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#SVML Sovereign Metals LTD – Issue of Shares on Conversion of Performance Right
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) advises that it has issued 9,022,500 fully paid ordinary shares (Shares) upon the conversion of 9,022,500 unlisted performance rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone held by certain directors, employees and consultants of the Company pursuant to its shareholder approved Employee Equity Incentive Plan for nil consideration. Change of Director’s Interest Notices are provided below.
An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 22 April 2026.
Total Voting Rights
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 655,961,203 Ordinary Shares in issue with voting rights attached. The figure of 655,961,203 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.
Following the issue of the conversion of unlisted performance rights, the Company has the following securities on issue:
· 655,961,203 fully paid ordinary shares (of no par value);
· 6,190,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026 (expected to lapse unvested); and
· 13,262,500 performance rights subject to the “Construction and Finance Milestone” that have no exercise price and expire 30 June 2028.
Change of Directors’ Interest Notices are provided below.
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Enquiries |
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Dylan Browne Company Secretary +61 8 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Broker |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Link here to view the full announcement
#SVML Sovereign Metals Limited – Change of Director’s Interest Notice x4
LAPSE OF PERFORMANCE RIGHTS
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) advises that 4,992,500 unlisted performance rights that were subject to the “Mining Licence Milestone” lapsed on 31 March 2026 without exercise or conversion.
Following the lapse of these unlisted performance rights, the Company has the following securities on issue:
· 646,938,703 fully paid ordinary shares (of no par value);
· 6,190,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026.
· 9,022,500 unlisted performance rights subject to the “Bankable Definitive Feasibility Study Milestone” expiring on or before 30 June 2026; and
· 13,262,500 performance rights subject to the “Construction and Finance Milestone” that have no exercise price and expire 30 June 2028.
Change of Directors’ Interest Notices in relation to the lapse of unlisted performance rights have been provided below.
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Enquiries |
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Dylan Browne Company Secretary +61 8 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Broker |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
#SVML Sovereign Metals LTD – Issue of Performance Rights
Sovereign Metals Limited advises that 13,635,000 unlisted performance rights have been issued to key staff (non PDMRs) as part of their incentive remuneration as follows:
· 5,422,500 unlisted performance rights subject to the “Bankable Definitive Feasibility Study Milestone” expiring on or before 30 June 2026; and
· 8,212,500 performance rights subject to the “Construction and Finance Milestone” that have no exercise price and expire 30 June 2028.
Following the issue of these unlisted performance rights, the Company has the following securities on issue:
· 646,938,703 fully paid ordinary shares (of no par value);
· 4,992,500 unlisted performance rights subject to the “Grant of Mining Licence Milestone” expiring on or before 31 March 2026 (expected to lapse unvested);
· 6,190,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026 (expected to lapse unvested);
· 5,422,500 unlisted performance rights subject to the “Bankable Definitive Feasibility Study Milestone” expiring on or before 30 June 2026; and
· 8,212,500 performance rights subject to the “Construction and Finance Milestone” that have no exercise price and expire 30 June 2028.
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Enquiries |
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Dylan Browne Company Secretary +61 8 9322 6322 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Broker |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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#BRES Blencowe Resources PLC – Stage 7 Drill Program Completed
Blencowe Resources Plc (“Blencowe” or the “Company”) is pleased to announce the successful completion of its Stage 7 drilling program at the Orom-Cross Graphite Project in Uganda. This campaign, the largest in the project’s history, was a core milestone for the ongoing Definitive Feasibility Study (DFS), both in terms of upgrading and expanding the JORC Resource and fulfilling the requirements for the US$5.0 million Technical Assistance Grant from the US International Development Finance Corporation (DFC).
Highlights:
· 6,750 metres drilled across 239 holes – largest single drilling campaign in Orom-Cross history.
· JORC upgrade underway – data supports conversion of resources from Inferred/Indicated to Measured categories following completion of infill drilling at existing deposits.
· Geotechnical drilling completed – supporting pit wall design and tailings layout for the DFS.
· Exploration success at new ‘Beehive’ deposit – brand new graphite zone confirmed 3 kms apart from the two existing graphite deposits.
· Deep drill holes at both Beehive and Northern Syncline confirm scale – graphite mineralisation continues over 100 metres, 3 times deeper than previous drilling.
· Permanent exploration camp construction – underway.
· Samples at JORC accredited laboratories – first assay results expected imminently.
All rigs from local drilling contractor ADT are now demobilised from site. Final core logging and sampling are underway, with remaining samples from the deep hole drilling now despatched to Kampala for Mines Department inspection prior to being transported to the independent and JORC accredited laboratories in Tanzania to be assayed,
Drilling Program Summary
The Company focussed on four specific phases within the Stage 7 drill program.
Phase 1: Geotechnical (8 holes, 590 metres)
Drilled across Camp Lode and Northern Syncline (East) to gather information on rock strengths and characteristics to support DFS pit design, waste dump wall slopes for stability, and tailings planning.
Phase 2: Infill (39 holes, 1,181 metres)
Targeted both main deposits to upgrade 24.5Mt existing JORC resource into Measured/Indicated categories giving greater confidence in the estimation of both grade and tonnage.
Phase 3: Resource Expansion (186 holes, 5,581 metres)
Drilling new zones at Northern Syncline West (70 holes) and the Beehive deposit (116 holes). Early indications suggest both zones could match or exceed the tonnage of current resources, with the Beehive deposit specifically selected due to higher grade intercepts from drilling and trenching in earlier exploration work.
Resource expansion will deliver additional processing capacity, higher production volumes and a longer mine life, all of which add to the overall Orom-Cross value.
Phase 4: Deep Exploration (6 holes, 721 metres)
Tested mineralisation continuity at 100+ meter depth in both Beehive and Northern Syncline deposits. All holes ended in graphite which highlights the potential for a significantly larger resource.
All previous drilling has been focused on the near surface ‘oxide’ materials within 30 metres of surface which will be more cost-effective to mine but drilling in all of these 6 deep holes has shown the continuation of ore bearing zones through to end of the holes, indicating the ore zones continue at depth as shown in earlier drill programs.
These deep holes support the view of a potentially multi-billion tonne resource, originally proposed by independent geological consultant Minrom. Further step-out drilling could unlock even more value in future phases.
Graphite Quality and Grade
Mineralisation across all 239 holes remains consistent with previous campaigns.
· Higher-grade results are expected from Beehive based on historical evidence.
· Orom-Cross graphite demonstrates exceptional characteristics at 96-97% TGC concentrate, as well as 99.95%-99.99% TGC purified graphite.
· In-situ flake size distribution (~70% large flakes) remains a key competitive advantage.
Current JORC Resource (pre-upgrade)
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Area |
Classification |
Millions tonnes |
% Total Carbon |
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Northern Syncline: |
Measured |
1.0 |
5.70 |
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Indicated |
10.4 |
5.85 |
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Inferred |
10.6 |
5.78 |
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Sub-Total |
21.90 |
5.80 |
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Camp Lode: |
Indicated |
1.9 |
7.40 |
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Inferred |
0.6 |
7.50 |
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Sub-Total |
2.5 |
7.42 |
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TOTALS |
Measured |
1,0 |
5.70 |
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Indicated |
12.3 |
6.09 |
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Inferred |
11.2 |
5.87 |
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TOTAL |
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24.5 |
6.0 |
As part of the finalisation of the Definitive Feasibility Study and the completion of the Stage 7 drilling program Blencowe intends to deliver a revised JORC Standard Mineral Resource within the near term.
Figure 1: Stage 7 drill holes for two separate deposits (Northern Syncline and Beehive)
Executive Chairman Cameron Pearce commented:
“This latest drilling campaign has delivered excellent results against all the objectives. We have always believed in the size, scale and high quality of the Orom-Cross graphite deposit, but this drill program has gone a long way to verifying that we have all these key attributes to establishing a tier one graphite asset.
We achieved all our objectives – gathering essential geotechnical data to complete mine design, infill drilling to substantially upgrade the existing resource, and exploration to extend an existing deposit and thereafter to locate and discover a brand-new deposit. Importantly, the six deeper holes drilled at the end of the program confirmed graphite mineralisation well beyond 100 metres depth – three times deeper than before – with ore zones still open at depth.
“These results continue to strengthen the case for Orom-Cross as a large, long-life and multi-cycle asset with exceptional product quality. Our focus now turns to integrating this into the DFS to demonstrate the full commercial value of the project within the global graphite supply chain.”
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 Securities
Jonathan Evans
Tel: +44 (0)20 3192 1733
jonathan.evans@tavira.group
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
#BRES Blencowe Resources PLC – ESIA Approval
Blencowe Resources (LSE: BRES) is pleased to announce that the National Environmental Management Authority (NEMA) of Uganda has approved its revised Environmental, Social, Impact Assessment (“ESIA”) for the Orom-Cross graphite project.
Following the Company’s enlarged development strategy in 2024, the size and scale of the project has been expanded significantly, with substantial changes enhancing both environmental and social aspects. This required a comprehensive review of the previously approved ESIA to reflect updated production scope and sustainability commitments and formed part of the ongoing broader Definitive Feasibility Study.
The updated ESIA was submitted in October 2024, and its fast-tracking approval highlights the Ugandan Government’s strong support as a strategically important mining project.
Key Enhancements in the Revised ESIA:
· Tripling of planned production rates, increasing Orom-Cross’s commercial potential and returns.
· Adoption of a dry stack tailings disposal method, reducing environmental impact and enabling material reuse in local construction industries.
· Integration of hydropower from the national grid, as a cheap, sustainable energy source, complemented by additional solar installations for enhanced energy security and backup.
· Expanded community initiatives, reinforcing Blencowe’s commitment to long-term social and economic benefits for local stakeholders.
The ESIA revision was conducted in collaboration with Tenvicon a leading Ugandan environmental consultancy and involved extensive community engagement and government consultation to ensure alignment with national sustainability objectives. Integration of hydroelectric power from the Ugandan national grid provides a cost-effective means to provide sustainable energy for the mine site and processing plant, thus allowing Blencowe to deliver green graphite products sought after by end users.
Executive Chairman Cameron Pearce commented:
“We remain fully committed to developing Orom-Cross as one of the world’s leading sustainable graphite projects, with a strong focus on environmental responsibility and community engagement. Achieving near net-zero operations is a priority, and this revised ESIA reflects our proactive approach to integrating renewable energy, innovative waste management solutions, and meaningful social programs into our development plan.”
“This updated ESIA is also highly significant from a financing perspective. Many of our strategic funding and offtake partners prioritise sustainability and ESG excellence, and securing this approval strengthens our position as a preferred supplier of responsibly sourced graphite. The approval also enables us to align our expanded production ambitions with the regulatory framework, ensuring we can scale operations efficiently as we advance the Definitive Feasibility Study (DFS) and move toward production.”
For further information please contact:
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Blencowe Resources Plc |
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Sam Quinn |
Tel: +44 (0)1624 681 250 |
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Investor Relations |
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Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha.sethi@blencoweresourcesplc.com
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Tavira Financial |
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Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
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Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced downstream graphite processing partners to ultimately produce upgraded 99.95% SPG in Uganda. This strategy has several key advantages plus substantial cost savings which will assist deliver a world class project once DFS is completed.
#POW Power Metal Resources PLC – Molopo Farms Complex Project Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 21 September 2022 the Company announced an update regarding the commencement of drilling at priority target area T1-6, as well as the ongoing geophysics programme. The link to this announcement is below:
KEY HIGHLIGHTS
T2-3 Major Drill Target
– Data from ground-based electromagnetic (“EM”) as well as magnetic geophysical surveys covering target areas T1-14, T1-3 and T2-3 has now been compiled and analysed.
– Final results have highlighted a large, significant geophysical conductor at target area T2-3. This conductor remains open in all directions and is strongly coincident with a magnetic body identified here by the ground and airborne magnetic surveys. No drilling has ever been completed over this target area.
– The historical airborne magnetic results at T2-3 have been further analysed and the magnetic body coincident with this newly identified moving loop electromagnetic (“MLEM”) geophysical conductor is shown to extend for approximately 12km in an east-west direction.
– This conductor has been given a high-priority (A+) ranking by the Company, the same priority ranking granted to the conductor at T1-6 (where drilling is ongoing).
– A planned 600m diamond core drillhole, DDH2-3A, has been designed to intersect the T2-3 conductor at approximately 300-350m downhole depth. The Company is planning on drilling this hole following the completion of diamond drillholes DDH1-6B (drilling currently in progress) and DDH1-6C.
Additional Airborne Electromagnetic Conductors
– Power Metal in conjunction with its geophysical contractor, completed an in-depth review of all airborne electromatic (“AEM”) geophysics conductors identified by the previous operator. Five of these AEM conductors (1-2, 1-4, 1-5, 1-10 and 1-11) have been upgraded and are now designated as priority airborne conductors, where follow up work is being considered.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Drilling is successfully underway at the priority target area T1-6 where a very large geophysical conductor was identified from recently completed geophysical surveys, the initial results of which we announced on 16 August 2022. In that announcement I noted that the exploration findings were potentially among the most significant the Company had delivered.
Today’s news potentially has even greater significance with the confirmation of a major conductor at T2-3 which adds another high-priority target to the list for drill testing during the ongoing campaign. Significantly, airborne magnetic survey results over this new conductor suggest that it could be very sizeable.
Our focus is the continuation of drilling at T1-6 which is still in its early stages and where the diamond drill is progressing down to the target zone.
The findings from T1-6 in terms of potential mineralisation are keenly awaited and, given the results of the latest geophysical review, we will be looking to also drill T2-3 at the earliest opportunity.
Further to T1-6 and now T2-3, we have confirmed numerous additional targets for further investigation where there is the potential for multiple additional drill targets to be identified.”
GEOPHYSICAL SURVEY – OVERVIEW
– Spectral Geophysics have completed the 2022 Phase II exploration programme which included three MLEM and three magnetic geophysics surveys over targets T1-14 and T2-3 and T1-3. The MLEM and magnetic survey results will assist the company in refining further drill collar locations for the ongoing 2022 diamond drilling campaign.
– MLEM survey results over T2-3 have highlighted a large flat-lying, slightly concave (downward), strong conductor which remains open in all directions. The magnetic survey over this target also identified a large magnetic body that is spatially coincident with the conductor, which is interpreted to be an indication that the conductor is associated with or found within mafic to ultramafic rocks of the Molopo Farms Complex.
– MLEM results over the T1-14 target have highlighted the presence of a strong conductor located south of the 2021 drillhole (KKME1-14) that targeted this zone. It is estimated that a circa 650m drillhole would be needed to test the top of this conductor. While there are conductive Transvaal carbonaceous mudstones in the area of the survey, the centre of this anomaly is strongly coincident with a magnetic high interpreted to be caused by the ultramafic rocks in the area – suggesting that the magnetic conductor detected by this survey may be located within the ultramafic intrusive rocks. The Company is considering next steps at target area T1-14.
– Further geophysical data analysis and processing inversions are ongoing at T1-3, where a large AEM conductor was originally identified by the previous operators. The results of the completed MLEM and magnetic surveys over this target will be released following the completion of these further analyses.
– The Company also has completed an in-depth review of a previously completed AEM report covering the majority of the Molopo Farms Complex Project. Considering priority areas T1-6 and now T2-3 were originally identified by the airborne EM survey, it was decided that further investigation of the targets identified by this report was warranted. Significantly, five of the strong AEM conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been upgraded and are now classified as priority airborne targets by the Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by the previous operator was determined to not have adequately targeted this conductor. Further work at these targets, which may include MLEM surveys, as well as the possibility of downhole EM at T1-11 is being contemplated and next steps will be outlined by the Company in due course.
FURTHER INFORMATION
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Molopo Farms Complex Project T2-3 Plan Map: A plan map of the priority area T2-3, including the location of the MLEM survey, airborne magnetic results (first vertical derivative) and location of planned drillhole DDH2-3A.
Figure 3 – Priority Target Area T2-3 Cross-Section: A cross section showing the location of the planned drillhole DDH2-3A and the MLEM results (new conductor in blue).
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/molopo-farms-complex-project-major-drill-target-t2-3/
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
REFERENCES
1: Power Metal PLC announcement, Botswana Molopo Farms Complex – Drilling Progress Update, 14 December 2020
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w )
2: Power Metal PLC announcement, Significant Nickel Intersections Confirmed by Drill Sample Assay Results, 8 April 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq7mnw )
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.finance
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |