MARCH 2025 QUARTERLY REPORT

Sovereign Metals Limited (ASX:SVM, AIM:SVML, OTCQX:SVMLF) (Sovereign or the Company) is pleased to provide its quarterly report for the period ended 31 March 2025.

HIGHLIGHTS DURING AND SUBSEQUENT TO THE QUARTER

Optimised PFS Results Reaffirm Kasiya’s Globally Strategic Significance

·    In January 2025, the Optimised Prefeasibility Study (OPFS) was completed with oversight from the Sovereign-Rio Tinto Technical Committee. Results of the OPFS reaffirmed Kasiya’s potential to become one of the largest and lowest-cost producer of natural rutile and natural flake graphite while generating exceptional economics

·    Various optimisations have led to superior project delivery, operational flexibility, environmental and social outcomes compared to the 2023 Prefeasibility Study (PFS)

Successful Rehabilitation of Kasiya Test Pit

·    During the quarter, rehabilitation of the land at the test pit site mined during the Pilot Mining and Land Rehabilitation (Pilot Phase) substantially progressed. Site backfill completed and soil remediation work concluded in December 2024, with landowners accessing the site through to January 2025 to plant and cultivate crops without missing a planting season

Kasiya Graphite Suitable for >94% of End-Use Markets

·    Test work completed during the quarter has demonstrated 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

·    Sovereign intends to produce a 96% graphite concentrate at an incremental cost of US$241/t (FOB)

DFS Geotechnical Programs in Progress

·    Subsequent to the quarter, the Company announced that extensive geotechnical investigations are underway at key project infrastructure locations across Sovereign’s Kasiya Project. Results will support layout and engineering design for the Kasiya Definitive Feasibility Study (DFS)which is due Q4 2025

Next Steps

·    Over the course of the quarter ending June 2025, Sovereign will continue to advance the DFS, publish an upgrade to the Mineral Resource Estimate (MRE), continue with further graphite testwork and graphite offtake discussions, and further its community and social development programs in Malawi.

Enquiries
Frank Eagar, Managing Director & CEO South Africa / Malawi +27 21 140 3190	Sapan Ghai, CCO London +44 207 478 3900

 

Nominated Adviser on AIM and Joint Broker
SP Angel Corporate Finance LLP	+44 20 3470 0470
Ewan Leggat  Charlie Bouverat
Joint Broker
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield
Buchanan	+ 44 20 7466 5000

 

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