Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) acknowledges the recent Executive Order by His Excellency President Peter Mutharika, the newly elected President of Malawi, regarding the prohibition of the export of raw minerals from the country.

This prohibition does not apply to the Company or the Kasiya Rutile-Graphite Project (Kasiya or Project) as the ban only relates to minerals that have not been processed, refined, or value-added in Malawi.

With regards to its future planned Kasiya operations, Sovereign has no plans to export run-of-mine Heavy Mineral Sands as defined in the Executive Order. All future mineralisation will be extracted and beneficiated in country to a final premium quality rutile (+95% TiO₂) product.  The high-quality Kasiya rutile product is planned to be a direct feedstock for titanium sponge production for high-end titanium metal products, including aerospace and defence applications. Similarly, Sovereign intends to process the run-of-mine Graphite as defined in the Executive Order in-country to produce a high-quality graphite product (96% C) suitable for major industry end markets including battery producers and refractory manufacturers.

The Company continues to work with the Government of Malawi and the Malawi Mines Department for the ongoing development of the Kasiya Project. 

Enquiries

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

 

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SP Angel Corporate Finance LLP	+44 20 3470 0470
Ewan Leggat  Charlie Bouverat
Joint Broker
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Varun Talwar
Ashton Clanfield