Home » Sovereign Metals (SVML) » #SVML Sovereign Metals – June 2023 Quarterly Report

#SVML Sovereign Metals – June 2023 Quarterly Report

Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to provide its quarterly report for the period ended 30 June 2023.


Rio Tinto invests $40.4m to become a 15% Strategic Investor 

·        Subsequent to the end of the quarter, Rio Tinto made an investment of A$40.4 million in Sovereign resulting in an initial 15% shareholding plus options to increase their position to potentially 19.99% within 12 months

·        Investment proceeds will be used to advance the Kasiya Rutile-Graphite Project (Kasiya) in Malawi

·        Rio Tinto’s investment represents a significant step towards unlocking a major new supply of low-CO2-footprint natural rutile and flake graphite

·        Under the Investment Agreement, Rio Tinto will provide assistance and advice on technical and marketing aspects of Kasiya including with respect to Sovereign’s graphite co-product, with a primary focus on spherical purified graphite for the lithium-ion battery anode market 

Government of Malawi publicly applauds Rio Tinto’s Investment

·        The Government applauded the timely investment by Rio Tinto and marked it as a milestone towards realising the country’s aspirations of growing the mining sector as a priority industry

·        The Government’s public statement confirms its commitment to ensuring the growth of the mining sector through deliberate initiatives aiming at establishing a conducive investment environment in the sector

Kasiya Rutile-Graphite Project PFS targeting completion this Quarter

·        Sovereign is in the advanced stages of the Pre-Feasibility Study (PFS) for Kasiya, a potential industry-leading major source of critical raw materials from Malawi

·        Kasiya aims to be one of the world’s largest and lowest cost producers of natural rutile and natural graphitewith a carbon-footprint substantially lower than other current and planned producers

Downstream Testwork on Kasiya’s Graphite shows Excellent Suitability for us in Lithium-Ion Batteries

·        Downstream testwork on Kasiya’s graphite co-product demonstrated it to have superior qualities showing excellent suitability for use in lithium-ion batteries. Key outcomes include:

o   Near perfect crystallinity – an indicator of battery anode performance

o   Above benchmark >99.95% carbon purity achieved

o   No critical impurities or deleterious elements commonly found in other natural graphite sources

Bulk Sample Operations Commenced

·        Bulk sample program commenced to produce larger volumes of rutile and graphite from Kasiya. Samples to be used for downstream testwork and product qualification for the lithium-ion battery sector


link to the full results and financial statements here




Dylan Browne
Company Secretary

+61(8) 9322 6322


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



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis




Tavistock PR

+44 20 7920 3150

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