TIDMSVML
RNS Number : 2287B
Sovereign Metals Limited
10 February 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE I 10 FEBRUARY 2022
FORMER RIO TINTO EXECUTIVE JOINS SOVEREIGN BOARD
-- Leading international mining executive, Mr Nigel Jones,
appointed as Non-Executive Director of Sovereign Metals and
Chairman of the ESG Committee
-- Mr Jones has over 30 years of mining industry experience with
22 years in a number of senior roles at Rio Tinto Group
-- Most recently, Mr Jones was Managing Director of Rio Tinto's
Simandou iron ore project, one of the world's largest proposed
mining devlopment
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) is pleased to announce that highly experienced mining
industry executive Mr Nigel Jones has been appointed as a
Non-Executive Director of the Company.
From 2019 to 2021, Mr Jones was Managing Director of Rio Tinto
Group's (Rio Tinto) very large Simandou iron ore project in Guinea,
west Africa. In this role, he was accountable for all aspects of
the project's development, including its complex environmental,
social and governance (ESG) strategy. Such aspects included impacts
on natural ecosystems, biodiversity, and community and government
relations.
Mr Jones was also a member of the senior leadership team of the
Energy and Minerals product group, which incorporated Rio Tinto's
titanium dioxide feedstock businesses in Canada and southern
Africa. Prior roles in Rio Tinto included Head of Business
Development, Head of Business Evaluation and Managing Director of
the group's Marine operations.
Sovereign's Managing Director Dr Julian Stephens commented : "We
are delighted to welcome Nigel to the board of Sovereign Metals. To
attract an individual of Nigel's calibre is not only testament to
the commercial potential of Kasiya, but also the very favourable
ESG characteristics of the project, in which we strive to be
best-in-class. Nigel's input into our ESG strategy will
significantly benefit our pursuit to ensure that sustainability,
diversity and community are core in everything we do."
Nigel Jones commented : "I am delighted to be joining the team
at this very exciting stage for the Company. Sovereign has very
quickly already demonstrated the huge potential of its Kasiya
rutile discovery in Malawi as it continues to explore and develop
this asset that will be of strategic importance to the titanium
feedstock industry. I very much look forward to being part of the
Company's growth as it moves towards becoming a standard-bearer for
the importance of sustainable mining practices for a better
future."
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
Bhavesh Patel / Andrew Thomson +44 20 3440 6800
Broker
Optiva Securities +44 20 3137 1902
Daniel Ingrams
Mariela Jaho
Christian Dennis
Terms and Conditions of Appointment
Mr Jones has been appointed as a Non-Executive Director and will
receive a director fee of GBP40,000 per annum. Mr Jones will also
Chair the Company's ESG Committee and will receive a committee fee
of GBP10,000 per annum. Additional Mr Jones will participate in the
Company's shareholder approved long-term equity incentive plan and
be issued with the following securities:
-- 225,000 performance rights subject to the "Feasibility Study
Milestone" expiring on or before 31 December 2023; and
-- 300,000 performance rights subject to the "Decision to Mine
Milestone" expiring on or before 31 October 2025.
AIM Rule Requirements
Further regulatory information required by AIM Rule 17 and
Schedule 2 Paragraph (g) of the AIM Rules for Companies in relation
to the appointment of Mr Nigel Jones is as follows:
Full name: Nigel Hanson Jones
Age: 56
Current directorships or partnerships: Redbeck Partners Ltd
Lorenzo Investments plc
Former directorships or partnerships Rio Tinto Ore Atlantic Limited
(previous 5 years): Rio Tinto Pension Fund Trustees Limited
Simfer Jersey Nominee Limited
Simfer Jersey Finance 1 Ltd
Simfer Jersey Finance 2 Ltd
Simfer Jersey Limited
Berkeley Energia Limited
Avalite Resources Limited
Ordinary shares held in the
Company
(at 10 February 2022): Nil
About Sovereign Metals
Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and
AIM-listed company focused on the exploration and development of
its Kasiya rutile project in Malawi.
Kasiya is a strategic and globally significant natural rutile
deposit with substantial additional resource growth expected.
Kasiya's Mineral Resource Estimate is 605Mt at 0.98% rutile (0.7%
cut-off, indicated + inferred).
Natural rutile is the purest, highest-grade natural form of
titanium dioxide (TiO(2) ) and is the preferred feedstock in
manufacturing titanium pigment and producing titanium metal.
The rutile market fundamentals are robust with current and
forecast pricing remaining very strong. In 2021, the market has
rebounded strongly with pigment plant utilisation rates returning
to pre-pandemic levels. Major producers have noted that very strong
demand in the welding market is outstripping supply.
Natural rutile supply is tight with limited new projects coming
online in the short to medium term. Extreme supply-side tightness
is expected and will be exacerbated by production suspensions
recently announced by major high-grade producers. A resurgence in
demand for titanium pigment and from the welding sector combined
with concurrent supply shortages has led the CIF China spot prices
sharply upwards to over US$2,000 per tonne.
The Company completed an initial Scoping Study in December 2021
which confirms Kasiya as a globally significant natural rutile
project. It is the largest undeveloped rutile deposit in the world
and therefore is highly strategic in a market characterised by
extreme supply deficit. The initial Scoping Study developed the
concept for a multi-decade mine providing a stable supply of a
highly sought-after rutile (TiO(2) ) and graphite whilst
contributing significantly to the economy of Malawi.
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.
Competent Persons Statement
The information in this announcement that relates to Sovereign's
Scoping Study at Kasiya is extracted from the announcement dated 16
December 2021 which is available to view at Sovereign's website 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 ASX announcement; b) all material
assumptions included in the ASX 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.
This Announcement has been approved and authorised for release
by the Company's Board of Directors.
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END
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