REG - Sovereign Metals Ltd - March 2023 Quarterly Report
28/04/2023 07:15
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RNS Number : 7937X Sovereign Metals Limited 28 April 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 28 APRIL 2023
MARCH 2023 QUARTERLY REPORT
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is
pleased to provide its quarterly report for the period ended 31 March 2023.
HIGHLIGHTS
Indicated Resource Increased by over 80%
· Kasiya's Indicated Resource now stands at 1.2 Billion tonnes
at 1.0% rutile and 1.5% graphite with over 66% of tonnes now in the Indicated
category.
· Updated Mineral Resource Estimate (MRE) moves over 0.5
Billion tonnes from Inferred to Indicated - an increase of 81% to the
Indicated category.
· The updated MRE will underpin the mining inventory and mine
plan for the forthcoming PFS.
Kasiya's Graphite Global Warming Potential to be Amongst the Lowest in the
World
· Independent benchmarking indicates Sovereign's graphite
co-product from Kasiya has the lowest GWP compared with currently known and
planned future natural graphite projects.
· Global warming potential (GWP) of producing one tonne of
flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of CO(2)
equivalent emissions (CO(2)e):
o 3x less polluting than proposed Tanzanian natural graphite production
from hard rock sources.
o 6x less polluting than current Chinese natural graphite production which
accounts for up to 80% of current global graphite supply.
Kasiya Rutile Project PFS in advanced stages
· Sovereign is in the advanced stages of the Pre-Feasibility
Study (PFS) for the Kasiya Rutile Project (Kasiya), a potential
industry-leading major source of critical raw materials from Malawi.
· The PFS will build on the Expanded Scoping Study (ESS) which
confirmed Kasiya as one of the world's largest and potentially lowest cost
producers of natural rutile and natural graphite with a carbon-footprint
substantially lower than other current and planned producers.
· The PFS is progressing well and is expected to be completed
in the coming months.
Sovereign Demerges Standalone Graphite Projects
· Sovereign has demerged its standalone Graphite Projects
(Nanzeka, Malingunde, Duwi and Mabuwa Projects) into NGX Limited effective
from 27 March 2023.
· The Demerger allows Sovereign and the existing management
team to focus on its flagship Kasiya Project while retaining extensive
exposure to graphite through the Kasiya co-product.
Classification: 3.1 Additional regulated information required to be disclosed
under the laws of a Member State
ENQUIRIES
Dr Julian Stephens (Perth) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director
+61(8) 9322 6322
+44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM
RFC Ambrian
Andrew Thomson +61 8 9480 2500
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
KASIYA - THE LARGEST RUTILE DEPOSIT IN THE WORLD
Kasiya, located in central Malawi, is the largest natural rutile deposit and
one of the largest flake graphite deposits in the world. Sovereign is aiming
to develop an environmentally and sustainable operation to supply highly
sought-after natural rutile and graphite to global markets.
The ESS confirmed Kasiya as potentially one of the world's largest and lowest
cost producers of natural rutile and natural graphite with a carbon-footprint
substantially lower than other existing and planned operations.
The Company is in the advanced stages of the PFS for Kasiya which will build
on the on the ESS, with significant advancements made throughout the quarter.
The Company expects to announce the outcomes of the PFS in the coming months.
INDICATED RESOURCE UPGRADE
In April 2023, Sovereign announced the updated MRE for its world-class Kasiya
rutile-graphite deposit in Malawi. The updated MRE resulted in over 0.5
Billion tonnes converting from Inferred to Indicated, an 81% increase in the
Indicated category. Kasiya now contains 1.2Bt @ 1.0% rutile and 1.5% graphite
in the Indicated category and a total MRE of 1.8Bt @ 1.0% rutile and 1.4%
graphite.
Kasiya remains the world's largest natural rutile deposit and one of the
largest flake graphite deposits.
Table 1: Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7%
rutile cut-off grade
Classification Resource Rutile Grade Contained Rutile Graphite Grade (TGC) (%) Contained Graphite
(Mt)
(%)
(Mt)
(Mt)
Indicated 1,200 1.0% 12.2 1.5% 18.0
Inferred 609 0.9% 5.7 1.1% 6.5
Total 1,809 1.0% 17.9 1.4% 24.4
The updated MRE has further defined broad and contiguous zones of high-grade
rutile and graphite which occur across a very large area of over 201km(2).
Rutile mineralisation is concentrated in laterally extensive, near surface,
flat "blanket" style bodies in areas where the weathering profile is preserved
and not significantly eroded. Graphite is depleted near surface with grades
improving at depths generally >4m to the base of the saprolite zone which
averages about 22m.
Sovereign's 2022 drill program at Kasiya used push tube (PT) core holes to
in-fill and convert Inferred mineralisation into the Indicated category. The
consistency and robustness of the geology allowed for an efficient conversion
of this previously Inferred material on a near-identical one-for-one basis to
the Indicated category.
A total of 66% of the MRE now reports to the Indicated category @ 1.0% rutile
and 1.5% TGC - up from 33% previously. Overall, the new Indicated components
show coherent, broad bodies of mineralisation that have coalesced well,
particularly in the southern parts of the MRE.
Further advancement in this MRE update was the application of air-core (AC)
drilling to define the depth of mineralisation in a number of selected
higher-grade areas. As expected, this drilling shows that high-grade rutile
and graphite mineralisation extends to the base of the soft saprolite unit
terminating on the saprock basement averaging about 22m depth. This deeper AC
drilling targeted early-scheduled mining pits mainly in the southern areas of
the MRE footprint.
A number of higher-grade graphite zones at depth were identified which are
generally associated with higher grade rutile at surface. Some of these zones
have graphite grades at depths >6m in the 4% to 8% TGC range and represent
significant contained coarse flake graphite tonnages.
The highlighted cut-off of 0.7% rutile presents 1.8 billion tonnes at a rutile
grade of 1.0%. (Table 2). The overall recovered rutile equivalent grade for
the MRE at the global 0.7% cut-off is 1.65% RutEq*.
Table 2: Kasiya Total Indicated + Inferred Mineral Resource Estimate at
various rutile cut-off grades
Cut-off (rutile) Resource Rutile Grade Contained Rutile Graphite Grade (%) Contained Graphite
(Mt)
(%)
(Mt)
(Mt)
0.40% 3,215 0.80% 25.7 1.30% 41.9
0.50% 2,779 0.85% 23.8 1.35% 37.4
0.60% 2,304 0.92% 21.1 1.37% 31.7
0.70% 1,809 0.99% 17.9 1.35% 24.4
0.80% 1,335 1.08% 14.4 1.25% 16.6
0.90% 934 1.17% 11.0 1.06% 9.9
1.00% 643 1.28% 8.2 0.84% 5.4
1.10% 449 1.38% 6.2 0.65% 2.9
1.20% 324 1.47% 4.7 0.53% 1.7
1.30% 230 1.56% 3.6 0.48% 1.1
1.40% 163 1.64% 2.7 0.45% 0.7
* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) +
Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price
(US$1,308/t). All assumptions are taken from the Expanded Scoping Study (ESS)
released June 2022
KASIYA'S GWP TO BE AMONGST THE LOWEST IN THE WORLD
Sovereign combined results of internal company analysis, supplemented with an
independent benchmarking study by UK-based consultancy Minviro Ltd (Minviro)
which compared the global warming potential (GWP) of producing natural flake
graphite from the Kasiya against relevant current and future natural graphite
projects.
The GWP of producing one tonne of flake graphite concentrate at Kasiya
estimated to be 0.2 tonnes of CO(2) equivalent emissions (CO(2)e). Kasiya has
the lowest GWP compared with currently known and planned future natural
graphite projects:
· Up to 60% lower than currently reported GWP of graphite
producers and developers, including suppliers to Tesla Inc.
· 3x less polluting than proposed Tanzanian natural graphite
production from hard rock sources.
· 6x less polluting than current Chinese natural graphite
production which accounts for up to 80% of current global graphite supply.
The cradle-to-gate life cycle assessment (LCA) was carried out by Minviro
comparing current natural graphite production from China which produces almost
80% of the world's natural graphite, and proposed near-term production from
Tanzania, which offers a regional benchmark against Kasiya in Malawi. The LCA
study followed ISO 14067:2008 guidelines and was critically reviewed by a
panel of three independent experts.
A number of graphite producers and explorers/developers have conducted their
own LCAs, with conclusions of a select number being made public. Kasiya's
graphite product currently has the lowest GWP of publicly reported current and
future potential graphite production.
The benchmarking study found that the total GWP of 0.2 tonnes CO(2)e per tonne
of natural flake graphite concentrate produced at Kasiya is significantly
lower than the total GWP per tonne produced in Heilongjiang Province, China
(1.2 tonnes CO(2)e) and the total GWP per tonne produced in Tanzania (0.6
tonnes CO(2)e).
Why is Kasiya's Graphite able to achieve such a low carbon-footprint?
The GWP for Kasiya's flake graphite product was based on the ESS. The
significantly lower GWP for Kasiya graphite is due to the fact that it is
hosted in soft, friable saprolite material which will be mined via hydro
methods (high pressure water monitors) powered by predominantly renewable
energy sources - hydro power from the Malawi grid and on-site solar power.
This is opposed to the production in Heilongjiang Province, China where
hard-rock ore requires drilling, blasting, excavation, trucking, crushing, and
grinding - overall high CO(2)e activities.
SUCCESSFULLY DEMERGES STANDALONE GRAPHITE PROJECTS
During the quarter, Sovereign successfully demerged its standalone graphite
projects; Nanzeka Project, Malingunde Project, Duwi Project and Mabuwa Project
(Graphite Projects) into NGX Limited (NGX).
The Demerger allows Sovereign and the existing management team to focus on its
flagship Kasiya, while retaining extensive graphite exposure via Kasiya's
graphite co-product.
Competent Person Statement
The information in this announcement that relates to the Mineral Resource
Estimate is extracted from the announcement dated 5 April 2023. The
announcement is available to view on 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 announcement; b) all material assumptions included in the
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 report have not been materially changed from the
announcement.
The information in this announcement that relates to Production Targets,
Processing, Infrastructure and Capital and Operating Costs, is extracted from
the announcement dated 16 June 2022 entitled 'Kasiya Expanded Scoping Study
Results'. Sovereign confirms that: a) it is not aware of any new information
or data that materially affects the information included in the 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 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.
The information in this announcement that relates to the Metallurgy is
extracted from the announcement dated 7 December 2021. The announcement is
available to view on 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 announcement; b) all material assumptions included in the
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 report have not been materially changed from the
announcement.
The information in this announcement that relates to the Exploration Results
is extracted from the announcement dated 8 September 2022, 26 October 2022 and
30 January 2023. The announcements are available to view on
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 announcements; b) all
material assumptions included in the announcements 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 report have not been
materially changed from the announcements.
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.
Qualified Person
Information disclosed in this announcement has been reviewed by Dr Julian
Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, a Qualified Person for
the purposes of the AIM Rules for Companies.
To view the announcement in full including all illustrations and figures,
please refer to the full announcement at
http://sovereignmetals.com.au/announcements/
(http://sovereignmetals.com.au/announcements/)
APPENDIX 1: RELATED PARTY PAYMENTS
During the quarter ended 31 March 2023, the Company made payments of $237,000
to related parties and their associates. These payments relate to existing
remuneration arrangements (executive salaries, director fees, superannuation
and bonuses of $125,000), business development services ($25,000) and
provision of serviced office facilities, company secretarial services and
administration services ($87,000).
APPENDIX 2: SUMMARY OF MINING TENEMENTS
As at 31 March 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
Sovereign:
EL0609 MML 100% Exploration 25/09/2024 25/09/2028 440.5 Granted
EL0582 SSL 100% Exploration 15/09/2023 15/09/2027 285.0 Granted
EL0492 SSL 100% Exploration 29/01/2023(2) 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 15/09/2027 124.0 Granted
EL0657 SSL 100% Exploration 3/10/2025 3/10/2029 2.3 Granted
Transferred to NGX:
RL0012 NGX(4) 100% Retention N/A 26/07/2026 6.0 Granted
EL0372 SSL(5) 100% Exploration N/A 13/03/2022(3) 729.2 Granted
RL0032 SSL(5) 100% Retention N/A 4/10/2027 24.64 Granted
Notes:
SSL: Sovereign Services Limited, MML: McCourt Mining Limited & NGX
Exploration 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 has submitted an extension application for EL0492 prior to
the renewal date in accordance with the Mines Act.
(3) Prior to expiry of EL0372, the Company applied for the grant of a mining
licence (ML) over EL0372. Under the Mines Act, an EL term automatically
extends until the ML application has been processed and/or granted. The ML has
been granted subject to the approval of an ESIA for Malingunde.
(4) During the quarter the Company completed the Demerger with NGX.
(5) To be transferred to NGX pursuant to the terms of the Demerger Deed with
NGX.
Subsequent to the end of the quarter, the Company notes the Government of
Malawi has proposed a new Mines and Minerals Bill (2023) (New Bill) which has
been passed by the Malawian Parliament and now awaits Malawian Presidential
Assent and publication in the Malawi Gazette before coming into force. If
approved, the New Bill will replace the Mines and Minerals Act (2019). The New
Bill introduces amendments to improve transparency and governance of the
mining industry in Malawi. Sovereign notes the following updates in the New
Bill which may affect the Company in the future: (i) ELs will now be granted
for an initial period of 5 years with the ability to extend by 3 years on two
occasions (total 11 years); (ii) the Malawian Government maintains a right to
free equity ownership for large-scale mining licences but the New Bill
proposes to remove the automatic free government equity ownership with the
right to be a negotiation matter; and (iii) A new Mining and Regulatory
Authority will be responsible for implementing the objectives of the New Bill.
APPENDIX 3: MINING EXPLORATION EXPENDITURES
During the quarter, the Company made the following payments in relation to
mining exploration activities:
Activity A$'000
Drilling (96)
Assaying and Metallurgical Test-work (267)
Studies and Reserve/Resource Estimation (947)
Tenement Rents and Rates (50)
Malawi Operations - Site Office, Personnel, Field Supplies, Equipment, (815)
Vehicles and Travel
Total as reported in Appendix 5B (2,175)
There were no mining or production activities and expenses incurred during the
quarter ended 31 March 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 March 2023
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (2,175) (7,219)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (318) (1,193)
(e) administration and corporate costs (245) (1,097)
1.3 Dividends received (see note 3) - -
1.4 Interest received 74 225
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 - NGX Demerger Costs (70) (109)
1.8 Other - Business Development (182) (679)
1.9 Net cash from / (used in) operating activities (2,916) (10,072)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - (23)
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: (135) (135)
(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 - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (135) (158)
3. Cash flows from financing activities - -
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 - (601)
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 - (601)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 11,115 18,894
4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,916) (10,072)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (135) (158)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - (601)
4.5 Effect of movement in exchange rates on cash held 27 28
4.6 Cash and cash equivalents at end of period 8,091 8,091
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 449 846
5.2 Call deposits 7,642 10,269
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) 8,091 11,115
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 237
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) 561 -
Loan receivable from NGX
7.4 Total financing facilities - 561
7.5 Unused financing facilities available at quarter end 561
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) (2,916)
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) (2,916)
8.4 Cash and cash equivalents at quarter end (item 4.6) 8,091
8.5 Unused finance facilities available at quarter end (item 7.5) 561
8.6 Total available funding (item 8.4 + item 8.5) 8,652
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.0
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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: 28 April 2023
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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AnnouncementREG - Sovereign Metals Ltd - Holding(s) in Company
AnnouncementREG - Sovereign Metals Ltd - Sovereign Completes A$40 Million Placement
AnnouncementREG - Sovereign Metals Ltd - Response to Media Speculation
Announcement