#SVML Sovereign Metals – KASIYA’S GRAPHITE SUITABLE FOR EXPANDABLE MARKETS

KASIYA’S GRAPHITE SUITABLE FOR EXPANDABLE/EXPANDED GRAPHITE MARKETS

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.