NEWS RELEASE
I 20 MARCH
2024
REPRESENTATIVE BULK SAMPLE
SHIPPED
· 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
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.
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.
Figure 1: Kasiya 30-tonne
sample received at Paterson & Cooke
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.
Figure 2: Paterson &
Cooke pipe loop facility
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
|
Sam Cordin (Perth)
+61(8) 9322 6322
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Sapan Ghai (London)
+44 207 478 3900
|
Nominated Adviser on AIM and
Joint Broker
|
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SP Angel Corporate Finance
LLP
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+44 20 3470 0470
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Ewan Leggat
Charlie Bouverat
Harry Davies-Ball
|
|
|
|
Joint
Brokers
|
|
Stifel
|
+44 20 7710 7600
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Varun Talwar
|
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Ashton Clanfield
|
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Berenberg
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+44 20 3207 7800
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Matthew Armitt
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Jennifer Lee
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Buchanan
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+ 44 20 7466 5000
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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.