REG - Sovereign Metals Ltd - Kasiya's Graphite Suitable for Expandable Markets
26/02/2025 07:15
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RNS Number : 4705Y Sovereign Metals Limited 26 February 2025
NEWS RELEASE I 26 FEBRUARY 2025
KASIYA'S GRAPHITE SUITABLE FOR EXPANDABLE/EXPANDED GRAPHITE MARKETS
· Medium to coarse Kasiya graphite concentrate (>150 microns to >300
microns) has met or exceeded the key specifications required for use as
expandable graphite in flame retardants and as expanded graphite in gaskets,
seals and brake linings.
· Demand for natural graphite in the expandable and expanded market is
approaching 100,000 tonnes per year and is growing at 6%-8% CAGR.(1)
· According to Benchmark Mineral Intelligence, 94-95% graphite concentrate
usable in the expandable and expanded markets was priced at US$1,140/t (FOB)
in December 2024.
· Overall test work to date demonstrates that Kasiya graphite is suitable for
use in the three key segments that account for over 94% of the ~1.6Mtpa global
demand for natural flake graphite-battery anodes, refractories and
expanded/expandables.(2)
· Sovereign intends to produce a 96% graphite concentrate at an incremental cost
of US$241/t (FOB) per the recently announced Kasiya Optimised Prefeasibility
results.
· Results will be used for customer engagement and potential offtake
discussions.
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the
Company) is pleased to announce that further test work completed on graphite
from the Company's Kasiya Rutile-Graphite Project (Kasiya or the Project) has
confirmed Kasiya's graphite has the key characteristics required for use in
expandable (fire retardant) and expanded (gaskets, seals, and brake lining)
applications. The comprehensive testwork programs were completed by
ProGraphite GmbH (ProGraphite) and Dorfner Anzaplan (DorfnerA) in Germany. The
tests confirm that Kasiya medium to coarse flake (>150 microns to >300
microns) achieved very high expansion ratios using standard reagents at room
temperature and short durations providing a competitive advantage over other
current and potential sources of graphite supply.
Managing Director and CEO Frank Eagar commented: "Our continuous graphite
downstream application testing has shown that the high-quality Kasiya
concentrate is suitable for the three key natural graphite markets: the
high-growth anode materials for graphite fines; the stable and large
refractory materials market for coarse flake and the growing expandable and
expanded graphite markets for medium to coarse flake.
These results along with our industry-low cost position, offers Kasiya the
potential to become the world's dominant natural graphite supplier, whilst
remaining a primary rutile project."
Testwork Complete and Suitability Confirmed (Dark blue)
Figure 1: Natural graphite market per application (Benchmark Minerals
Intelligence, 2025).
Uses of Expandable and Expanded Graphite
A key use for expandable graphite is as a flame retardant. Growth for
expandable graphite flame retardants, is driven by concerns over halogen-based
flame retardants, which include brominated and chlorinated flame retardants.
Many of these chemicals are now recognized as global contaminants and are
associated with adverse health effects in animals and humans, including
endocrine and thyroid disruption, immunotoxicity, reproductive toxicity, and
cancer (National Institute of Health).
In this application, the natural graphite is pre-treated with acid and an
oxidizer but not expanded via heat treatment. When exposed to a fire, the
expandable graphite swells, forming a protective layer that slows down the
fire. Expandable graphite represents a low-cost, good flame retardancy and low
smoke generation solution, typically as a filler in polyurethane foams. Flame
retardant applications for expandable graphite include the construction
industry, chemicals and textiles.
Expanded graphite is used in gaskets, seals, brake linings, bi-polar plates
for fuel cells, and thermal management in electronic devices, where the
inherent properties of graphite are combined with the flexibility of expanded
graphite.
Expandable and Expanded Application Test Work Results
Flake graphite concentrate generated from Kasiya ore was tested for
expandable/expanded graphite applications at two leading European laboratories
(ProGraphite and DorfnerA).
ProGraphite achieved expansion volumes of 320cm(3)/g and 355cm(3)/g for
>180 microns concentrate and >300 microns concentrate respectively using
standard reagents and conditions, above the typical minimum requirements of
250cm(3)/g and 350cm(3)/g respectively for these size fractions.
Optimisation testing of >150 microns concentrate at DorfnerA achieved a
very high expansion volume of 650cm(3)/g, using standard reagents and short
duration testing at room temperature - Figure 2. The results indicate the
potential to tailor expansion volumes to application requirements and the
ability to achieve high expansion volumes when required.
The results will be used for customer engagement and advancing offtake
discussions for Kasiya's medium to coarse flake.
Figure 2: Scanning Electron Microscopy (SEM) of optimised expanded graphite,
achieving 650cm(3)/g expansion volume.
Enquires
Frank Eagar, Managing Director & CEO
South Africa / Malawi
+ 27 21 140 3190
Sapan Ghai, CCO
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 Malcolm Titley, a Competent Person who is a member
of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Titley
consults to Sovereign Metals Limited and is a holder of ordinary shares and
unlisted performance rights in Sovereign Metals Limited. Mr Titley 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 Titley 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 operating costs and
graphite marketing is extracted from an announcement dated 22 January 2025,
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.
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.
To view this announcement in full, please refer to
https://sovereignmetals.com.au/asx-announcements/
(https://sovereignmetals.com.au/asx-announcements/) .
Sources
(1) Fastmarkets, Lucintel.
(2) U.S. Geological Survey, Benchmark, S&P Global.
Appendix 1: JORC CODE, 2012 EDITION - TABLE 1
SECTION 1 - SAMPLING TECHNIQUES AND DATA
Criteria JORC Code explanation Commentary
Sampling Techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific Metallurgical Composite Sample:
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF The sample was a composite of multiple hand anger drill samples drilled in
instruments, etc). These examples should not be taken as limiting the broad 2022 and 2023. Dilling of these samples was within the Kingfisher pit.
meaning of sampling. Clusters of holes were drilled in eight locations.
Block 15 Site 1 - PT15BLK00143 - PT15BLK00152 (Hole ID: NSPT0017 - refer ASX
Announcement dated 15/03/2022)
Block 15 Site 2 - PT15BLK00125 - PT15BLK00142 (Hole ID: KYAC0149 - refer ASX
Announcement dated 30/01/2023)
Block 15 Site 3 - PT15BLK00103 - PT15BLK00124 (Hole ID: KYAC0142 - refer ASX
Announcement dated 30/01/2023)
Block 15 Site 4 - PT15BLK00075 - PT15BLK00094, PT15BLK00124, PT15BLK00134
(Hole ID: KYAC0025 - refer ASX Announcement dated 8/09/2022)
Block 15 Site 5 - PT15BLK00061 - PT15BLK00074, PT15BLK00099 - PT15BLK00102,
PT15BLK00106 - PT15BLK00108 (Hole ID: KYAC0088 - refer ASX Announcement dated
26/10/2022)
Block 15 Site 6 - PT15BLK00035 - PT15BLK00060, PT15BLK00076 - PT15BLK00077,
PT15BLK00095 - PT15BLK00098, PT15BLK00114 - PT15BLK00117 (Hole ID: KYAC0090 -
refer ASX Announcement dated 26/10/2022)
Block 15 Site 7 - PT15BLK00013 - PT15BLK00014, PT15BLK00022 - PT15BLK00034
(Hole ID: KYAC0091 - refer ASX Announcement dated 26/10/2022)
Block 14 Site 8 - PT15BLK00003 - PT15BLK00012, PT15BLK00015 - PT15BLK00021,
PT15BLK00036 - PT15BLK00039 (Hole ID: KYAC0079 - refer ASX Announcement dated
26/10/2022)
All samples within the pit shell were added to the composite resulting in a
sample of 15,766kg.
Samples were processed separately for the eight locations through Sovereign's
Malawi metallurgical laboratory.
The following workflow was used to generate a pre-concentrate graphite feed:
· Wet screen at 2mm to remove oversize
· Dry screen at 1mm to remove oversize
· Wet screen at 600µm
· Wet screen at 45µm to remove -45µm material
· Pass +45µm -600µm (fine sand) fraction over laboratory wet
shaking table to produce a heavy mineral concentrate, light middling and wet
table tailings which is the graphite concentrate.
· The +45µm -600µm (fine sand) graphite concentrate and
<1000µm >600µm screen fraction were combined to provide flotation
feed. The >1000µm fraction was not included.
· Flotation was performed at Maelgwyn in Johannesburg.
· Fine and coarse gravity tailing samples contain approximately
75%-80% of the graphite present in the feed sample. The majority of the
graphite lost is contained in the -45µm fines.
Include reference to measures taken to ensure sample representivity and the Placer Consulting (Placer) Resource Geologists have reviewed Standard
appropriate calibration of any measurement tools or systems used. Operating Procedures (SOPs) for the collection of HA and PT drill samples and
found them to be fit for purpose.
Drilling and sampling activities are supervised by a suitably qualified
Company geologist who is present at all times. All bulk 1-metre drill samples
are geologically logged by the geologist at the drill site.
The primary metallurgical composite sample is considered representative for
this style of mineralisation.
Aspects of the determination of mineralisation that are Material to the Public HA drilling was used to obtain samples. The bulk metallurgical sample was a
Report. In cases where 'industry standard' work has been done this would be composite of selected samples from routine resource drilling.
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire Existing rutile and graphite exploration results were used to determine the
assay'). In other cases more explanation may be required, such as where there 1-metre intervals suitable to contribute to the two bulk sample composites.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling Techniques Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or 1-metrelong steel rods. Each 1m of drill sample is collected into separate
standard tube, depth of diamond tails, face‐sampling bit or other type, sample bags and set aside. The auger bits and flights are cleaned between
whether core is oriented and if so, by what method, etc). each metre of sampling to avoid contamination.
Placer has reviewed SOPs for hand-auger drilling and found them to be fit for
purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results The configuration of drilling and nature of materials encountered results in
assessed. negligible sample loss or contamination.
Samples are assessed visually for recoveries. Overall, recovery is good.
Drilling is ceased when recoveries become poor generally once the water table
has been encountered.
Auger drilling samples are actively assessed by the geologist onsite for
recoveries and contamination.
Measures taken to maximise sample recovery and ensure representative nature of The Company's trained geologists supervise auger drilling on a 1 team 1
the samples. geologist basis and are responsible for monitoring all aspects of the drilling
and sampling process.
Whether a relationship exists between sample recovery and grade and whether No bias related to preferential loss or gain of different materials has
sample bias may have occurred due to preferential loss/gain of fine/coarse occurred.
material.
Logging Whether core and chip samples have been geologically and geotechnically logged All individual 1-metre auger intervals are geologically logged, recording
to a level of detail to support appropriate Mineral Resource estimation mining relevant
studies and metallurgical studies.
data to a set template using company codes.
Whether logging is qualitative or quantitative in nature. Core (or costean, All logging includes lithological features and estimates of basic mineralogy.
channel, etc.) photography. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged 100% of samples are geologically logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Not applicable - no core drilling conducted.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether Primary individual 1-metre samples from all HA and PT holes drilled are sun
sampled wet or dry. dried, homogenised and riffle split.
For all sample types, the nature, quality and appropriateness of the sample Metallurgical Composite Sample:
preparation technique.
Full length of the Hand Auger Holes were processed in total 15,767kg.
Graphite concentrate sent to Maelgwyn was ~4800kg
Quality control procedures adopted for all sub-sampling stages to maximise The sample preparation techniques and QA/QC protocols are considered
representivity of samples. appropriate for the nature of this test-work.
Measures taken to ensure that the sampling is representative of the in situ The sampling best represents the material in situ.
material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being The sample size is considered appropriate for the nature of the test-work.
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Metallurgical Composite Sample:
procedures used and whether the technique is considered partial or total.
The following workflow was used to generate a graphite product;
o Rougher graphite flotation
o Polishing grind of rougher graphite concentrate
o Primary cleaner flotation milled rougher concentrate
o Attrition milling of primary cleaner concentrate
o Secondary cleaning of attritioned primary cleaner concentrate
o Attrition milling of secondary cleaner concentrate
o Tertiary cleaner flotation of attritioned secondary cleaner
concentrate
o Final concentrate dewatering, drying and sizing
For geophysical tools, spectrometers, handheld XRF instruments, etc., the Acceptable levels of accuracy and precision have been established. No handheld
parameters used in determining the analysis including instrument make and methods are used for quantitative determination.
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, Acceptable levels of accuracy and precision have been established in the
duplicate, external laboratory checks) and whether acceptable levels of preparation of the bulk sample composites.
accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling & assaying The verification of significant intersections by either independent or No drilling intersections are being reported.
alternative company personnel.
The use of twinned holes. No twin holes completed in this program.
Documentation of primary data, data entry procedures, data verification, data All data was collected initially on paper logging sheets and codified to the
storage (physical and electronic) protocols. Company's templates. This data was hand entered to spreadsheets and validated
by Company geologists.
Discuss any adjustment to assay data. No adjustment to assay data has been made.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at
down-hole surveys), trenches, mine workings and other locations used in a registered reference marker ensures equipment remains in calibration.
Mineral Resource estimation.
No downhole surveying is completed. Given the vertical nature and shallow
depths of the holes, drill hole deviation is not considered to significantly
affect the downhole location of samples.
Specification of the grid system used. WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control. DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution Data spacing for reporting of Exploration Results. Metallurgical Composite Sample: The hand-auger holes contributing to this
metallurgical were selected from pit area Kingfisher and broadly represent
early years of mining as contemplated in the OPFS (Approximately the first
three years).
It is deemed that these holes should be broadly representative of the
mineralisation style in the general area.
Whether the data spacing and distribution is sufficient to establish the Not applicable, no Mineral Resource or Ore Reserve estimations are covered by
degree of geological and grade continuity appropriate for the Mineral Resource new data in this report.
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. Metallurgical Composite Sample:
The sample was composited as described under Sampling Techniques in this
Table.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible No bias attributable to orientation of sampling has been identified.
structures and the extent to which this is known considering the deposit type
If the relationship between the drilling orientation and the orientation of All holes were drilled vertically as the nature of the mineralisation is
key mineralised structures is considered to have introduced a sampling bias, horizontal. No bias attributable to orientation of drilling has been
this should be assessed and reported if material. identified.
Sample security The measures taken to ensure sample security Samples are stored in secure storage from the time of drilling, through
gathering, compositing and analysis. The samples are sealed as soon as site
preparation is complete.
A reputable international transport company with shipment tracking enables a
chain of custody to be maintained while the samples move from Malawi to
Johannesburg. Samples are again securely stored once they arrive and are
processed at Maelgwyn.
Graphite concentrate samples were shipped to German laboratories using a
reputable international transport company with shipment tracking to enable a
chain of custody to be maintained while the samples moved from Johannesburg to
Germany. Concentrate samples are securely stored once they arrive and are
processed in Germany.
At each point of the sample workflow the samples are inspected by a company
representative to monitor sample condition. Each laboratory confirms the
integrity of the samples upon receipt.
Audits or reviews The results of any audits or reviews of sampling techniques and data It is considered by the Company that industry best practice methods have been
employed at all stages of the exploration.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in
May 2022. A high standard of operation, procedure and personnel was observed
and reported.
SECTION 2 - REPORTING OF EXPLORATION RESULTS
Criteria Explanation Commentary
Mineral tenement & land tenure status Type, reference name/number, location and ownership including agreements or The Company owns 100% of the following Exploration Licences (ELs) under the
material issues with third parties such as joint ventures, partnerships, Mines and Minerals Act 2019 (Malawi), held in the Company's wholly-owned,
overriding royalties, native title interests, historical sites, wilderness or Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545,
national park and environment settings. EL0561, EL0657 and EL0710.
A 5% royalty is payable to the government upon mining and a 2% of net profit
royalty is payable to the original project vendor.
No significant native vegetation or reserves exist in the area. The region is
intensively cultivated for agricultural crops.
The security of the tenure held at the time of reporting along with any known The tenements are in good standing and no known impediments to exploration or
impediments to obtaining a licence to operate in the area. mining exist.
Exploration done by other parties Acknowledgement and appraisal of exploration by other parties. Sovereign Metals Ltd is a first-mover in the discovery and definition of
residual rutile and graphite deposits in Malawi.
Geology Deposit type, geological setting and style of mineralisation The rutile deposit type is considered a residual placer formed by the intense
weathering of rutile-rich basement paragneisses and variable enrichment by
eluvial processes.
Rutile occurs in a mostly topographically flat area west of Malawi's capital,
known as the Lilongwe Plain, where a deep tropical weathering profile is
preserved. A typical profile from top to base is generally soil ("SOIL" 0-1m)
ferruginous pedolith ("FERP", 1-4m), mottled zone ("MOTT", 4-7m), pallid
saprolite ("PSAP", 7-9m), saprolite ("SAPL", 9-25m), saprock ("SAPR", 25-35m)
and fresh rock ("FRESH" >35m).
The low-grade graphite mineralisation occurs as multiple bands of graphite
gneisses, hosted within a broader Proterozoic paragneiss package. In the
Kasiya areas specifically, the preserved weathering profile hosts significant
vertical thicknesses from near surface of graphite mineralisation.
Drill hole information A summary of all information material to the understanding of the exploration All intercepts relating to the Kasiya Deposit have been included in public
results including a tabulation of the following information for all Material releases during each phase of exploration and in this report. Releases
drill holes: easting and northings of the drill hole collar; elevation or RL included all collar and composite data and these can be viewed on the Company
(Reduced Level-elevation above sea level in metres of the drill hole collar); website.
dip and azimuth of the hole; down hole length and interception depth; and hole
length There are no further drill hole results that are considered material to the
understanding of the exploration results. Identification of the broad zone of
mineralisation is made via multiple intersections of drill holes and to list
them all would not give the reader any further clarification of the
distribution of mineralisation throughout the deposit.
If the exclusion of this information is justified on the basis that the No information has been excluded.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum No data aggregation was required.
and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and No data aggregation was required.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be Not applicable
clearly stated.
Relationship between mineralisation widths & intercept lengths These relationships are particularly important in the reporting of Exploration The mineralisation has been released by weathering of the underlying, layered
Results. gneissic bedrock that broadly trends NE-SW at Kasiya North and N-S at Kasiya
South. It lies in a laterally extensive superficial blanket with high-grade
zones reflecting the broad bedrock strike orientation of ~045° in the North
of Kasiya and 360° in the South of Kasiya.
No drilling intercepts are being reported.
If the geometry of the mineralisation with respect to the drill hole angle is The mineralisation is laterally extensive where the entire weathering profile
known, its nature should be reported. is preserved and not significantly eroded. Minor removal of the mineralised
profile has occurred where alluvial channels cut the surface of the deposit.
These areas are adequately defined by the drilling pattern and topographical
control for the resource estimate.
If it is not known and only the down hole lengths are reported, there should No drilling intercepts are being reported.
be a clear statement to this effect (e.g. 'down hole length, true width not
known'.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts The original exploration results and plan view of the drill holes for the
should be included for any significant discovery being reported. These should samples used in relation to the metallurgical composite test work conducted in
include, but not be limited to a plan view of the drill collar locations and this announcement, are included in Sovereign's announcements dated 15 March
appropriate sectional views. 2022, 8 September 2022, 26 October 2022 and 30 January 2023.
These announcements are accessible on the Company and ASX websites.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, All results are included in this report and in previous releases. These are
representative reporting of both low and high-grades and/or widths should be accessible on the Company's webpage.
practiced to avoid misleading reporting of exploration results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Limited lateritic duricrust has been variably developed at Kasiya, as is
including (but not limited to: geological observations; geophysical survey customary in tropical highland areas subjected to seasonal wet/dry cycles.
results; geochemical survey results; bulk samples - size and method of Lithological logs record drilling refusal in just under 2% of the HA/PT drill
treatment; metallurgical test results; bulk density, groundwater, geotechnical database. No drilling refusal was recorded above the saprock interface by AC
and rock characteristics; potential deleterious or contaminating substances. drilling.
Sample quality (representivity) is established by geostatistical analysis of
comparable sample intervals.
Further work The nature and scale of planned further work (e.g. test for lateral extensions Having recently completed an OPFS, the Company is working towards completing a
or depth extensions or large-scale step-out drilling). definitive feasibility study.
Diagrams clearly highlighting the areas of possible extensions, including the Refer to diagrams and plan views disclosed in previous announcements. These
main geological interpretations and future drilling areas, provided this are accessible on the Company's website as discussed above.
information is not commercially sensitive.
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