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Sovereign Metals #SVML – Change of Director’s Interest Notice x4
Sovereign Metals #SVML – Change in directors interests for Benjamin Stoikovich, Julian Stephens, Nigel Jones and Mark Pearce.
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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.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Benjamin Stoikovich |
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Date of last notice |
12 August 2022 |
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.
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Direct or indirect interest |
Direct and Indirect
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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Selwyn Capital Limited (beneficial interest)
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Date of change |
21 and 23 November 2022 |
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No. of securities held prior to change |
(a) 3,590,000 (b) 360,000 (c) 480,000 |
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Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Pre-Feasibility Study Milestone” expiring 30 September 2023 (Previously Definitive Feasibility Study Milestone” expiring 31 December 2023) (c) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (Previously “Decision to Mine Milestone” expiring 31 October 2025) |
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Number acquired |
(a) Nil (b) 240,000 (c) 120,000 |
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Number disposed |
Nil – see nature of change below |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
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Not applicable – see nature of change below |
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No. of securities held after change |
(a) 3,590,000 (b) 600,000 (c) 600,000 |
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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 and variation to the terms of existing 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.
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Detail of contract |
Not applicable |
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Nature of interest
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Not applicable |
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Name of registered holder (if issued securities)
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Not applicable |
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Date of change |
Not applicable |
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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
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Not applicable |
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Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
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Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
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If prior written clearance was provided, on what date was this provided? |
Not applicable |
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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) |
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 |
Julian Stephens |
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Date of last notice |
23 June 2022 |
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.
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Direct or indirect interest |
Indirect
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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One Way Trust (beneficial interest)
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Date of change |
21 November 2022 |
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No. of securities held prior to change |
(d) 15,657,518 (e) 900,000 (f) 1,200,000 |
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Class |
(d) Ordinary Fully Paid Shares (e) Unlisted Performance Rights subject to the “Pre-Feasibility Study Milestone” expiring 30 September 2023 (Previously Definitive Feasibility Study Milestone” expiring 31 December 2023) (f) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (Previously “Decision to Mine Milestone” expiring 31 October 2025) |
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Number acquired |
Nil – see nature of change below |
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Number disposed |
Nil – see nature of change below |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
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Not applicable – see nature of change below |
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No. of securities held after change |
(d) 15,657,518 (e) 900,000 (f) 1,200,000 |
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Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Variation to the terms of existing 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.
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Detail of contract |
Not applicable |
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Nature of interest
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Not applicable |
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Name of registered holder (if issued securities)
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Not applicable |
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Date of change |
Not applicable |
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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
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Not applicable |
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Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
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Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
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If prior written clearance was provided, on what date was this provided? |
Not applicable |
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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) |
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 |
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Date of last notice |
16 February 2022 |
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.
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Direct or indirect interest |
Indirect
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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Redbeck Partners Ltd (beneficial interest) |
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Date of change |
21 November 2022 |
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No. of securities held prior to change |
(g) 225,000 (h) 300,000
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Class |
(g) Unlisted Performance Rights subject to the “Pre-Feasibility Study Milestone” expiring 30 September 2023 (Previously Definitive Feasibility Study Milestone” expiring 31 December 2023) (h) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (Previously “Decision to Mine Milestone” expiring 31 October 2025) |
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Number acquired |
Nil – see nature of change below |
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Number disposed |
Nil – see nature of change below |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
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Not applicable – see nature of change below |
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No. of securities held after change |
(g) 225,000 (h) 300,000
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Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Variation to the terms of existing 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.
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Detail of contract |
Not applicable |
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Nature of interest
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Not applicable |
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Name of registered holder (if issued securities)
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Not applicable |
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Date of change |
Not applicable |
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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
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Not applicable |
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Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
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Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
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If prior written clearance was provided, on what date was this provided? |
Not applicable |
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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) |
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 |
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Date of last notice |
23 December 2021 |
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
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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· 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)
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Date of change |
21 November 2022 |
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No. of securities held prior to change |
(a) 4,295,842 (b) 225,000 (c) 300,000 |
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Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Pre-Feasibility Study Milestone” expiring 30 September 2023 (Previously Definitive Feasibility Study Milestone” expiring 31 December 2023) (c) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” (Previously “Decision to Mine Milestone” expiring 31 October 2025) |
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Number acquired |
Nil – see nature of change below |
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Number disposed |
Nil – see nature of change below |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
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Not applicable – see nature of change below
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No. of securities held after change |
(a) 4,295,842 (b) 225,000 (c) 300,000 |
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Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Variation to the terms of existing 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.
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Detail of contract |
Not applicable |
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Nature of interest |
Not applicable |
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Name of registered holder (if issued securities) |
Not applicable |
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Date of change |
Not applicable |
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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
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Not applicable |
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Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
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Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
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If prior written clearance was provided, on what date was this provided? |
Not applicable |
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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) |
Sovereign Metals #SVML – March 2022 Quarterly Report
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to provide its quarterly report for the period ended 31 March 2022.
HIGHLIGHTS
MRE upgrade confirmed Kasiya as the largest rutile deposit ever discovered
- 1.8 Billion tonnes @ 1.01% rutile and 1.32% graphite (Indicated + Inferred) equating to 18 million tonnes contained rutile and 23 million tonnes contained graphite
- The updated Mineral Resource Estimate (MRE) confirmed Kasiya as the world’s largest rutile deposit and one of the largest flake graphite deposits globally
- High global resource grade @ 1.64% RutEq.* (recovered rutile + recovered graphite)
- 662 Mt (37%) of the total MRE reports to the Indicated category with remainder in Inferred category
Updated Scoping Study underway
- Updated Scoping Study to build on initial study reflecting the substantial MRE scale increase and to examine the impact of higher grades, increased production volumes and increased mine-life
- Industry defining independent LCA studies shows Sovereign’s ability to reduce the carbon footprint
- Scope 1, 2 and 3 benchmark Life Cycle Assessment (LCA) studies for natural rutile and graphite produced from Kasiya have the potential for a substantially reduced carbon footprint compared to other titanium feedstocks and flake graphite products in the market, with results including:
- Each tonne of natural rutile produced at Kasiya is expected to have a Global Warming Potential (GWP) of only 0.1 tonnes CO2 eq., which equates to a 95% to 97% reduction in total greenhouse gas emissions (20 to 33 times less) compared to production of titania slag and synthetic rutile respectively – both of which are alternative titanium pigment feedstocks produced by upgrading ilmenite via energy and carbon intensive processes
- Each tonne of graphite produced from Kasiya is expected to have a GWP of only 0.2 tonnes CO2e which represents ~80% lower greenhouse gas emissions compared to natural graphite produced in China
Offtake MoU for premium priced rutile sales to the welding sector
- MoU (non-binding) signed for supply of 25,000 tonnes of natural rutile per annum to Hascor, a market leading global processor and distributor of rutile products for the welding industry
- Hascor to provide Sovereign with strategic advice on marketing and product development
- Pricing of rutile for welding generally attracts significant premiums to bulk rutile prices in the titanium pigment sector
Former Rio Tinto executive joins Sovereign board
- Leading international mining executive, Mr Nigel Jones, appointed as Non-Executive Director of Sovereign Metals and Chairman of the ESG Committee
- Mr Jones has over 30 years of mining industry experience with 22 years in a number of senior roles at Rio Tinto Group including most recently as Managing Director of Rio Tinto’s Simandou iron ore project, one of the world’s largest proposed mining developments
Joined UK’s Critical Minerals Association
- During the quarter, Sovereign became a member of the UK’s Critical Minerals Association which works to increase the self-sufficiency of supply chains for the UK’s industrial strategy
- Presentation at UK Houses of Parliament on the potential for Sovereign to become an important supplier of low carbon footprint natural graphite
Rutile market remains strong and robust
- Demand for high-grade titanium dioxide feedstocks continued to remain strong, and along with supply shortages has led to continued rutile price appreciation, with major producer Iluka Resource commenting that the current rutile spot price is at ten year highs.
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 |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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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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Varun Talwar |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
Sovereign Metals #SVML – Kasiya’s Natural Rutile to Significantly Reduce Pigment Industry Carbon Footprint
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to announce the results of an expanded Life Cycle Assessment Study (LCA or Study) assessing the Global Warming Potential (GWP) of natural rutile produced at the Company’s Kasiya Rutile Project (Kasiya) in Malawi.
Highlights
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– Industry defining independent Life Cycle Assessment Study shows the potential for Sovereign’s natural rutile to significantly reduce the carbon footprint of the titanium pigment industry |
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– Each tonne of natural rutile produced at Kasiya is expected to have a Global Warming Potential of only 0.1 tonnes CO2 eq., which equates to a 95% to 97% reduction in total greenhouse gas emissions (20 to 33 times less) compared to production of titania slag and synthetic rutile respectively – both of which are alternative titanium feedstocks produced by upgrading ilmenite via energy and carbon intensive processes |
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– Lowest Scope 3 emissions – Study further confirms producing titanium dioxide pigment in the EU from Sovereign’s natural rutile has the lowest global warming potential versus ilmenite-upgraded alternative feedstocks |
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– Paint produced from Sovereign’s natural rutile is estimated to have up to 35% lower carbon footprint than that produced from ilmenite-upgraded alternatives |
The Study concludes that Sovereign’s natural rutile product is expected to have substantially lower GWP (Scope 1, 2 and 3 scope emissions) when compared to other titanium feedstock alternatives produced by upgrading ilmenite (i.e., synthetic rutile and titania slag). Using natural rutile from Kasiya as titanium feedstock for the chloride pigment process would significantly reduce Scope 1, 2 and 3 greenhouse gas emissions. Titanium feedstock is a key component of various industrial and consumer products. Therefore, utilising natural rutile such as from Kasiya, as direct use titanium feedstock could hold the solution to developing low-carbon footprint products including low carbon paints.
Sovereign’s Managing Director, Julian Stephens commented: “We knew from the previous work done by Minviro that natural rutile has a lower carbon footprint than its upgraded substitutes produced from ilmenite. The expanded study now highlights the significant reduction in greenhouse gas emissions the titanium pigment industry could achieve by utilising natural rutile produced at Kasiya. This has direct economic benefits to end users in jurisdictions such as the EU, where industry pays for carbon dioxide emissions via the EU’s Emissions Trading System and the proposed Carbon Border Adjustment Mechanism.”
Sovereign’s Chair of the ESG Committee, Nigel Jones commented: “Since its discovery, the Kasiya rutile project has been designed to help decarbonise the myriad of uses of titanium pigment in industrial and consumer products. This LCA is another step towards providing a solution to an industry targeting material reduction in its global carbon footprint while wholly encompassing values of sustainability.”
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 |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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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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Varun Talwar |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
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LCA SUMMARY
The Company appointed Minviro Ltd (Minviro) to conduct a cradle-to-gate life cycle assessment on the production of natural rutile using methods and parameters in the 2021 initial Kasiya Scoping Study.
This expanded LCA builds on the Company’s LCA study completed last year which demonstrated the substantial environmental benefits possible by utilising natural rutile (TiO2) versus beneficiated high-grade titanium feedstocks made from the lower quality mineral ilmenite (~FeTiO3) such as synthetic rutile and titania slag, with this latest study extending the scope to include the positive environmental attributes of the Kasiya operation.
In assessing each GWP, Scope 1, 2 and 3 greenhouse gas emissions were included. The Greenhouse Gas Protocol supplies the world’s most widely used greenhouse gas (GHG) accounting standards and establishes comprehensive global standardised frameworks to measure and manage GHG emissions from private and public sector operations, value chains and mitigation actions. The Protocol identifies three “scopes” of GHG emissions which were included in this study.
The scopes of emissions for the mining industry can broadly be defined as:
Scope 1: Direct GHG emissions from operations (e.g., combustion of fuels in mining fleet i.e., bulldozers)
Scope 2: Indirect GHG emissions from consumption of purchased electricity, heat, or steam (e.g., emissions embodied in grid power)
Scope 3: Emissions created by end-users utilising its products (e.g., a chloride pigment plant using titanium feedstock to produce pigment, or a blast furnace using iron ore to make steel) and other indirect emissions that generally are out of control of the mining industry.
Rio Tinto plc and Rio Tinto Limited combined (Rio Tinto) have defined their emissions boundaries for their titanium dioxide business in their “Scope 1, 2 and 3 Emissions Calculation Methodology 2021” report.
In calculating Scope 1, 2 and 3 emissions, Rio Tinto treat emissions from mining, mineral processing, smelting and refining titanium dioxide feedstock as Scope 1 and 2 emissions. Rio Tinto’s Scope 3 emissions estimate incorporates the emissions associated with the conversion of titanium feedstocks to titanium dioxide pigment.
In the context of titanium feedstock for the chloride pigment process, the LCA Study similarly estimates Scope 3 emissions by accounting for the emissions associated with the production of titanium dioxide pigment from either direct use natural rutile or other high grade titanium feedstocks derived from upgrading ilmenite.
The Kasiya project is designed considering both the Equator Principles and Scope 1, 2 and 3 emissions under the Green House Gas protocol so that the design meets high standards for ESG from the outset. Access to hydro-generated grid power and solar system to be installed on site will ensure low carbon power supply for the project. The use of predominantly rail rather than road transport for products will also reduce the carbon footprint of the Kasiya project.
BENCHMARKING SOVEREIGN’S NATURAL RUTILE AGAINST ALTERNATIVES
The Study benchmarked the GWP of Sovereign’s 96% TiO2 natural rutile product versus alternative titanium feedstocks produced from upgrading ilmenite, namely:
· Titania slag (85% TiO2) produced from ilmenite via smelting in electric furnaces in South Africa; and
· Synthetic rutile (88-95% TiO2) produced from ilmenite via the Becher Process in Australia.
These alternatives were chosen as comparison points as they are two of the largest production routes for titanium feedstocks. South African titania slag operations account for a significant proportion of global titania slag production, and the majority of the synthetic rutile is produced via the Becher process.
Titanium Feedstock Production – Scope 1 & 2 Emissions
Natural rutile produced at Kasiya has a fraction of the GWP of the alternative feedstocks. The GWP for natural rutile concentrate from Kasiya (0.1 t CO2e per tonne) is significantly lower than producing titania slag in South Africa (2.0 t CO2e per tonne) and producing synthetic rutile via the Becher process in Australia (3.3 t CO2e per tonne).
The results comparing the three production routes can be seen in the full announcement on the Company’s website. The higher result for synthetic rutile is mainly due to the use of coal and other reagents for the upgrading of lower grade ilmenite to the final synthetic rutile feedstock product.
Titanium Dioxide Pigment Production Benchmarking – Scope 3 Emissions
Using Sovereign’s natural rutile as feedstock for producing titanium dioxide pigment via the well-established chloride route provides a lower GWP for the production of one tonne of titanium dioxide pigment compared to using either titania slag or synthetic rutile.
The pigment production was assumed to be located in the European Union. The transport of the feedstocks from the site of production to the titanium dioxide pigment production plant is included in the comparison. For Sovereign’s natural rutile, this was Kasiya; the production of synthetic rutile was assumed at a plant in Australia; the production of titania slag was assumed at a plant in South Africa.
Higher scope 3 GWP of the ilmenite derived titanium feedstocks led to higher results for the use of synthetic rutile or titania slag in producing pigment. Using Sovereign Metal’s natural rutile instead of the titania slag would give a scope 3 GWP reduction of 2.2 t CO2e per tonne of titanium dioxide pigment. Furthermore, using Sovereign’s natural rutile concentrate instead of the synthetic rutile would give a scope 3 GWP reduction of 3.7 t CO2e per tonne titanium dioxide pigment.
Scope 3 emissions usually account for the highest proportion of greenhouse gases from the mining industry, with estimates as high as 95% of total mining sector emissions. The average scope 3 emissions of the five largest diversified miners are 26 times their scopes 1 and 2 emissions combined (source – company disclosures).
Paint Production Benchmarking
Minviro evaluated how using the different feedstocks affects the GWP of paint production. Using Sovereign’s natural rutile provides the lowest GWP, at 3.3 t CO2e per tonne of alkyd paint, which represents up to a 35% reduction in carbon footprint compared to paint produced from synthetic rutile.
SUMMARY OF HEADLINE GWP REDUCTIONS FROM USING NATURAL RUTILE
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Emission Category |
GWP |
Potential Emissions Reduction |
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Production of a tonne of natural rutile from Kasiya – Global Warming Potential |
0.1 t CO2e |
3.2 t CO2e 97% emissions reduction |
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Production of a tonne of titanium pigment using natural rutile from Kasiya – Scope 3 |
4.0 t CO2e |
3.7 t CO2e 48% emissions reduction |
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Production of a tonne of alkyd paint using titanium pigment produced from natural rutile |
3.3 t CO2e |
1.8 t CO2e 35% emissions reduction |
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.
Competent Persons Statement
The information in this announcement that relates to Sovereign’s Scoping Study at Kasiya is extracted from an announcement dated 16 December 2021 which is available to view at Sovereign’s website 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 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 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 report have not been materially changed from the announcement.
The information in this announcement that relates to Sovereign’s Mineral Resource Estimate is extracted from an announcement dated 16 December 2021 which is available to view at Sovereign’s website 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 announcement; b) all material assumptions included in the 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 report have not been materially changed from the announcement.
To view this announcement in full, including all illustrations and figures, please refer to www.sovereignmetals.com.au.