REG - Sovereign Metals Ltd - Representative Bulk Sample Shipped

Sovereign MetalsAnnouncement

20/03/2024 10:00

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RNS Number : 6038H  Sovereign Metals Limited  20 March 2024

NEWS RELEASE I 20 MARCH 2024

REPRESENTATIVE BULK SAMPLE SHIPPED

·      First 30 tonnes of ore from Kasiya delivered to engineering
consultant laboratory in South Africa

·      Ore sample to be used for advanced material handling tests as
part of PFS optimisation

·      Testwork program designed and approved in collaboration with
strategic investor Rio Tinto

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is
pleased to announce that our spiral drilling program has extracted, despatched
and delivered 30 tonnes of ore from the Kasiya Rutile-Graphite Project (Kasiya
or Project) in Malawi to Paterson & Cooke (P&C). P&C, based in
Cape Town, South Africa, is a leading engineering consultant in the mining
sector.

The material is representative of ore expected to be mined in the first ten
years of production and will be used for advanced bulk laboratory scale test
work to optimise technical elements of the previously announced Kasiya
Pre-feasibility Study (PFS). These areas include larger-scale pumping,
tailings characteristics and dewatering.

Figure 1: Kasiya 30-tonne sample received at Paterson & Cooke

Managing Director Frank Eagar commented: "I must commend our geology and
logistics teams who, in a very short space of time, successfully extracted and
delivered this large representative sample from Kasiya to Paterson &
Cooke. This represents a significant step in our ongoing project delivery.
Importantly, it also demonstrates the effectiveness of the day-to-day
technical involvement of our strategic investor, Rio Tinto, in assisting
Sovereign with the Kasiya Project optimisation and bringing this tier one
project closer to development."

As a global leader, P&C has over 30 years of industry experience and
expertise in slurry pipeline systems, tailings and mine waste handling, mine
backfill, and mineral processing. P&C's laboratory in Cape Town has a pipe
loop facility that will be used to test specific parameters related to the
mining, transportation, and handling of Kasiya ore.

Figure 2: Paterson & Cooke pipe loop facility

The project team, comprising Sovereign and Rio Tinto representatives, designed
the test work program, which the Technical Committee then approved. The
Technical Committee comprises three Sovereign employees, including Managing
Director Frank Eagar, and three Rio Tinto employees, including Rio Tinto's
General Manager for Kasiya. The Technical Committee provides recommendations
and advice on technical matters relating to the Project. It was established in
line with the Investment Agreement between Sovereign and Rio Tinto following
Rio Tinto's A$40.4 million investment into Sovereign to become a 15% strategic
investor.

 

ENQUIRIES

 Frank Eagar (South Africa/Malawi)  Sam Cordin (Perth)  Sapan Ghai (London)

Managing Director
+61(8) 9322 6322
+44 207 478 3900

 +61(8) 9322 6322

 

 Nominated Adviser on AIM and Joint Broker
 SP Angel Corporate Finance LLP             +44 20 3470 0470
 Ewan Leggat

 Charlie Bouverat

 Harry Davies-Ball

 Joint Brokers
 Stifel                                     +44 20 7710 7600
 Varun Talwar
 Ashton Clanfield

 Berenberg                                  +44 20 3207 7800
 Matthew Armitt
 Jennifer Lee

 Buchanan                                   + 44 20 7466 5000

 

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.

 

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