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#SVML Sovereign Metals – Company Presentation
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to advise that an updated Company presentation is available to download from the Company’s website at:https://www.investi.com.au/api/announcements/svm/22095baf-388.pdf.
ENQUIRIES
|
Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
|
Nominated Adviser on AIM and Joint Broker |
|
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
|
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
|
|
|
|
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Tavistock PR |
+44 20 7920 3150 |
#SVML Sovereign Metals LTD – Result of AGM
The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 24 November 2023, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders. All resolutions were decided on and carried by way of poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the below summary.
ENQUIRIES
|
Dylan Browne Company Secretary info@sovereignmetals.com |
|
Nominated Adviser on AIM and Joint Broker |
|
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
|
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
|
|
|
|
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Tavistock PR |
+44 20 7920 3150 |
|
Resolution |
Number of Proxy Votes |
Number and Percentage of Votes cast on the Poll |
Voting Method and Result |
|||||
|
For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
||
|
1. Remuneration Report |
5,664,686 |
22,000 |
19,101,151 |
2,471,598 |
9,795,986 |
22,000 |
19,101,151 |
Carried on vote by poll |
|
2. Re-election of Director – Mr Ian Middlemas |
23,241,037 |
1,546,800 |
– |
2,471,598 |
27,372,337 |
1,546,800 |
– |
Carried on vote by poll |
|
3. Re-election of Director – Dr Julian Stephens |
23,241,037 |
1,546,800 |
– |
2,471,598 |
27,372,337 |
1,546,800 |
– |
Carried on vote by poll |
|
4. Renewal of Employee Incentive Equity Plan |
19,359,686 |
10,000 |
5,418,151 |
2,471,598 |
23,490,986 |
10,000 |
5,418,151 |
Carried on vote by poll |
|
5. Issue of Performance Rights to a Director – Mr Benjamin Stoikovich |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
|
6. Issue of Performance Rights to a Director – Mr Mark Pearce |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
|
7. Issue of Performance Rights to a Director – Mr Nigel Jones |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
|
8. Approval of Additional 10% Placement Capacity |
24,715,837 |
72,000 |
– |
2,471,598 |
28,847,137 |
72,000 |
– |
Carried on vote by poll |
Issue of Performance Rights
Following the shareholder approval of resolutions 5 to 7 today, the Company has issued 1,750,000 unlisted performance rights to Directors as disclosed in the Notice of AGM as follows:
· 700,000 performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and
· 1,050,000 performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.
Following the issue of these performance rights, the Company has the following securities on issue:
· 563,003,401 fully paid ordinary shares;
· 34,549,598 unlisted options exercisable at A$0.535 each on or before 21 July 2024;
· 9,110,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025;
· 3,150,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and
· 4,150,000 unlisted performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.
Change of Directors’ Interest Notices are provided below.
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
|
ABN 71 120 833 427 |
A)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Benjamin Stoikovich |
|
Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Direct and Indirect
|
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
|
Selwyn Capital Limited (beneficial interest)
|
|
Date of change |
24 November 2023 |
|
No. of securities held prior to change |
(a) 4,190,000 (b) 600,000 (c) – (d) – |
|
Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (c) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (d) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
|
Number acquired |
(c) 350,000 (d) 500,000 |
|
Number disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below |
|
No. of securities held after change |
(a) 4,190,000 (b) 600,000 (c) 350,000 (d) 500,000 |
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest
|
Not applicable |
|
Name of registered holder (if issued securities)
|
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
|
ABN 71 120 833 427 |
B)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Mark Pearce |
|
Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Direct and Indirect
|
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
|
· Mr Mark Pearce and Mrs Natasha Pearce <NMLP Family A/C> (trustee and beneficial interest) · Apollo Group Pty Ltd (director and indirect shareholder) · Crystal Brook Investments Pty Ltd (director and beneficial interest)
|
|
Date of change |
24 November 2023 |
|
No. of securities held prior to change |
(a) 4,520,842 (b) 300,000 (c) – (d) – |
|
Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (c) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (d) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
|
Number acquired |
(c) 250,000 (d) 400,000
|
|
Number disposed |
Not applicable
|
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below
|
|
No. of securities held after change |
(a) 4,520,842 (b) 300,000 (c) 250,000 (d) 400,000 |
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest |
Not applicable |
|
Name of registered holder (if issued securities) |
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
|
ABN 71 120 833 427 |
C)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Nigel Jones |
|
Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Indirect
|
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
|
Redbeck Partners Ltd (beneficial interest) |
|
Date of change |
24 November 2023 |
|
No. of securities held prior to change |
(e) 225,000 (f) 300,000 (g) – (h) –
|
|
Class |
(e) Ordinary Fully Paid Shares (f) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (g) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (h) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
|
Number acquired |
(c) 100,000 (d) 150,000 |
|
Number disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below |
|
No. of securities held after change |
(a) 225,000 (b) 300,000 (c) 100,000 (d) 150,000
|
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest
|
Not applicable |
|
Name of registered holder (if issued securities)
|
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
#SVML Sovereign Metals LTD – Lithium-Ion Battery Graphite Program Upscaled
KASIYA LITHIUM-ION BATTERY GRAPHITE PROGRAM SIGNIFICANTLY UPSCALED
· Bulk sampling program underway at Kasiya to extract 100 tonnes of ore to produce over 1,000kg of natural graphite for lithium-ion battery anode testwork and product qualification
· The upscaled graphite qualification program will support upcoming project studies with our strategic partner, Rio Tinto
· Sovereign and Rio Tinto have agreed to collaborate to qualify graphite from Kasiya, with a particular focus on supplying the spherical purified graphite (SPG) segment of the lithium-ion battery anode market
· Previous testwork confirmed Kasiya’s graphite to have near perfect crystallinity and high purity – both key attributes for suitability in lithium-ion battery feedstock
· Kasiya’s recent Pre-Feasibility Study (PFS) confirmed it could be one of the world’s largest natural graphite producers at 244kt per annum with the lowest cash operating costs globally at US$404/t and the lowest CO2-footprint
· As one of the largest known natural graphite deposits globally, close to existing infrastructure connecting it to global markets, Kasiya is set to become a strategic source of long term, secure supply outside of China
· This graphite qualification program coincides with news of China’s curbs on exports of natural graphite, a critical mineral for the US, EU, Japan and Australia
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that a bulk sampling program to extract over 100 tonnes of ore from Kasiya is underway. The bulk sampling program is part of the Company’s graphite bulk sample program for qualification, downstream testwork and product development. A major component to graphite sales agreements is customer qualification with graphite produced from this program to be shared with prospective end-users in addition to being used for upscaled downstream test-work.
The Company’s upscaled graphite program comes as China implements curbs on exports of natural graphite under “national security” concerns. Kasiya is one of the world’s largest natural graphite deposits outside of China and has the potential to become a key source of strategic supply to the US, UK, EU, Japan and South Korea. According to industry experts Benchmark Mineral Intelligence, China currently produces 61% of all flake graphite used in the production of lithium-ion battery anodes and accounts for 93% of all graphite anode production globally.
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
ENQUIRIES
|
Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
|
Nominated Adviser on AIM and Joint Broker |
|
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
|
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
|
|
|
|
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Tavistock PR |
+44 20 7920 3150 |
The recently released PFS confirmed Kasiya as a potential major critical minerals project with an extremely low CO2-footprint delivering significant long-term volumes of natural rutile (the highest-grade, purest, natural titanium feedstock) and graphite (a key component of an electric vehicle battery) while generating significant economic returns. Both titanium and natural graphite are critical to several of the world’s economies as well as crucial to decarbonisation solutions required to meet “Net-Zero” and other targets set by policymakers.
BULK SAMPLING PROGRAM
The mechanised drill program will use a custom-made 300mm diameter spiral auger to extract over 100 tonnes of material from across Kasiya’s planned future pits with sampling to a maximum 20m depth (Figure 1).
The sampling program forms part of the Company’s program for graphite qualification, downstream testwork and product development, and is designed to produce over 1,000kg each of flake graphite and natural rutile products.
The bulk sample will be processed at the Company’s laboratory in Lilongwe, Malawi. This will be achieved with the newly installed Kwatani 30-inch single and double-deck vibrating separators for sizing and de-sliming (Figure 2). The sand fraction will then be processed over the new Holman Wilfley 2000 wet shaking table to produce a graphite pre-concentrate and a separate heavy mineral concentrate (HMC) containing the rutile (Figure 3). The graphite pre-concentrate is expected to grade 4-5% Ct whilst the HMC is expected to grade ~30% contained rutile.
Figure 1. Mechanised drill with custom-made 300mm diameter spiral auger
Figure 2. Installation of the new Kwatani 30-inch single-deck and double-deck vibrating separators for sizing and de-sliming bulk samples at the Company’s Malawi laboratory and metallurgical facility
Figure 3: Holman-Wilfley 2000 Series shaking table to be installed at Sovereign’s Lilongwe laboratory in Malawi.
Final processing will then be completed at commercial metallurgical laboratories in Canada and Australia. The graphite pre-concentrate will undergo traditional flotation and polishing processes to target >96% Ct product for lithium-ion battery anode feedstock. The HMC will undergo gravity spiral cleaner stages followed by electrostatic and magnetic separation stages to produce a +95% TiO2 natural rutile products.
PLANNED DOWNSTREAM TESTWORK
The 1,000kg of flake graphite product produced will be used for downstream test-work and initial product qualification targeting the battery anode sector. Previously reported initial characterisation testwork on Kasiya’s graphite has indicated excellent suitability for use in lithium-ion batteries with very high purity and very high crystallinity being the key features.
Downstream test-work and qualification on the 1,000kg flake graphite product produced will involve the following stages to be completed at recognised international battery sector laboratories;
– Purification via an optimised HF-free reagent scheme to >99.95% Ct
– Micronisation
– Spheronisation
– Carbon coating
– Anode production
– Electrochemical characterisation
Raw flake graphite products plus final CSPG (coated spheronised graphite product) will be provided to potential offtakers for assessment and pre-qualification. Through Sovereign’s well-established experience in graphite, the Company has built a strong understanding of the product’s market and developed relationships with well-established offtakers and customers.
A major component to graphite sales agreements is customer qualification, and this is a key reason for initiating the graphite bulk sample program and scaling up in-country facilities in order to continuously produce bulk samples. The graphite produced from this program will be shared with prospective end-users and is an important next step for Sovereign to qualify the Kasiya graphite product.
Sovereign’s recent initial graphite characterisation testwork conducted by an independent German industrial minerals specialist demonstrated superior qualities and excellent suitability for its use in lithium-ion batteries. Further downstream testwork is planned that will use the graphite concentrate produced from this current bulk sampling program.
Figures 4 & 5: SEM micrograph of Kasiya graphite flotation concentrate from previous testwork
INDUSTRY DEVELOPMENTS
On 20 October 2023, Reuters reported, effective 1 December 2023, that China would require export permits for some graphite products including natural graphite and natural graphite products critical to EV production. China is the world’s top graphite producer and exporter and also refines more than 90% of the world’s graphite into the material that is used in virtually all EV battery anodes.
China’s commerce ministry said the move on graphite was “conducive to ensuring the security and stability of the global supply chain and industrial chain, and conducive to better safeguarding national security and interests”.
Competent Person Statement
The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled ‘Kasiya Pre-Feasibility Study Results’ 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 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.
Sovereign Metals #SVML – September 2023 Quarterly Report
Sovereign Metals Limited (Company or Sovereign) (ASX:SVM & AIM:SVML) is pleased to provide its quarterly report for the period ended 30 September 2023.
HIGHLIGHTS
Pre-Feasibility Study confirms Kasiya’s market leading position in Two Critical Raw Materials
· Natural Rutile – the highest-grade, purest, natural titanium feedstock
o The world’s largest rutile deposit
o Positioned to become the world’s largest rutile producer at 222kt per annum
o Natural rutile facing major global supply deficit over the next 5 years
· Natural Graphite – a key component of an electric vehicle (EV) battery
o The world’s second largest flake graphite deposit
o Potentially one of the world’s largest natural graphite producers outside of China at 244kt per annum
o China recently announces graphite export restrictions at a time when the anode graphite market is moving into deficit with demand rapidly growing in the lithium-ion battery and EV sectors
· Compelling project economics with significant upside potential:
o Post-tax NPV8 of US$1,605m and post-tax IRR of 28%
o Average EBITDA of US$415m per annum
o Initial Probable Ore Reserves declared of 538Mt, representing only 30% of the total Mineral Resource
o Substantial production rate and mine life upside exists as the PFS modelling was limited to only 25 years
· Forecast cash operating costs of US$404/t of product would position Kasiya as the lowest cost producer of rutile and graphite globally
Rio Tinto invests $40.6m to become a 15% Strategic Investor
· Rio Tinto made an investment of A$40.6 million in Sovereign resulting in an initial 15% shareholding plus options to increase their position to potentially 19.99%* within 12 months
· Rio Tinto’s investment represents a significant step towards unlocking a major new supply of low-CO2-footprint natural rutile and flake graphite
· Under the Investment Agreement, Rio Tinto will provide assistance and advice on technical and marketing aspects of Kasiya including with respect to Sovereign’s graphite co-product, with a primary focus on spherical purified graphite for the lithium-ion battery anode market
· The Company is formally establishing the Technical Committee with Rio Tinto following release of the PFS
· Industry redefining best in class social & environmental advantages
o Extremely low CO2-footprint operation incorporating climate-smart attributes including hydro-mining with renewables power solution
o Lifecycle CO2 emissions expected to be lowest in class versus existing and planned operations and versus alternative synthetic products
o Low-impact operation with mineralisation at surface, zero-strip ratio, low reagent usage, simple process flowsheet and progressive land rehabilitation
· The Company advancing into an optimisation phase prior to moving to the Definitive Feasibility Study (DFS) with the Company’s strategic investor, Rio Tinto
Key Management Appointments to Drive Project Optimisation and Development at Kasiya
· Appointment of experienced African based mining executive, Mr Frank Eagar, as the new Managing Director and CEO
· Existing Managing Director Dr Julian Stephens has transitioned to Non-Executive Director
· Key technical appointments of experienced African engineering, social and environmental teams to work on project optimisation and advancing the development of the Kasiya Project
Strong Support from the Government of Malawi:
· Government of Malawi has applauded the timely investment by Rio Tinto and marked it as a milestone towards realising the country’s aspirations of growing the mining sector as a priority industry
· PFS demonstrates Kasiya’s potential to provide significant socio-economic benefits for Malawi including fiscal returns, job creation, skills transfer and sustainable community development initiatives
· With mining being one of the key pillars for growth under Malawi’s economic development strategy (Agriculture, Tourism, Mining – ATM Policy) and the potential for Kasiya to be a project of national significance, the Government has constituted an Inter-ministerial Project Development Committee to work alongside the Company to assist in the permitting process
ENQUIRIES
|
Mr Frank Eagar (South Africa/Malawi) Managing Director and CEO +27 76 753 5377 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
|
Nominated Adviser on AIM and Joint Broker |
|
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
|
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
|
|
|
|
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Tavistock PR |
+44 20 7920 3150 |
#SVML Sovereign Metals LTD – Initial Director’s Interest Notice
Initial Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
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Name of entity Sovereign Metals Limited |
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ABN 71 120 833 427 |
We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Francis (Frank) Eagar |
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Date of appointment |
20 October 2023 |
Part 1 – Director’s relevant interests in securities of which the director is the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
Number & class of securities
500,000 ordinary fully paid shares
1,000,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025
500,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” expiring on or before 31 March 2026
700,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026
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Part 2 – Director’s relevant interests in securities of which the director is not the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Name of holder & nature of interestNote: Provide details of the circumstances giving rise to the relevant interest.
Not applicable |
Number & class of Securities
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Part 3 – Director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
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Detail of contract |
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Nature of interest
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Name of registered holder (if issued securities)
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No. and class of securities to which interest relates
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Initial notification/Amendment |
Initial |
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LEI |
213800NSPXSASTENFQ34 |
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Place of transaction |
Australian Securities Exchange (ASX) |
#SVML Sovereign Metals LTD – Notice of AGM
Notice of Annual General Meeting
Sovereign Metals Limited (ASX: SVM, AIM: SVML) (the Company) advises that the Annual General Meeting (Meeting) will be held on Friday, 24 November 2023 at 10:00am (AWST) at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia 6000.
In accordance with 110D of the Corporations Act 2001 (Cth), the Company will not be dispatching physical copies of the Notice of Meeting (unless a shareholder has elected to receive documents in hard copy in accordance with the timeframe specified in section 110E(8) of the Corporations Act 2001 (Cth)).
A copy of the Notice of Meeting can be viewed and downloaded online as follows:
· the Company’s website: http://sovereignmetals.com.au/announcements/.
· the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “SVM”; or
· if you have provided an email address and have elected to receive electronic communications from the Company, you will receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting.
The Company intends to hold a physical meeting. The Company will notify shareholders of any changes to this by way of an announcement on ASX and AIM and the details will also be made available on our website.
The Notice of Meeting is important and should be read in their entirety. If you are in doubt as to the course of action you should follow, you should consult your stock broker, investment advisor, accountant, solicitor or other professional adviser.
You may also, prior to the Meeting, obtain a paper copy of the Notice of Meeting (free of charge) by contacting the Company Secretary on +61 8 9322 6322 or by sending an email to info@sovereignmetals.com.au.
Holders of Depositary Interests should complete and sign a Form of Instruction, which will be sent separately to each Holder of Depositary Interests, and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders of Depositary Interests will not be eligible to vote in person at the Meeting.
#SVML Sovereign Metals – Key Mgmt Appointments for Development at Kasiya
Highlights
· Appointment of experienced African based mining executive, Mr Frank Eagar, as the new Managing Director and CEO
· Existing Managing Director Dr Julian Stephens to transition to Non-Executive Director
· Key technical appointments of experienced African engineering, social and environmental teams to work on project optimisation and advancing the development of the Kasiya Project
· Management changes bring a strong track record of successful large-scale project development in southern Africa
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of Mr Frank Eagar as Managing Director and Chief Executive Officer (CEO), effective from 20 October 2023.
Mr Eagar has over 20 years’ experience in the financing, permitting, development and operation of mining projects with a strong focus in southern Africa.
Mr Eagar is a Chartered Accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career. Mr Eagar has previously held a number of senior executive positions in the resources sector, more recently with African mining focused private equity firm AMED Funds, which included acting as Chief Financial Officer (CFO) for AMED’s controlled company, Central Copper Resources PLC (Central Copper).
Prior to Central Copper, Mr Eagar was the CEO (and prior to that the CFO) of Baobab Steel Limited (Baobab) another AMED controlled company, where he managed the completion of a Definitive Feasibility Study (DFS) and a joint venture with the World Bank’s IFC to procure strategic investors and raise project finance for Baobab’s US$1 Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in Mozambique.
Mr Eagar joined Sovereign in December 2022 as General Manager in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with Government and demonstrated a clear understanding of the Kasiya Project and its development landscape.
Sovereign has also made several key technical appointments as the Company transitions into project optimisation and development of the Kasiya Project and is poised to become a significant supplier of natural rutile and graphite. These key appointments bring a strong track record of successful large-scale project development and operations management, as well as extensive experience in southern Africa.
These management changes come at an important time for the Company as it transitions from the Pre-Feasibility Study (PFS) into the next phase of project optimisation, community and stakeholder engagements and ultimately the completion of a DFS.
Effective from 20 October 2023 current Managing Director, Dr Julian Stephens, will transition to a Non-Executive Director of Sovereign, remaining as a consultant assisting and supporting the incoming technical and management team.
Dr Stephens has been Managing Director of Sovereign since June 2016 and has been instrumental in the Company’s growth and development. He first identified rutile mineralisation in Malawi and then led the team that discovered Sovereign’s world-class Kasiya rutile-graphite deposit.
The Board would like to take this opportunity to thank Dr Stephens for his significant contribution to the Company and look forward to his continual involvement with Sovereign as the Company continues the development of the Kasiya Project.
Dr Julian Stephens commented: “It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the Company continues through the next phases of development. I am extremely proud of the significant achievements our team has accomplished during my time. With the appointment of Frank as MD and CEO, plus the technical team enhancements, I am confident that the Company is in very good hands and in a strong position to establish itself as a globally significant supplier of natural rutile and graphite.”
Incoming Managing Director, Mr Frank Eagar commented: “Securing Rio Tinto as a strategic investor alongside the completion of the high-quality PFS, provides the foundation for what will be an extremely exciting time in the Company’s development story. I am very honoured and look forward to taking on my new role as MD and CEO. The Kasiya Project is multi-generational, has the potential to deliver a valuable, long-term source of low-CO2 critical minerals and generate substantial economic and socio-economic returns.”
Sovereign’s Chairman Ben Stoikovich commented: “Today’s management changes and appointments mark a pivotal step for the Company as it lays the foundation for project optimisation and development. With Rio Tinto’s investment and the release of a world-class PFS, the Company is entering an exciting new phase. I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-in-generation deposit, and growing Sovereign to where it is today. The Company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the Definitive Feasibility Study and delivering the significant potential of Kasiya to all stakeholders.”
Details of Mr Eagar’s remuneration are included in Appendix A.
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Tavistock PR |
+44 20 7920 3150 |
#SVML Sovereign Metals LTD – Kasiya Pre-Feasibility Study Results Presentation
KASIYA PRE-FEASIBILITY STUDY RESULTS PRESENTATION
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to advise that a presentation entitled ‘Kasiya Pre-Feasibility Study Results Presentation’ is available to download from the Company’s website at: http://sovereignmetals.com.au/company-presentations/.
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Tavistock PR |
+44 20 7920 3150 |
Alan Green covers Cobra Resources #COBR and Sovereign Metals #SVML on this week’s Stockbox Research Talks
Alan Green covers Cobra Resources #COBR and Sovereign Metals #SVML on this week’s Stockbox Research Talks