Home » Sovereign Metals (SVML) » Sovereign Metals #SVML – March 2022 Quarterly Report

Sovereign Metals #SVML – March 2022 Quarterly Report


MRE upgrade confirmed Kasiya as the largest rutile deposit ever discovered

  • 1.8 Billion tonnes @ 1.01% rutile and 1.32% graphite (Indicated + Inferred) equating to 18 million tonnes contained rutile and 23 million tonnes contained graphite
  • The updated Mineral Resource Estimate (MRE) confirmed Kasiya as the world’s largest rutile deposit and one of the largest flake graphite deposits globally
  • High global resource grade @ 1.64% RutEq.* (recovered rutile + recovered graphite)
  • 662 Mt (37%) of the total MRE reports to the Indicated category with remainder in Inferred category

Updated Scoping Study underway

  • Updated Scoping Study to build on initial study reflecting the substantial MRE scale increase and to examine the impact of higher grades, increased production volumes and increased mine-life
  • Industry defining independent LCA studies shows Sovereign’s ability to reduce the carbon footprint
  • Scope 1, 2 and 3 benchmark Life Cycle Assessment (LCA) studies for natural rutile and graphite produced from Kasiya have the potential for a substantially reduced carbon footprint compared to other titanium feedstocks and flake graphite products in the market, with results including:
    • Each tonne of natural rutile produced at Kasiya is expected to have a Global Warming Potential (GWP) of only 0.1 tonnes CO2 eq., which equates to a 95% to 97% reduction in total greenhouse gas emissions (20 to 33 times less) compared to production of titania slag and synthetic rutile respectively – both of which are alternative titanium pigment feedstocks produced by upgrading ilmenite via energy and carbon intensive processes
    • Each tonne of graphite produced from Kasiya is expected to have a GWP of only 0.2 tonnes CO2e which represents ~80% lower greenhouse gas emissions compared to natural graphite produced in China

Offtake MoU for premium priced rutile sales to the welding sector

  • MoU (non-binding) signed for supply of 25,000 tonnes of natural rutile per annum to Hascor, a market leading global processor and distributor of rutile products for the welding industry
  • Hascor to provide Sovereign with strategic advice on marketing and product development
  • Pricing of rutile for welding generally attracts significant premiums to bulk rutile prices in the titanium pigment sector

Former Rio Tinto executive joins Sovereign board

  • Leading international mining executive, Mr Nigel Jones, appointed as Non-Executive Director of Sovereign Metals and Chairman of the ESG Committee
  • Mr Jones has over 30 years of mining industry experience with 22 years in a number of senior roles at Rio Tinto Group including most recently as Managing Director of Rio Tinto’s Simandou iron ore project, one of the world’s largest proposed mining developments

Joined UK’s Critical Minerals Association 

  • During the quarter, Sovereign became a member of the UK’s Critical Minerals Association which works to increase the self-sufficiency of supply chains for the UK’s industrial strategy
  • Presentation at UK Houses of Parliament on the potential for Sovereign to become an important supplier of low carbon footprint natural graphite

Rutile market remains strong and robust

  • Demand for high-grade titanium dioxide feedstocks continued to remain strong, and along with supply shortages has led to continued rutile price appreciation, with major producer Iluka Resource commenting that the current rutile spot price is at ten year highs.



Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

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

Sapan Ghai (London)
+44 207 478 3900



Nominated Adviser on AIM

RFC Ambrian

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

Joint Brokers


+44 20 3207 7800

Matthew Armitt

Jennifer Lee

Varun Talwar

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

Mariela Jaho

Christian Dennis

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