

 

#SVML Sovereign Metals LTD – Capabilities Strengthened with Key Appointments

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce three senior appointments and promotions across key legal, permitting, and technical functions in Malawi. The appointments have strengthened the Company’s in-country capabilities as it continues to advance its Kasiya Rutile-Graphite Project (Kasiya).

Mr Maxwell Kazako has been appointed Acting In-Country Manager following the promotion of Frank Eagar to Managing Director. Mr Kazako has a strong background in human resources management, general administration and government relations. He brings over 18 years of experience to the role, having worked across Malawian commerce and industry, including for First Merchant Bank and Malawian Airlines.

Ms Natasha Namisengo has been appointed General Legal Counsel. Ms Namisengo is a qualified lawyer with a Bachelor of Laws (Hons) and is admitted to practice in the Supreme Court of Malawi. She also holds a Master’s in Business Administration (MBA). Ms Namisengo has prior experience acting as legal counsel and in company secretary roles in Malawi.

Mr Pilirani Bangula has been appointed Legal Counsel – Compliance. Mr Bangula is a qualified lawyer with 12 years of experience as a legal practitioner, including five years specifically as in-house legal counsel. Mr Bangula has wide-ranging experience in compliance, project oversight and risk management, contract negotiation, and policy drafting.

A group of people standing together Description automatically generated

Figure 1: (left to right) Mr Maxwell Kazako, Acting In-Country Manager, Ms Natasha Namisengo, General Legal Counsel and Mr Pilirani Bangula, Legal Counsel – Compliance

The Company has also promoted Ms Tupoche Kayange to Laboratory Manager in line with its employee training and development program. Ms Kayange has been instrumental in developing and managing the Company’s laboratory facility in Lilongwe, Malawi. Recently, Ms Kayange led the facility’s expansion and commissioning of new equipment to support bulk sample programs that are currently underway.

A person in a white coat Description automatically generated

Figure 2: Ms Tupoche Kayange, Laboratory Manager at the Company’s facility in Lilongwe, Malawi

Sovereign understands Kasiya’s significant potential to deliver material and long-lasting social and economic benefits for Malawi, including fiscal returns, job creation, skills transfer, and sustainable community development initiatives. Sovereign also recognises the importance of training programs to enhance the capabilities of its employees. The Company has structured training and skills transfer programs, covering on-the-job training for full-time employees and programs for local graduates and interns.

These appointments and promotions align with the Company’s initial targets, ensuring equal opportunity and fairness in employing a diverse workforce and Malawian nationals where possible. Sovereign employs over 80 individuals in Malawi, with at least 30% of the staff being women.

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

 

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

#FCM First Class Metals PLC – Zigzag Drilling Results

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is delighted to announce the results of an inaugural drilling programme on the Company’s Zigzag Property, (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.

HIGHLIGHTS

·      Assay results from the recent drill programme are in line with and exceed the channel sample results.

 

Selected highlights include:

ZIG-23-01    4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%

ZIG-23-02    5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20

ZIG-23-07    6.5m @ 1.09% Li20 including 0.5m @ 2.76%

 

·      Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20) , caesium (Ca) and tantalum (Ta).

 

·      Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.

 

·      Initial geochemical results indicate the probable existence of a second structure.

 

·      An Exploration Permit to allow additional stripping and drilling on the Property is being drafted.

 

 

Marc J Sale Chief Executive Officer Commented- The results from our first drill programme at Zigzag are first class and have not only confirmed our belief in the potential of the ‘core zone’, but have also significantly exceeded our expectations for the Property. The associated critical metals identified have added another dimension to the Property’s potential.  Obviously more work is required specifically along strike and further exploration of the southern structure, hence we are to initiate discussion regarding a new Exploration Permit.

Zigzag is growing as a significant lithium and critical metal play in this rapidly emerging pegmatite district.”

 

A focussed drill programme of under 500m in 10 NQ diamond drillholes was completed in late December and all the geochemical assay results are now available. Nine of the holes were targeted at the pegmatite with two ‘step-back’ holes and a 10th being drilled as a scissor. All targeted holes successfully intersected the pegmatite.

The drilling has vindicated the channel sampling as well as extended the geochemical and geological knowledge of the structure hosting the pegmatite, (see Map 1). The most easterly and westerly holes indicate the structure remains open along strike and importantly the successful step-back holes show the structure continues and remains open at depth.

The Company will now look to initiate the next most appropriate plan of exploration which will be focussed to extend strike and delineate the recently discovered southern structure.

Map 1 showing the drill traces of the 10 holes drilled as well as their locations relative to the previous channel sampling.

 

Significant intersections for the drill programme appear in table 1, see below

Drill Hole

Metal

Depth From

Width

Grade

ZIG-23-01

Li₂O

12.7m

4.3m

1.65%

incl.

1.0m

2.93%

Rb₂O

11.7m

5.3m

0.21%

ZIG-23-02

Li₂O

15.0m

5.0m

1.5%

incl.

0.2m

5.19%

Rb₂O

14.25m

5.75m

0.21%

incl.

0.3m

0.54%

Cs

14.25m

3.25m

132 ppm

incl.

0.25m

430 ppm

Ta

14.0m

6.8m

90 ppm

incl.

0.2m

235 ppm

Ga

15.5m

0.2m

144 ppm

ZIG-23-03

Li₂O

14.7m

0.75m

2.1%

Rb₂O

12.6m

2.1m

0.16%

Cs

12.0m

5.0m

151 ppm

incl.

0.45m

480 ppm

Ta

12.6m

3.9m

164 ppm

incl.

0.45m

624 ppm

Ga

21.9m

0.25m

127 ppm

and

ZIG-23-03

Li₂O

28.4m

1.6m

0.46%

Rb₂O

27.8m

2.2m

0.17%

ZIG-23-04

Li₂O

20.0m

1.6m

0.79%

Rb₂O

20.0m

1.6m

0.21%

Ta

 15.3m

7.8m

165 ppm

 incl.

1.0m

347 ppm

ZIG-23-05

Li₂O

7.6m

6.0m

1.13%

incl.

1.0m

2.17%

Rb₂O

5.7m

3.8m

0.16%

Ta

4.8m

9.9m

167 ppm

incl.

0.4m

401 ppm

ZIG-23-06

Li₂O

28.8m

2.2m

1.09%

incl.

0.3m

2.26%

Rb₂O

28.8m

2.2m

0.19%

ZIG-23-07

Li₂O

9.9m

6.5m

1.09%

incl.

0.5m

2.76%

Rb₂O

10.4m

6.6m

0.21%

incl.

1.0m

0.41%

Cs

13.0m

4.0m

126 ppm

Ta

9.0m

7.4m

131 ppm

incl.

0.6m

177 ppm

ZIG-23-08

Li₂O

65.5m

3.0m

1.28%

Rb₂O

65.5m

3.4m

0.11%

Ga

65.5m

3.0m

98 ppm

incl

1.0m

114 ppm

ZIG-23-09

Li₂O

47.25m

4.75m

0.52%

incl.

0.8m

1.06%

Rb₂O

47.25m

4.75m

0.14%

 

Table 1 assays from the (nine) hole drill programme at Zigzag, every hole had reportable intersections of Li₂O with significant ‘credits’ from the accessory critical elements / metals, specifically rubidium oxide, Rb₂O.

 

Map 2 showing the relative position of the ‘core’ drill area and the soil sample lines as well as the geochemistry indicating the potential for a second subparallel structure to the south.

The combined geochemical data that the initial grab samples (RNS 31 October 2023), the subsequent channel sampling programme (RNS 28 November 2023) and the recent MMI soil survey (RNS 7 February 2024) support the belief that the ‘core 400m zone’ contains a significant structure of >1% Li₂O and is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further suggest that the mineralisation is open in both directions.

Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.

 

Critical Technology Metals @ Zigzag

While the focus of the project remains on the lithium component, the presence of elevated levels of Rb₂O (peak 0.54% over 0.3m within interval of 5.75m @ 0.21% (2100 g/t) in hole ZIG-23-02), Caesium (peak 480 g/t over 0.45m within interval of 5.00m @ 151 g/t in hole ZIG-23-03), Gallium, and Tantalum (peak 624 g/t over 0.45m within interval of 164g/t over 3.9m in hole ZIG-23-03-03) are potentially a significant ‘credit’ to the metallurgy of any resource identified.

These speciality metals have been classified as 1 & 2 ‘Critical Metals’ by the USA and Canadian Governments, highlighting their significance usage in modern technology due to their crucial role in various electronic, semi-conductor, and military hardware. Currently China dominates world production and supply of all these elements.

Despite the limited market for specialty metals, it is noteworthy that Rubidium has recently demonstrated a strong price performance, with trading prices exceeding $3100 per ounce on the Shanghai Metals Market3. Recognizing the potential economic benefits and value-added by these specialty technology metals, First Class intends to conduct further investigations into their possibilities and explore their impact on the overall value of the project.

 

https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

2 https://www.canada.ca/en/campaign/critical-minerals-in-canada/critical-minerals-an-opportunity-for-canada.html

3https://www.metal.com/Other-Minor-Metals/202012250003

 

 

Ends

For further information, please contact:

 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

 

Novum Securities Limited

(Financial Adviser)

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

#SVML Sovereign Metals Ltd – COMMISSIONING OF SUSTAINABLE FARMING INITIATIVE

SOVEREIGN COMMISSIONS SUSTAINABLE FARMING INITIATIVE IN MALAWI

·      Sovereign has initiated a Conservation Farming Program in Malawi as part of its sustainability initiatives related to the development of Kasiya

·      Local farmers will be trained in sustainable farming techniques to increase maize crop yield; protect soil from erosion and degradation; and to improve long term food security

·      According to the World Food Program, up to 5.4 million people in Malawi are subject to food insecurity, with many Malawians dependent on subsistence agriculture

·      Supporting local communities in addressing their social priorities is a core principle of Sovereign’s ESG Strategy as the company advances the development of Kasiya

·      Sovereign’s owner’s team have previously implemented this program at First Quantum Minerals’ Zambian operations where over 7,000 farmers were participating in the program by 2022

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that as part of its Environmental, Social, and Governance (ESG) Strategy in developing its Kasiya Rutile-Graphite Project (Kasiya), it has commissioned a Conservation Farming Program (Program) in Malawi.

A group of people standing in a field Description automatically generated

Figure 1. Sovereign team members conducting conservation farming training

 

 

Malawi’s food security depends on maize (corn); it is the major staple food crop in Malawi with 60% of cropped land devoted to its production. Sovereign has commissioned the initial Program for 90 Malawian maize farmers from within the project area, of which at least 50% are female. The Program is to provide training in low-input-cost, high-yield sustainable farming techniques, with the aim to provide a platform for the farmers to increase yield and productivity therefore helping to reduce malnutrition and poverty.

Conservation farming as a system aims to protect soil from erosion and degradation and increase crop yields. It involves three main principles:

1)   minimum soil disturbance, such as no-till farming,

2)   maintenance of a permanent soil cover, such as cover crops or crop residues and

3)   diversification of plant species, such as crop rotation.

According to the United States Agency for International Development, 80% of Malawi’s population are smallholder farmers with livelihoods based on agriculture and subsistence farming.

This initiative forms part of Sovereign’s ESG Strategy to develop its tier one Kasiya Rutile-Graphite Project while simultaneously restoring and improving the livelihoods of local communities. The Program is being implemented by the Company’s experienced team on the ground, which previously ran a very successful initiative for First Quantum Minerals Limited’s Zambian operations where its conservation farming program has been effectively operating since 2010. Between 2020 and 2022 harvest crops increased by 67% from 6,000 tonnes to 10,000 tonnes of maize, with over 7,000 farmers in the program at the end of 2022.

A group of people standing in a field Description automatically generated

Figure 2. Local communities embracing the conservation farming program



 

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

 

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

#FCM First Class Metals Plc – Share Placing

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, is pleased to announce the completion of a private placing of a total of 3,700,000 ordinary shares of 0.1p each (“Ordinary Shares”) at a price of 4.5p (the “Placing Shares”) with a single existing private investor (“Investor”) raising £166,500 (the “Placing”).

The Placing price of 4.5p represents an 10% premium to the middle market price of Ordinary Shares at the close of business 21 February 2024

Director’s-Stock Lending Agreement

The Company does not presently have sufficient headroom to enable the issue and admission of the Placing Shares which are required to be issued pursuant to the Placing without the production of an FCA approved prospectus. The Company is therefore proposing that the Executive Chairman, James Knowles, transfers to the Company by way of a loan such number of Ordinary Shares held by Mr Knowles as are equal to, in aggregate, to the Placing Shares within the terms of the existing share loan agreement (the “Share Lending Agreement”), to facilitate the placing of the Placing Shares by the Company. This loan involves no consideration being paid or security granted to James Knowles.

The transfer of the Placing Shares to the Investor is expected to be completed on or around 29 February 2024.

The Share Lending Agreement provides for the allotment of an aggregate of 3,700,000 new Ordinary Shares to James Knowles by 30 June 2024 to replace the shares loaned under the terms of the Share Lending Agreement. Application will be made to the LSE and FCA for the admission of the Ordinary Shares to be issued to Mr Knowles at the appropriate time.

No further fees over and above the amount charged by the directors in the announcement of the 24 November 2023 will be paid.

 

Related Party Transaction

James Knowles is a director of the Company. The Share Lending Agreement is considered to be a material related party transaction (the “Related Party Transaction”).

Marc Sale, Marc Bamber and Andrew Williamson, being the independent directors for the purpose of this Related Party Transaction consider that the terms and conditions are fair and reasonable insofar as the shareholders of the Company are concerned.

 

Total Voting Rights

The total number of voting rights in the Company remains unchanged. The figure of 82,045,729 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

 

Ends

For further information, please contact:

 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

 

Novum Securities Limited

(Financial Adviser)

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

 

#VVV VVV Resources Limited – RESULT OF AGM

VVV Resources Limited (AQSE: VVV), quoted on the Aquis Growth Market, is pleased to announce that at the Annual General Meeting (“AGM”) held on 15 February 2024, all resolutions were duly passed.

The Directors of the Company accept responsibility for the contents of this announcement.

For further information please contact:

VVV Resources Limited:

Jim Williams

+44 (0) 7774274836

 

Aquis Growth Market Corporate Adviser:

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

+44 (0) 20 7469 0936

#SVML Sovereign Metals LTD – Appointment of Experienced ESG Officer

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of highly experienced environmental and social specialist Mr Marco Da Cunha, as its new Lead Environmental, Social and Governance (ESG) Officer.

Mr Da Cunha has almost 20 years of experience in the field of environmental and social management, including over a decade preparing Environmental and Social Impact Assessments (ESIAs), and Environmental Management Plans, for mining projects. In addition, Mr Da Cunha has specialist experience in Social Impact Assessments, and Management Plans, for large scale mining, oil & gas, and infrastructure projects, throughout Sub-Saharan Africa.

Recently, Mr Da Cunha was part of Rio Tinto’s Simandou iron ore project team in Guinea. Simandou is the world’s largest undeveloped high-grade iron ore deposit, and its development will be the largest greenfield integrated mine and infrastructure investment in Africa. Mr Da Cunha’s role at Simandou involved functioning as international support to the Simandou Mine Communities and Social Performance Manager in Guinea, and the support and development of the social management strategy.

Kasiya’s ESIA will now advance following the appointment of Mr Da Cunha. Sovereign has previously completed site surveys by specialist environmental and social consultants in August 2021, May 2022, and October 2023. These surveys provide a solid basis from which to advance the ESIA.

Kasiya’s ESIA will be undertaken in compliance with relevant Malawian legislation, regulations, and standards; in particular, the Environmental Management Act (No. 19 of 2017) and Guidelines of Environmental Impact Assessment (DEA, 1997). The project also aims to meet international guidelines and standards, including the IFC Performance Standards on Environmental and Social Sustainability (IFC, 2012), the World Bank Group Environmental, Health and Safety Guidelines (WBG, 2007), and the Equator Principles (Equator Principles Association, 2020).

Upon Mr Da Cunha’s appointment, Managing Director, Frank Eagar commented: Our ambition, with the development of Kasiya, is to set the global standard in Climate Smart Mining by bringing our low carbon footprint rutile and graphite products to market, while realising real-world community and environmental benefits. In order to achieve this, we have attracted the best talent and experience in the ESG field. Marco’s appointment has bolstered our Owners Team’s ESG capability bringing exemplary experience in environmental and social management for large-scale African mine development projects aligning and consolidating on the recent appointment of SocialEssence.”

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

 

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

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