Client NewsSovereign Metals Limited: March 2023 Quarterly Report
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to provide its quarterly report for the period ended 31 March 2023.
Indicated Resource Increased by over 80%
· Kasiya’s Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite with over 66% of tonnes now in the Indicated category.
· Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category.
· The updated MRE will underpin the mining inventory and mine plan for the forthcoming PFS.
Kasiya’s Graphite Global Warming Potential to be Amongst the Lowest in the World
· Independent benchmarking indicates Sovereign’s graphite co-product from Kasiya has the lowest GWP compared with currently known and planned future natural graphite projects.
· Global warming potential (GWP) of producing one tonne of flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of CO2 equivalent emissions (CO2e):
o 3x less polluting than proposed Tanzanian natural graphite production from hard rock sources.
o 6x less polluting than current Chinese natural graphite production which accounts for up to 80% of current global graphite supply.
Kasiya Rutile Project PFS in advanced stages
· Sovereign is in the advanced stages of the Pre-Feasibility Study (PFS) for the Kasiya Rutile Project (Kasiya), a potential industry-leading major source of critical raw materials from Malawi.
· The PFS will build on the Expanded Scoping Study (ESS) which confirmed Kasiya as one of the world’s largest and potentially lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other current and planned producers.
· The PFS is progressing well and is expected to be completed in the coming months.
Sovereign Demerges Standalone Graphite Projects
· Sovereign has demerged its standalone Graphite Projects (Nanzeka, Malingunde, Duwi and Mabuwa Projects) into NGX Limited effective from 27 March 2023.
· The Demerger allows Sovereign and the existing management team to focus on its flagship Kasiya Project while retaining extensive exposure to graphite through the Kasiya co-product.
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