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Alan Green covers Kavango Resources #KAV, ONDO Insurtech #ONDO & Brave Bison #BBSN – The Mission Group #TMG on this week’s Stockbox Research Talks

Alan Green covers Kavango Resources #KAV, ONDO Insurtech #ONDO & Brave Bison #BBSN – The Mission Group #TMG on this week’s Stockbox Research Talks

#SVML Sovereign Metals LTD – Downstream Testwork Shows High Quality Graphite

DOWNSTREAM TESTWORK DEMONSTRATES HIGH QUALITY GRAPHITE FOR LITHIUM-ION BATTERIES

·       Spherical Purified Graphite (SPG) with world-leading specifications successfully produced from Kasiya

·    Kasiya’s spherical graphite purification demonstrated exceptionally low levels of residual impurities achieving a 99.99% loss-on-ignition (LOI)

·     Kasiya SPG demonstrated all required parameters within industry standards with spheronisation yields of up to 68% with further scope to optimise in future testwork

·     Testwork was undertaken as part of the Company’s graphite strategy to qualify and commercialise graphite concentrate for use in the lithium-ion battery sector

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the results of downstream testwork conducted at leading, independent consultancy ProGraphite GmbH (ProGraphite) in Germany.

Sovereign provided Kasiya graphite concentrate to ProGraphite to produce and characterise coated spherical purified graphite (CSPG) active anode material for lithium-ion batteries. The overall program includes shaping and purification to produce SPG, coating of the material to produce CSPG and evaluation of the electrochemical performance of Kasiya CSPG in a battery. The initial steps of shaping and purification to produce SPG have now been completed with the results showing Kasiya SPG has world-leading specifications.

This SPG material is now undergoing coating and electrochemical testing to characterise CSPG active anode material for lithium-ion batteries.

Table 1: Spherical Graphite Purification Results

 

SVM Spherical graphite

<180 µm concentrate

SVM Spherical graphite

>180 µm concentrate

Chinese
Standard 1

LOI Purity (%)

99.99%

99.99%

>99.95%

Fe

4.4 ppm

3.3 ppm

<30 ppm

Na

<1.0 ppm

<1.1 ppm

<10 ppm

Cr

1.1 ppm

0.4 ppm

<10 ppm

Cu

0.7 ppm

0.2 ppm

<10 ppm

Ni

<0.3 ppm

<0.4 ppm

<10 ppm

Al

6.6 ppm

8.8 ppm

<10 ppm

Mo

<0.3 ppm

<0.3 ppm

<10 ppm

Si

7 ppm

10 ppm

<30 ppm

Ca

4.3 ppm

8.4 ppm

<10 ppm

1.     National Standard of China – Spherical Graphite (GB/T 38887-2020)

The micronisation and spheronisation of Kasiya graphite concentrates achieved excellent yields to spherical graphite for the coarse concentrate and typical yields to spherical graphite for the fines concentrate, with room for further optimisation. The spherical graphite from the fine graphite concentrate in particular exhibited a narrow particle size distribution (D90/D10) ratio and both spherical graphite have reasonable Tap Density and typical BET for uncoated graphite. Coating of the graphite is expected to improve (increase) the tap density and improve (lower) the BET specific surface area. 

Table 2: Concentrate Shaping into Spherical Graphite Results

Kasiya Concentrate
(<180 µm)

Kasiya Concentrate
(>180 µm)

D50 (microns)

16.53

17.74

D90/D10 Ratio

2.29

2.96

Yield to Spherical Graphite

40%

68%

Tap Density (g/cm3)

0.93

0.93

BET Specific Surface Area (m2/g)

7.73

6.72

The spherical graphite products were purified with commercially proven acids purification and achieved excellent results with an exceptionally high LOI purity of 99.99%. Assays on key trace elements (Fe, Na, Cr, Cu, Al, Mo) show very low levels.

Further, the low Si and Ca results highlight that high quality Kasiya graphite is well-suited to single stage acids purification. Aggressive dosing in acids purification can result in elevated Ca levels due to precipitation of CaF2, necessitating multiple stages of purification to reduce both Si and Ca impurities. These initial purification results indicate that a single purification stage is sufficient for Kasiya graphite concentrate.

The SPG samples will undergo coating and electrochemical tests to provide baseline data for offtake discussions. The results of these tests are expected in the coming weeks.

Managing Director Frank Eagar commented: “These results clearly demonstrate that Kasiya has the potential to disrupt the China dominated graphite supply chain as a long term, secure source of high quality graphite ex-China. We believe Kasiya graphite will have industry low operating costs and is also one of the largest graphite resources globally holding a significant advantage over its graphite peers. We are very pleased to achieve these outstanding results at this stage of the program and will continue fast tracking our graphite product development and qualification campaign.”

Classification 2.2: This announcement includes Inside Information

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

 

 

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 report that relates to Metallurgical Testwork is based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ghag consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Alan Green covers Electric Guitar #ELEG, Thor Energy #THOR & Golden Metal Resources #GMET on this week’s Stockbox Research Talks

Alan Green covers Electric Guitar #ELEG, Thor Energy #THOR & Golden Metal Resources #GMET on this week’s Stockbox Research Talks

#SVML Sovereign Metals Ltd – Testwork Delivers Superior Quality Graphite

  Graphite circuit feed prepared at Sovereign’s existing Lilongwe laboratory facility has produced high quality concentrates in benchtop and pilot-scale flotation and cleaning

·    Four independent laboratories all successfully produced high-grade graphite concentrate averaging over 97% Total Graphite Content (TGC) with flotation recoveries exceeding 90%

·   Flotation results demonstrated 1.44% TGC run-of-mine Kasiya ore upgrades to more than 55% TGC rougher concentrate without crushing or milling, process steps typically required for producing graphite concentrates from hard-rock deposits; contributing to the unique low cost characteristics of Kasiya’s saprolite hosted graphite

·   Graphite concentrates indicate exceptionally low levels of sulphur compared to typical hard-rock graphite peers – a key metric to qualify as active anode material for lithium-ion batteries

·   Results are part of ongoing testwork being undertaken as part of the Company’s graphite marketing and active anode qualification strategy, supervised by Dr Surinder Ghag

·  Downstream testwork to produce and characterise Coated Spherical Purified Graphite (CSPG) active anode material continues at German graphite consultancy ProGraphite GmbH

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the results of graphite testwork completed at multiple independent laboratories in Australia, Canada and South Africa.

Graphite flotation and cleaning testwork was conducted on graphite circuit feed from Sovereign’s Kasiya Rutile-Graphite Project (Kasiya or Project) at four different laboratories, which all successfully produced high-grade graphite concentrate (94.9%-97.8% TGC) at high flotation recoveries (91.2%-97.2%).

The testwork demonstrated excellent results using a conventional flowsheet that was consistent across all laboratories, thus confirming Sovereign’s ability to produce a high quality graphite concentrate.  

Managing Director Frank Eagar commented: “Our ability to upgrade Kasiya ore at 1.4% graphite to a 55% rougher concentrate without any crushing or milling, highlights more of the unique qualities of Kasiya. There are very limited other graphite projects with these characteristics. The pilot-scale results also confirm that Kasiya produces high-grade concentrates with very low sulphur levels at high recoveries. Simply put, Kasiya will be a standout producer of high-quality graphite concentrate at industry low operating costs.”

Classification 2.2: This announcement includes Inside Information

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

 

 

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

The graphite circuit feed provided to the various laboratories was produced at the Company’s existing laboratory facility in Lilongwe, Malawi, where it was screened and separated over a wet shaking table.

Figure 1: Holman Wilfley 2000 wet shaking table in action demonstrating clear separation between Rutile HM, waste and Graphite

The graphite feed grades of 3.5%-4.0% TGC to the graphite circuit are significantly higher than the Mineral Resource Grade of 1.44%, highlighting the ~2.4-2.8-fold upgrading of graphite grades when ROM ore passes through the front-end rutile gravity separation circuit.

This demonstrates the ease of separating the rutile heavy mineral and graphite streams from the front end of the Kasiya Pre-feasibility Study process flowsheet. Subsequently, the two product streams pass into distinct, industry-standard, final product flowsheets. This further highlights the commercial benefits of having both rutile and graphite mineralisation co-existent in the same soft saprolite-hosted orebody.

The first stage of upgrading the graphite feed, rougher flotation, achieved very high rejection (>90%) of waste materials to rougher tails, producing a rougher concentrate with more than 55% TGC and very high recoveries (94%-98%) in laboratory scale testing consistently across all four laboratories. Upgrading the graphite feed at very high recoveries and rejection of non-graphitic minerals without run-of-mine milling is another of Kasiya’s significant advantages, supporting the lowest cost graphite production.

The rougher concentrate was further upgraded through laboratory scale flotation, cleaning and polishing stages, producing high-grade concentrates at high graphite circuit recoveries.

A diagram of a graphite circuit Description automatically generated

Figure 2: High-level process flowsheet for rutile and graphite production at Kasiya

Pilot-scale testwork confirmed the laboratory-scale results with >90% TGC recovery to high-grade graphite concentrates (<180-micron concentrate at 96.9% TGC and >180-micron concentrate at 97.2% TGC).

A machine with yellow valves Description automatically generated with medium confidence

Figure 3: Graphite flotation test work at Australia-based ALS Global

HIGHLY FAVOURABLE IMPURITY PROFILE

Kasiya concentrates have very low levels of sulphur. Sulphur can be difficult to remove in the purification processes required to produce anode materials. Other major impurities important for anode material purification processes are iron (Fe), silicon (Si) and aluminium (Al). The Kasiya material has exceptionally low levels of all of these impurities. Benchmarked against the Chinese Standard (China dominates the supply of graphite for battery anodes) this could potentially lead to significant commercial advantages during purification and Kasiya’s potential as a long term secure source of graphite ex-China.  

 

Kasiya

Benchmarks

 

Concentrate
<180 µm

Concentrate
>180 µm

Combined

China
Standard 1

Example Chinese Product 2

Graphite (TGC%)

96.9%

97.2%

97.0%

>94%

96.0%

Sulphur (S) (%)

<0.02%

<0.02%

<0.02%

<0.5%

0.23%

Iron (Fe) (%)

0.48%

0.46%

0.47%

<1.00%

0.55%

Silicon (Si) (%)

0.60%

0.80%

0.68%

n/d

1.25%

Aluminium (Al) (%)

0.24%

0.28%

0.26%

n/d

0.38%

1.      National Standard of China – Flake Graphite (GB/T 3518-2023)

2.    Asbury Carbons – A Study Comparing the Performance of Natural Flake Graphite from Two Different Geographical Regions (https://asbury.com/media/1170/a-study-comparing-the-performance-of-natural-flake-graphite.pdf)

CONTINUING DOWNSTREAM TEST WORK

Kasiya concentrate has been sent for downstream testwork at respected graphite consultancy ProGraphite to produce and characterise CSPG active anode material for lithium-ion batteries. ProGraphite is conducting shaping, purification, and coating testwork to produce CSPG and evaluate the electrochemical performance of Kasiya CSPG. This will provide baseline data for further optimisation and engagement with off-takers. Initial outcomes of this test work are expected to be released in the coming weeks.

Competent Person Statement

The information in this report that relates to Metallurgical Testwork is based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ghag consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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. 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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Alan Green covers Altona Rare Earths #REE, Coinsilium #COIN & Facilities by ADF #ADF on this week’s Stockbox Research Talks

Alan Green covers Altona Rare Earths #REE, Coinsilium #COIN & Facilities by ADF #ADF on this week’s Stockbox Research Talks

Sovereign Metals #SVML – Quarterly report for the period ended 31 March 2024.

Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to provide its quarterly report for the period ended 31 March 2024.

HIGHLIGHTS

Extension to Rutile Mineralisation at Kasiya

·      Wide-spaced regional reconnaissance drilling, outside the current JORC (2012) Mineral Resource Estimate (MRE) area, identified an 8km extension of mineralisation to the south, which remains open along strike and at depth.

·        Follow-up drilling is now underway focusing on the region to the north of the current Resource footprint, with results expected in the coming weeks.

Representative Bulk Sample Shipped & Project Optimisation

·        During the quarter, the Company composited, despatched and delivered a 30 tonne sample representative of the first probable 10 years of mining from the Kasiya rutile-graphite project (Kasiya or the Project) to a leading engineering consultancy laboratory in South Africa. The ore sample will be used for advanced material handling tests as part of the Project optimisation.

·       Sovereign continues its optimisation test work and technical studies for Kasiya in colaboration with strategic investor, Rio Tinto.

Key Appointments

·        During the quarter, Sovereign appointed 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 environmental and social management and more recently was part of Rio Tinto’s Simandou iron ore project team in Guinea.

·      Highly experienced, Africa-based social specialist consultancy, SocialEssence were appointed to the Company’s owners team to lead social and community development programs in Malawi. SocialEssence has a strong and successful track record of implementing social responsibility programs across southern Africa, including at First Quantum Minerals’ Zambian project.

·     During the quarter, Sovereign also made three senior appointments and promotions across key legal, permitting and technical functions in Malawi, strengthening the Company’s in-country capabilities.

·      Subsequent to the quarter, Sovereign announced the appointment of consultant Dr Surinder Ghag to Sovereign’s owner’s team as Chief Technology Officer – Graphite. Dr Ghag will assist Sovereign’s graphite strategy in qualifying the graphite product Kasiya for lithium-ion battery anodes.

Commissioning of Conservation Farming Program in Malawi

·        During the quarter, Sovereign progressed its Conservation Farming Program (Program) in Malawi as part of its sustainability initiatives related to the development of Kasiya.

·       The Program is aimed at improving the livelihoods of local communities through the creation of successful smallholder farmers.

·        Subsequent to the quarter, the Company announced that it is estimated the Program has tripled crop yields  in a season that is predicted have 20% lower yields due to El Niño weather.

Appointment of Stifel as Joint Broker

·       During the quarter, Sovereign appointed Stifel Nicolaus Europe Limited, a subsidiary of Stifel Financial Corp (Stifel), as joint broker to the Company. Stifel is a full-service investment bank, offering securities brokerage, trading, research, underwriting and corporate advisory services.

·       Stifel will work alongside Sovereign’s incumbent brokers, Joh. Berenberg, Gossler & Co KG, and SP Angel Corporate Finance LLP.

·       At the end of the quarter, Sovereign is in a strong financial position with cash at bank of approximately A$36.6 million and no debt.

Classification 2.2: This announcement includes Inside Information

ENQUIRIES

Mr Frank Eagar (South Africa/Malawi)
Managing Director and CEO

+27 76 753 5377

Sam Cordin (Perth)
+61 (0)422 799 087

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

 

 

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

 

Alan Green covers Sovereign Metals #SVML, Acuity Risk Management #ACRM & Karelian Diamond Resources #KDR on this week’s Stockbox Research Talks

Alan Green covers Sovereign Metals #SVML, Acuity Risk Management #ACRM & Karelian Diamond Resources #KDR on this week’s Stockbox Research Talks

Sovereign Metals #SVML – Graphite Expert Appointed to Kasiya Development Team

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of consultant Dr Surinder Ghag to Sovereign’s owner’s team as Chief Technology Officer – Graphite. Dr Ghag will assist Sovereign’s graphite strategy in qualifying the graphite product from its Kasiya Rutile-Graphite Project (Kasiya or Project) for lithium-ion battery anodes.

A highly qualified metallurgist, Dr Ghag brings 25 years of industry experience including developing graphite test work programs, ore-to-anode graphite strategies, anode plant feasibility studies, and project development and commissioning. Recently, Dr Ghag was instrumental in developing an environmentally friendly and commercially viable method for purifying graphite, working alongside the Australian Government scientific research entity CSIRO (Commonwealth Scientific and Industrial Research Organisation). Prior to his work in graphite, Dr Ghag’s work included process engineering at various Australian mineral sands operations.

A major component of graphite sales agreements is customer qualification. As Chief Technology Officer- Graphite, Dr Ghag will be responsible for designing and delivering graphite downstream test work programs to be aligned with graphite product development and qualification as Sovereign continues discussions with battery anode processors, end-users, and potential future offtake partners.

Upon the appointment, Managing Director Frank Eagar commented:

“I am pleased to welcome Dr Ghag as we continue to strengthen our owner’s team in preparation for project execution. Kasiya will deliver the world’s lowest cost, lowest carbon footprint graphite. Dr Ghag joining Sovereign will significantly enhance our graphite metallurgical expertise and understanding of the downstream market to translate Kasiya’s bottom-of-the-cost curve advantage into significant active anode market capture.”

Previously reported initial characterisation test work on Kasiya’s graphite has indicated excellent suitability for use in lithium-ion batteries with high purity and high crystallinity being the key features (see ASX announcement from 8 June 2023: Kasiya Graphite Shows Excellent Suitability For Use in Lithium Ion Batteries,https://www.investi.com.au/api/announcements/svm/fe3830af-843.pdf).

Additional spheronisation and purification testwork is presently underway at a leading German graphite laboratory to validate key parameters at a larger scale with results imminent.   

Furthermore, Sovereign is currently undertaking a graphite bulk sampling program to produce large quantities of flake graphite product for further downstream test work and initial product qualification to support ongoing discussions with battery anode processors, end-users, and potential future offtake partners.

BACKGROUND TO KASIYA’S MARKET-LEADING GRAPHITE POTENTIAL

Kasiya is the world’s largest known rutile (titanium) deposit hosting a JORC-Compliant Mineral Resource Estimate (MRE) of 17.9Mt. It is also one of the largest known flake graphite resources with a MRE of 24.4Mt.

Sovereign’s Prefeasibility Study (PFS) confirmed Kasiya as a potential major critical minerals project with an extremely low CO2footprint delivering significant long-term volumes of natural rutile (the highest-grade, purest, natural titanium feedstock) and graphite (a key component of an electric vehicle battery) while generating significant economic returns. Both titanium and natural graphite are critical to several of the world’s economies as well as crucial to decarbonisation solutions required to meet “Net-Zero” and other targets set by policymakers.

The PFS confirmed Kasiya’s potential to be the world’s largest natural graphite producer at 244kt per annum of graphite concentrate. On an incremental cost basis, Kasiya would also be the world’s lowest-cost graphite producer at US$182 per tonne (FOB Nacala).

In June 2023, downstream test work on Kasiya’s graphite demonstrated it to have superior qualities, showing excellent suitability for use in lithium-ion batteries. In July 2023, Rio Tinto invested A$40.4 million in Sovereign resulting in an initial 15% shareholding. Under the Investment Agreement, Sovereign and Rio Tinto will work together to qualify Kasiya’s graphite product with a particular focus on supplying the spherical purified graphite segment of the lithium-ion battery anode market.

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

 

 

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

Sovereign Metals #SVML – Representative bulk sample shipped

Sovereign Metals Limited (ASX: SVM; AIM: SVML) (the Company or Sovereign) is pleased to announce that our spiral drilling program has extracted, despatched and delivered 30 tonnes of ore from the Kasiya Rutile- Graphite Project (Kasiya or Project) in Malawi to Paterson & Cooke (P&C). P&C, based in Cape Town, South Africa, is a leading engineering consultant in the mining sector.

Highlights:

  • First 30 tonnes of ore from Kasiya delivered to engineering consultant laboratory in South Africa
  • Ore sample to be used for advanced material handling tests as part of PFS optimisation
  • Testwork program designed and approved in collaboration with strategic investor Rio Tinto

The material is representative of ore expected to be mined in the first ten years of production and will be used for advanced bulk laboratory scale test work to optimise technical elements of the previously announced Kasiya Pre-feasibility Study (PFS). These areas include larger-scale pumping, tailings characteristics and dewatering.

Managing Director Frank Eagar commented: “I must commend our geology and logistics teams who, in a very short space of time, successfully extracted and delivered this large representative sample from Kasiya to Paterson & Cooke. This represents a significant step in our ongoing project delivery. Importantly, it also demonstrates the effectiveness of the day-to-day technical involvement of our strategic investor, Rio Tinto, in assisting Sovereign with the Kasiya Project optimisation and bringing this tier one project closer to development.”

As a global leader, P&C has over 30 years of industry experience and expertise in slurry pipeline systems, tailings and mine waste handling, mine backfill, and mineral processing. P&C’s laboratory in Cape Town has a pipe loop facility that will be used to test specific parameters related to the mining, transportation, and handling of Kasiya ore.

The project team, comprising Sovereign and Rio Tinto representatives, designed the test work program, which the Technical Committee then approved. The Technical Committee comprises three Sovereign employees, including Managing Director Frank Eagar, and three Rio Tinto employees, including Rio Tinto’s General Manager for Kasiya. The Technical Committee provides recommendations and advice on technical matters relating to the Project. It was established in line with the Investment Agreement between Sovereign and Rio Tinto following Rio Tinto’s A$40.4 million investment into Sovereign to become a 15% strategic investor.

ENQUIRIES

Frank Eagar (South Africa/Malawi) Managing Director
+61(8) 9322 6322

Forward Looking Statement

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

Sapan Ghai (London) +44 207 478 3900

Sovereign Metals #SVML – Appointment of Stifel as Joint Broker

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of Stifel Nicolaus Europe Limited, a subsidiary of Stifel Financial Corp (Stifel), as joint broker to the Company with immediate effect. Stifel will work alongside Sovereign’s incumbent brokers, Joh. Berenberg, Gossler & Co KG, and SP Angel Corporate Finance LLP.

Stifel is a full-service investment bank, offering securities brokerage, trading, research, underwriting and corporate advisory services.

Stifel has more than 600 investment banking professionals which allows them to deliver the full capabilities of Stifel’s institutional capital markets platform, which are among the most highly regarded in the industry across all major markets in North America and Europe.

In 2023, Stifel was named US Mid-Market Equity House of the Year by International Financing Review (IFR).

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

ABOUT SOVEREIGN

Sovereign is focused on the development of its Kasiya project in Malawi. Kasiya is the largest natural rutile deposit and the second-largest flake graphite deposit in the world. Sovereign aims to develop a low-CO2 and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.

In July 2023, Rio Tinto invested A$40.4 million in Sovereign resulting in an initial 15% shareholding. Under the Investment Agreement, Rio Tinto will provide assistance and advice on technical and marketing aspects of Kasiya.

Results of the PFS released in late 2023, demonstrated Kasiya’s potential to become the world’s largest rutile producer at 222kt per annum and one of the world’s largest natural graphite producers outside of China at 244kt per annum based on an initial 25 year life-of-mine. 

Delivering compelling economics with a post-tax NPV8 of US$1.6 Billion and post-tax IRR of 28%, this long-life, multi-generational operation was modelled to initially generate over US$16 Billion of revenue and provide an average annual EBITDA of US$415 Million per annum. 

Kasiya’s PFS modelling was limited to only 25 years meaning substantial production rate and mine life upside exists, with an initial Probable Ore Reserves declared of 538Mt, only representing 30% of the total Mineral Resource.

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