REG - Sovereign Metals Ltd - December 2023 Quarterly Report
31/01/2024 07:00
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RNS Number : 4156B Sovereign Metals Limited 31 January 2024
SOVEREIGN METALS LIMITED
NEWS RELEASE I 31 January 2024
DECEMBER 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 December 2023.
HIGHLIGHTS
Project Optimisation
· During the quarter, Sovereign advanced optimisation test work
and technical studies for the Kasiya rutile-graphite project (Kasiya or the
Project) with the Company's strategic investor, Rio Tinto
· Significant field activities and a number of test work
programs have commenced in order to provide data for the Project optimisation
phase
· The Company aims to become the world's largest, lowest cost
and lowest-emissions producer of two critical minerals - titanium (rutile) and
graphite
Key Management Appointments to Drive Project Optimisation and Development at
Kasiya
· Appointment of experienced Africa-based mining executive, Mr
Frank Eagar, as the new Managing Director and CEO
· Previous Managing Director Dr Julian Stephens has
transitioned to Non-Executive Director
· Key technical appointments of experienced African
engineering, social and environmental teams to work on advancing the Kasiya
project
Lithium-Ion battery graphite program upscaled
· Over 60 tonnes of ore was extracted targeting production of
an initial 600kg of natural graphite for lithium-ion battery anode test work
and product qualification
· The upscaled graphite qualification program will support
ongoing Project studies
· Sovereign and Rio Tinto have agreed to collaborate to qualify
graphite from Kasiya, with a particular focus on supplying the spherical
purified graphite (SPG) segment of the lithium-ion battery anode market
· This graphite qualification program coincides with China's
announced curbs on exports of natural graphite, a critical mineral for the US,
EU, Japan and Australia
Highly-experienced social specialist appointed
· Africa-based social specialist consultancy, SocialEssence
were appointed to lead social and community development programs for Sovereign
in Malawi
· SocialEssence joins Sovereign's Owners Team and will design,
implement, and manage several social and community initiatives which will feed
into Project studies and permitting
· SocialEssence has a strong and successful track record of
implementing social responsibility programs across southern Africa, including
at First Quantum Minerals' Zambian project
Classification 2.2: This announcement includes Inside Information
ENQUIRIES
Mr Frank Eagar (South Africa/Malawi) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director and CEO
+61 (0)422 799 087
+44 207 478 3900
+27 76 753 5377
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
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Buchanan + +44 20 7466 5000
KASIYA PROJECT OPTIMISATION
The Pre-Feasibility Study (PFS) confirmed Kasiya as a potential major critical
minerals project with an extremely low CO(2)-footprint delivering substantial
volumes of natural rutile and graphite to global markets while generating
significant economic returns.
At the completion of the PFS, the Company commenced an optimisation study
phase prior to advancing to the Definitive Feasibility Study (DFS). During the
quarter, significant field activities and test work commenced.
The optimisation phase will be conducted in collaboration with the Company's
strategic partner, Rio Tinto, following their investment into the Company in
July 2023.
KEY MANAGEMENT APPOINTMENTS TO DRIVE PROJECT OPTIMISATION
Effective from 20 October 2023, the Company appointed Mr Frank Eagar as
Managing Director and Chief Executive Officer (CEO). Dr Julian Stephens,
transitioned to a Non-Executive Director of Sovereign, remaining as a
consultant assisting and supporting the incoming technical and management
team.
Mr Eagar has over 20 years' experience in the financing, permitting,
development and operation of mining projects with a strong focus in southern
Africa.
Mr Eagar is a Chartered Accountant who has gained extensive corporate,
commercial and technical experience in the mining sector throughout his
career. Mr Eagar has previously held a number of senior executive positions in
the resources sector, more recently with African mining focused private equity
firm AMED Funds, which included acting as Chief Financial Officer (CFO) for
AMED's controlled company, Central Copper Resources PLC (Central Copper).
Prior to Central Copper, Mr Eagar was the CEO (and prior to that the CFO) of
Baobab Steel Limited (Baobab) another AMED controlled company, where he
managed the completion of a DFS and a joint venture with the World Bank's IFC
to procure strategic investors and raise project finance for Baobab's US$1
Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in
Mozambique.
Mr Eagar joined Sovereign in December 2022 as General Manager in Malawi, where
he has already expanded the team with a focus on Malawian nationals, developed
strong relationships with Government and developed a clear understanding of
the Kasiya Project and its development landscape.
Sovereign has also made several key technical appointments as the Company
transitions into project optimisation and development of the Kasiya Project
and is poised to become a significant supplier of natural rutile and graphite.
These key appointments bring a strong track record of successful large-scale
project development and operations management, as well as extensive experience
in southern Africa.
These management changes come at an important time for the Company as it
transitions from the PFS into the next study phases including optimisation,
community and stakeholder engagements and project permitting.
LITHIUM-ION BATTERY GRAPHITE PROGRAM UPSCALED
During the quarter, Sovereign completed the extraction of a 60 tonne bulk
sample of ore from Kasiya to produce an initial 600kg of natural flake
graphite. This sampling program is part of the Company's graphite
qualification, product development and downstream battery anode test work
phase. A major component to graphite sales agreements is customer
qualification with graphite produced from this program to be shared with
prospective end-users in addition to being used for upscaled downstream test
work.
The mechanised drill program used a bespoke 300mm diameter spiral auger to
extract the material from across Kasiya's planned future pits with sampling to
a maximum 20m depth.
Figures 1 & 2: Bulk sample mechanised spiral drilling and sampling at
Kasiya in November 2023
The bulk sample is undergoing pre-processing at the Company's laboratory in
Lilongwe, Malawi. The sample is being processed utilising the newly installed
Kwatani 30-inch single and double-deck vibrating separators for sizing and
de-sliming (Figure 3). The sand fraction is then processed over the new Holman
Wilfley 2000 wet shaking table to produce a graphite pre-concentrate and a
separate heavy mineral concentrate (HMC) containing the rutile (Figure 4). The
graphite pre-concentrate is expected to grade 4-5% C(t).
Figure 3. Installation of the new Kwatani 30-inch single-deck and double-deck
vibrating separators for sizing and de-sliming bulk samples at the Company's
Malawi laboratory and metallurgical facility
Figure 4: Holman-Wilfley 2000 Series shaking table operating at Sovereign's
Lilongwe laboratory in Malawi.
Final processing will then be completed at international commercial
laboratories. The graphite pre-concentrate will undergo traditional flotation
and polishing processes to target >96% C(t) product suitable as a
lithium-ion battery anode feedstock.
Downstream Test work
The initial ~600kg of flake graphite product produced will be used for
downstream test-work and product qualification targeting the battery anode
sector. Previously reported initial characterisation test work on Kasiya's
graphite has indicated excellent suitability for use in lithium-ion batteries
with very high purity and very high crystallinity being the key features
(refer to ASX Announcement dated 8 June 2023).
Downstream test-work and qualification on the flake graphite product will
involve the following stages to be completed at recognised international
battery sector laboratories;
- Purification to >99.95% Ct
- Micronisation
- Spheronisation
- Carbon coating
- Anode production
- Electrochemical characterisation
Raw flake graphite products plus final CSPG (coated spheronised graphite
product) will be provided to potential offtakers for assessment and
pre-qualification. Through Sovereign's long-term experience in graphite, the
Company has built a strong understanding of the graphite market and developed
well-established relationships with offtakers and customers.
Figures 5 & 6: SEM micrograph of Kasiya graphite flotation concentrate
from previous test work
Industry Developments
The upscaled graphite program comes as China implements curbs on exports of
natural graphite under "national security" concerns. Effective 1 December
2023, China requires export permits for some graphite products including
natural graphite and natural graphite products critical to EV production.
China is the world's top graphite producer
(https://www.reuters.com/markets/commodities/china-curbs-graphite-exports-latest-critical-minerals-squeeze-2023-10-20/)
and exporter and also refines more than 90% of the world's graphite into the
material that is used in virtually all EV battery anodes.
China's commerce ministry said the move on graphite was "conducive to ensuring
the security and stability of the global supply chain and industrial chain,
and conducive to better safeguarding national security and interests".
Since the restrictions, total exports of flake graphite
(https://www.fastmarkets.com/newgen/battery-materials/graphite/) dropped by
94% on a monthly basis in December, while exports of spherical graphite
slumped by 92% (China customs data). Exports to major destinations also slowed
notably in December. Flake graphite volumes to Japan fell from 6,138 tonnes in
November to zero in December, while exports to the United States fell from 511
tonnes in November to zero in December (Fastmarkets). It was reported by
Japan News, that, Japan, which depends on China for 90% of its graphite
imports, likely needs to urgently diversify its procurement sources.
Kasiya is one of the world's largest natural flake graphite deposits and has
the potential to become a key source of long term strategic supply to the US,
UK, EU, Japan and South Korea.
HIGHLY-EXPERIENCED SOCIAL SPECIALIST APPOINTED
Subsequent to the quarter, Sovereign appointed SocialEssence (Pty) Ltd
(SocialEssence), an Africa-based specialist social performance consultancy,
who will assist in the continued development of the Company's stakeholder
relations, social performance objectives and its Community and Social
Responsibility (CSR) framework.
Sovereign has engaged SocialEssence to design and execute social performance
activities during the DFS phase. Founder, Mr Garth Lappeman, has over 16 years
of on the ground social performance planning and implementation experience in
accordance with IFC Performance Standards and World Bank Environmental, Health
and Safety Guidelines. SocialEssence has been active in a number of countries
working on projects in Angola, Botswana, Democratic Republic of Congo, Kenya,
Kyrgyzstan, Liberia, Malawi, Mozambique, Namibia, Panama, Uganda, Sierra
Leone, South Africa, Northern Sudan, Tanzania, Uzbekistan, and Zambia.
Most notably, in Zambia, SocialEssence's Director was involved from early
exploration through to steady state production of First Quantum Minerals Ltd's
(First Quantum Minerals) Trident operations, which includes the Sentinel
Copper Mine which is of similar scale to Sovereign's Kasiya project. Mr
Lappeman was responsible for implementing and managing social and community
initiatives for First Quantum Minerals as it established its large-scale
commercial operations
SocialEssence will:
· prepare Kasiya's Social Impact Assessment and Management Plan for
the DFS and permitting;
· design, implement and manage social performance activities
including stakeholder engagement, development of key relationships;
· prove the feasibility of critical social performance measures
(including early local content, and piloting of livelihood restoration
programs, and piloting of rehabilitation activities to restore land for
agricultural use); and
· align with the Company's ESG Framework.
NEXT STEPS
Sovereign is currently conducting an optimisation study prior to advancing to
the DFS. The Company aims to become the world's largest, lowest cost and
lowest-emissions producer of two critical minerals - titanium (rutile) and
graphite. The Company plans to update the market on the progress of the
following in coming months:
· Further appointments to owner's team to build on the Company's
execution capabilities;
· Results of graphite product development, downstream and
qualification test work;
· Regional hand-auger drilling on mineralisation extensions;
· Progress on the optimisation work streams alongside Rio Tinto via
the project Technical Committee; and
· Community and social engagements across Malawi and the Kasiya area.
Competent Person Statement
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 (http://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. 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 (http://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 Announcement.
Ore Reserve for the Kasiya Deposit
Classification Tonnes Rutile Grade Contained Rutile Graphite Grade (TGC) (%) Contained Graphite RutEq. Grade*
(Mt)
(%)
(Mt)
(Mt)
(%)
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 from the Kasiya PFS ** Any minor summation
inconsistencies are due to rounding
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.
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.
APPENDIX 1: RELATED PARTY PAYMENTS
During the quarter ended 31 December 2023, the Company made payments of
$461,000 to related parties and their associates. These payments relate to
existing remuneration arrangements (executive salaries, director fees,
superannuation and bonuses ($273,000)), business development services
($35,000) and provision of serviced office facilities, company secretarial
services and administration services ($153,000).
APPENDIX 2: SUMMARY OF MINING TENEMENTS
As at 31 December 2023, the Company had an interest in the following
tenements:
Licence Holding Entity Interest Type Licence Renewal Date Expiry Term Date(1) Licence Area (km(2)) Status
EL0609 MML 100% Exploration 25/09/2024 25/09/2028 440.5 Granted
EL0582 SSL 100% Exploration 15/09/2023(2) 15/09/2027 285.0 Granted
EL0492 SSL 100% Exploration 29/01/2025 29/01/2025 935.4 Granted
EL0528 SSL 100% Exploration 27/11/2023 27/11/2025 16.2 Granted
EL0545 SSL 100% Exploration 12/05/2024 12/05/2026 53.2 Granted
EL0561 SSL 100% Exploration 15/09/2023(2) 15/09/2027 124.0 Granted
EL0657 SSL 100% Exploration 3/10/2025 3/10/2029 2.3 Granted
Notes:
SSL: Sovereign Services Limited, MML &McCourt Mining Limited
(1) An exploration licence (EL) covering a preliminary period in accordance
with the Malawi Mines and Minerals Act (No 8. Of 2019) (Mines Act) is granted
for a period not exceeding three (3) years. Thereafter two successive periods
of renewal may be granted, but each must not exceed two (2) years. This means
that an EL has a potential life span of seven (7) years. ELs that have come to
the end of their term can be converted by the EL holder into a retention
licence (RL) for a term of up to 5 years subject to meeting certain criteria.
(2) The Company submitted an extension application for EL0582 and EL0561
prior to the renewal date in accordance with the Mines Act .
APPENDIX 3: MINING EXPLORATION EXPENDITURES
During the quarter, the Company made the following payments in relation to
mining exploration activities:
Activity A$'000
Drilling (291)
Assaying and Metallurgical Test-work (162)
Studies, Reserve/Resource Estimation, Programs (986)
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, (984)
Vehicles and Travel
Total as reported in Appendix 5B (2,423)
There were no mining or production activities and expenses incurred during the
quarter ended 31 December 2023.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Sovereign Metals Limited
ABN Quarter ended ("current quarter")
71 120 833 427 31 December 2023
Consolidated statement of cash flows Current quarter Year to date
$A'000
(6 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (2,423) (4,296)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (780) (1,107)
(e) administration and corporate costs (414) (928)
1.3 Dividends received (see note 3) - -
1.4 Interest received 673 745
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8.1 Other - Demerger Costs (41) (67)
1.8 Other - Business Development (325) (595)
1.9 Net cash from / (used in) operating activities (3,310) (6,248)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (243) (243)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - 34
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (243) (209)
3. Cash flows from financing activities - 40,598
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (13) (252)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities (13) 40,346
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 43,021 5,564
4.2 Net cash from / (used in) operating activities (item 1.9 above) (3,310) (6,248)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (243) (209)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (13) 40,346
4.5 Effect of movement in exchange rates on cash held (18) (16)
4.6 Cash and cash equivalents at end of period 39,437 39,437
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 129 189
5.2 Call deposits 39,308 42,832
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 39,437 43,021
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 461
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (3,310)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,310)
8.4 Cash and cash equivalents at quarter end (item 4.6) 39,437
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 39,437
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 12
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8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Not applicable
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: Not applicable
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Not applicable
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 31 January 2024
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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