NEWS
RELEASE I 26 FEBRUARY 2025
KASIYA'S GRAPHITE SUITABLE FOR EXPANDABLE/EXPANDED GRAPHITE
MARKETS
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Medium to coarse Kasiya graphite concentrate (>150 microns
to >300 microns) has met or exceeded the key specifications
required for use as expandable graphite in flame retardants and as
expanded graphite in gaskets, seals and brake
linings.
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Demand for natural graphite in the expandable and expanded
market is approaching 100,000 tonnes per year and is growing at
6%-8% CAGR.1
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According to Benchmark Mineral Intelligence, 94-95% graphite
concentrate usable in the expandable and expanded markets was
priced at US$1,140/t (FOB) in December 2024.
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Overall test work to date demonstrates that Kasiya graphite is
suitable for use in the three key segments that account for over
94% of the ~1.6Mtpa global demand for natural flake
graphite-battery anodes, refractories and
expanded/expandables.2
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Sovereign intends to produce a 96% graphite concentrate at an
incremental cost of US$241/t (FOB) per the recently announced
Kasiya Optimised Prefeasibility results.
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Results will be used for customer engagement and potential
offtake discussions.
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Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:
SVMLF) (Sovereign or the Company) is pleased to announce
that further test work 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 expandable
(fire retardant) and expanded (gaskets, seals, and brake lining)
applications. The comprehensive testwork programs were completed by
ProGraphite GmbH (ProGraphite) and Dorfner Anzaplan
(DorfnerA) in Germany. The
tests confirm that Kasiya medium to coarse flake (>150 microns
to >300 microns) achieved very high expansion ratios using
standard reagents at room temperature and short durations providing
a competitive advantage over other current and potential sources of
graphite supply.
Managing Director and CEO Frank Eagar commented:
"Our continuous graphite downstream application
testing has shown that the high-quality Kasiya concentrate is
suitable for the three key natural graphite markets: the
high-growth anode materials for graphite fines; the stable and
large refractory materials market for coarse flake and the growing
expandable and expanded graphite markets for medium to coarse
flake.
These results along with our
industry-low cost position, offers Kasiya the potential to become
the world's dominant natural graphite supplier, whilst remaining a
primary rutile project."
Testwork
Complete and Suitability Confirmed (Dark
blue)
Figure
1: Natural graphite market per application (Benchmark Minerals
Intelligence, 2025).
Uses of Expandable and Expanded Graphite
A key use for expandable graphite is as a flame
retardant. Growth for expandable graphite flame retardants, is
driven by concerns over halogen-based flame retardants, which
include brominated and chlorinated flame
retardants. Many of these chemicals are now recognized as global
contaminants and are associated with adverse health effects in
animals and humans, including endocrine and thyroid disruption,
immunotoxicity, reproductive toxicity, and cancer (National
Institute of Health).
In this application, the natural
graphite is pre-treated with acid and an oxidizer but not expanded
via heat treatment. When exposed to a fire, the expandable graphite
swells, forming a protective layer that slows down the fire.
Expandable graphite represents a low-cost, good flame retardancy
and low smoke generation solution, typically as a filler in
polyurethane foams. Flame retardant applications for expandable
graphite include the construction industry, chemicals and
textiles.
Expanded graphite is used in
gaskets, seals, brake linings, bi-polar plates for fuel cells, and
thermal management in electronic devices, where the inherent
properties of graphite are combined with the flexibility of
expanded graphite.
Expandable and Expanded Application Test Work
Results
Flake graphite concentrate generated
from Kasiya ore was tested for expandable/expanded graphite
applications at two leading European laboratories (ProGraphite and
DorfnerA).
ProGraphite achieved expansion
volumes of 320cm3/g and 355cm3/g for >180
microns concentrate and >300 microns concentrate respectively
using standard reagents and conditions, above the typical minimum
requirements of 250cm3/g and 350cm3/g
respectively for these size fractions.
Optimisation testing of >150
microns concentrate at DorfnerA achieved a very high expansion
volume of 650cm3/g, using standard reagents and short
duration testing at room temperature - Figure 2. The results indicate the
potential to tailor expansion volumes to application requirements
and the ability to achieve high expansion volumes when
required.
The results will be used for
customer engagement and advancing offtake discussions for Kasiya's
medium to coarse flake.
Figure
2: Scanning Electron Microscopy (SEM) of optimised expanded
graphite, achieving 650cm3/g expansion
volume.
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Enquires
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Frank Eagar, Managing Director & CEO
South Africa / Malawi
+ 27 21 140
3190
Sapan Ghai, CCO
London
+44 207 478 3900
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Nominated Adviser on AIM and
Joint Broker
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SP Angel Corporate Finance
LLP
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+44 20 3470 0470
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Ewan Leggat
Charlie Bouverat
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Joint
Brokers
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Stifel
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+44 20 7710 7600
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Varun Talwar
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Ashton Clanfield
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Berenberg
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+44 20 3207 7800
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Matthew Armitt
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Jennifer Lee
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Buchanan
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+ 44 20 7466 5000
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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 and graphite marketing 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.
To
view this announcement in full, please refer to
https://sovereignmetals.com.au/asx-announcements/.
Sources
1 Fastmarkets, Lucintel.
2 U.S. Geological Survey, Benchmark, S&P Global.
Appendix 1: JORC CODE, 2012 EDITION - TABLE
1
SECTION 1 - SAMPLING TECHNIQUES AND DATA
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Criteria
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JORC Code
explanation
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Commentary
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Sampling Techniques
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Nature and quality of sampling (e.g.
cut channels, random chips, or specific specialised industry
standard measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting
the broad meaning of sampling.
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Metallurgical Composite
Sample:
The sample was a composite of
multiple hand anger drill samples drilled in 2022 and 2023. Dilling
of these samples was within the Kingfisher pit. Clusters of holes
were drilled in eight locations.
Block 15 Site 1 - PT15BLK00143 -
PT15BLK00152 (Hole ID: NSPT0017 - refer ASX Announcement dated
15/03/2022)
Block 15 Site 2 - PT15BLK00125 -
PT15BLK00142 (Hole ID: KYAC0149 - refer ASX Announcement dated
30/01/2023)
Block 15 Site 3 - PT15BLK00103 -
PT15BLK00124 (Hole ID: KYAC0142 - refer ASX Announcement dated
30/01/2023)
Block 15 Site 4 - PT15BLK00075 -
PT15BLK00094, PT15BLK00124, PT15BLK00134 (Hole ID: KYAC0025 - refer
ASX Announcement dated 8/09/2022)
Block 15 Site 5 - PT15BLK00061 -
PT15BLK00074, PT15BLK00099 - PT15BLK00102, PT15BLK00106 -
PT15BLK00108 (Hole ID: KYAC0088 - refer ASX Announcement dated
26/10/2022)
Block 15 Site 6 - PT15BLK00035 -
PT15BLK00060, PT15BLK00076 - PT15BLK00077, PT15BLK00095 -
PT15BLK00098, PT15BLK00114 - PT15BLK00117 (Hole ID: KYAC0090 -
refer ASX Announcement dated 26/10/2022)
Block 15 Site 7 - PT15BLK00013 -
PT15BLK00014, PT15BLK00022 - PT15BLK00034 (Hole ID: KYAC0091 -
refer ASX Announcement dated 26/10/2022)
Block 14 Site 8 - PT15BLK00003 -
PT15BLK00012, PT15BLK00015 - PT15BLK00021, PT15BLK00036 -
PT15BLK00039 (Hole ID: KYAC0079 - refer ASX Announcement dated
26/10/2022)
All samples within the pit shell
were added to the composite resulting in a sample of
15,766kg.
Samples were processed separately
for the eight locations through Sovereign's Malawi metallurgical
laboratory.
The following workflow was used to
generate a pre-concentrate graphite feed:
· Wet screen at 2mm to remove oversize
· Dry screen at 1mm to remove oversize
· Wet screen at 600µm
· Wet screen at 45µm to remove -45µm
material
· Pass +45µm -600µm (fine sand) fraction over laboratory wet
shaking table to produce a heavy mineral concentrate, light
middling and wet table tailings which is the graphite
concentrate.
· The +45µm -600µm (fine sand) graphite concentrate and
<1000µm >600µm screen fraction were combined to provide
flotation feed. The >1000µm fraction was not
included.
· Flotation was performed at Maelgwyn in
Johannesburg.
· 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.
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Include reference to measures taken
to ensure sample representivity and the appropriate calibration of
any measurement tools or systems used.
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Placer Consulting (Placer) Resource
Geologists have reviewed Standard 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.
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Aspects of the determination of
mineralisation that are Material to the Public Report. In cases
where 'industry standard' work has been done this would be
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 assay'). In other cases more explanation may be
required, such as where there is coarse gold that has inherent
sampling problems. Unusual commodities or mineralisation types
(e.g. submarine nodules) may warrant disclosure of detailed
information.
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HA drilling was used to obtain
samples. The bulk metallurgical sample was a composite of selected
samples from routine resource drilling.
Existing rutile and graphite
exploration results were used to determine the 1-metre intervals
suitable to contribute to the two bulk sample
composites.
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Drilling Techniques
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Drill type (e.g. core, reverse
circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (e.g. core diameter, triple or standard tube, depth of
diamond tails, face‐sampling bit or other type, whether core is oriented and if
so, by what method, etc).
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Hand-auger drilling is completed
with 75mm diameter enclosed spiral bits with 1-metrelong steel
rods. Each 1m of drill sample is collected into separate
sample bags and set aside. The auger bits and flights are
cleaned between 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.
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Drill Sample Recovery
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Method of recording and assessing
core and chip sample recoveries and results assessed.
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The configuration of drilling and
nature of materials encountered results in 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.
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Measures taken to maximise sample
recovery and ensure representative nature of the
samples.
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The Company's trained geologists
supervise auger drilling on a 1 team 1 geologist basis and are
responsible for monitoring all aspects of the drilling and sampling
process.
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Whether a relationship exists
between sample recovery and grade and whether sample bias may have
occurred due to preferential loss/gain of fine/coarse
material.
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No bias related to preferential loss
or gain of different materials has occurred.
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Logging
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Whether core and chip samples have
been geologically and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation mining studies and
metallurgical studies.
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All individual 1-metre auger
intervals are geologically logged, recording relevant
data to a set template using company
codes.
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Whether logging is qualitative or
quantitative in nature. Core (or costean, channel, etc.)
photography.
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All logging includes lithological
features and estimates of basic mineralogy. Logging is generally
qualitative.
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The total length and percentage of
the relevant intersection logged
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100% of samples are geologically
logged.
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Sub-sampling techniques and sample
preparation
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If core, whether cut or sawn and
whether quarter, half or all core taken.
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Not applicable - no core drilling
conducted.
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If non-core, whether riffled, tube
sampled, rotary split, etc. and whether sampled wet or
dry.
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Primary individual 1-metre samples
from all HA and PT holes drilled are sun dried, homogenised and
riffle split.
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For all sample types, the nature,
quality and appropriateness of the sample preparation
technique.
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Metallurgical Composite
Sample:
Full length of the Hand Auger Holes
were processed in total 15,767kg.
Graphite concentrate sent to
Maelgwyn was ~4800kg
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Quality control procedures adopted
for all sub-sampling stages to maximise representivity of
samples.
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The sample preparation techniques
and QA/QC protocols are considered appropriate for the nature of
this test-work.
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Measures taken to ensure that the
sampling is representative of the in situ material collected,
including for instance results for field duplicate/second-half
sampling.
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The sampling best represents the
material in situ.
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Whether sample sizes are appropriate
to the grain size of the material being sampled.
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The sample size is considered
appropriate for the nature of the test-work.
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Quality of assay data and laboratory
tests
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The nature, quality and
appropriateness of the assaying and laboratory procedures used and
whether the technique is considered partial or total.
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Metallurgical Composite
Sample:
The following workflow was used to
generate a graphite product;
o
Rougher graphite flotation
o
Polishing grind of rougher graphite
concentrate
o
Primary cleaner flotation milled rougher
concentrate
o
Attrition milling of primary cleaner
concentrate
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Secondary cleaning of attritioned primary cleaner
concentrate
o
Attrition milling of secondary cleaner
concentrate
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Tertiary cleaner flotation of attritioned
secondary cleaner concentrate
o
Final concentrate dewatering, drying and
sizing
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For geophysical tools, spectrometers,
handheld XRF instruments, etc., the parameters used in determining
the analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.
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Acceptable levels of accuracy and
precision have been established. No handheld methods are used for
quantitative determination.
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Nature of quality control procedures
adopted (e.g. standards, blanks, duplicate, external laboratory
checks) and whether acceptable levels of accuracy (i.e. lack of
bias) and precision have been established.
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Acceptable levels of accuracy and
precision have been established in the preparation of the bulk
sample composites.
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Verification of sampling &
assaying
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The verification of significant
intersections by either independent or alternative company
personnel.
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No drilling intersections are being
reported.
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The use of twinned holes.
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No twin holes completed in this
program.
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Documentation of primary data, data
entry procedures, data verification, data storage (physical and
electronic) protocols.
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All data was collected initially on
paper logging sheets and codified to the Company's templates. This
data was hand entered to spreadsheets and validated by Company
geologists.
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Discuss any adjustment to assay
data.
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No adjustment to assay data has been
made.
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Location of data points
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Accuracy and quality of surveys used
to locate drill holes (collar and down-hole surveys), trenches,
mine workings and other locations used in Mineral Resource
estimation.
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A Trimble R2 Differential GPS is
used to pick up the collars. Daily capture at a registered
reference marker ensures equipment remains in
calibration.
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.
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Specification of the grid system
used.
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WGS84 UTM Zone 36 South.
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Quality and adequacy of topographic
control.
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DGPS pickups are considered to be
high quality topographic control measures.
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Data spacing &
distribution
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Data spacing for reporting of
Exploration Results.
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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.
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Whether the data spacing and
distribution is sufficient to establish the degree of geological
and grade continuity appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications
applied.
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Not applicable, no Mineral Resource
or Ore Reserve estimations are covered by new data in this
report.
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Whether sample compositing has been
applied.
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Metallurgical Composite
Sample:
The sample was composited as
described under Sampling Techniques in this Table.
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Orientation of data in relation to
geological structure
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Whether the orientation of sampling
achieves unbiased sampling of possible structures and the extent to
which this is known considering the deposit type
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No bias attributable to orientation
of sampling has been identified.
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If the relationship between the
drilling orientation and the orientation of key mineralised
structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
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All holes were drilled vertically as
the nature of the mineralisation is horizontal. No bias
attributable to orientation of drilling has been
identified.
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Sample security
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The measures taken to ensure sample
security
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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 Johannesburg.
Samples are again securely stored once they arrive and are
processed at Maelgwyn.
Graphite concentrate samples were
shipped to German laboratories using a reputable international
transport company with shipment tracking to enable a chain of
custody to be maintained while the samples moved from Johannesburg
to Germany. Concentrate samples are securely stored once they
arrive and are processed in Germany.
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.
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Audits or reviews
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The results of any audits or reviews
of sampling techniques and data
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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.
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SECTION 2 - REPORTING OF
EXPLORATION RESULTS
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Criteria
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Explanation
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Commentary
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Mineral tenement & land tenure
status
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Type, reference name/number, location
and ownership including agreements or material issues with third
parties such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environment settings.
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The Company owns 100% of the
following Exploration Licences (ELs) under the Mines and Minerals
Act 2019 (Malawi), held in the Company's wholly-owned,
Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528,
EL0545, 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.
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The security of the tenure held at
the time of reporting along with any known impediments to obtaining
a licence to operate in the area.
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The tenements are in good standing
and no known impediments to exploration or mining exist.
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Exploration done by other
parties
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Acknowledgement and appraisal of
exploration by other parties.
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Sovereign Metals Ltd is a
first-mover in the discovery and definition of residual rutile and
graphite deposits in Malawi.
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Geology
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Deposit type, geological setting and
style of mineralisation
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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.
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Drill hole information
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A summary of all information material
to the understanding of the exploration results including a
tabulation of the following information for all Material drill
holes: easting and northings of the drill hole collar; elevation or
RL (Reduced Level-elevation above sea level in metres of the drill
hole collar); dip and azimuth of the hole; down hole length and
interception depth; and hole length
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All intercepts relating to the
Kasiya Deposit have been included in public releases during each
phase of exploration and in this report. Releases included all
collar and composite data and these can be viewed on the Company
website.
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.
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If the exclusion of this information
is justified on the basis that the 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
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No information has been
excluded.
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Data aggregation methods
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In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade
truncations (e.g. cutting of high-grades) and cut-off grades are
usually Material and should be stated.
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No data aggregation was
required.
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Where aggregate intercepts
incorporate short lengths of high-grade results and 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.
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No data aggregation was
required.
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The assumptions used for any
reporting of metal equivalent values should be clearly
stated.
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Not applicable
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Relationship between mineralisation
widths & intercept lengths
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These relationships are particularly
important in the reporting of Exploration Results.
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The mineralisation has been released
by weathering of the underlying, layered 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.
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If the geometry of the mineralisation
with respect to the drill hole angle is known, its nature should be
reported.
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The mineralisation is laterally
extensive where the entire weathering profile 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.
|
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If it is not known and only the down
hole lengths are reported, there should be a clear statement to
this effect (e.g. 'down hole length, true width not
known'.
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No drilling intercepts are being
reported.
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Diagrams
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Appropriate maps and sections (with
scales) and tabulations of intercepts should be included for any
significant discovery being reported. These should include, but not
be limited to a plan view of the drill collar locations and
appropriate sectional views.
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The original exploration results and
plan view of the drill holes for the samples used in relation to
the metallurgical composite test work conducted in this
announcement, are included in Sovereign's announcements dated 15
March 2022, 8 September 2022, 26 October 2022 and 30 January
2023.
These announcements are accessible
on the Company and ASX websites.
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Balanced reporting
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Where comprehensive reporting of all
Exploration Results is not practicable, representative reporting of
both low and high-grades and/or widths should be practiced to avoid
misleading reporting of exploration results.
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All results are included in this
report and in previous releases. These are accessible on the
Company's webpage.
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Other substantive exploration
data
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Other exploration data, if meaningful
and material, should be reported including (but not limited to:
geological observations; geophysical survey results; geochemical
survey results; bulk samples - size and method of treatment;
metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating
substances.
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Limited lateritic duricrust has been
variably developed at Kasiya, as is customary in tropical highland
areas subjected to seasonal wet/dry cycles. Lithological logs
record drilling refusal in just under 2% of the HA/PT drill
database. No drilling refusal was recorded above the saprock
interface by AC drilling.
Sample quality (representivity) is
established by geostatistical analysis of comparable sample
intervals.
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Further work
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The nature and scale of planned
further work (e.g. test for lateral extensions or depth extensions
or large-scale step-out drilling).
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Having recently completed an OPFS,
the Company is working towards completing a definitive feasibility
study.
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Diagrams clearly highlighting the
areas of possible extensions, including the main geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.
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Refer to diagrams and plan views
disclosed in previous announcements. These are accessible on the
Company's website as discussed above.
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