graphite – Page 2

In September the long-awaited Technical Assistance Grant Agreement (“TAG”) was signed with the US Government’s private sector investment arm, the Development Finance Corporation (“DFC”). This is a US$5 million grant awarded to Blencowe to assist with DFS costs and it is with pleasure I note that Blencowe is the first pre-production graphite company to receive such a grant from the US Government. Aside from the obvious advantages of having approximately 40% of our overall DFS costs being funded for free the credibility of both our Company and our Orom-Cross project are both significantly raised by having a partner of this calibre. Blencowe wishes to state once again our appreciation to DFC for this grant and all efforts will be made to deliver a first class DFS as a result.

To date US$3 million of this grant funding has been received as tranches are delivered on DFS milestones being achieved. It is our expectation that the final US$2 million will be received over the next six months for further work and ultimately completion of DFS. In addition, DFC is mandated to play a role as lead partner in a funding solution for Orom-Cross implementation ahead, and management are working closely with DFC to ensure that this will happen as substantial funding solutions remain the largest challenge for any new graphite project, so to have DFC involved adds significant weight and prestige, and a potential funding party with US$5 million skin in the game.

During this period several key milestones have been met with regards to actual DFS work. In 2H 2023 a 100-tonne bulk sample was mined and delivered to a technical facility in northern China which is a leading expert on graphite processing, and this ore was then beneficiated into 96% LOI concentrate. This in turn provides offtakers with the knowledge that commercial scale processing of Orom-Cross ore can deliver same high quality results as all lab-scale testing has shown to date, and secondly to provide a substantial quantum of 96% concentrate for Blencowe to send to various parties as samples, for testing and review. Following the success of this action, and the request of several tier one potential offtake partners, Blencowe has more recently mined a further 600-tonne bulk sample and sent it to the same facility, for the same reasons. This latest sample will also be beneficiated beyond 96% concentrate to a 99.95% uncoated SPG (spheronised, purified graphite) which is very near to what is used in the lithium-ion battery as graphite content.

Ultimately Blencowe is seeking offtake contracts and this commercial scale test work is designed to provide the samples and the results to qualify Orom-Cross product for these contracts, which themselves form an integral part of the DFS.

Other work continues within Uganda on infrastructure, community relations, environmental updates and all other key aspects of the DFS, and Blencowe remains working towards end-2024 as the delivery date for the DFS – subject to all necessary funding received to deliver as such.

Specialist technical work has also been underway in this period in the USA, considering the beneficiation of Orom-Cross concentrates to various high end products, up to 99.99% which is military grade. To date all work has been successful and provided evidence Orom-Cross has one of the most pure concentrates and upgraded products and this will bode well in future offtake discussions.

Despite all of this progress the Company is facing macro-challenges and the UK market remains flat, which has a direct impact on both the share price and market value. Blencowe will continue to market its achievements and remains positive on the medium and longer term outlook for graphite. We will continue to build our project and add value as this will ultimately be significant as demand continues to rise, while supply of graphite (particularly high quality) remains static.

We thank our shareholders and other stakeholders for their continued support and we look forward to continuing to kick goals ahead to deliver the DFS and success for the Company.

Mike Ralston

Chief Executive Officer

Responsibility Statement of the Directors in respect of the Interim Report

The Directors are responsible for preparing the Interim Financial Statements in accordance with applicable law and regulations. In addition, the Directors have elected to prepare the Interim Financial Statements in accordance with International Financial Reporting Standards (“IFRSs”), as adopted by the United Kingdom (“UK”).

The Interim Financial Statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period.

In preparing these Interim Financial Statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;

· present information and make judgements that are reasonable, prudent and provides relevant, comparable and understandable information;

· provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particulars transactions, other events and conditions on the entity’s financial position and financial performance; and

· make an assessment of the Group’s ability to continue as a going concern.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time its financial position of the Group to enable them ensure that the financial statements comply with the requirements of the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and Interim Financial Statements. Legislation governing the preparation and dissemination of Interim Financial Statements may differ from one jurisdiction to another.

We confirm that to the best of our knowledge:

· the Interim Financial Statements, prepared in accordance with International Financial Reporting Standards as adopted by the UK, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group for the period;

· the Director’s report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that they face; and

· the interim report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the group’s performance, business model and strategy.

Consolidated Statement of Comprehensive Income for the six month period ended 31 March 2024

		6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 months ended 30 Sep 2023
		(Unaudited)	(Unaudited)	(Audited)
	Notes	GBP	GBP	GBP

Exploration costs		(23,669)	(16,642)	(53,347)
Administrative fees and other expenses	5	(682,486)	(446,424)	(1,298,872)
Operating loss		(706,155)	(463,066)	(1,352,219)

Finance costs		(19,685)	(23,010)	(45,748)
Loss before tax		(725,840)	(486,076)	(1,397,967)

Income tax		–	–	–

Loss after tax		(725,840)	(486,076)	(1,397,967)

Other comprehensive income
Exchange differences on translation of foreign operation		64,153	7,807	31,282
Other comprehensive income, net of tax		64,153	7,807	31,282

Total comprehensive loss		(661,687)	(478,269)	(1,366,685)

Basic and diluted loss per share (pence)	10	(0.31)	(0.28)	(0.70)

There was no other comprehensive income for the period ended on 31 March 2024.

The accompanying notes on form an integral part of the Interim Financial Statements.

Consolidated Statement of Financial Position as at 31 March 2024

		As at 31 Mar 2024	As at 31 Mar 2023	As at 30 Sept 2023
		(Unaudited)	(Unaudited)	(Audited)
	Notes	GBP	GBP	GBP

Non-Current Assets	6	7,061,967	7,065,820	7,604,564

Current assets
Trade and other receivables	7	113,470	135,901	31,863
Cash and cash equivalents		444,991	130,740	129,853
Total current assets		558,461	266,641	161,716

Total assets		7,620,428	7,332,461	7,766,280

Current liabilities
Creditors: Amounts falling due within one year	8	(1,238,944)	(414,843)	(1,076,169)
Total current liabilities		(1,238,944)	(414,843)	(1,076,169)

Non-current liabilities
Surface liabilities	9	(783,549)	(785,520)	(818,915)

Total liabilities		(2,022,493)	(1,200,363)	(1,895,084)

Net assets		5,597,935	6,132,098	5,871,196

Equity
Share capital	12	1,377,801	1,275,066	1,338,566
Share premium	12	8,986,590	8,099,579	8,637,399
Warrants reserves		428,342	402,148	428,342
Translation reserve		94,892	7,264	30,739
Retained earnings		(5,289,690)	(3,651,959)	(4,563,850)
Total equity		5,597,935	6,132,098	5,871,196

The accompanying form an integral part of the Interim Financial Statements.

	Share capital	Share premium	Share option reserves	Retained earnings	Translation reserve	Total equity
	GBP	GBP	GBP	GBP	GBP	GBP
Balance as at 30 Sep 2022	1,181,316	7,480,829	402,148	(3,165,883)	(543)	5,897,867

Total comprehensive loss for 6 months
Loss for the period	–	–	–	(486,076)	–	(486,076)
Total comprehensive loss	–	–	–	(486,076)	–	(486,076)
Contributions from equity holders
New shares issued	93,750	656,250	–	–	–	750,000
Share issue costs	–	(37,500)	–	–	–	(37,500)
Exchange differences on translation	–	–	–	–	7,807	7,807
Total contributions from equity holders	93,750	618,750	–	–	7,807	720,307

Balance as at 31 Mar 2023	1,275,066	8,099,579	402,148	(3,651,959)	7,264	6,132,098

Total comprehensive loss for 6 months
Loss for the period	–	–	–	(911,891)	–	(911,891)
Total comprehensive loss	–	–	–	(911,891)	–	(911,891)
Contributions from equity holders
New shares issued	63,500	571,500	–	–	–	635,000
Share issue costs	–	(33,680)	–	–	–	(33,680)
Warrants reserve	–	–	–	–	–	–
Exchange differences on translation of foreign operations	–	–	26,194	–	23,475	49,669
Total contributions from equity holders	63,500	537,820	26,194	–	23,475	650,989

Balance as at 30 Sep 2023	1,338,566	8,637,399	428,342	(4,563,850)	30,739	5,871,196

Consolidated Statement of Changes in Equity for the six month period ended 31 March 2024

Total comprehensive loss for 6 months
Loss for the period	–	–	–	(725,840)	–	(725,840)
Total comprehensive loss	–	–	–	(725,840)	–	(725,840)
Contributions from equity holders
New shares issued	39,235	353,115	–	–	–	392,350
Share issued costs	–	(3,924)	–	–	–	(3,924)
Exchange differences on translation of foreign operations	–	–	–	–	64,153	64,153
Total contributions from equity holders	39,235	349,191	–	–	64,153	452,579

Balance as at 31 Mar 2024	1,377,801	8,986,590	428,342	(5,289,690)	94,892	5,597,935

The accompanying notes on form an integral part of the Interim Financial Statements.

Consolidated Statement of Cash Flows for the six month period ended 31 March 2024

		As at 31 Mar 2024	As at 31 Mar 2023	As at 30 Sept 2023
		(Unaudited)	(Unaudited)	(Audited)
	Notes	GBP	GBP	GBP
Operating activities
Loss after tax		(725,839)	(486,076)	(1,397,967)
Depreciation		–	104	–
Finance costs		19,685	23,010	45,748
Adjustment to Surface Liability		–	–	–
Share issue/warrant cost		–	–	26,194
Unrealised currency translation		126,864	261,566	182,264
Changes in working capital
Decrease/(increase) in trade and other receivables	7	(81,607)	(50,054)	53,984
Increase/(decrease) in trade and other payables	8	162,775	(39,568)	272,664
Net cash flows from operating activities		(498,122)	(291,018)	(817,113)

Investment activities
Purchase of fixed assets		–	(748)	–
Investment in exploration assets		(1,175,345)	(621,988)	(713,848)
Net cash flows from investment activities		(1,175,345)	(622,736)	(713,848)

Financing activities
DFC Government grant	6	1,600,178	–	–
Shares issued (net of issue cost)		388,427	697,500	1,313,820
Net cash flows from financing activities		1,988,605	697,500	1,313,820

Increase in cash and short-term deposits		315,138	(216,254)	(217,141)

Cash and short-term deposits brought forward		129,853	346,994	346,994

Cash and cash equivalents at end of period		444,991	130,740	129,853

The accompanying notes form an integral part of the Interim Financial Statements.

Notes to the Financial Statements for the six month period ended 31 March 2024

1. General

Blencowe Resources Plc (the “Company”) is a public limited company incorporated and registered in England and Wales on 18 September 2017 with registered company number 10966847 and its registered office situated in England and Wales at 167-169 Great Portland Street, Fifth Floor, London, England W1W 5PF.

The Group did not earn any trading income during the period under review but incurred expenditure in developing its principal assets.

The Consolidated Interim Financial Statements of the Company for the six month period ended 31 March 2024 comprise the financial statements of the Company and its subsidiaries (together referred to as the “Group”).

2. Accounting Policies

Basis of preparation

The Interim Financial Statements of the Group are unaudited condensed financial statements for the six month period ended 31 March 2024.

The accounting policies applied by the Group in these Interim Financial Statements, are the same as those applied by the Group in its consolidated financial statements and have been prepared on the basis of the accounting policies applied for the financial year to 30 September 2023 which have been prepared in accordance with IFRS as adopted by UK. The Group Financial Statements have been prepared using the measurement bases specified by IFRS each type of asset, liability, income and expense.

The Group Financial Statements are presented in GBP, which is the Group’s functional currency. All amounts have been rounded to the nearest pound, unless otherwise stated.

Government grants

This is the first reporting period the Group is recognising government grants. Government grants are recognized once the entity has complied with conditions attaching to them and they have been received. Governments grants are accounted for using the capital approach under which a grant is recognized outside the profit and loss. Government grants related to assets, are presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

Comparative figures

The comparative figures have been presented as the Group Financial Statements cover the 6 month period ended 31 March 2023 and the 12 month period ended 30 September 2023. During 2024, the Group discovered that share premium had been erroneously classified as share capital and administration expenses captured as share issue costs for interim accounts as at 31 March 2023. Refer to Note 12.

3. Critical accounting estimates and judgments

In preparing the Group’s Interim Financial Statements, the Directors have to make judgments on how to apply the Group’s accounting policies and make estimates about the future. The Directors do not consider there to be any critical judgments that have been made in arriving at the amounts recognised in the Group Financial Statements.

4. Significant accounting policies

The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Blencowe Resources Plc for the year ended 30 September 2023. A copy of these financial statements is available on the Group website at https://blencoweresourcesplc.com.

5. Administrative fee and other expenses

	6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 Months ended 30 Sep 2023
	(Unaudited)	(Unaudited)	(Audited)
	GBP	GBP	GBP
Directors’ remuneration	69,857	70,023	140,051
Professional fees	80,001	121,692	226,471
Salaries	75,000	75,000	150,000
Listing fees	20,933	18,218	41,123
Audit fees	33,498	21,644	35,000
Share issue/warrant cost	–	–	26,194
Administration fees	23,500	23,500	47,000
Sponsorship	5,690	–	–
Broker fees	18,434	20,500	41,000
Travelling expenses	11,034	7,959	16,852
Ugandan taxes	342,751	–	392,425
Miscellaneous fees	4,445	87,888	72,625
Royalties	1,244	–	–
Foreign currency (gain)/loss	(3,901)	–	110,131
Total	682,486	446,424	1,298,872

The Group had two employees who are key management personnel and three Directors. The Directors and the key management personnel’s remuneration related solely to short term employee benefits.

6. Non-Current assets

For the period ended 31 March 2024 intangible assets represents capitalised costs associated with the Group’s exploration, evaluation and development of mineral resources net of any Government grants received.

	6 months ended 31 Mar 2024 (Unaudited) GBP	6 months ended 31 Mar 2023 (Unaudited) GBP	12 months ended 30 Sept 2023 (Audited) GBP
Exploration assets	8,662,145	7,065,176	7,604,564
Property, Plant and Equipment	–	644	–
Grant from US Government (Refer below)	(1,600,178)	–	–
Total	7,061,967	7,065,820	7,604,564

The company signed a US$5 million agreement with the U.S. International Development Finance Corporation (“DFC”) in order to provide substantial funding for the Orom Cross Definitive Feasibility Study programme, via a Technical Assistance Grant (“TAG”). The DFC is a proxy for the US Government which funds the organisation and ultimately sets its vision, parameters and funding distribution. DFC payments will be made as agreed feasibility study milestones are achieved. As part of the US$5 million Technical Assistance Grant (“TAG”) the DFC has a right of first refusal on commercial terms to arrange project financing for the Orom-Cross project, which may deliver Blencowe with a full funded solution to bring Orom-Cross into production with support from a major financial institution. The agreement is subject to various events of default.

7. Trade and other receivables

	6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 Months ended 30 Sep 2023
	(Unaudited)	(Unaudited)	(Audited)
	GBP	GBP	GBP
Other receivables	35,166	21,526	9,421
Prepayments	78,304	114,375	22,442
Total	113,470	135,901	31,863

8. Creditors: Amounts falling due within one year

	6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 Months ended 30 Sep 2023
	(Unaudited)	(Unaudited)	(Audited)
	GBP	GBP	GBP
Payables	707,912	103,980	644,585
Surface liabilities (Note 9)	–	143,036	–
Accruals and provision	194,352	167,827	39,159
Ugandan taxes	336,680	–	392,425
Total	1,238,944	414,843	1,076,169

9. Surface liabilities

Blencowe Resources Uganda Limited, the Company’s subsidiary entered into an agreement for surface rights over the land in the mineral area of the licence. The land owners granted Blencowe Resources Uganda Limited a 49 year lease over an area. The liability to the land owners is to be paid in 8 instalments at defined dates with the final payment due in 2035.

	6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 Months ended 30 Sep 2023
	(Unaudited)	(Unaudited)	(Audited)
	GBP	GBP	GBP
Total payable at the beginning of the period	818,915	978,255	978,255
Utilisation	–	–	(148,468)
Interest charged during the period	19,685	23,010	45,748
Exchange loss on valuation	(55,051)	(72,709)	(56,620)
Total payable as at period end	783,549	928,556	818,915

Analysis between current and non-current liability
Payable within 12 months	–	143,036	–
Payable after 12 months	783,549	785,520	818,915
	783,549	928,556	818,915

The value of the lease is measured at the present value of the contractual payments due to the lessor

over the lease term, with the discount rate of 5%.

10. Loss per share

The calculation of the basic and diluted loss per share is based on the following data:

	6 months ended 31 Mar 2024	6 months ended 31 Mar 2023	12 Months ended 30 Sep 2023
	(Unaudited)	(Unaudited)	(Audited)
Earnings	GBP	GBP	GBP
Loss from continuing operations for the period attributable to the equity holders of the Group	(661,687)	(478,269)	(1,397,967)
Number of shares
Weighted average number of Ordinary Shares for the purpose of basic and diluted earnings per share
	210,540,876	168,803,923	200,041,594
Basic and diluted loss per share (pence)	(0.31)	(0.28)	(0.70)

There are no potentially dilutive shares in issue.

11. Related party transactions

The are no related party transactions during the period except for the Directors’ remuneration, which have been disclosed in note 5.

Sam Quinn is a director and shareholder of the Company and a Director of Lionshead Consultants Limited. During the period, Lionshead Consultants Limited charged fees for consultancy fees of £18,000 (31 March 2023: £18,000 and 30 Sep 2023: £36,000).

12. Reclassification

During 2024, the Group discovered that share premium had been erroneously classified as share capital and administration expenses captured as share issue costs for interim accounts as at 31 March 2023. These errors has been corrected by restating each of the affected financial statement line items for prior periods. The following table summarises the impact on the Group’s consolidated accounts.

	Impact of reclassification
	As previously reported	Restatement	As restated
	GBP	GBP	GBP
Total assets	7,332,461	–	7,332,461
Total liabilities	(1,215,363)	15,000	(1,200,363)
Net assets	6,117,098	15,000	6,132,098
Share capital	1,931,316	(656,250)	1,275,066
Share premium	7,428,329	671,250	8,099,579
Warrants reserve	402,148	–	402,148
Translation reserve	7,264	–	7,264
Retained earnings	(3,651,959)	–	(3,651,959)
Total Equity	6,117,098	15,000	6,132,098

There is no material impact on the Group’s basis or diluted earnings per share and no impact on the total operating, investing or financing cashflows for the half year ended 31 March 2023.

13. Events after the reporting date

On 10 April 2024, the Company announced the receipt of its third tranche US$1 million funding from the United States International Development Finance Corporation (“DFC”). This payment, representing a further 20% of the full US$5 million DFC grant further supports the ongoing Orom-Cross Definitive Feasibility Study (“DFS”) costs, bringing the total received to US$3 million since the agreement was signed in Sept 2023. The DFC is the primary US Government finance institution set up to provide financially sound solutions for private sector initiatives pertaining to critical challenges facing the world.

Blencowe Resources #BRES – First Offtake MOU Signed for 15,000 Tonnes of Large Flake Per Annum

10th June 2024 / Leave a comment

Blencowe Resources signs its first non-binding Memorandum of Understanding (“MOU”) for natural large flake concentrate offtake from the Orom-Cross Graphite Project. Partnering with Jilin New Technology Graphite Co. (“Jilin”), a prominent global graphite consumer, this initial MOU is the first of several offtake agreements anticipated to complete in the near future ahead of completing the DFS.

Highlights:

Agreement provides for sale of significant percentage of large flake end products
Offtake Supply Agreement: MOU to supply 15,000t/annum of blended large flake graphite, covering 66% of Orom Cross initial large flake production for up to three years from start.
Industry Leader Jilin is a leading processor of battery anode materials and expandable graphite based in north east China.

Pricing Terms to Follow: Pricing to be agreed under the terms of a formal agreement to be
entered into following completion of the Orom-Cross Definitive Feasibility Study (“DFS”).
Higher Revenue Contribution: As large flake concentrate commands substantially higher
prices than small flakes this MOU covers approx. 50% of the total revenue from Orom-Cross.
Product Validation through Testing: Initial offtake MOU follows substantial test work,
validating product quality.
Advanced Pilot Plant Progress: 600-tonne bulk sample test program nearing completion,
facilitating direct engagement with potential customers for small flake concentrate.
Ongoing Tier-One Discussions: Following successful trip to China and South Korea, Blencowe maintains positive discussions with tier-one offtakers worldwide for the balance of its planned
annual graphite production.

Jilin MOU
The Jilin MOU follows extensive discussions between Blencowe senior management during the recent visit to China, and follows successful bulk testing of graphite concentrate produced by Orom-Cross.
Jilin, a leading vertically integrated graphite producer, is the parent company of the group that completed the 100 tonne bulk sample for Blencowe in 2023 and is currently undertaking the 600t bulk sample processing program which is nearing completion.

The 600t bulk sample will generate commercial scale graphite concentrate divided into large and small flakes. The small flake concentrate will be upgraded to 99.95% by a leading Chinese SPG (spheronised purified graphite) producer, to be distributed to OEMs thereafter for their own testing. Completion of this exercise will be in Q3 2024, facilitating qualification of Orom-Cross small flake products with tier-one offtakers and paving the way for offtake agreements (currently under discussion). This small flake qualification process leading to offtake agreements, which often takes several years, has been expedited by Blencowe who will have completed it in a much shorter timeframe than other graphite companies.

Unlike small flake product, large flake products do not require the same qualification process, hence the more rapid move to signing this first MOU.

Orom Cross Production
The Pre-Feasibility Study envisages Orom-Cross initially delivering 50,000tpa of concentrate post commencement of full mining operations. Approximately 45% of this will be delivered as large flake products which means that the Company will have up to 22,500t per annum of large flake capacity to sell.
This Jilin MOU thus encompasses two-thirds of the company’s proposed steady state production of large flake graphite products (+100mesh, +80mesh and +50mesh) within the first three years. Thereafter it is anticipated the overall production volume will ramp up substantially. Given that large flake concentrate commands substantially higher prices than small flakes, this 15,000tpa to Jilin represents nearly 50% of the anticipated initial total revenue from Orom-Cross, underscoring the MOU’s significance in the context of future project financing and returns.

Other MOUs
Blencowe is currently in advanced negotiations with multiple leading OEMs in China and South Korea regarding the sale of its remaining large flake products and smaller flake products utilised in batteries. These discussions have been positive and the Company anticipates delivering further MOUs with leading buyers of graphite products worldwide with the aim of securing offtake partners for the entire production output from Orom-Cross.

Executive Chairman Cameron Pearce commented:
“This MOU is a key milestone for the Company and it is just the beginning. We anticipate announcing several more agreements over the next few months. Jilin is a leading graphite company globally and this is a strong endorsement of the graphite product from Orom-Cross. The 600-tonne bulk testing program will allow us to provide concentrate to qualify our small flake products through a rigorous qualification process so that we can progress offtake discussions with other tier-one consumers of graphite. We have been able to fast-track what is typically a lengthy process and look forward to completing this qualification process shortly by delivering the relevant concentrate and SPG to these groups.”

“This key milestone reflects the rapid progress we have made. Over the coming months we expect to maintain momentum by securing further MOUs and advancing the DFS. Each step brings us closer to unlocking more value and further de-risking the Orom-Cross project. We look forward to delivering further updates on project key components particularly results of our 600-tonne testing programme and further on offtakes.”

For further information please contact:
Blencowe Resources Plc Sam Quinn www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations Sasha Sethi Tel: +44 (0) 7891 677 441
sasha@flowcomms.com

Tavira Financial Jonathan Evans Tel: +44 (0)20 3192 1733
jonathan.evans@tavira.group
Tel: +44 (0)20 3192 1733

Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/

Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe has moved into the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

#BRES Blencowe Resources PLC – Corporate Presentation Updated

3rd June 2024 / Leave a comment

Blencowe Resources (BRES: LON) wishes to advise it has updated its corporate presentation which can be found on the Company’s website (www.blencoweresourcesplc.com).

The corporate presentation provides and up to date overview of the Company, its assets and strategy. The Company will be updating its presentation regularly in the forthcoming months and will notify interested parties upon each material update.

A direct link to the presentation: https://blencoweresourcesplc.com/presentation/

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

info@blencoweresourcesplc.com

+44 (0)1624 681 250

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Financial

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavira.group

Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/blencowe-resources/

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now completing the Definitive Feasibility Study prior to commencing production of graphite concentrate.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.

#BRES Blencowe Resources PLC – CEO Video Interview

28th May 2024 / Leave a comment

Blencowe Resources (BRES:LON), is pleased to share two recent interviews with CEO Mike Ralston on the Focus Communications IR and Mining News platforms:

Interview with Focus IR:

“Mike Ralston, CEO of Blencowe, outlines plans to become one of the world’s largest graphite producers”

https://www.youtube.com/watch?v=JnnCkdCPfT0

Interview with Mining News:

“Blencowe building on mining-to-battery plan at the Orom-Cross graphite project”

https://www.miningnews.net/resourcestocks/resourcestocks/4213348/blencowe-building-mining-battery-plan-graphite-project

Executive Chairman Cameron Pearce commented:

“Blencowe recently recorded video interviews on the media platforms linked above to provide investors with further detail following a successful management trip to Asia. In China we visited Jilin Huiyang New Material Technology Company which is currently undertaking processing of a 600 tonne bulk sample of small flake graphite from Orom-Cross. This effort aims to produce commercial scale processed samples for a range of tier-1 offtakers in both China and South Korea, who have shown significant interest in high-quality processed product from Orom-Cross, especially smaller sized flakes suitable for SPG processing for the battery industry, including Electric Vehicles. Investors should note that prequalification of product with industry buyers is a crucial step for any serious graphite miner, and Blencowe is well advanced on this route.

In addition to the small flake graphite, we have received positive feedback on large flake graphite samples from Orom-Cross from other potential offtake parties, with larger flake graphite typically commanding premium prices.

During our trip, we also met with various EPC groups and Chinese strategics to advance our in-country downstream SPG processing strategy. We believe that adding local Ugandan downstream SPG processing facilities will enable us to capture more of the downstream value chain and significantly enhance Orom-Cross’s already compelling economics. This will also substantially differentiate Blencowe from its graphite peers. So far, test work in China has been progressing positively, as have discussions regarding potential offtake MOUs and strategic partnerships for downstream SPG processing.

We anticipate further updating the market on the progress of our test work and the interest from potential offtakers in the coming weeks.“

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

info@blencoweresourcesplc.com

+44 (0)1624 681 250

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Financial

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavira.group

Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/blencowe-resources/

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.

#SVML Sovereign Metals Ltd – Kasiya Optimisation Advances to Pilot Phase

22nd May 2024 / Leave a comment

Sovereign Metals #SVML – KASIYA OPTIMISATION ADVANCES TO PILOT PHASE

·	Sovereign to immediately commence a pilot mining and land rehabilitation program (“Pilot Phase”) at Kasiya as part of the ongoing Optimisation Study
·	Empirical data generated from the Pilot Phase will assist towards determining optimal excavation, material handling, processing, backfilling and rehabilitation approaches
·	Sovereign will excavate approximately 150,000 bench cubic metres of ore from a test pit over a three-month period using a combination of dry and hydraulic mining techniques
·	Excavated material will be processed on-site and at Sovereign’s laboratory in Malawi and will also provide additional bulk samples for graphite product qualification
·	The test pit will be backfilled, and multiple rehabilitation strategies will be implemented to demonstrate successful restoration of agricultural land
·	Demonstrates strong support for mining projects in Malawi with all required approvals and community permissions for the Pilot Phase obtained within three months

A close up of sand Description automatically generated

Figure 1: Natural concentration of heavy minerals at surface at Kasiya (Source: C12 Consultants)

Managing Director Frank Eagar commented: “Advancing to a Pilot Phase is an important milestone for Kasiya. This covers the full spectrum of engineering and design, logistics, materials handling, water and environmental approvals, stakeholder engagement, livelihood restoration, tailings management and land rehabilitation. The successful permitting is a testament to the strong owner’s team we have assembled. We are progressing Kasiya into a totally new phase of development. The scale and results from this phase will significantly enhance our knowledge base from the previous laboratory-based studies. I want to thank the Malawi Government for an efficient approvals process, demonstrating just how important Kasiya is to all stakeholders.”

Classification 2.2: This announcement includes Inside Information

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that the Company has initiated a Pilot Mining and Land Rehabilitation Program at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi.

The results will allow Sovereign to determine optimal excavation, backfill and land rehabilitation approaches. The Pilot Phase will be a demonstration to local communities of the successful rehabilitation of land for agricultural use post-mining. Results will also provide critical information for the upcoming Definitive Feasibility Study (DFS) and once commenced, it will shorten the time to its completion.

The objectives of the Pilot Phase include:

· Optimisation of mining methods by construction of a pilot-scale open pit close to the maximum depth of the current reserves at 20m;

· Scale-up of existing in-country processing capability by installation of commercial scale spirals to produce additional bulk samples for graphite product qualification;

· Optimising the tailings management and storage designs; and

· Optimising land rehabilitation, soil restoration and selection of revegetation species.

The commencement of the Pilot Phase follows the receipt within three months of all relevant approvals and permissions from the Malawi Environment Protection Authority (MEPA), National Water Resources Authority (NWRA), the Ministry of Mines, and the local community.

The Pilot Phase will be undertaken on a 9.9-hectare site and will include the following activities:

1. Test Pit: A test pit of 120m by 110m will be excavated to a depth of 20m, allowing optimisation of hydraulic and dry mining excavation methods.

2. Stockpiles: The excavated material will be temporarily stored in 4 stockpiles, namely all dry mining material, wet slimes (in a pond) and two sizes of sand fractions from the hydraulic mining.

3. Backfilling and Grading: The material will be placed back into the pit, and all areas will be graded.

4. Rehabilitation Demonstration: Sovereign will construct eight small rehabilitation demonstration pits covering a combined area of 100m by 130m. These will be used for water storage, excavated material storage, and demonstration of multiple rehabilitation approaches.

5. Temporary Laydown Areas: Four areas will be used as temporary laydown areas, offices, and associated infrastructure.

6. Communication: The Pilot Phase will be an educational opportunity for Project stakeholders. Sovereign will undertake a series of stakeholder visits and consultations for this purpose.

Kasiya is the world’s largest natural rutile deposit and the second-largest flake graphite deposit. Sovereign aims to develop a low-CO₂ and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.

Results of the PFS, released in late 2023, demonstrated Kasiya’s potential to become the world’s largest rutile producer at 222kt per annum and one of the world’s largest natural graphite producers (ex-China) at 244kt per annum.

The PFS delivered compelling economics with a post-tax NPV₈ of US$1.6 Billion and a post-tax IRR of 28%. This long-life, multi-generational operation generates over US$16 Billion of revenue based on an initial 25-year life-of-mine and delivers an average annual EBITDA of US$415 Million per annum.

Pilot Phase Program Design

Activities have been designed to establish a 9.9-hectare site over the current Ore Reserve defined in the Kasiya PFS, covering a mineralised zone with soil conditions deemed representative of the overall Mineral Resource Estimate (MRE). Over approximately three months, Sovereign will excavate several test pits and collect geological and geotechnical samples. The main pit will be backfilled with dry material, while material from hydraulic mining will be used to fill the remaining pits as part of the rehabilitation phase.

Land rehabilitation will form an integral component of the DFS. Sovereign’s objective is to restore land after mining to conditions that achieve the same or better agricultural yields than existing land uses and crop yields. For this reason, the Company will undertake field-based demonstrations of rehabilitation showcasing drying times, soil recoveries, soil nutrients, growth variants, and including different soil inputs and revegetation methods.

Site Construction

Prior to the establishment of site infrastructure, eight boreholes have been permitted and drilled using a locally appointed drilling contractor. These boreholes will supply water to the site, which will be stored in a temporary water storage pond.

A perimeter fence will be erected around the site to maintain the necessary health and safety standards. Existing roads will be used for access to the site and, if required, improved through grading.

Temporary buildings such as offices and stores will be brought to the site on flatbed lorries and erected. To support pilot mining, two 1MW mobile diesel-powered electricity generators will be installed to provide the electricity required for high-pressure water monitors.

Pilot Mining

The main pit will be excavated using conventional load and haul to 20m depth to develop a sump to test hydraulic mining to the full depth of the current Ore Reserves. The excavated material will be temporarily stored in stockpiles.

On-Site Processing Facility

Material mined from the test pit will be processed on-site and at the Company’s laboratory facility in Lilongwe. As previously announced (Please refer to announcement dated 1 May 2024 entitled “Sovereign to Increase Bulk Sample Preparation Capacity”), as part of the Pilot Phase, a commercial-scale spiral plant will be installed at site in Malawi.

Rutile and graphite concentrate samples generated from the Pilot Phase will be shared with potential off-takers and end-users, and used for further testwork as part of the Company’s graphite commercialisation strategy.

Rehabilitation Phase

This phase will consist of establishing a strong soils baseline, backfilling of the test pit with different soil compositions, rehabilitation tests, revegetation with plants, and the improvement of soil conditions post-mining.

Regular monitoring and evaluation of the rehabilitation activities will be undertaken to assess the progress of vegetation growth and soil stabilisation. Following the conclusion of the rehabilitation, the proposed project site will be returned to farmland.

Figure 2: Site layout

Permitting

Permissions for the Pilot Phase were received following the successful submission of an Environmental and Social Management Plan to MEPA. Sovereign is committed to the responsible development of Kasiya. The Pilot Phase will be undertaken in accordance with Malawian Law and IFC Performance Standards, which will include protecting local communities and the natural environment.

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

#SVML Sovereign Metals LTD – Downstream Testwork Shows High Quality Graphite

15th May 2024 / Leave a comment

DOWNSTREAM TESTWORK DEMONSTRATES HIGH QUALITY GRAPHITE FOR LITHIUM-ION BATTERIES

· Spherical Purified Graphite (SPG) with world-leading specifications successfully produced from Kasiya

· Kasiya’s spherical graphite purification demonstrated exceptionally low levels of residual impurities achieving a 99.99% loss-on-ignition (LOI)

· Kasiya SPG demonstrated all required parameters within industry standards with spheronisation yields of up to 68% with further scope to optimise in future testwork

· Testwork was undertaken as part of the Company’s graphite strategy to qualify and commercialise graphite concentrate for use in the lithium-ion battery sector

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the results of downstream testwork conducted at leading, independent consultancy ProGraphite GmbH (ProGraphite) in Germany.

Sovereign provided Kasiya graphite concentrate to ProGraphite to produce and characterise coated spherical purified graphite (CSPG) active anode material for lithium-ion batteries. The overall program includes shaping and purification to produce SPG, coating of the material to produce CSPG and evaluation of the electrochemical performance of Kasiya CSPG in a battery. The initial steps of shaping and purification to produce SPG have now been completed with the results showing Kasiya SPG has world-leading specifications.

This SPG material is now undergoing coating and electrochemical testing to characterise CSPG active anode material for lithium-ion batteries.

Table 1: Spherical Graphite Purification Results
	SVM Spherical graphite <180 µm concentrate	SVM Spherical graphite >180 µm concentrate	Chinese Standard ¹
LOI Purity (%)	99.99%	99.99%	>99.95%
Fe	4.4 ppm	3.3 ppm	<30 ppm
Na	<1.0 ppm	<1.1 ppm	<10 ppm
Cr	1.1 ppm	0.4 ppm	<10 ppm
Cu	0.7 ppm	0.2 ppm	<10 ppm
Ni	<0.3 ppm	<0.4 ppm	<10 ppm
Al	6.6 ppm	8.8 ppm	<10 ppm
Mo	<0.3 ppm	<0.3 ppm	<10 ppm
Si	7 ppm	10 ppm	<30 ppm
Ca	4.3 ppm	8.4 ppm	<10 ppm

1. National Standard of China – Spherical Graphite (GB/T 38887-2020)

The micronisation and spheronisation of Kasiya graphite concentrates achieved excellent yields to spherical graphite for the coarse concentrate and typical yields to spherical graphite for the fines concentrate, with room for further optimisation. The spherical graphite from the fine graphite concentrate in particular exhibited a narrow particle size distribution (D90/D10) ratio and both spherical graphite have reasonable Tap Density and typical BET for uncoated graphite. Coating of the graphite is expected to improve (increase) the tap density and improve (lower) the BET specific surface area.

Table 2: Concentrate Shaping into Spherical Graphite Results
	Kasiya Concentrate (<180 µm)	Kasiya Concentrate (>180 µm)
D50 (microns)	16.53	17.74
D90/D10 Ratio	2.29	2.96
Yield to Spherical Graphite	40%	68%
Tap Density (g/cm³)	0.93	0.93
BET Specific Surface Area (m²/g)	7.73	6.72

The spherical graphite products were purified with commercially proven acids purification and achieved excellent results with an exceptionally high LOI purity of 99.99%. Assays on key trace elements (Fe, Na, Cr, Cu, Al, Mo) show very low levels.

Further, the low Si and Ca results highlight that high quality Kasiya graphite is well-suited to single stage acids purification. Aggressive dosing in acids purification can result in elevated Ca levels due to precipitation of CaF₂, necessitating multiple stages of purification to reduce both Si and Ca impurities. These initial purification results indicate that a single purification stage is sufficient for Kasiya graphite concentrate.

The SPG samples will undergo coating and electrochemical tests to provide baseline data for offtake discussions. The results of these tests are expected in the coming weeks.

Managing Director Frank Eagar commented: “These results clearly demonstrate that Kasiya has the potential to disrupt the China dominated graphite supply chain as a long term, secure source of high quality graphite ex-China. We believe Kasiya graphite will have industry low operating costs and is also one of the largest graphite resources globally holding a significant advantage over its graphite peers. We are very pleased to achieve these outstanding results at this stage of the program and will continue fast tracking our graphite product development and qualification campaign.”

Classification 2.2: This announcement includes Inside Information

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

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 Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle 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 Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

#SVML Sovereign Metals Ltd – Testwork Delivers Superior Quality Graphite

8th May 2024 / Leave a comment

Graphite circuit feed prepared at Sovereign’s existing Lilongwe laboratory facility has produced high quality concentrates in benchtop and pilot-scale flotation and cleaning

· Four independent laboratories all successfully produced high-grade graphite concentrate averaging over 97% Total Graphite Content (TGC) with flotation recoveries exceeding 90%

· Flotation results demonstrated 1.44% TGC run-of-mine Kasiya ore upgrades to more than 55% TGC rougher concentrate without crushing or milling, process steps typically required for producing graphite concentrates from hard-rock deposits; contributing to the unique low cost characteristics of Kasiya’s saprolite hosted graphite

· Graphite concentrates indicate exceptionally low levels of sulphur compared to typical hard-rock graphite peers – a key metric to qualify as active anode material for lithium-ion batteries

· Results are part of ongoing testwork being undertaken as part of the Company’s graphite marketing and active anode qualification strategy, supervised by Dr Surinder Ghag

· Downstream testwork to produce and characterise Coated Spherical Purified Graphite (CSPG) active anode material continues at German graphite consultancy ProGraphite GmbH

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the results of graphite testwork completed at multiple independent laboratories in Australia, Canada and South Africa.

Graphite flotation and cleaning testwork was conducted on graphite circuit feed from Sovereign’s Kasiya Rutile-Graphite Project (Kasiya or Project) at four different laboratories, which all successfully produced high-grade graphite concentrate (94.9%-97.8% TGC) at high flotation recoveries (91.2%-97.2%).

The testwork demonstrated excellent results using a conventional flowsheet that was consistent across all laboratories, thus confirming Sovereign’s ability to produce a high quality graphite concentrate.

Managing Director Frank Eagar commented: “Our ability to upgrade Kasiya ore at 1.4% graphite to a 55% rougher concentrate without any crushing or milling, highlights more of the unique qualities of Kasiya. There are very limited other graphite projects with these characteristics. The pilot-scale results also confirm that Kasiya produces high-grade concentrates with very low sulphur levels at high recoveries. Simply put, Kasiya will be a standout producer of high-quality graphite concentrate at industry low operating costs.”

Classification 2.2: This announcement includes Inside Information

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

The graphite circuit feed provided to the various laboratories was produced at the Company’s existing laboratory facility in Lilongwe, Malawi, where it was screened and separated over a wet shaking table.

Figure 1: Holman Wilfley 2000 wet shaking table in action demonstrating clear separation between Rutile HM, waste and Graphite

The graphite feed grades of 3.5%-4.0% TGC to the graphite circuit are significantly higher than the Mineral Resource Grade of 1.44%, highlighting the ~2.4-2.8-fold upgrading of graphite grades when ROM ore passes through the front-end rutile gravity separation circuit.

This demonstrates the ease of separating the rutile heavy mineral and graphite streams from the front end of the Kasiya Pre-feasibility Study process flowsheet. Subsequently, the two product streams pass into distinct, industry-standard, final product flowsheets. This further highlights the commercial benefits of having both rutile and graphite mineralisation co-existent in the same soft saprolite-hosted orebody.

The first stage of upgrading the graphite feed, rougher flotation, achieved very high rejection (>90%) of waste materials to rougher tails, producing a rougher concentrate with more than 55% TGC and very high recoveries (94%-98%) in laboratory scale testing consistently across all four laboratories. Upgrading the graphite feed at very high recoveries and rejection of non-graphitic minerals without run-of-mine milling is another of Kasiya’s significant advantages, supporting the lowest cost graphite production.

The rougher concentrate was further upgraded through laboratory scale flotation, cleaning and polishing stages, producing high-grade concentrates at high graphite circuit recoveries.

A diagram of a graphite circuit Description automatically generated

Figure 2: High-level process flowsheet for rutile and graphite production at Kasiya

Pilot-scale testwork confirmed the laboratory-scale results with >90% TGC recovery to high-grade graphite concentrates (<180-micron concentrate at 96.9% TGC and >180-micron concentrate at 97.2% TGC).

A machine with yellow valves Description automatically generated with medium confidence

Figure 3: Graphite flotation test work at Australia-based ALS Global

HIGHLY FAVOURABLE IMPURITY PROFILE

Kasiya concentrates have very low levels of sulphur. Sulphur can be difficult to remove in the purification processes required to produce anode materials. Other major impurities important for anode material purification processes are iron (Fe), silicon (Si) and aluminium (Al). The Kasiya material has exceptionally low levels of all of these impurities. Benchmarked against the Chinese Standard (China dominates the supply of graphite for battery anodes) this could potentially lead to significant commercial advantages during purification and Kasiya’s potential as a long term secure source of graphite ex-China.

	Kasiya			Benchmarks
	Concentrate <180 µm	Concentrate >180 µm	Combined	China Standard ¹	Example Chinese Product ²
Graphite (TGC%)	96.9%	97.2%	97.0%	>94%	96.0%
Sulphur (S) (%)	<0.02%	<0.02%	<0.02%	<0.5%	0.23%
Iron (Fe) (%)	0.48%	0.46%	0.47%	<1.00%	0.55%
Silicon (Si) (%)	0.60%	0.80%	0.68%	n/d	1.25%
Aluminium (Al) (%)	0.24%	0.28%	0.26%	n/d	0.38%

1. National Standard of China – Flake Graphite (GB/T 3518-2023)

2. Asbury Carbons – A Study Comparing the Performance of Natural Flake Graphite from Two Different Geographical Regions (https://asbury.com/media/1170/a-study-comparing-the-performance-of-natural-flake-graphite.pdf)

CONTINUING DOWNSTREAM TEST WORK

Kasiya concentrate has been sent for downstream testwork at respected graphite consultancy ProGraphite to produce and characterise CSPG active anode material for lithium-ion batteries. ProGraphite is conducting shaping, purification, and coating testwork to produce CSPG and evaluate the electrochemical performance of Kasiya CSPG. This will provide baseline data for further optimisation and engagement with off-takers. Initial outcomes of this test work are expected to be released in the coming weeks.

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 Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle 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 Moyle 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 the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on 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 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 announcement have not been materially changed from the original announcement.

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 original announcement.

Ore Reserve for the Kasiya Deposit
Classification	Tonnes (Mt)	Rutile Grade (%)	Contained Rutile (Mt)	Graphite Grade (TGC) (%)	Contained Graphite (Mt)	RutEq. Grade* (%)
Proved	–	–	–	–	–	–
Probable	538	1.03%	5.5	1.66%	8.9	2.00%
Total	538	1.03%	5.5	1.66%	8.9	2.00%

* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding

Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade
Classification	Resource (Mt)	Rutile Grade (%)	Contained Rutile (Mt)	Graphite Grade (TGC) (%)	Contained Graphite (Mt)
Indicated	1,200	1.0%	12.2	1.5%	18.0
Inferred	609	0.9%	5.7	1.1%	6.5
Total	1,809	1.0%	17.9	1.4%	24.4

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.

#SVML Sovereign Metals LTD – Increased Graphite Bulk Sample Capacity

1st May 2024 / Leave a comment

Industrial scale spiral concentrator to be installed at Sovereign’s expanded laboratory and testing facility in Lilongwe in coming weeks

· Spiral throughput capacity of up to 10 tonnes per hour of ore for graphite and rutile sample preparation

· Installation and commissioning led by Sovereign’s Head of Project Development, Mr Paul Marcos, who previously worked for Base Resources on their Kwale and Toliara projects and for Iluka Resources across various mineral sands operations

· Final graphite concentrate for bulk sample battery anode testwork and qualification advancing under the supervision of Sovereign’s Chief Technology Officer – Graphite, Dr Surinder Ghag

· Sovereign is targeting a market-leading position as the world’s largest and lowest-cost producer of rutile for the titanium industry, and flake graphite for the lithium-ion battery market

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that following the appointment of graphite specialist Dr Surinder Ghag as Chief Technology Officer – Graphite, the Company will be increasing graphite pre-concentrate sample preparation from its existing testing facility in Lilongwe, Malawi.

In the coming weeks, Sovereign will install and commission a spiral concentrator containing industrial-scale MG12 spiral equipment at the Company’s laboratory and testing facility in Lilongwe, enabling the preparation of rutile concentrate and graphite circuit feed from its Kasiya Rutile-Graphite Project (Kasiya or Project) at a bulk scale. The graphite circuit feed will be sent to specialised laboratories where flotation, purification, spheronisation and coating testwork for the battery anode segment will take place in line with Sovereign’s strategy to commercialise Kasiya’s graphite by-product.

Managing Director Frank Eagar commented: “The intellectual property that Dr Ghag and Mr Marcos bring to Sovereign has meant that we can expand and expedite our graphite commercialisation strategy significantly. The infrastructure, along with the ability to provide large amounts of graphite concentrate to the lithium-ion battery industry for battery anode product qualification, offers Sovereign a big advantage. With a world-class team in place and alongside our strategic investors, Rio Tinto, Kasiya is moving ahead at a considerable pace.”

The spiral concentrator is currently in its final stages of testing at engineering consultancy Paterson & Cooke’s Cape Town laboratory, after which it will be dispatched to Lilongwe, Malawi. The spiral is identical size and scale to that designed in the Pre-feasibility Study flowsheet for the Kasiya Rutile-Graphite Project and will have a throughput capacity of up to 10 tonnes of ore per hour for sample preparation.

Sovereign’s Head of Project Development, Mr Paul Marcos, has led the spiral installation project. Mr Marcos has 30 years of mineral sands operations, engineering, and consulting expertise. Before joining Sovereign in July 2021, Mr Marcos spent over ten years working on Base Resources Limited (Base) projects both in a design role with Ausenco and then on Base’s owner’s team.

Mr Marcos was involved with the original Kwale Project and then Kwale North and Kwale Phase 2 Projects in Kenya and also the Toliara Project’s Scoping, Pre-Feasibility and Definitive Feasibility Studies in Madagascar. Between 1996 and 2004, Mr Marcos worked at major mineral sands producer Iluka Resources Limited in a number of production, mineral processing and project development roles.

Sovereign’s newly appointed graphite specialist Chief Technology Officer – Graphite, Dr Surinder Ghag, will be responsible for graphite testwork programs and product qualification. A highly qualified metallurgist, Surinder brings over 25 years of industry experience, including developing graphite test work programs, ore-to-anode graphite strategies, anode plant feasibility studies, and project development and commissioning.

A group of people standing next to a machine Description automatically generated

Figure 1: Final stages of assembling the spiral plant at Paterson & Cooke, South Africa

Classification 2.2: This announcement includes Inside Information

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

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.

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 – Graphite Expert Appointed to Kasiya Development Team

23rd April 2024 / Leave a comment

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of consultant Dr Surinder Ghag to Sovereign’s owner’s team as Chief Technology Officer – Graphite. Dr Ghag will assist Sovereign’s graphite strategy in qualifying the graphite product from its Kasiya Rutile-Graphite Project (Kasiya or Project) for lithium-ion battery anodes.

A highly qualified metallurgist, Dr Ghag brings 25 years of industry experience including developing graphite test work programs, ore-to-anode graphite strategies, anode plant feasibility studies, and project development and commissioning. Recently, Dr Ghag was instrumental in developing an environmentally friendly and commercially viable method for purifying graphite, working alongside the Australian Government scientific research entity CSIRO (Commonwealth Scientific and Industrial Research Organisation). Prior to his work in graphite, Dr Ghag’s work included process engineering at various Australian mineral sands operations.

A major component of graphite sales agreements is customer qualification. As Chief Technology Officer- Graphite, Dr Ghag will be responsible for designing and delivering graphite downstream test work programs to be aligned with graphite product development and qualification as Sovereign continues discussions with battery anode processors, end-users, and potential future offtake partners.

Upon the appointment, Managing Director Frank Eagar commented:

“I am pleased to welcome Dr Ghag as we continue to strengthen our owner’s team in preparation for project execution. Kasiya will deliver the world’s lowest cost, lowest carbon footprint graphite. Dr Ghag joining Sovereign will significantly enhance our graphite metallurgical expertise and understanding of the downstream market to translate Kasiya’s bottom-of-the-cost curve advantage into significant active anode market capture.”

Previously reported initial characterisation test work on Kasiya’s graphite has indicated excellent suitability for use in lithium-ion batteries with high purity and high crystallinity being the key features (see ASX announcement from 8 June 2023: Kasiya Graphite Shows Excellent Suitability For Use in Lithium Ion Batteries,https://www.investi.com.au/api/announcements/svm/fe3830af-843.pdf).

Additional spheronisation and purification testwork is presently underway at a leading German graphite laboratory to validate key parameters at a larger scale with results imminent.

Furthermore, Sovereign is currently undertaking a graphite bulk sampling program to produce large quantities of flake graphite product for further downstream test work and initial product qualification to support ongoing discussions with battery anode processors, end-users, and potential future offtake partners.

BACKGROUND TO KASIYA’S MARKET-LEADING GRAPHITE POTENTIAL

Kasiya is the world’s largest known rutile (titanium) deposit hosting a JORC-Compliant Mineral Resource Estimate (MRE) of 17.9Mt. It is also one of the largest known flake graphite resources with a MRE of 24.4Mt.

Sovereign’s Prefeasibility Study (PFS) confirmed Kasiya as a potential major critical minerals project with an extremely low CO₂footprint 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.

The PFS confirmed Kasiya’s potential to be the world’s largest natural graphite producer at 244kt per annum of graphite concentrate. On an incremental cost basis, Kasiya would also be the world’s lowest-cost graphite producer at US$182 per tonne (FOB Nacala).

In June 2023, downstream test work on Kasiya’s graphite demonstrated it to have superior qualities, showing excellent suitability for use in lithium-ion batteries. In July 2023, Rio Tinto invested A$40.4 million in Sovereign resulting in an initial 15% shareholding. Under the Investment Agreement, Sovereign and Rio Tinto will work together to qualify Kasiya’s graphite product with a particular focus on supplying the spherical purified graphite segment of the lithium-ion battery anode market.

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

#SVML Sovereign Metals LTD – Follow-Up Drilling Initiated North of Kasiya

27th March 2024 / Leave a comment

FOLLOW-UP DRILLING INITIATED NORTH OF KASIYA RESOURCE AREA

· Wide-spaced regional follow-up drilling for the Kasiya Project underway focusing on the region to the north of the current resource footprint, with results from the drill program expected in the coming weeks

· Recently reported reconnaissance drilling to the south identified an 8km extension of mineralisation which remains open along strike and at depth

· Kasiya is already the largest natural rutile deposit and second-largest flake graphite deposit in the world

· Kasiya’s current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km²

· Optimisation program for the Kasiya Project continues in conjunction with our strategic investor, Rio Tinto

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area.

The 70+ hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign’s in-country technical team.

Samples will be initially processed in the Company’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.

SOUTHERN EXTENSION

In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.

All newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.

These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.

A map with a map and a pointer Description automatically generated with medium confidence

Figure 1: Southern mineralised extensions at Kasiya

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (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 Harry Davies-Ball

Joint Brokers
Stifel	+44 20 7710 7600
Varun Talwar
Ashton Clanfield

Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

Competent Person Statement

The information in this announcement that relates to the Exploration Results is extracted from the announcement dated 1 February 2024 entitled ‘Extensions to Rutile & Graphite Mineralisation at Kasiya’. 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 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 announcement have not been materially changed from the original announcement.

The information in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on 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 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 announcement have not been materially changed from the original announcement.

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 and is based on, and fairly represents information compiled by . 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.

Ore Reserve for the Kasiya Deposit
Classification	Tonnes (Mt)	Rutile Grade (%)	Contained Rutile (Mt)	Graphite Grade (TGC) (%)	Contained Graphite (Mt)	RutEq. Grade* (%)
Proved	–	–	–	–	–	–
Probable	538	1.03%	5.5	1.66%	8.9	2.00%
Total	538	1.03%	5.5	1.66%	8.9	2.00%

* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding

Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade
Classification	Resource (Mt)	Rutile Grade (%)	Contained Rutile (Mt)	Graphite Grade (TGC) (%)	Contained Graphite (Mt)
Indicated	1,200	1.0%	12.2	1.5%	18.0
Inferred	609	0.9%	5.7	1.1%	6.5
Total	1,809	1.0%	17.9	1.4%	24.4

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.

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