Sovereign Metals Limited ASX Trading Halt Update (2294O)
January 30 2023 - 3:01AM
UK Regulatory
TIDMSVML
RNS Number : 2294O
Sovereign Metals Limited
30 January 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 30 JANUARY 2023
ASX TRADING HALT UPDATE
Sovereign Metals Limited (ASX:SVM; AIM:SVML) ("Sovereign" or the
"Company") announced on 27 January 2023 that following movements in
its share price on the Australian Securities Exchange ("ASX")and a
price query from ASX, the Company's ordinary shares were placed in
a trading halt on the ASX. The ASX has informed Sovereign that the
trading halt has been lifted and trading of the Company's ordinary
shares has resumed on the ASX.
The trading halt did not affect trading in the Company's shares
on the AIM market of the London Stock Exchange plc, where normal
trade continued.
In response to the ASX price query dated 27 January 2023
regarding an increase in the Company's share price and in the
volume of trading securities, the Company noted that it is not
aware of any information that has not been announced which, if
known, could be an explanation for recent trading in the securities
of the Company, however it does note that:
(a) On 26 January 2023, Mkango Resources Limited (AIM/TSX-V:
MKA) ("Mkango") announced the receipt of Environmental Social
Health Impact Assessment ("ESHIA") approval from the Malawi
Environmental Protection Authority ("MEPA") for their Songwe Hill
Rare Earths Project. The approval of the ESHIA is a significant
milestone in the Mining Development Agreement ("MDA") approvals
process as it is fundamental requirement for obtaining a mining
licence in Malawi.
(b) On 7 December 2022, the Company announced that the Company
is to demerge its standalone Graphite Projects (being the Nanzeka,
Malingunde, Duwi and Mabuwa Projects) into a wholly owned
subsidiary, NGX Limited ("Demerger"). The Company expects to
publish a Notice of Meeting for the Demerger in the coming
weeks.
(c) In September 2022, the Company completed a 6,865 metre,
438-hole air-core and push-tube infill mineral resource drilling
program at Kasiya Rutile Project ("Kasiya"). The infill drilling
results from this program are consistent with previous announced
drilling results (refer to announcements dated 08/09/2022 and
26/10/2022) and are confirmatory of these previous infill results
released to the market. An updated Kasiya Mineral Resource Estimate
is targeted for completion in Q1 2023.
The final infill drill hole was completed on 16/09/2022. The
final batch of infill drill hole samples was sent to Australian
laboratories on 9/11/2022. The final batch of assay results was
received by the Company on 8/12/2022 but as stated above the
results from the program are consistent with previous announced
drilling results.
In any event, the Company has released the infill assay results
following a request from ASX (see announcement entitled 'Kasiya
Resource Infill Drilling Results' dated 30 January 2023).
The Company has strict procedures to maintain confidentiality of
assay results with two directors and two senior management
employees only having access to drill results prior to announcement
drafting and circulation to the board for final approval.
The Company expects that its shares will trade as normal on ASX
from opening of trade on 31 January 2023. Trading will continue as
normal on the AIM market.
ENQUIRIES
Dylan Browne
Company Secretary
+61(8) 9322 6322
Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson +44 20 3440 6800
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
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END
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