REG - Sovereign Metals Ltd - Kasiya's Graphite Suitable for Refractory Use
19/02/2025 07:15
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RNS Number : 6195X Sovereign Metals Limited 19 February 2025
NEWS RELEASE I 19 FEBRUARY 2025
KASIYA'S GRAPHITE SUITABLE FOR REFRACTORY USE
· Kasiya graphite concentrate confirmed to meet or exceed all critical
characteristics required for refractory applications
· Refractories market is the second largest end-user of natural graphite (24%)
after batteries sector (52%)
· Refractories use coarser (larger) flake graphite products, which typically
attract a premium over smaller flake-size products used in the batteries
sector
· In Q4 2024, graphite usable in refractories achieved prices up to US$1,193/t
versus smaller flake graphite used in the batteries sector, which sold for
US$564/t
· Kasiya's incremental cost of graphite production per the recently announced
Optimised Prefeasibility results is US$241/t (FOB)
· Leading German laboratories ProGraphite and Dorfner Anzaplan completed a
comprehensive testwork program of Kasiya's graphite concentrate
· Results will be used for customer engagement and potential offtake discussions
· Previous testwork has already confirmed that Kasiya's graphite can produce
outstanding battery anode material
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the
Company) is pleased to announce that testwork 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 refractory
applications. The comprehensive testwork programs were completed by
ProGraphite GmbH (ProGraphite) and Dorfner Anzaplan (DA) in Germany and
demonstrated that Kasiya graphite concentrate contains very low sulphur levels
and the absence of other impurities of concern, providing a competitive
advantage over other current and potential sources of graphite supply.
Managing Director and CEO Frank Eagar commented: "The refractories market is
the second largest end-user of natural graphite and requires larger, coarser
graphite flakes with specific chemical and physical properties. We know that
almost 70% of Kasiya's graphite meets the size requirements for refractory
applications. Today's results confirm that our graphite product also meets or
exceeds the key chemical and physical properties required to sell into the
refractory market.
Combining these results with the excellent results for anode materials testing
highlights the premium quality of Kasiya graphite concentrate and provides a
very strong foundation for sales and marketing discussions."
Kasiya Graphite Testwork Update
Sovereign has now completed testwork programs to confirm the suitability of
graphite from Kasiya as a product for the two largest end-use markets for
natural flake graphite i.e. refractory applications and anode material for use
in lithium-ion batteries. Together, these two sectors account for over
three-quarters of global natural graphite demand (see Figure 1).
Graphite products for refractory applications typically require larger flake
sizes than the smaller graphite flake products used to produce battery anode
materials. Larger flake size graphite products tend to attract significantly
higher prices than smaller flake products.
In Q4 2024, Syrah Resources Limited (the world's largest, publicly listed
natural graphite producer outside of China) reported a price for smaller flake
graphite concentrate to be used for battery anode production of US$564 per
tonne (CIF) based on third-party sales. In December 2024, large flake graphite
used in the refractory sector achieved prices of up to US$1,193/t (based on
data from Benchmark Mineral Intelligence).
The incremental cost of producing a tonne of graphite from Kasiya under
Sovereign's recently announced Optimised Prefeasibility Study is US$241/t (see
ASX announcement "Kasiya - Optimised PFS Results" dated 22 January 2025).
Figure 1: Uses of Graphite (Source: European Advanced Carbon and Graphite
Association)
Refractory Application Testwork Results Summary
Flake graphite concentrate generated from Kasiya samples were tested for
traditional, refractory applications at two leading European laboratories
ProGraphite and DA, with the following findings:
Table 1: Graphite Requirements for Refractory Applications Kasiya Graphite
High purity graphite concentrate with little impurities
High grade, large flakes within graphite concentrate
High melting temperature for flake ash residue after combusting graphite
High oxidation resistance of graphite concentrate
Low levels of volatiles in concentrate
Low levels of problematic mineral impurities, including sulphur
Low levels of "springback" from compression
Customer Engagement and Offtakes
The global refractory market is an estimated €20 Billion worldwide industry
and is the largest traditional market for natural flake graphite. Natural
flake graphite is added to refractories to improve performance.
Refractories are used to line furnaces and vessels to support high-temperature
processing across a wide range of industries, including iron and steel
production, non-ferrous metals, cement and lime, glass, and chemicals.
According to the global leader in refractories, RHI Magnesita NV, steel
production is the major consumer of refractories, accounting for 60% of global
demand. Each tonne of steel requires approximately 10-15kg of refractories.
Other key companies in the refractories market include Vesuvius plc, Krosakai
Harima Corporation, Puyang Refractories Group, Chosun Refractories Co, Imerys
SA, Shinagwa Refractories, Saint-Gobain, Morgans Advanced Materials and
Calderys.
The successful assessment of Kasiya coarse flake for refractory applications
will be used for customer engagement and offtake discussions.
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 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.
Appendix 1: Detailed Refractory Application Testwork Results
High purity graphite concentrate with little impurities
Kasiya concentrate was determined to have high purity (98%) with no observable
natural mineral impurities observed (see Figure 2). Talc, which is not an
impurity of concern for refractory applications, was determined to be the
minor impurity on analysis of the ash remaining from combusting the graphite.
Figure 2: Kasiya Flake Graphite SEM highlighting clean flakes
High grade, large flakes within graphite concentrate
Natural flake graphite for refractory applications requires high oxidation
resistance. Particle size and grade are the two key determinants of oxidation
resistance.
There are three different size fractions applicable to refractory graphite
products: +300 microns, +180 microns and +150 microns. All three size
fractions for Kasiya graphite concentrate demonstrate very high grade,
highlighting coarse Kasiya flakes suitability for refractory applications.
Table 2: Size fraction analysis for Loss-on-Ignition (LOI) and Fixed Carbon
Grade
Sample LOI Fixed Carbon (%)
(%)
+300 microns 98.69 98.50
+180 microns 98.83 98.57
+150 microns 98.75 98.49
High melting temperature for flake ash residue
Flake ash is the residue from combusting (burning) graphite. A high flake ash
melting temperature is required for refractory applications.
Flake ash from coarse Kasiya flake (>180 microns) has a melting temperature
of 1,373°C, above that for flake ash of commercial reference material
(>1250°C), and hemisphere temperature of 1,393°C and flow temperature of
1,429°C (Figure 3) i.e. flake ash from coarse Kasiya concentrate exceeds the
melting characteristics specification.
Figure 3: Flake ash from Kasiya coarse flake melting testing
High oxidation resistance of graphite concentrate
As reported in the Company's ASX Announcement dated 21 November 2024, entitled
"Positive Initial Test Results For Use Of Kasiya Graphite In Refractories",
and as expected from the high purity of Kasiya coarse fractions (Table 2),
Kasiya's coarse flake has excellent resistance to oxidation. ProGraphite had
confirmed Kasiya coarse flake exhibits:
No oxidation below 400°C, only a 6.4% mass loss after four hours at 650°C,
and a very low oxidation rate of 1.6% per hour at 650°C.
Comparative testing at DA showed that only a coarse commercial reference
material (>300 microns) had a greater resistance than Kasiya coarse flake
(>180 microns).
Low levels of volatiles in concentrate
DA measured volatiles content at 0.2%, which is comparable or better than
commercial reference materials; ProGraphite measured volatile content at
0.19%-0.26% for various size fractions, significantly lower than what is
considered "high volatiles content" at ~0.5% or higher.
High volatiles content can damage the refractory, indicating that Kasiya
coarse flake meets this specification.
Low levels of problematic mineral impurities
Sulphur content was measured at 0.03% at DA, noting that Kasiya graphite
sulphur levels are low compared to commercial reference material from other
sources.
Calcium carbonates (calcite, dolomite) act as a flux, lowering the melting
point of other minerals and releasing CO(2) when exposed to high temperatures.
Consequently, low levels are required in graphite used for refractory
applications. Calcium carbonates were not detected in testing of Kasiya
concentrate via a range of methods. Other alkalis (sodium, potassium) which
can also be reactive in refractory applications were also at low levels.
Low levels of "springback" from compression
Springback is an assessment of the extent of graphite to increase its volume
after compression. A low springback is preferred for shape retention e.g. in
producing refractory bricks.
Springback of Kasiya graphite was observed to be low and in line with results
from Chinese graphite's, decreasing with particle size (see Table 3).
Table 3: Springback Analysis of Kasiya Coarse Fractions
Sample Springback (%)
+300 microns 8.1%
+180 microns 9.2%
+150 microns 11.5%
Conclusion
Testing of the broad range of criteria on the suitability of natural graphite
concentrates for refractory applications confirmed that coarse Kasiya
concentrate has the characteristics required for refractory applications - it
has high purity, high oxidation resistance, high ash melting temperatures, low
levels of volatiles, sulphur and calcium carbonates, and low springback.
Appendix 2: 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 24 Hand Auger (HA) and Push Tube (PT) holes
instruments, etc). These examples should not be taken as limiting the broad drilled in 2021 and 2022 in the Kingfisher pit.
meaning of sampling.
All drilling samples within the pit shell were added to the composite
resulting in a sample of 2,498kg.
Specifically, the composite sample consisted of selected rutile mineralised
zones from holes, NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343,
0344, 0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023,
0024, 0025, 0026, 0027.
The following workflow was used to generate a pre-concentrate graphite feed at
AML:
· Wet screen at 2mm to remove oversize
· Two stage cyclone separation at a cut size of 45µm to remove
-45µm material
· Pass +45µm -2mm (sand) fraction through Up Current Classifier
(UCC)
· Pass UCC O/F through cyclone at cut point of 45µm
· Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies
Spiral
· Pass UCC U/F (coarse) over MG12 Mineral Technologies Spiral
· Spiral cons are combined for further processing.
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 1-metre samples. The bulk metallurgical sample
Report. In cases where 'industry standard' work has been done this would be was a 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.
1-metre intervals selected for the 2,498kg metallurgical sample were divided
into weathering units.
MOTT and PSAP material were combined and homogenised in preparation for
dispatch to Australian laboratory Intertek for TGC assay.
Per Australian import quarantine requirements the contributing SOIL/FERP
material from within 2m of surface was kept separate to undergo quarantine
heat treatment at Intertek Laboratory on arrival into Australia.
The two sub samples (SOIL/FERP and MOTT/PSAP) were then dispatched from
Intertek to AML Laboratory (AML). AML sub-sampled and assayed the individual
lithologies prior to combining and homogenising the sample in preparation for
test-work.
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 Coarse and fine rougher graphite flotation
o Polishing grind of coarse and fine rougher graphite concentrate
o Cleaner flotation of coarse and fine graphite
o Cleaner concentrate sizing at 180µm
o Regrind of separate +180µm/-180µm fractions
o Three stage recleaner flotation of +180µm/-180µm fractions
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
Australia or Malawi to Johannesburg. Samples are again securely stored once
they arrive and are processed at Australian laboratories. A reputable domestic
courier company manages the movement of samples within Perth, Australia.
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 In exploration results and plan view for the samples used in relation to the
should be included for any significant discovery being reported. These should metallurgical composite test work conducted in this announcement, are included
include, but not be limited to a plan view of the drill collar locations and in Sovereign's announcements dated 30 March 2021, 18 August 2021 and 15 March
appropriate sectional views. 2022.
These are accessible on the Company's and on the 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 disclosed previous releases. These are accessible on the
main geological interpretations and future drilling areas, provided this Company's website as discussed above.
information is not commercially sensitive.
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