Home » Posts tagged 'ORE'

Tag Archives: ORE

#AYM Anglesey Mining PLC – Annual Report 2024

30th September 2024 / Leave a comment

Anglesey Mining plc is a UK company engaged in the development of owned and managed mining projects.

Parys Mountain: 100% ownership of the Parys Mountain underground copper-zinc-lead-silver-gold deposit in North Wales, UK where an independent Preliminary Economic Assessment dated January 2021 included a financial model for a 3,000 tpd mining operation with a pre-tax NPV10% of US$120 million, (£96 million), 26% IRR and 12-year mine life.

Grängesberg: 49.75% interest in the Grängesberg iron ore project in Sweden where Anglesey has management rights.

An independent Pre-Feasibility Study announced on 19 July 2022 demonstrated Probable Ore Reserves of 82.4 million tonnes supporting a 16-year mine life with annual production of 2.5 million tonnes of high-grade concentrate grading 70% iron ore and a post-tax NPV8% of US$688 million with an IRR of 25.9% after tax.

Labrador Iron Mines: 11.9% shareholding in Labrador Iron Mines Holdings Limited which holds Direct Shipping Ore (DSO) deposits of iron in Canada where an independent Preliminary Economic Assessment of its Houston project published in 2021 showed potential for production of 2 million tonnes of DSO per year, with an initial 12-year mine life, for total production of 23.4 million tonnes of product at 62.2% Fe over the life of the mine.

The AGM will be held at the Geological Society, Burlington House,
Piccadilly, London W1J 0BG on 8 November 2024 at 11 am

Chairman’s statement

To Anglesey Shareholders

The 2023-24 financial year was another challenging year for Anglesey Mining plc which saw a number of board and management changes but also the ongoing advancement of the Parys Mountain project.

Board changes

At the 2023 Annual General Meeting long-time Chairman of Anglesey Mining, John Kearney, was not re-elected to the Board and as a result I was appointed into the role of Interim Chairman of your company. John had been Chairman for nearly 29 years, having been appointed in November 1994. On behalf of the Board and the shareholders I would like to thank John for his service to Anglesey Mining over the period of his tenure.

On 14th November 2023 the Board accepted the resignation of Danesh Varma. Danesh, like John, joined the Board in November 1994. It is with sadness that I report to you the death of Danesh on 8th August 2024.

Jo Battershill stepped down as Chief executive effective 31st December 2023 to take up a new executive role in Australia but remained on the board as a non-executive director. I would like to thank Jo for all his effort during his time as Chief executive and his ongoing support of Anglesey Mining.

We were also sorry also to accept the resignation of Namrata Verma as a non-executive director on 6th September 2024 but understand her reasons for leaving and wish her every success in the future.

Parys Mountain

Important geological work has continued throughout the year at Parys Mountain with new exploration drilling into the Northern Copper Zone. We are very encouraged by the results and further work is continuing. We would like to firm up our knowledge and increase the tonnage of the declared geological resource, thus improving the business case for developing a long term mining operation at Parys Mountain.

Grängesberg and Labrador Iron Mines Holdings

During the financial year we maintained our shareholding in Grängesberg AB in Sweden and Labrador Iron Mines Holdings in Canada and continue to explore alternatives to optimise and realise value for Anglesey Mining’s interest in these assets.

Appreciation

I wish to recognise the dedication and enthusiasm of our small management team, led by Jo Battershill. After the financial year end, in May 2024, we were delighted to welcome Rob Marsden as our company’s CEO. I would also like to thank our board of directors for their leadership, as well as consultants and advisors for their contribution. Finally, I should welcome our new shareholders and thank them, and all our shareholders, for their continued support.

Andrew King

Interim Chairman

27 September 2024

Strategic report – Operations

As the newly appointed Chief executive of Anglesey Mining it is my pleasure to report to you the activities that have been undertaken in the 2023-24 financial year; in doing so I must thank my predecessor Jo Battershill for providing a strong basis from which to build. It is to his immense credit that the first drilling campaign since 2012 into the Northern Copper Zone was able to be undertaken during the back half of the financial year with the assay results reported during the first half of calendar year 2024.

Under Jo’s direction the great bulk of the EIA scoping document was completed. I was grateful for the opportunity to review it and submit it to the planning authorities in the first weeks of my tenure. It is a detailed, robust assessment of the likely impacts that underground mining and processing of minerals on Parys Mountain will have. It is an essential report to guide the strategies which will be put in place to avoid, mitigate and where required, compensate for those impacts.

The geological resources form the basis for every other subsequent aspect in the planning and evaluation phase, from the mine design through to metallurgy and management of tailings. In addition to the new drilling into the Northern Copper Zone which I have already mentioned, new resource estimates were made of the White Rock and Engine Zones at Parys Mountain allowing the first inclusion of tonnes in the measured category of mineral resource reporting.

The combined mineral resource estimate for the White Rock and Engine Zones is now reported at 5.72Mt grading 0.36% Cu, 2.30% Zn, 1.24% Pb, 28/t Ag and 0.28g/t Au or 2.0% Copper Equivalent (CuEq) / 5.6% Zinc Equivalent (ZnEq). All the resources were reported above a cut-off based on a net smelter revenue of US$45.15/t, including 1.6Mt at 2.5% CuEq in the Engine Zone. The White Rock and Engine Zones have 5.28Mt (92%) of the resource now reporting to the Measured and Indicated categories with 23% Measured and 70% Indicated.

The overall mineral resource estimate for Parys Mountain, including the Northern Copper Zone, is reported at 16.1Mt grading 1.0% Cu, 1.3% Zn, 0.7% Pb, 15g/t Ag and 0.2g/t Au. (1.9% CuEq or 5.3% ZnEq) containing 486,000t of combined Zn/Pb/Cu, 7.9Moz silver and 86koz gold.

These two programs of work highlighted the outstanding exploration potential of the project. Several zones have been identified where mineralisation could potentially extend beyond the resource boundary, indicating that once mining commences at Parys Mountain the probability of finding more ore zones is very high, as with many volcanogenic massive sulphide deposits.

In May 2023, an equity placing and subscription raised gross proceeds of £1m and following this in July 2023, a further placing raised gross proceeds of £0.5m.

In December 2023 we reported the results of metallurgical test work carried out on a 340kg sample of White Rock and Engine Zone material, which, as it is shaft adjacent, is very likely to be among the first mineralisation to be mined at Parys Mountain. The highlight of this work was the demonstration that a successful pre-concentration stage would be applicable. Tests of two pre-concentration methods were conducted – Dense Media Separation (DMS) undertaken by Pesco and X-Ray Transmission sorting (XRT) completed by TOMRA. These showed the overall base metals only head-grade increasing from 7.5% ZnEq to 11.4% ZnEq from the DMS (+52%) with 35% mass rejection and metal loss of 5.2% and 11.7% ZnEq from the XRT (+55%) with 29% mass rejection and metal loss of 3.0%.

Licence to operate

It is well understood at Anglesey Mining that it is ultimately a combination of economic, regulatory, environmental and social aspects of developing and operating a mining operation that will provide us with a licence to operate, which is the enabler of realising a return on investment.

The group has publicly committed to updating the existing planning permissions that it holds for Parys Mountain and an Environmental Impact Assessment (EIA) has been allowed for in the planning submission process. Work has been undertaken throughout the year to progress both the planning application and the EIA.

At the beginning of the financial year in April 2023 a pre-application consultation was held on the Parys Mountain site and in the town of Amlwch with a number of statutory consultees including Natural Resources Wales, Cadw, Anglesey County Council Departments (including Environmental Health, Highways & Transportation, Ecology & Environment and Heritage), Archaeological Planning Services, local councillors and members of both Westminster and Welsh governments.

Throughout the year, baseline surveys and ecological studies have continued, the results from which, taken together with the feedback from all stakeholders, enabled the EIA Scoping Report to be submitted to the North Wales Minerals and Waste Planning Service which assesses mineral planning applications on behalf of the Isle of Anglesey County Council and other county councils within the North Wales region.

The Scoping Report forms part of our first stage in the EIA process and comes after almost 2-years of extensive studies and work by the team on site. Cumulative expenditure on the EIA process in that timeframe is in excess of £300,000. The report sets out all the project’s perceived impacts, specifically identifying any crucial and significant factors which will be assessed as part of the final EIA report, the compilation of which will require further environmental and ecological work. At this EIA Scoping stage, the project description remains indicative and will be refined following ongoing mining engineering studies, economic analysis and discussions with neighbours, the wider community and other stakeholders.

Preservation of existing heritage areas, sites of special scientific interest (SSSI’s) and scheduled historic monuments and buildings have been a major factor in determining the location of new proposed surface infrastructure and similarly other environmental and social considerations. The EIA Scoping Report considers how measures to avoid, mitigate or compensate would be identified to address the impacts of the project.

Grängesberg

The Grängesberg project is a substantial iron ore asset with an estimate of 82.4Mtpa of Probable Ore Reserves located in a very favourable jurisdiction. During the 1980s the mine, located about 200 kilometres north-west of Stockholm, had produced around 180Mt of iron ore and current plans envisage the production of high-grade ore at or above 70% Fe. The group holds a direct 49.75% interest in the Grängesberg project, together with management rights.

Labrador

Anglesey Mining has a 11.9% holding in the OTC listed Labrador Iron Mines Holdings Limited (“LIMH”), which through its 52% owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc. (“SMI”), is engaged in the exploration and development of iron ore projects in the central part of the Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centred near the town of Schefferville, Quebec.

Financial results and position

There are no revenues from the operation of the properties.

The loss before other comprehensive income for the year ended 31 March 2024 after tax was £1,213,279 compared to a loss of £961,288 in the 2023 fiscal year. The administrative and other costs excluding investment income and finance charges were £839,424 compared to £696,545 in the previous year. Higher salaries and corporate advisor charges accounted for a significant part of this increase. Some was due to one-off charges for Grängesberg expenses in respect of prior periods. There were also share based payments charges representing the value of warrants granted to subscribers to the group’s placings and subscriptions during the year, compared to none last year.

The value of the group’s holding in LIM is reported in other comprehensive income and effectively is based on its share price. This year there is a loss of £0.63 million as the share price declined. The outcome for the group is a total comprehensive loss for the year of £1,859,181, compared to a loss of £1,462,670 in the previous year.

During the year there were no additions to fixed assets (2023 – nil) and £679,475 (2023 – £460,118) was capitalised in respect of the Parys Mountain property, as the programme of geological and environmental work as well as drilling continued as described in this Strategic report.

At 31 March 2024 the mineral property exploration and evaluation assets had a carrying value of £16.9 (2023 – £16.2) million. These carrying values are supported by the results of the 2021 Preliminary Economic Assessment of the Parys Mountain project.

At the reporting date, as detailed in note 10, the directors considered the carrying value of the Parys Mountain exploration and evaluation assets to determine whether specific facts and circumstances suggest there is any indication of impairment. They carefully considered the positive results of the resource update completed in March 2023, the independent PEA and the plans for moving the project forward. Consequently, the directors concluded that there were no facts and circumstances which materially changed during the year which might trigger an impairment review and that there are no indicators of impairment.

In May and July 2023 £1.5 million was raised by means of investor placings. Directors participated in these placings and warrants were issued to subscribers. Further details are included in the directors’ report and note 20. Subsequent to the year-end, on 28 June 2024 and 25 September 2024, placings of equity were completed raising £415,000 and £220,000 gross. See note 29.

The cash balance at 31 March 2024 was £219,685, compared to £247,134 at 31 March 2023. At 17 September 2024 the group had cash resources of £113,602.

At 31 March 2024 there were 420,093,017 ordinary shares in issue (2023 – 295,220,548), the increase being due to the financing events referred to above. At 17 September 2024 there were 461,593,017 ordinary shares in issue.

Outlook

In the current year, we are:

Developing strategies to enable investment in the development of Parys Mountain to be, so far as practicable, incremental, thus allowing risks to be mitigated in stages, before considering the options for the next step of development.
Progressing the re-permitting of Parys Mountain, the key aspect of which is the assessment of environmental and social impacts. We are developing action plans to avoid, mitigate and where necessary compensate for the adverse impacts of the future mining and processing operations, communicating and setting these out publicly and responding to comments and questions. We are collaborating closely with stakeholders, communities, industry and supply chain participants, particularly around minimising potential environmental impacts and maximising economic development opportunities for local communities.
Consolidating and cross-referencing the plethora of data about the geology of Parys Mountain and the mineralisation occurrences within, that has been observed, measured and collected since the 1960s. Re-sampling and re-logging, and in some cases first time sampling, of exploration drill core obtained in pervious drilling campaigns. Re-examining the important work that was done mapping and sampling of the geology exposed in the excavated 280m (below surface) level in the modern underground mine when it was open in 1990.
Engaging with a range of potential partners to progress the development of the Grängesberg mine in Sweden which if successful will allow our management more time to focus on Parys Mountain.

Development of a new mine at Parys Mountain, producing copper, zinc and lead with gold and silver credits, can deliver economic growth in the UK, regional jobs for the community and business opportunities for local service providers. Importantly, these critical and strategic metals, essential for the decarbonisation of the economy, are primarily imported into the UK currently. This creates a unique and timely opportunity, both for Anglesey Mining and for the UK, to develop a new, modern, mine at Parys Mountain in an environmentally sustainable manner.

This report was approved by the board of directors on 27 September 2024 and signed on its behalf by:

Rob Marsden

Chief Executive

The full annual report is avalable on the company’s website at www.angleseymining.co.uk

CONTACT: For further information, please contact:

Anglesey Mining plc

Rob Marsden, Chief Executive – Tel: +44 (0)7531 475111

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363

WH Ireland

Joint Corporate Broker

Katy Mitchell / Harry Ansell – Tel: +44 (0) 207 220 1666

LEI: 213800X8BO8EK2B4HQ71

#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 – Appointment of Experienced ESG Officer

15th February 2024 / Leave a comment

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of highly experienced environmental and social specialist Mr Marco Da Cunha, as its new Lead Environmental, Social and Governance (ESG) Officer.

Mr Da Cunha has almost 20 years of experience in the field of environmental and social management, including over a decade preparing Environmental and Social Impact Assessments (ESIAs), and Environmental Management Plans, for mining projects. In addition, Mr Da Cunha has specialist experience in Social Impact Assessments, and Management Plans, for large scale mining, oil & gas, and infrastructure projects, throughout Sub-Saharan Africa.

Recently, Mr Da Cunha was part of Rio Tinto’s Simandou iron ore project team in Guinea. Simandou is the world’s largest undeveloped high-grade iron ore deposit, and its development will be the largest greenfield integrated mine and infrastructure investment in Africa. Mr Da Cunha’s role at Simandou involved functioning as international support to the Simandou Mine Communities and Social Performance Manager in Guinea, and the support and development of the social management strategy.

Kasiya’s ESIA will now advance following the appointment of Mr Da Cunha. Sovereign has previously completed site surveys by specialist environmental and social consultants in August 2021, May 2022, and October 2023. These surveys provide a solid basis from which to advance the ESIA.

Kasiya’s ESIA will be undertaken in compliance with relevant Malawian legislation, regulations, and standards; in particular, the Environmental Management Act (No. 19 of 2017) and Guidelines of Environmental Impact Assessment (DEA, 1997). The project also aims to meet international guidelines and standards, including the IFC Performance Standards on Environmental and Social Sustainability (IFC, 2012), the World Bank Group Environmental, Health and Safety Guidelines (WBG, 2007), and the Equator Principles (Equator Principles Association, 2020).

Upon Mr Da Cunha’s appointment, Managing Director, Frank Eagar commented: “Our ambition, with the development of Kasiya, is to set the global standard in Climate Smart Mining by bringing our low carbon footprint rutile and graphite products to market, while realising real-world community and environmental benefits. In order to achieve this, we have attracted the best talent and experience in the ESG field. Marco’s appointment has bolstered our Owners Team’s ESG capability bringing exemplary experience in environmental and social management for large-scale African mine development projects aligning and consolidating on the recent appointment of SocialEssence.”

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
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Buchanan	+ 44 20 7466 5000

Forward Looking Statement

#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca

2nd February 2023 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“The uranium acquisitions by staking announced today are a further leap forward for Power Metal’s strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.

The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin.

Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.

Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.“

HIGHLIGHTS:

All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired during the most recent Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the further information section below.

The newly acquired Haresign Bay uranium Property (“Haresign Bay”) covers a total area of 3,189.2-hectares (31.89km²) located 35km south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium focussed companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.

The newly acquired Kernaghan uranium Property (“Kernaghan”) covers a total area of 4,566.2-hectares (45.66km²) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.

During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82km²) claim area bordering the western extension of its Thibault Lake uranium Property (the “Extension”). Significantly, the Extension covers a historical showing which returned a trenching result of 1.09% U₃0₈ over 10.7m, greatly increasing the overall prospectively of the extended Thibault Lake uranium Property. ²

With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, the Power Metal Athabasca uranium portfolio now consists of fourteen properties, including two conditional disposals¹, with a combined total area of 940km².

FURTHER INFORMATION

Mineral Claim Staking Process

The mineral claims constituting the Haresign Bay and Kernaghan Uranium Properties as well as the Thibault Lake Extension were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month. Select reopening’s are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking was CAD$5,842.34. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of CAD$146,059 per annum.

The Haresign Bay Property

Haresign Bay is located 43km south of Cameco Corporation’s Key Lake Uranium Mine which is the third largest deposit within the Athabasca Basin – with an average mineable grade of just over 2% U₃O₈.¹ Haresign Bay is located 35km south of the Athabasca Basin, along the Key Lake trend, which is defined by a cluster of northeast-southwest trending electromagnetic conductors which extend to the northeast over the Key Lake Mine. The Key Lake trend is a defining geophysical and geological trend within the Athabasca Basin, and Haresign Bay represents a significant position held within this important uranium-rich corridor.

The Upper Roberta Lake Target (“Upper Roberta Lake” or the “Target”) is located in the southwestern part of the Haresign Bay Property and is defined by a gravity low anomaly which is coincident with elevated Radon²²²-in-lake water results. This Target area is further intersected by multiple electromagnetic conductors of part of the Key Lake Trend. Upper Roberta Lake represents a highly compelling target for future work.

The Kernaghan Property

Kernaghan is located within the prolific Athabasca Basin approximately 13km from the Basin’s edge. Based on nearby borehole’s drilled by Denison Mines Corp., the sandstone-basement unconformity on the Property is expected to be at around 100m depth.

The Kernaghan Property covers multiple anomalous Radon²²²-in-lake water results which are oriented within a northeast-southwest trending belt. This trend is coincident with a magnetic low feature. Kernaghan represents the Company’s third property which is located entirely within the Athabasca Basin.

Thibault Lake West Extension

The Extension covers an additional four Saskatchewan Mineral Deposit Index (“SMDI”) points. These SMDI points cover multiple high-grade uranium showings including a north trending zone of strong uranium mineralisation from which historic trenching returned 10.7m of 1.09% U₃0₈.² Several other high-grade uranium showings are covered by the Extension including grab and/or channel samples which returned 4.8%, 1.75%, 0.71%, and 0.66% U₃0₈.^3,4

Next Steps

The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.

URANIUM PROPERTIES – HOLDING STRUCTURE

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.

The Power Metal Canada Uranium Property Map is available to view at the following link:

https://www.powermetalresources.com/power-metal-canada-uranium-map/

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings

Project	Licence ID	Area (Hectare)	Area (km²)
Clearwater Uranium Property	MC00015079	1,110	11.1
	MC00015083	563	5.63
	MC00015082	3,191	31.91
	MC00015151	760	7.6
	MC00015646	761	7.61
	MC00015658	1,541	15.41
Tait Hill Uranium Property	MC00015078	1,576	15.76
	MC00015081	968	9.68
	MC00015153	1,530	15.3
	MC00015152	1,886	18.86
	MC00015647	725	7.25
	MC00015648	1,129	11.29
	MC00016158	3,242	32.42
Thibault Lake Uranium Property	MC00015077	2,206	22.06
	MC00015659	2,195	21.95
	AC00018709	1,982	19.82
Soaring Bay Uranium Property	MC00015080	1,255	12.55
	MC00015155	3,375	33.75
	MC00015874	748	7.48
	MC00015875	2,529	25.29
Cook Lake Uranium Property	MC00015212	984	9.84
E-12 Uranium Property⁵	MC00015213	1,323	13.23
Reitenbach Uranium Property⁶	MC00015214	2,135	21.35
	MC00015474	1,235	12.35
	MC00015655	4,570	45.7
	MC00015656	5,322	53.22
	MC00015657	886	8.86
	MC00015824	528	5.28
	MC00016155	1,333	13.33
Reindeer Lake	MC00015522	3,336	33.36
Porter Lake	MC00015561	5,656	56.56
Porter Lake	MC00015562	5,198	51.98
Old Woman Rapids	MC00015563	4,851	48.51
	MC00015564	5,063	50.63
	MC00015565	3,044	30.44
Durrant Lake	AC00018000	5,866	58.66
Badger Lake	MC00016253	1,671	16.71
Haresign Bay	AC00018692	3,189	31.89
Kernaghan	AC00018694	4,566	45.66
Total Licence Holding Area		93,998	939.98km²

#SVML Sovereign Metals Ltd – Kasiya Resource Infill Drilling Results

30th January 2023 / Leave a comment

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (“Sovereign” or the “Company”) announced on 27 January 2023 that following movements in its share price on the Australian Securities Exchange (“ASX”) and a price query from ASX, the Company’s ordinary shares were placed in a trading halt on the ASX. The ASX has informed Sovereign that the trading halt has been lifted and trading of the Company’s ordinary shares has resumed on the ASX.

The trading halt did not affect trading in the Company’s shares on the AIM market of the London Stock Exchange plc, where normal trade continued.

Drilling results from the Company’s targeted deep infill air-core (AC) and push tube (PT) core drilling program confirms consistency of high-grade rutile and graphite mineralisation at depth

· AC results include:

– 31m @ 1.14% rutile & 1.9% graphite

– 27m @ 1.08% rutile & 2.1% graphite

– 29m @ 1.14% rutile & 1.7% graphite

– 24m @ 1.14% rutile & 1.8% graphite

– 21m @ 1.28% rutile & 1.9% graphite

– 25m @ 1.18% rutile & 2.0% graphite

– 25m @ 1.08% rutile & 5.2% graphite

– 26m @ 1.16% rutile & 1.5% graphite

– 26m @ 1.07% rutile & 1.4% graphite

– 24m @ 1.13% rutile & 4.0% graphite

· Infill core PT drilling of numerous Inferred category pits and potential pit extensions is expected to add new blocks of Indicated material to the upcoming Mineral Resource Estimate (MRE) update targeted for Q1 2023

· Kasiya’s pre-feasibility study (PFS) and Environmental and Social baseline workstreams are progressing on schedule with the targeted completion of the PFS during H1 2023

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report further results for 98 AC holes and 247 PT holes from the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit.

Sovereign’s Managing Director Dr Julian Stephens commented: “We are pleased with the consistency of the high-grade rutile results from the 2022 Kasiya infill resource drilling program. These results will all now feed into a revised resource estimate planned for Q1 2023 as part of the Company’s forthcoming PFS”.

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

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

Sapan Ghai (London)
+44 207 478 3900

Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson	+44 20 3440 6800

Joint Brokers
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Optiva Securities	+44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis

KASIYA AIR CORE DRILLING

A 191-hole AC drilling program was completed at the Kasiya rutile deposit. The final batch of the remaining 98 AC holes for 2,548m are reported in this announcement.

This drilling phase targeted the early-scheduled mining pit shells in the southern and central areas of the MRE footprint. As previously reported (ASX Announcement released 26 October 2022) the drilling has revealed that rutile and graphite mineralisation is commonly pervasive throughout the saprolite zone and beyond the base of the current modelled pit shells. However, it is not expected the revised MRE incorporating these results will materially impact the mine plan to be included in the PFS.

KASIYA PUSH TUBE CORE DRILLING

Results for the 247-hole PT (core) drilling program are reported in this announcement. The core program objectives were to target high grade Inferred mining pits and potential areas of pit extensions to bring into the Indicated category to facilitate conversion to Ore Reserves in the upcoming PFS. Overall, results are as expected and continue to confirm laterally extensive and consistent rutile and graphite mineralisation at Kasiya.

PT results include:

– 11m @ 1.70% inc. 3m @ 2.13% rutile

– 12m @ 1.36% inc. 7m @ 1.63% rutile

– 11m @ 1.27% inc. 9m @ 1.40% rutile

– 7m @ 1.67% inc. 6m @ 1.79% rutile

– 11m @ 1.20% inc. 4m @ 1.72% rutile

– 9m @ 1.28% inc. 4m @ 1.68% rutile

– 13m @ 1.19% inc. 1m @ 2.29% rutile

– 13m @ 1.26% inc. 9m @ 1.45% rutile

– 14m @ 1.15% inc. 2m @ 2.02% rutile

– 15m @ 1.03% inc. 2m @ 2.16% rutile

– 11m @ 1.11% inc. 6m @ 1.43% rutile

– 14m @ 1.11% inc. 2m @ 1.84% rutile

On completion of the PFS resource drilling programs the rigs continued to execute additional PFS work programs including water bore exploration drilling, water monitoring holes, geotechnical drilling of the water dam wall, geotechnical mining pit hole drilling and community borehole drilling until November 2022.

Four “deep” stratigraphic geology holes were also completed to benefit the geological interpretation of the mineralisation at Kasiya. Drilling and logging revealed, as expected, Kasiya is underlain by a rutile and graphite rich paragneiss parent host rock.

These stratigraphic holes were suitable as pit geotechnical test work holes where standard penetration testing was completed and as observation water bores which will be monitored over the coming years. The Company was also able to drill new community water bores as well as refurbish several existing ones.

Competent Persons Statement

The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The 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 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.

Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off
Mineral Resource Category	Material Tonnes (millions)	Rutile (%)	Rutile Tonnes (millions)	Total Contained Graphite (TGC) (%)	TGC Tonnes (millions)	RutEq. Grade* (%)
Indicated	662	1.05%	6.9	1.43%	9.5	1.76%
Inferred	1,113	0.99%	11.0	1.26%	14.0	1.61%
Total	1,775	1.01%	18.0	1.32%	23.4	1.67%

* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding

Qualified Person

Data disclosed in this press release have been reviewed and verified by Sovereign’s Qualified Person, Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, for the purposes of the AIM Rules for Companies.

Forward Looking Statement

To view the announcement in full, including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/

Appendix I – DRILL RESULTS – Table 2

Rutile and graphite drilling results from Kasiya are shown below in Table 2.

Hole ID	Interval Thickness	Rutile %	TGC %	From (m) Downhole	Hole Type
KYAC0094	22.0	0.98	2.1	0.0	AC
incl	15.0	1.07	2.5	5.0
KYAC0095	10.0	0.76	2.0	0.0	AC
KYAC0096	NSR				AC
KYAC0097	20.0	0.81	1.7	0.0	AC
incl	5.0	1.53	0.6	2.0
KYAC0098	32.0	0.92	2.0	0.0	AC
incl	2.0	1.83	0.8	0.0
KYAC0099	20.0	0.94	1.3	0.0	AC
incl	6.0	1.09	0.4	0.0
KYAC0100	27.0	1.02	1.6	0.0	AC
incl	2.0	2.35	0.5	0.0
KYAC0101	20.0	0.90	1.4	0.0	AC
incl	4.0	1.63	0.5	0.0
KYAC0102	27.0	0.99	2.0	0.0	AC
incl	16.0	1.09	2.1	0.0
KYAC0103	27.0	1.08	2.1	0.0	AC TWIN
incl	16.0	1.11	2.1	0.0
KYAC0104	25.0	0.80	1.9	0.0	AC
incl	2.0	1.89	0.3	0.0
KYAC0105	25.0	0.93	1.6	0.0	AC
incl	2.0	1.85	0.3	0.0
KYAC0106	24.0	1.07	1.9	0.0	AC
incl	20.0	1.15	1.9	0.0
KYAC0107	17.0	0.93	1.7	0.0	AC
incl	2.0	1.85	0.6	0.0
KYAC0108	4.0	0.86	0.4	0.0	AC
KYAC0109	21.0	0.81	1.9	0.0	AC
incl	2.0	2.10	0.2	0.0
KYAC0110	26.0	0.82	2.1	0.0	AC
incl	4.0	1.28	0.2	0.0
KYAC0111	28.0	0.90	2.9	0.0	AC
incl	4.0	1.59	0.5	0.0
KYAC0112	24.0	1.01	1.6	0.0	AC
incl	12.0	1.27	1.6	0.0
KYAC0113	18.0	1.29	1.6	0.0	AC
KYAC0114	14.0	1.02	2.5	0.0	AC
incl	2.0	1.84	0.2	0.0
KYAC0115	31.0	1.14	1.9	0.0	AC
incl	4.0	1.67	0.4	0.0
incl	10.0	1.25	2.2	19.0
KYAC0116	24.0	0.92	1.6	0.0	AC
incl	8.0	1.08	2.2	8.0
KYAC0117	14.0	0.98	1.7	0.0	AC
incl	2.0	2.31	0.3	0.0
KYAC0118	22.0	1.13	1.8	0.0	AC
incl	9.0	1.17	2.2	10.0
KYAC0119	26.0	0.76	1.6	0.0	AC
KYAC0120	21.0	1.00	1.1	0.0	AC
incl	2.0	2.28	0.4	0.0
KYAC0121	24.0	1.09	2.1	0.0	AC
incl	3.0	1.65	0.2	0.0
KYAC0122	29.0	1.14	1.7	0.0	AC
incl	21.0	1.25	1.6	0.0
KYAC0123	29.0	1.16	1.8	0.0	AC TWIN
incl	4.0	1.72	0.5	0.0
KYAC0124	23.0	1.03	1.2	0.0	AC
incl	4.0	1.63	0.1	0.0
KYAC0125	23.0	0.95	2.0	0.0	AC
incl	6.0	1.20	2.5	4.0
KYAC0126	27.0	0.73	1.1	0.0	AC
incl	4.0	1.14	1.7	6.0
KYAC0127	17.0	0.91	1.2	0.0	AC
incl	2.0	2.18	0.2	0.0
KYAC0128	21.0	1.00	1.7	0.0	AC
incl	11.0	1.10	2.2	6.0
KYAC0129	4.0	1.14	0.2	0.0	AC
incl	2.0	1.52	0.2	0.0
KYAC0130	24.0	0.98	1.5	0.0	AC
incl	2.0	2.12	0.3	0.0
KYAC0131	34.0	0.86	1.8	0.0	AC
incl	3.0	2.06	0.3	0.0
KYAC0132	32.0	0.73	1.7	0.0	AC
incl	6.0	1.06	2.4	6.0
KYAC0133	33.0	0.81	1.9	0.0	AC
incl	2.0	1.40	0.2	0.0
KYAC0134	24.0	0.84	3.1	0.0	AC
incl	2.0	1.48	0.3	0.0
KYAC0135	2.0	2.44	0.2	0.0	AC
KYAC0136	19.0	0.90	2.4	0.0	AC
incl	2.0	1.03	0.2	0.0
KYAC0137	23.0	1.05	1.9	0.0	AC
incl	3.0	1.90	0.2	0.0
KYAC0138	15.0	1.01	1.5	0.0	AC
incl	3.0	1.32	0.2	0.0
KYAC0139	25.0	1.18	2.0	0.0	AC
incl	15.0	1.27	1.9	0.0
KYAC0140	25.0	0.93	1.6	0.0	AC
incl	5.0	1.41	1.2	0.0
KYAC0141	23.0	0.94	1.7	0.0	AC
incl	2.0	1.96	0.3	0.0
KYAC0142	23.0	1.03	2.2	0.0	AC
incl	6.0	1.51	1.0	0.0
KYAC0143	23.0	0.99	2.2	0.0	AC TWIN
incl	4.0	1.87	0.5	0.0
KYAC0144	24.0	1.14	1.8	0.0	AC
incl	14.0	1.37	1.5	0.0
KYAC0145	20.0	1.25	2.1	0.0	AC
incl	10.0	1.50	0.9	0.0
incl	18.0	1.29	2.0	0.0
KYAC0146	25.0	0.92	2.5	0.0	AC
incl	2.0	1.38	0.4	0.0
KYAC0147	20.0	0.85	1.6	0.0	AC
incl	2.0	1.37	0.4	0.0
KYAC0148	20.0	1.08	1.7	0.0	AC
incl	4.0	1.81	0.3	0.0
KYAC0149	24.0	0.97	2.3	0.0	AC
incl	4.0	1.58	0.3	0.0
KYAC0150	16.0	0.96	1.7	0.0	AC
incl	2.0	1.05	0.3	0.0
KYAC0151	22.0	0.82	2.3	0.0	AC
incl	2.0	1.14	0.4	0.0
KYAC0152	27.0	1.01	2.0	0.0	AC
incl	4.0	1.56	0.4	0.0
KYAC0153	21.0	1.28	1.9	0.0	AC
incl	17.0	1.40	1.6	0.0
KYAC0154	19.0	1.19	1.6	0.0	AC
incl	5.0	2.00	0.4	0.0
KYAC0155	24.0	1.13	4.0	0.0	AC
incl	4.0	1.71	1.4	0.0
KYAC0156	22.0	1.09	1.7	0.0	AC
incl	2.0	2.25	0.2	0.0
KYAC0157	26.0	1.07	1.4	0.0	AC
incl	4.0	1.93	0.2	0.0
KYAC0158	6.0	0.95	0.3	0.0	AC
incl	2.0	1.54	0.2	0.0
KYAC0159	21.0	1.06	1.5	0.0	AC
incl	2.0	1.53	0.2	0.0
KYAC0160	33.0	0.80	1.5	0.0	AC
incl	2.0	1.67	0.3	0.0
KYAC0161	28.0	0.86	2.5	0.0	AC
incl	2.0	2.22	0.3	0.0
KYAC0162	5.0	1.29	0.1	0.0	AC
incl	2.0	1.97	0.0	0.0
KYAC0163	5.0	1.16	0.3	0.0	AC TWIN
incl	3.0	1.42	0.3	0.0
KYAC0164	20.0	1.07	2.3	0.0	AC
incl	4.0	1.78	0.4	0.0
KYAC0165	26.0	1.16	1.5	0.0	AC
incl	6.0	1.73	0.6	0.0
incl	20.0	1.27	1.5	0.0
KYAC0166	25.0	1.14	1.6	0.0	AC
incl	5.0	1.73	0.2	0.0
KYAC0167	23.0	1.15	2.0	0.0	AC
incl	13.0	1.43	1.4	0.0
KYAC0168	21.0	1.04	1.5	0.0	AC
incl	3.0	1.83	0.2	0.0
KYAC0169	18.0	0.99	1.3	0.0	AC
incl	2.0	2.26	0.3	0.0
KYAC0170	26.0	0.67	1.1	0.0	AC
incl	2.0	1.01	2.0	14.0
KYAC0171	28.0	0.95	1.4	0.0	AC
incl	2.0	1.86	0.3	0.0
KYAC0172	17.0	0.81	1.7	0.0	AC
incl	1.0	1.46	0.3	0.0
KYAC0173	23.0	0.82	1.3	0.0	AC
KYAC0174	3.0	0.76	0.8	0.0	AC
KYAC0175	17.0	0.92	4.9	0.0	AC
incl	3.0	1.61	0.6	0.0
KYAC0176	23.0	0.99	6.4	0.0	AC
incl	11.0	1.19	6.1	0.0
KYAC0177	14.0	2.23	9.6	0.0	AC
incl	8.0	2.27	13.9	6.0
KYAC0178	20.0	1.07	3.4	0.0	AC
incl	6.0	1.43	1.7	0.0
KYAC0179	22.0	1.05	5.2	0.0	AC
incl	6.0	1.56	3.3	0.0
KYAC0180	13.0	1.06	5.4	0.0	AC
incl	5.0	1.43	3.2	0.0
KYAC0181	26.0	0.91	5.0	0.0	AC
incl	4.0	1.57	1.0	0.0
KYAC0182	11.0	0.91	2.2	0.0	AC
incl	2.0	1.56	0.7	0.0
KYAC0183	15.0	0.84	3.0	0.0	AC TWIN
incl	2.0	1.24	0.0	0.0
KYAC0184	4.0	0.83	0.2	0.0	AC
incl	2.0	1.06	0.0	0.0
KYAC0185	4.0	0.97	0.3	0.0	AC
incl	2.0	1.08	0.2	0.0
KYAC0186	27.0	1.02	3.5	0.0	AC
incl	12.0	1.20	4.6	0.0
KYAC0187	25.0	0.95	4.1	0.0	AC
incl	5.0	1.39	2.4	0.0
KYAC0188	9.0	0.90	0.4	0.0	AC
incl	4.0	1.15	0.3	0.0
KYAC0189	21.0	1.08	4.6	0.0	AC
incl	12.0	1.34	4.2	0.0
KYAC0190	16.0	1.01	3.9	0.0	AC
incl	5.0	1.47	2.1	0.0
KYAC0191	25.0	1.08	5.2	0.0	AC
incl	5.0	1.88	1.2	0.0
KYPT0222	6.0	1.33	0.3	0.0	PT
incl	2.0	2.30	0.3	0.0
KYPT0223	7.0	1.06	0.1	0.0	PT
incl	2.0	2.07	0.2	0.0
KYPT0224	6.0	1.34	0.7	0.0	PT
incl	3.0	1.75	0.4	0.0
KYPT0225	3.0	1.28	0.0	0.0	PT
KYPT0226	2.0	0.82	0.1	0.0	PT
incl	0.5	1.58	0.0	0.0
KYPT0227	4.0	1.51	0.3	0.0	PT
incl	3.0	1.77	0.3	0.0
KYPT0228	6.0	1.24	0.4	0.0	PT
incl	2.0	1.98	0.2	0.0
KYPT0229	11.0	1.02	2.4	0.0	PT
incl	2.0	1.74	0.6	0.0
KYPT0230	7.0	0.93	0.6	0.0	PT
incl	1.0	2.02	0.3	0.0
KYPT0231	8.0	0.98	0.4	0.0	PT
incl	4.0	1.39	0.2	0.0
KYPT0232	2.0	1.02	0.2	0.0	PT
KYPT0233	11.0	1.70	1.4	0.0	PT
incl	3.0	2.13	0.3	0.0
KYPT0234	9.0	1.16	0.7	0.0	PT
incl	4.0	1.74	0.2	0.0
KYPT0235	7.0	1.67	0.5	0.0	PT
incl	6.0	1.79	0.4	0.0
KYPT0236	2.0	2.16	0.2	0.0	PT
KYPT0237	1.0	1.21	0.2	0.0	PT
KYPT0238	3.0	1.49	0.8	0.0	PT
incl	2.0	1.80	0.6	0.0
KYPT0239	5.0	1.11	0.5	0.0	PT
incl	1.0	2.50	0.2	0.0
KYPT0240	1.0	1.72	0.4	0.0	PT
KYPT0241	2.0	1.30	0.1	0.0	PT
incl	1.0	1.71	0.0	0.0
KYPT0242	10.0	0.92	1.2	0.0	PT
incl	1.0	2.32	0.0	0.0
KYPT0243	0.4	1.04	3.8	0.0	PT
KYPT0244	3.0	0.63	0.0	0.0	PT
KYPT0245	4.0	1.45	0.3	0.0	PT
KYPT0246	7.0	1.19	0.3	0.0	PT
incl	2.0	2.29	0.2	0.0
KYPT0247	7.0	1.17	0.8	0.0	PT
incl	2.0	2.01	0.2	0.0
KYPT0248	2.0	1.57	0.2	0.0	PT
KYPT0249	2.0	0.95	0.0	0.0	PT
KYPT0250	3.0	1.19	0.2	0.0	PT
KYPT0251	8.0	0.79	0.7	0.0	PT
incl	1.0	1.69	0.0	0.0
KYPT0252	7.0	0.89	0.6	0.0	PT
incl	1.0	2.11	0.0	0.0
KYPT0253	2.0	1.67	1.3	0.0	PT
KYPT0254	7.0	1.11	1.1	0.0	PT
incl	2.0	1.70	0.3	0.0
KYPT0255	12.0	1.13	1.0	0.0	PT
incl	2.0	1.59	0.3	0.0
KYPT0256	12.0	1.00	0.8	0.0	PT TWIN
incl	2.0	1.68	0.3	0.0
KYPT0257	5.0	1.45	0.2	0.0	PT
incl	2.0	2.10	0.2	0.0
KYPT0258	10.0	1.02	1.2	0.0	PT
incl	3.0	1.86	0.4	0.0
KYPT0259	12.0	1.36	0.7	0.0	PT
incl	7.0	1.63	0.3	0.0
KYPT0260	5.0	0.84	0.1	0.0	PT
incl	2.0	1.19	0.1	0.0
KYPT0261	3.0	1.13	0.5	0.0	PT
incl	2.0	1.29	0.5	0.0
KYPT0262	0.2	1.02	0.0	0.0	PT
KYPT0263	3.0	1.69	0.2	0.0	PT
incl	2.0	2.08	0.3	0.0
KYPT0264	3.0	1.77	0.3	0.0	PT
incl	2.0	2.18	0.4	0.0
KYPT0265	6.0	0.74	0.7	0.0	PT
incl	1.0	1.41	0.1	0.0
KYPT0266	4.0	0.76	0.0	0.0	PT
incl	1.0	1.43	0.2	0.0
KYPT0267	NSR				PT
KYPT0268	3.0	0.95	0.2	0.0	PT
incl	1.0	1.69	0.2	0.0
KYPT0269	2.0	0.69	0.6	0.0	PT
KYPT0270	9.0	0.84	2.3	0.0	PT
incl	2.0	1.54	0.5	0.0
KYPT0271	2.0	0.61	0.2	0.0	PT
KYPT0272	2.0	1.43	0.3	0.0	PT
KYPT0273	2.0	1.41	0.3	0.0	PT
KYPT0274	3.0	1.30	0.2	0.0	PT
KYPT0275	3.0	0.99	0.2	0.0	PT
incl	1.0	1.88	0.3	0.0
KYPT0276	3.0	1.03	0.1	0.0	PT
incl	1.0	1.39	0.2	0.0
KYPT0277	4.0	0.86	0.2	0.0	PT
incl	2.0	1.15	0.2	0.0
KYPT0278	10.5	1.03	1.7	0.0	PT
incl	1.0	2.07	0.5	0.0
KYPT0279	3.0	1.03	0.2	0.0	PT
incl	1.0	1.35	0.3	0.0
KYPT0280	3.0	1.04	0.2	0.0	PT
KYPT0281	4.6	0.84	0.9	0.0	PT
KYPT0282	7.9	0.95	0.6	0.0	PT
incl	1.0	2.04	0.4	0.0
KYPT0283	3.8	1.74	0.1	0.0	PT
KYPT0284	1.0	0.91	0.2	0.0	PT
KYPT0285	3.0	2.01	0.1	0.0	PT
KYPT0286	2.0	1.18	0.2	0.0	PT
KYPT0287	6.1	0.90	1.2	0.0	PT
incl	1.0	2.26	0.0	0.0
KYPT0288	6.0	1.16	0.6	0.0	PT
incl	1.0	3.13	0.4	0.0
KYPT0289	4.0	0.66	0.3	0.0	PT
KYPT0290	2.0	0.68	0.0	0.0	PT
KYPT0291	2.0	0.77	0.0	0.0	PT
KYPT0292	4.0	0.73	0.2	0.0	PT
KYPT0293	1.0	1.45	0.0	0.0	PT
KYPT0294	2.0	0.74	0.2	0.0	PT
KYPT0295	5.0	0.92	0.2	0.0	PT
incl	1.0	1.94	0.2	0.0
KYPT0296	2.0	1.66	0.1	0.0	PT
KYPT0297	9.0	1.11	1.0	0.0	PT
incl	2.0	1.97	0.1	0.0
KYPT0298	4.0	0.75	0.0	0.0	PT
incl	1.0	1.42	0.0	0.0
KYPT0299	3.0	0.95	0.1	0.0	PT
incl	1.0	1.41	0.2	0.0
KYPT0300	4.0	0.97	0.0	0.0	PT
incl	2.0	1.21	0.0	0.0
KYPT0301	3.0	1.48	0.2	0.0	PT
incl	2.0	1.90	0.3	0.0
KYPT0302	8.0	1.13	0.4	0.0	PT
incl	3.0	1.67	0.0	0.0
KYPT0303	4.0	0.70	1.4	0.0	PT
KYPT0304	4.0	1.04	0.9	0.0	PT TWIN
incl	1.0	2.06	0.6	0.0
KYPT0305	5.9	1.11	0.0	0.0	PT
incl	3.0	1.42	0.0	0.0
KYPT0306	2.6	1.53	0.2	0.0	PT
incl	1.0	2.87	0.2	0.0
KYPT0307	10.0	0.91	3.3	0.0	PT
incl	3.0	1.39	0.5	0.0
KYPT0308	1.0	1.10	0.3	0.0	PT
KYPT0309	9.0	0.81	0.7	0.0	PT
KYPT0310	3.0	0.89	0.1	0.0	PT
incl	2.0	1.00	0.2	0.0
KYPT0311	3.0	1.62	0.2	0.0	PT
KYPT0312	3.0	1.08	0.4	0.0	PT
KYPT0313	3.0	1.26	0.2	0.0	PT
incl	2.0	1.43	0.2	0.0
KYPT0314	3.8	1.37	1.1	0.0	PT
incl	2.0	1.78	0.5	0.0
KYPT0315	3.0	0.97	0.4	0.0	PT
incl	2.0	1.16	0.4	0.0
KYPT0316	5.0	1.05	1.0	0.0	PT
incl	1.7	1.92	0.6	0.0
KYPT0317	2.0	0.77	0.4	0.0	PT
KYPT0318	4.2	1.35	0.2	0.0	PT
KYPT0319	4.1	1.05	0.2	0.0	PT
incl	2.0	1.40	0.3	0.0
KYPT0320	5.0	0.84	0.3	0.0	PT
incl	1.5	1.36	0.2	0.0
KYPT0321	11.0	0.86	1.0	0.0	PT
incl	2.4	1.58	0.2	0.0
KYPT0322	1.0	1.42	0.3	0.0	PT
KYPT0323	1.8	1.09	0.4	0.0	PT
KYPT0324	3.0	1.41	0.5	0.0	PT
incl	1.7	1.95	0.5	0.0
KYPT0325	4.1	1.02	0.1	0.0	PT
incl	2.0	1.42	0.2	0.0
KYPT0326	4.2	1.02	0.1	0.0	PT TWIN
incl	2.0	1.46	0.2	0.0
KYPT0327	3.0	1.12	0.0	0.0	PT
incl	1.0	1.99	0.0	0.0
KYPT0328	8.0	1.00	1.5	0.0	PT
incl	1.0	1.18	1.9	0.0
KYPT0329	2.0	0.65	0.4	0.0	PT
KYPT0330	7.0	1.14	0.4	0.0	PT TWIN
incl	3.0	1.82	0.3	0.0
KYPT0331	4.2	0.83	0.1	0.0	PT
incl	2.0	1.13	0.2	0.0
KYPT0332	1.0	0.63	0.2	0.0	PT
KYPT0333	8.6	0.98	1.0	0.0	PT
incl	1.4	1.51	0.3	0.0
KYPT0334	2.0	0.60	0.2	0.0	PT
KYPT0335	3.7	0.67	0.8	0.0	PT
KYPT0336	2.0	1.62	0.1	0.0	PT
KYPT0337	14.2	0.80	3.4	0.0	PT
incl	1.0	1.28	0.6	0.0
KYPT0338	5.5	1.25	0.8	0.0	PT
incl	1.0	2.38	0.4	0.0
KYPT0339	4.0	1.50	0.7	0.0	PT
incl	2.4	1.93	0.4	0.0
KYPT0340	6.0	0.98	4.0	0.0	PT
KYPT0341	14.6	1.05	1.2	0.0	PT
incl	2.9	1.53	0.4	0.0
KYPT0342	6.0	1.30	2.9	0.0	PT
incl	4.7	1.40	3.6	1.3
KYPT0343	7.0	1.11	0.9	0.0	PT
incl	1.0	2.33	0.5	0.0
KYPT0344	7.0	1.01	1.4	0.0	PT
incl	1.4	1.29	0.3	0.0
KYPT0345	3.4	0.99	0.4	0.0	PT
incl	2.0	1.32	0.5	0.0
KYPT0346	2.0	1.70	0.5	0.0	PT
KYPT0347	10.0	0.88	2.3	0.0	PT
incl	1.9	1.82	4.4	0.0
KYPT0348	6.0	1.00	0.7	0.0	PT
incl	2.0	1.55	0.2	0.0
KYPT0349	4.0	0.83	5.0	4.5	PT
KYPT0350	10.0	0.82	3.0	0.0	PT
incl	1.0	1.83	0.5	0.0
KYPT0351	3.8	1.20	0.5	0.0	PT
incl	2.0	1.49	0.5	0.0
KYPT0352	5.0	1.41	0.3	0.0	PT
KYPT0353	12.2	0.94	3.6	0.0	PT
incl	4.6	1.31	1.0	0.0
KYPT0354	13.0	0.90	1.5	0.0	PT
incl	3.7	1.15	0.2	0.0
KYPT0355	7.0	0.99	2.0	0.0	PT
incl	1.8	1.75	0.5	0.0
KYPT0356	5.0	0.83	0.2	0.0	PT
incl	2.0	1.18	0.2	0.0
KYPT0357	4.0	0.87	0.1	0.0	PT TWIN
incl	1.0	1.44	0.2	0.0
KYPT0358	13.0	1.12	2.0	0.0	PT
incl	2.5	2.06	0.2	0.0
KYPT0359	11.0	1.20	2.6	0.0	PT
incl	4.0	1.72	0.7	0.0
KYPT0360	11.0	1.27	1.7	0.0	PT
incl	9.0	1.40	1.6	0.0
KYPT0361	5.2	0.95	0.1	0.0	PT
incl	2.0	1.45	0.2	0.0
KYPT0362	5.0	1.27	0.3	0.0	PT
incl	2.0	2.06	0.2	0.0
KYPT0363	13.4	0.90	2.7	0.0	PT
incl	1.3	1.60	0.0	0.0
KYPT0364	7.0	1.26	2.5	0.0	PT
incl	3.0	1.80	1.1	0.0
KYPT0365	7.0	0.76	1.3	0.0	PT
KYPT0366	4.0	0.77	0.8	0.0	PT
KYPT0367	10.6	0.95	2.0	0.0	PT
incl	2.0	1.97	0.3	0.0
KYPT0368	8.3	0.79	0.6	0.0	PT
incl	3.0	1.19	0.2	0.0
KYPT0369	8.0	0.95	3.2	0.0	PT
incl	2.6	1.39	0.5	0.0
KYPT0370	1.5	1.84	0.1	0.0	PT
incl	1.5	1.84	0.1	0.0
KYPT0371	12.5	0.92	1.5	0.0	PT
incl	2.0	1.90	0.4	0.0
KYPT0372	15.0	0.55	4.4	0.0	PT
incl	0.7	1.18	1.5	0.0
KYPT0373	13.3	1.19	2.4	0.0	PT
incl	1.0	2.29	0.4	0.0
KYPT0374	5.4	1.17	1.6	0.0	PT
incl	1.2	2.32	0.3	0.0
KYPT0375	9.0	1.08	1.1	0.0	PT
incl	2.5	1.66	0.4	0.0
KYPT0376	7.0	1.22	0.7	0.0	PT
incl	2.9	1.79	0.2	0.0
KYPT0377	2.0	1.70	0.3	0.0	PT
KYPT0378	4.1	1.31	0.2	0.0	PT TWIN
incl	2.0	1.80	0.1	0.0
KYPT0379	9.0	1.28	1.3	0.0	PT
incl	4.0	1.68	1.7	5.0
KYPT0380	2.0	1.30	0.5	0.0	PT
KYPT0381	8.0	1.09	2.5	0.0	PT
KYPT0382	3.8	1.80	0.2	0.0	PT
incl	2.0	2.31	0.2	0.0
KYPT0383	8.0	0.91	3.5	0.0	PT
incl	1.6	1.76	0.7	0.0
KYPT0384	1.8	1.62	0.4	0.0	PT
incl	1.0	2.35	0.4	0.0
KYPT0385	3.2	0.67	0.3	0.9	PT
KYPT0386	8.3	0.85	1.1	0.0	PT
incl	1.6	1.61	0.0	0.0
KYPT0387	6.0	0.87	0.6	0.0	PT
incl	1.6	1.36	0.4	0.0
KYPT0388	14.0	1.09	1.3	0.0	PT
incl	4.0	1.57	0.1	0.0
KYPT0389	10.7	1.04	3.4	0.0	PT
incl	2.0	1.94	0.3	0.0
KYPT0390	11.5	0.97	4.4	0.0	PT
incl	2.0	2.06	0.5	0.0
KYPT0391	15.0	1.03	6.4	0.0	PT
incl	1.7	2.16	0.6	0.0
KYPT0392	8.0	1.17	2.9	0.0	PT
incl	2.4	1.70	0.5	0.0
KYPT0393	12.8	1.26	4.2	0.0	PT
incl	9.0	1.45	2.5	0.0
KYPT0394	4.0	0.98	0.2	0.0	PT
incl	2.0	1.20	0.2	0.0
KYPT0395	11.0	1.00	2.6	0.0	PT
incl	5.0	1.42	2.2	0.0
KYPT0396	5.8	0.91	0.1	0.0	PT
incl	2.7	1.35	0.0	0.0
KYPT0397	2.8	1.84	0.2	0.0	PT
KYPT0398	1.0	0.89	1.7	5.0	PT
KYPT0399	6.0	0.97	0.2	0.0	PT
incl	2.0	1.34	0.2	0.0
KYPT0400	8.0	0.62	1.9	2.0	PT
KYPT0401	3.0	0.86	0.0	0.0	PT
incl	0.9	1.57	0.2	0.0
KYPT0402	2.8	2.26	0.0	0.0	PT
KYPT0403	4.5	0.93	0.0	0.0	PT
incl	3.0	1.09	0.0	0.0
KYPT0404	4.3	0.94	0.0	0.0	PT TWIN
incl	3.0	1.09	0.0	0.0
KYPT0405	6.3	1.17	0.7	0.0	PT
incl	2.8	1.73	0.3	0.0
KYPT0406	10.0	0.78	1.4	0.0	PT
KYPT0407	11.7	1.12	2.4	0.0	PT
incl	7.0	1.35	2.0	0.0
KYPT0408	7.0	0.99	0.1	0.0	PT
incl	4.5	1.17	0.1	0.0
KYPT0409	1.0	2.74	0.3	0.0	PT
KYPT0410	6.0	0.93	0.1	0.0	PT
incl	2.0	1.22	0.1	0.0
KYPT0411	5.0	1.00	0.6	0.0	PT
incl	2.0	1.49	0.3	0.0
KYPT0412	1.0	0.94	0.4	0.0	PT
incl	1.0	1.06	2.8	9.0
KYPT0413	8.0	0.90	3.7	0.0	PT
incl	1.0	1.53	0.4	0.0
KYPT0414	3.0	0.68	0.1	0.0	PT
incl	1.0	1.01	0.2	0.0
KYPT0415	11.0	1.09	0.7	0.0	PT
incl	3.4	1.83	0.2	0.0
KYPT0416	5.0	1.08	0.2	0.0	PT
incl	2.0	1.55	0.2	0.0
KYPT0417	8.3	0.90	0.7	0.0	PT
incl	1.4	2.06	0.2	0.0
KYPT0418	13.6	1.15	2.3	0.0	PT
incl	2.0	2.02	0.3	0.0
KYPT0419	2.8	1.15	0.2	0.0	PT
incl	1.0	1.50	0.3	0.0
KYPT0420	6.0	0.98	0.0	0.0	PT
incl	3.0	1.39	0.0	0.0
KYPT0421	11.0	1.00	3.3	0.0	PT
incl	4.0	1.39	1.4	0.0
KYPT0422	6.0	1.10	0.4	0.0	PT
incl	4.7	1.23	0.3	0.0
KYPT0423	4.0	0.90	0.1	0.0	PT
incl	1.0	1.44	0.2	0.0
KYPT0424	10.8	1.11	1.5	0.0	PT
incl	6.0	1.43	0.8	0.0
KYPT0425	14.0	1.11	1.5	0.0	PT
incl	2.0	1.84	0.3	0.0
KYPT0426	2.0	0.70	0.2	0.0	PT
KYPT0427	5.5	1.05	0.0	0.0
incl	2.9	1.51	0.0	0.0
KYPT0428	3.6	1.21	0.2	0.0	PT
KYPT0429	1.7	1.35	0.2	0.0	PT
KYPT0430	3.8	1.03	0.2	0.0	PT
incl	2.0	1.45	0.2	0.0
KYPT0431	3.5	1.15	0.3	0.0	PT TWIN
incl	2.0	1.48	0.3	0.0
KYPT0432	6.0	0.76	1.1	0.0	PT
incl	0.5	2.77	0.0	0.0
KYPT0433	1.0	2.40	0.3	0.0	PT
KYPT0434	4.0	1.92	0.1	0.0	PT
incl	1.0	2.40	0.3	0.0
KYPT0435	10.0	1.06	0.7	0.0	PT
incl	4.7	1.52	0.1	0.0
KYPT0436	9.0	1.17	0.9	0.0	PT
incl	3.4	1.85	0.2	0.0
KYPT0437	2.4	0.91	0.1	2.0	PT
KYPT0438	6.0	1.26	0.7	0.0	PT
incl	4.0	1.55	0.3	0.0
KYPT0439	2.0	1.01	0.3	0.0	PT
KYPT0440	5.4	0.75	1.0	0.0	PT
KYPT0441	5.0	1.19	0.1	0.0	PT
incl	3.0	1.57	0.2	0.0
KYPT0442	10.0	0.93	2.0	0.0	PT
KYPT0443	3.7	0.93	0.2	0.0	PT
incl	2.0	1.13	0.2	0.0
KYPT0444	3.8	1.01	0.7	0.0	PT
incl	1.3	1.18	0.8	2.0
KYPT0445	2.9	1.27	1.9	0.0	PT
incl	1.9	1.66	0.8	0.0
KYPT0446	3.0	0.65	0.3	0.0	PT
KYPT0447	2.1	0.73	1.8	9.4	PT
KYPT0448	7.0	1.07	0.7	0.0	PT
incl	3.8	1.28	0.3	0.0
KYPT0449	8.0	1.13	0.5	0.0	PT
incl	3.3	1.66	0.2	0.0
KYPT0450	5.0	1.22	0.3	0.0	PT
incl	1.9	1.81	0.2	0.0
KYPT0451	9.0	1.01	0.7	0.0	PT
incl	2.2	1.63	0.3	0.0
KYPT0452	10.0	1.00	2.4	0.0	PT
incl	1.7	1.55	0.3	0.0
KYPT0453	3.0	1.02	0.3	0.0	PT
incl	1.7	1.34	0.3	0.0
KYPT0454	9.0	0.95	0.8	0.0	PT
incl	2.0	1.74	0.5	0.0
KYPT0455	4.0	1.43	0.3	0.0	PT
incl	2.0	1.88	0.3	0.0
KYPT0456	5.0	1.10	0.3	0.0	PT
incl	2.9	1.47	0.2	0.0
KYPT0457	2.4	1.11	0.2	0.0	PT
incl	1.0	1.84	0.3	0.0
KYPT0458	1.0	1.02	0.4	0.0	PT
KYPT0459	8.0	0.80	2.0	0.0	PT
incl	1.0	1.51	0.4	0.0
KYPT0460	1.5	1.59	0.2	0.0	PT
KYPT0461	1.0	1.38	0.4	0.0	PT
KYPT0462	2.0	1.17	0.4	0.0	PT
KYPT0463	2.0	1.58	0.3	0.0	PT
KYPT0464	5.0	0.78	1.1	0.0	PT
KYPT0465	1.1	1.17	0.4	0.0	PT
KYPT0466	2.0	1.75	0.3	0.0	PT
KYPT0467	NSR				PT
KYPT0468	NSR				PT

APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3

Hole ID	Easting	Northing	RL	Depth	Hole ID	Easting	Northing	RL	Depth
KYAC0094	549202	8479802	1129	23.0	KYAC0137	544001	8468400	1137	24.0
KYAC0095	549400	8479802	1128	30.0	KYAC0138	543800	8468400	1132	16.0
KYAC0096	549600	8479776	1126	34.0	KYAC0139	543597	8468400	1127	28.0
KYAC0097	549778	8479810	1123	27.0	KYAC0140	543599	8468001	1132	27.0
KYAC0098	548998	8479395	1135	33.0	KYAC0141	543800	8468000	1138	24.0
KYAC0099	549198	8479401	1133	26.0	KYAC0142	544000	8467999	1141	25.5
KYAC0100	549400	8479401	1131	29.0	KYAC0143	544000	8468000	1141	25.5
KYAC0101	549600	8479402	1128	25.0	KYAC0144	543799	8467801	1140	25.0
KYAC0102	549800	8479402	1126	28.0	KYAC0145	544001	8467801	1143	24.0
KYAC0103	549800	8479402	1126	28.0	KYAC0146	543599	8467803	1135	26.5
KYAC0104	549600	8479603	1129	27.0	KYAC0147	543600	8467601	1136	21.0
KYAC0105	549401	8479600	1131	25.8	KYAC0148	543800	8467605	1141	21.0
KYAC0106	549799	8479600	1126	25.0	KYAC0149	544000	8467600	1144	33.0
KYAC0107	549200	8479600	1132	20.0	KYAC0150	543800	8467401	1143	30.0
KYAC0108	549000	8479802	1128	22.7	KYAC0151	544001	8467401	1145	24.0
KYAC0109	548798	8479195	1138	25.0	KYAC0152	544402	8467801	1144	28.6
KYAC0110	548799	8479000	1138	27.0	KYAC0153	545000	8465600	1162	22.0
KYAC0111	548600	8478999	1141	29.0	KYAC0154	545200	8465601	1163	21.0
KYAC0112	548399	8478999	1143	25.0	KYAC0155	545201	8465799	1161	28.0
KYAC0113	548801	8478799	1138	19.8	KYAC0156	545399	8465201	1167	24.0
KYAC0114	548600	8478799	1141	14.0	KYAC0157	545200	8465202	1164	28.0
KYAC0115	548401	8478800	1143	32.0	KYAC0158	544996	8465204	1161	28.0
KYAC0116	548201	8478801	1145	24.8	KYAC0159	545201	8465000	1164	34.0
KYAC0117	549399	8478799	1124	15.0	KYAC0160	545398	8465001	1167	35.0
KYAC0118	549204	8478815	1128	22.0	KYAC0161	545400	8464801	1167	30.0
KYAC0119	549002	8478801	1134	27.0	KYAC0162	545600	8465000	1169	35.0
KYAC0120	549001	8478403	1133	22.7	KYAC0163	545600	8464999	1169	35.0
KYAC0121	548800	8478399	1136	25.8	KYAC0164	545600	8465200	1169	27.0
KYAC0122	548600	8478399	1138	30.0	KYAC0165	545400	8465600	1164	27.0
KYAC0123	548599	8478399	1138	30.0	KYAC0166	545601	8465602	1164	29.0
KYAC0124	548400	8478398	1140	24.0	KYAC0167	545400	8465800	1160	24.0
KYAC0125	549000	8478200	1131	24.0	KYAC0168	545600	8465784	1160	22.6
KYAC0126	548799	8478200	1134	28.0	KYAC0169	545800	8465601	1164	20.0
KYAC0127	548599	8478198	1136	18.0	KYAC0170	545800	8465800	1159	27.0
KYAC0128	548397	8478197	1137	22.0	KYAC0171	546000	8465800	1157	29.0
KYAC0129	548201	8478201	1139	14.0	KYAC0172	546000	8466201	1149	18.0
KYAC0130	548200	8478401	1142	25.0	KYAC0173	546002	8466001	1152	25.0
KYAC0131	544600	8468801	1136	36.0	KYAC0174	545999	8466401	1147	13.0
KYAC0132	544601	8468598	1137	35.0	KYAC0175	545998	8467403	1162	19.0
KYAC0133	544798	8468597	1132	35.0	KYAC0176	546200	8467400	1165	26.6
KYAC0134	544598	8468398	1139	29.0	KYAC0177	546400	8467399	1168	23.0
KYAC0135	544792	8468405	1135	30.0	KYAC0178	546400	8467600	1169	21.4
KYAC0136	544600	8468000	1142	32.0	KYAC0179	546200	8467601	1166	26.0
KYAC0180	545998	8467601	1162	15.5	KYPT0255	547793	8477399	1148	12.0
KYAC0181	546198	8467797	1164	27.0	KYPT0256	547793	8477400	1148	12.0
KYAC0182	546197	8467999	1162	32.0	KYPT0257	547401	8477398	1150	11.0
KYAC0183	546198	8467999	1162	32.0	KYPT0258	547000	8477000	1149	10.0
KYAC0184	546400	8468199	1161	22.8	KYPT0259	547395	8477000	1152	12.0
KYAC0185	546601	8468201	1163	32.7	KYPT0260	547800	8476999	1148	11.0
KYAC0186	546398	8468002	1165	32.0	KYPT0261	548201	8477000	1140	6.0
KYAC0187	546600	8468001	1166	27.4	KYPT0262	546604	8477001	1143	8.0
KYAC0188	546200	8468201	1159	25.8	KYPT0263	546999	8476604	1148	8.0
KYAC0189	546400	8467801	1167	22.0	KYPT0264	547399	8476604	1149	9.0
KYAC0190	546599	8467803	1169	17.4	KYPT0265	547801	8476601	1144	6.0
KYAC0191	546598	8467599	1171	26.0	KYPT0266	547387	8476200	1146	4.0
KYPT0222	549000	8479394	1135	9.0	KYPT0267	545001	8471800	1133	8.6
KYPT0223	549400	8479400	1131	7.0	KYPT0268	547000	8476199	1149	9.0
KYPT0224	549800	8479400	1126	7.0	KYPT0269	544998	8472202	1134	10.0
KYPT0225	548999	8479802	1128	3.0	KYPT0270	546605	8476211	1146	9.0
KYPT0226	549401	8479803	1128	4.0	KYPT0271	544598	8472601	1129	3.9
KYPT0227	549777	8479810	1124	6.0	KYPT0272	546197	8476198	1138	7.0
KYPT0228	548200	8479000	1145	12.0	KYPT0273	544200	8472600	1128	3.2
KYPT0229	548601	8478999	1141	11.0	KYPT0274	546199	8475798	1142	9.0
KYPT0230	549000	8479001	1135	7.0	KYPT0275	543800	8472600	1123	8.0
KYPT0231	547799	8478599	1148	11.0	KYPT0276	546196	8475402	1143	11.0
KYPT0232	547800	8479001	1149	12.9	KYPT0277	546196	8475403	1143	11.0
KYPT0233	548198	8478600	1144	11.0	KYPT0278	543803	8472997	1124	10.5
KYPT0234	548598	8478601	1140	9.0	KYPT0279	546201	8474634	1130	3.0
KYPT0235	548998	8478600	1134	7.0	KYPT0280	544200	8473002	1130	10.7
KYPT0236	549401	8478602	1125	8.0	KYPT0281	546594	8474612	1133	4.6
KYPT0237	549400	8478183	1123	3.0	KYPT0282	543400	8473001	1114	7.9
KYPT0238	549764	8479050	1121	3.0	KYPT0283	546598	8476548	1138	3.8
KYPT0239	549400	8478999	1126	5.0	KYPT0284	546201	8476465	1132	4.0
KYPT0240	550202	8479799	1118	4.0	KYPT0285	547799	8476129	1143	3.0
KYPT0241	550197	8479406	1117	7.0	KYPT0286	543051	8472996	1104	2.0
KYPT0242	548599	8479402	1138	10.0	KYPT0287	542998	8472623	1105	6.1
KYPT0243	548205	8479442	1139	6.6	KYPT0288	548202	8476199	1144	6.0
KYPT0244	547400	8478200	1144	3.6	KYPT0289	543347	8472600	1110	4.0
KYPT0245	548200	8478200	1139	4.0	KYPT0290	543000	8473400	1105	10.3
KYPT0246	548600	8478199	1136	7.0	KYPT0291	548598	8476199	1143	9.0
KYPT0247	549000	8478200	1131	7.0	KYPT0292	543000	8473800	1103	9.0
KYPT0248	547788	8478206	1139	2.0	KYPT0293	548201	8476599	1138	4.0
KYPT0249	546999	8477800	1150	9.0	KYPT0294	543407	8473756	1107	3.0
KYPT0250	547000	8477400	1150	9.0	KYPT0295	548600	8476600	1139	5.0
KYPT0251	547400	8477800	1145	8.0	KYPT0296	543800	8473800	1115	4.0
KYPT0252	547800	8477761	1143	7.0	KYPT0297	548202	8474999	1151	9.0
KYPT0253	548200	8477800	1135	3.0	KYPT0298	543799	8473402	1118	5.0
KYPT0254	548201	8477401	1141	8.0	KYPT0299	548485	8474600	1146	4.0
KYPT0300	543400	8473377	1113	4.5	KYPT0345	544200	8469800	1130	14.5
KYPT0301	548598	8475458	1144	4.0	KYPT0346	545111	8468600	1132	12.3
KYPT0302	548179	8474595	1154	8.9	KYPT0347	545400	8468600	1138	14.4
KYPT0303	547800	8473801	1158	8.9	KYPT0348	547004	8473401	1148	8.0
KYPT0304	547800	8473800	1158	9.0	KYPT0349	545802	8468598	1148	10.0
KYPT0305	542600	8471400	1107	5.9	KYPT0350	547796	8472997	1167	13.4
KYPT0306	548205	8473797	1151	3.0	KYPT0351	547714	8472654	1170	15.0
KYPT0307	547806	8474197	1157	11.0	KYPT0352	546200	8468601	1154	15.0
KYPT0308	542600	8471000	1110	5.9	KYPT0353	547401	8472600	1169	12.2
KYPT0309	548200	8474200	1152	9.0	KYPT0354	546600	8468600	1156	13.0
KYPT0310	542999	8471401	1110	8.3	KYPT0355	547400	8472202	1167	7.0
KYPT0311	547403	8473802	1152	5.0	KYPT0356	546600	8468200	1163	13.9
KYPT0312	542997	8471027	1104	5.0	KYPT0357	546602	8468200	1163	14.0
KYPT0313	547350	8473399	1158	11.0	KYPT0358	547774	8472220	1170	14.0
KYPT0314	543393	8471084	1105	3.8	KYPT0359	547800	8471801	1169	11.0
KYPT0315	543000	8470600	1111	6.3	KYPT0360	546999	8468601	1156	12.0
KYPT0316	543347	8470600	1106	5.0	KYPT0361	547401	8471803	1164	12.9
KYPT0317	548602	8475002	1142	6.3	KYPT0362	547000	8468200	1162	12.0
KYPT0318	543000	8470200	1122	11.0	KYPT0363	548210	8472992	1161	10.4
KYPT0319	547797	8473428	1162	12.0	KYPT0364	547403	8468612	1151	7.0
KYPT0320	542600	8470200	1122	8.0	KYPT0365	548199	8473400	1158	7.0
KYPT0321	547403	8474199	1154	11.0	KYPT0366	547400	8471399	1160	12.0
KYPT0322	542600	8470520	1110	2.3	KYPT0367	547400	8471002	1160	10.6
KYPT0323	547006	8474128	1141	4.4	KYPT0368	546200	8468200	1159	8.3
KYPT0324	543398	8470206	1114	3.5	KYPT0369	547400	8470601	1158	8.4
KYPT0325	543000	8469802	1128	9.1	KYPT0370	545800	8468200	1152	14.4
KYPT0326	543001	8469803	1128	9.2	KYPT0371	547801	8471000	1164	12.5
KYPT0327	547082	8473799	1142	3.0	KYPT0372	545400	8468200	1143	15.0
KYPT0328	543394	8469800	1120	8.0	KYPT0373	547804	8471403	1167	13.3
KYPT0329	548599	8479800	1131	6.6	KYPT0374	545400	8467800	1146	11.4
KYPT0330	549000	8479394	1135	8.0	KYPT0375	547800	8470599	1158	9.0
KYPT0331	543000	8469400	1130	11.1	KYPT0376	547798	8470200	1148	7.0
KYPT0332	549002	8480143	1127	5.3	KYPT0377	545799	8467800	1146	14.0
KYPT0333	543400	8469400	1122	8.6	KYPT0378	545799	8467801	1156	14.0
KYPT0334	549400	8480159	1123	5.0	KYPT0379	547414	8470212	1152	9.0
KYPT0335	549801	8480163	1120	4.7	KYPT0380	547396	8469807	1141	2.0
KYPT0336	543800	8469000	1123	2.0	KYPT0381	546980	8468992	1149	8.0
KYPT0337	547401	8472999	1167	14.2	KYPT0382	547360	8469019	1144	4.0
KYPT0338	543800	8469400	1119	14.5	KYPT0383	545800	8467400	1158	8.0
KYPT0339	543799	8469802	1118	14.5	KYPT0384	545410	8467400	1146	15.0
KYPT0340	543797	8470198	1118	20.4	KYPT0385	546599	8469002	1147	4.0
KYPT0341	543800	8470600	1119	14.6	KYPT0386	547799	8468999	1149	7.0
KYPT0342	544201	8471000	1121	17.5	KYPT0387	547794	8469400	1144	6.0
KYPT0343	543851	8471000	1116	20.5	KYPT0388	546999	8467401	1169	14.0
KYPT0344	544200	8470200	1128	14.5	KYPT0389	546197	8467796	1164	10.7
KYPT0390	547000	8467800	1167	11.5	KYPT0430	544999	8465800	1160	10.6
KYPT0391	546201	8467400	1165	15.0	KYPT0431	544999	8465799	1160	10.6
KYPT0392	546600	8467805	1169	8.0	KYPT0432	545000	8466200	1154	9.0
KYPT0393	546599	8467399	1171	12.8	KYPT0433	544998	8466601	1147	15.0
KYPT0394	547407	8467404	1169	9.6	KYPT0434	545400	8464200	1165	4.0
KYPT0395	546602	8467001	1165	12.0	KYPT0435	545800	8464199	1174	10.0
KYPT0396	546999	8466999	1167	6.5	KYPT0436	545403	8464598	1167	9.0
KYPT0397	546200	8467000	1159	15.0	KYPT0437	546199	8464601	1173	11.6
KYPT0398	544199	8484999	1112	6.0	KYPT0438	545801	8464599	1173	13.0
KYPT0399	544602	8484598	1119	6.0	KYPT0439	546199	8464201	1176	14.0
KYPT0400	544199	8484603	1119	10.0	KYPT0440	545000	8468200	1133	15.0
KYPT0401	543802	8484999	1112	9.0	KYPT0441	544199	8465800	1157	11.0
KYPT0402	546291	8466603	1151	11.6	KYPT0442	543800	8465799	1150	10.0
KYPT0403	543798	8484602	1117	10.0	KYPT0443	544552	8466601	1155	11.0
KYPT0404	543799	8484602	1117	10.0	KYPT0444	545001	8467800	1136	11.6
KYPT0405	545799	8466996	1150	15.0	KYPT0445	545000	8466991	1142	15.0
KYPT0406	543800	8484201	1122	10.9	KYPT0446	545400	8466600	1144	13.0
KYPT0407	544201	8484201	1125	11.7	KYPT0447	545800	8466600	1146	15.0
KYPT0408	543399	8484200	1119	12.0	KYPT0448	545401	8483801	1129	10.7
KYPT0409	545503	8467035	1145	15.0	KYPT0449	546202	8483795	1122	8.0
KYPT0410	543400	8484602	1114	6.0	KYPT0450	545805	8483799	1126	9.0
KYPT0411	543001	8484601	1114	10.0	KYPT0451	545805	8483800	1125	9.0
KYPT0412	544986	8467390	1139	13.7	KYPT0452	545401	8483400	1129	10.0
KYPT0413	542600	8484602	1112	10.0	KYPT0453	545801	8483400	1125	11.0
KYPT0414	542201	8484600	1107	10.0	KYPT0454	546199	8483399	1121	9.0
KYPT0415	544600	8467001	1150	11.0	KYPT0455	546600	8483400	1114	9.0
KYPT0416	542201	8484202	1110	9.5	KYPT0456	546601	8483792	1117	9.5
KYPT0417	542200	8483802	1106	8.3	KYPT0457	546601	8484201	1115	10.0
KYPT0418	544200	8467000	1151	13.6	KYPT0458	546207	8484200	1117	9.0
KYPT0419	542604	8483802	1110	8.0	KYPT0459	545800	8484200	1121	8.0
KYPT0420	543800	8467000	1146	11.0	KYPT0460	544953	8481801	1125	2.5
KYPT0421	542600	8484204	1114	11.0	KYPT0461	545400	8481800	1120	7.0
KYPT0422	543800	8466600	1149	12.0	KYPT0462	545401	8481400	1123	8.2
KYPT0423	543005	8484200	1117	11.0	KYPT0463	545400	8482201	1121	4.0
KYPT0424	544200	8466600	1155	10.8	KYPT0464	548961	8477740	1128	5.0
KYPT0425	544200	8466200	1156	14.0	KYPT0465	549307	8477767	1127	4.0
KYPT0426	544600	8466201	1158	9.0	KYPT0466	548450	8477772	1132	4.0
KYPT0427	543800	8466200	1150	5.5	KYPT0467	544650	8470996	1113	1.7
KYPT0428	544600	8465800	1161	8.7	KYPT0468	544913	8471407	1125	8.0
KYPT0429	544642	8484599	1119	1.7

Appendix III: JORC Code, 2012 Edition – Table 1

SECTION 1 – SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling Techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses. Push tube/core drilling is sampled routinely at 2m intervals bounded by weathering contacts by compositing dried and riffle-split half core. A consistent, 1.5kg sample is generated for both the rutile and graphite determination.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard. Each sample is sun dried and homogenised. Sub-samples are carefully riffle split to ensure representivity. The 1.5kg composite samples are then processed. An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment. Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together
Drilling Techniques	Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).	A total of 98 Air-Core holes for 2,548m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC). A total of 247 push-tube core holes, for 2,205m, were drilled at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC). Placer has reviewed SOPs for Air-Core and Core drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered. Core drilling samples are actively assessed by the driller and geologist onsite for recoveries and contamination.
Measures taken to maximise sample recovery and ensure representative nature of the samples.	The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process. Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing. For push-tube drilling, core is extruded into core trays; slough is actively removed by the driller at the drilling rig and core recovery and quality is recorded by the geologist.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range. No bias related to preferential loss or gain of different materials is observed.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.	Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation. All individual 1-metre intervals are geologically logged, recording relevant data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference. All individual 1-metre core intervals are geologically logged, recording relevant data to a set template using company codes.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged	100% of samples are geologically logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	N/A
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed. An equivalent mass is taken from each primary sample to make up the composite. The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists. Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	The sampling equipment is cleaned after each sub-sample is taken. Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.
Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered appropriate for the material sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Rutile The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated. Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC. The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF. All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi; · Dry sample in oven for 1 hour at 105℃ · Soak in water and lightly agitate · Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material · Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃ · Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC) · Pan HMC to remove retained light minerals · Dry HMC in oven for 30 minutes at 105℃ · Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction. Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination. · The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS. Graphite All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg. The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA. A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC). The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting. Accuracy monitoring is achieved through submission of certified reference materials (CRM’s). ALS and Intertek both use internal CRMs and duplicates on XRF analyses. Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20. Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch. Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy. Acceptable levels of accuracy and precision are displayed in geostatistical analyses.
Verification of sampling & assaying	The verification of significant intersections by either independent or alternative company personnel.	Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.
The use of twinned holes.	Twinned holes are drilled across a geographically dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes. Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All geological logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually. Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database. A transition to electronic laboratory data capture is under investigation.
Discuss any adjustment to assay data.	QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction. Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.
Specification of the grid system used.	WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control.	DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution	Data spacing for reporting of Exploration Results.	The Air-Core holes are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation. The Core holes are spaced on a 400m x 400m grid which is deemed to adequately define the mineralisation.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.
Whether sample compositing has been applied.	Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 98 Air-Core holes and 247 Core holes.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type	Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
Sample security	The measures taken to ensure sample security	Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete. A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia. At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.
Audits or reviews	The results of any audits or reviews of sampling techniques and data	Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice. Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

Criteria

JORC Code explanation

Commentary

Sampling Techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.

Push tube/core drilling is sampled routinely at 2m intervals bounded by weathering contacts by compositing dried and riffle-split half core. A consistent, 1.5kg sample is generated for both the rutile and graphite determination.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.

Each sample is sun dried and homogenised. Sub-samples are carefully

riffle split to ensure representivity. The 1.5kg composite samples are then processed.

An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.

Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together

Drilling Techniques

Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).

A total of 98 Air-Core holes for 2,548m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

A total of 247 push-tube core holes, for 2,205m, were drilled at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

Placer has reviewed SOPs for Air-Core and Core drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination.

Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered.

Core drilling samples are actively assessed by the driller and geologist onsite for recoveries and contamination.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.

Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.

For push-tube drilling, core is extruded into core trays; slough is actively removed by the driller at the drilling rig and core recovery and quality is recorded by the geologist.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.

No bias related to preferential loss or gain of different materials is observed.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.

Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.

All individual 1-metre intervals are geologically logged, recording relevant

data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.

All individual 1-metre core intervals are geologically logged, recording relevant

data to a set template using company codes.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.

The total length and percentage of the relevant intersection logged

100% of samples are geologically logged.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

N/A

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.

An equivalent mass is taken from each primary sample to make up the composite.

The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.

Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

The sampling equipment is cleaned after each sub-sample is taken.

Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The sample size is considered appropriate for the material sampled.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Rutile

The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.

Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.

The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.

All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi;

· Dry sample in oven for 1 hour at 105℃

· Soak in water and lightly agitate

· Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material

· Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃

· Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC)

· Pan HMC to remove retained light minerals

· Dry HMC in oven for 30 minutes at 105℃

· Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.

Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination.

· The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.

Graphite

All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg.

The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA.

A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC).

The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon.

An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.

Accuracy monitoring is achieved through submission of certified reference materials (CRM’s).

ALS and Intertek both use internal CRMs and duplicates on XRF analyses.

Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.

Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.

Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

Acceptable levels of accuracy and precision are displayed in geostatistical analyses.

Verification of sampling & assaying

The verification of significant intersections by either independent or alternative company personnel.

Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.

The use of twinned holes.

Twinned holes are drilled across a geographically dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes.

Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All geological logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually.

Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database. A transition to electronic laboratory data capture is under investigation.

Discuss any adjustment to assay data.

QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.

Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration.

No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.

Specification of the grid system used.

WGS84 UTM Zone 36 South.

Quality and adequacy of topographic control.

DGPS pickups are considered to be high quality topographic control measures.

Data spacing & distribution

Data spacing for reporting of Exploration Results.

The Air-Core holes are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.

The Core holes are spaced on a 400m x 400m grid which is deemed to adequately define the mineralisation.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.

Whether sample compositing has been applied.

Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 98 Air-Core holes and 247 Core holes.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type

Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

Sample security

The measures taken to ensure sample security

Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.

A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.

At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.

Audits or reviews

The results of any audits or reviews of sampling techniques and data

Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.

Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

SECTION 2 – REPORTING OF EXPLORATION RESULTS

Criteria	Explanation	Commentary
Mineral tenement & land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings.	The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act (No 8. of 2019), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0492, EL0528, EL0545, EL0561, EL0582 and RL0012. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops.
Mineral tenement & land tenure status	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements are in good standing and no known impediments to exploration or mining exist.
Exploration done by other parties	Acknowledgement and appraisal of exploration by other parties.	Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration.
Geology	Deposit type, geological setting and style of mineralisation	The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length	All collar and composite data are provided in the body and appendices of this report.
Drill hole information	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case	No information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated.	All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No data aggregation was required.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are used in this report.
Relationship between mineralisation widths & intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’.	Downhole widths approximate true widths limited to the sample intervals applied. Graphite results are approximate true width as defined by the sample interval and typically increase with depth.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views.	Refer to figures in the body of the full announcement at http://sovereignmetals.com.au/announcements/.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results.	All results are included in this report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Rutile has been determined, by QEMSCAN, to be the major TiO₂-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The Company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation.
Further work	The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling).	No further exploration is planned at this stage.
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to diagrams in the body of this report.

#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway

26th January 2023 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.

EXPLORATION PROGRAMME KEY OBJECTIVES

– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.

– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.

o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.

o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.

Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.

So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.

Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”

EXPLORATION PROGRAMME OVERVIEW

Exploration Work

Rationale and Targeted Outcome

TRENCHING

A circa 500 metre mechanised trenching programme (underway).

Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure.

Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.

This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip.

If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign.

By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions.

SOIL GEOCHEMISTRY

High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below).

Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly.

Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing.

This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved.

This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes.

By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint.

GEOPHYSICS

A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).

The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling.

REVERSE CIRCULATION (“RC”) DRILLING⁽¹⁾

~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.

This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure.

The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface.

The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling.

DIAMOND CORE DRILLING⁽²⁾

~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.

The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022.

Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project.

KEY:

(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.

(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#FCM First Class Metals PLC – Gold & Molybdenum Trend Identified on North Hemlo

26th January 2023 / Leave a comment

Map Description automatically generated First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam Project land holding is pleased to provide an update on activities in respect to the North Hemlo property.

Marc J Sale, Chief Executive Officer of First Class Metals commented:

“I am delighted to report on what has been a highly successful first field season for FCM across the North Hemlo property. The newly defined extension of the Dead Otter Lake occurrence into a trend of over 3km is a significant event. This trend with several gold assays over 1g/t and the incredible +19 g/t. Furthermore the associated molybdenum as a key pathfinder is very positive, given the Mo associated at Hemlo, only 20km to the south on a similar structural trend.

Alongside our own work on the property which has been majority focussed on the south, Palladium One have achieved some outstanding successes with high grade nickel sulphides from several drill intercepts on the West Pickle Lake JV. We are preparing for the 2023 season with the encouragement to develop an exploration programme to further this highly prospective project”.

HIGHLIGHTS:

Identification of the Dead Otter Lake gold & molybdenum trend

· Identification of a +3km long gold (Au) and molybdenum (Mo) anomalous trend to the southeast of the historic Dead Otter Lake occurrence. Grab samples recorded up to 19.6g/t Au along the trend.

Sampling of the Dead Otter Lake trend (“DOLT”) has extended anomalous Au/Mo mineralisation for +3km to the SE from the historic showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely mimics the granite contact. The 19.6 g/t Au sample, (see Photo 1), in the extreme SE of the trend could be where one of potentially two subparallel arcuate trends intersects the DOLT, see Figure 1

The Dead Otter Lake area is situated 20.5km North of the iconic Barrick Hemlo 23m Oz Au producing mine.

A hand holding a tree stump Description automatically generated with medium confidence

Photo 1 Sample from the DOLT trend which has reported a double-digit g/t gold assay.

Map Description automatically generated

Figure 1 the ‘DOLT’ with potential for subparallel / intersecting trends

Drilling at the West Pickle Lake JV

· Drilling at West Pickle Lake by Palladium One has demonstrated that the high-grade nickel-copper sulphide occurrence hold’s potential to be extended both east towards their RJ showing as well as west onto or close to the 100% owned FCM North Hemlo property. This area will also be a focus for reconnaissance in the upcoming field season and is currently being explored via collection of lake sediment samples and grab samples. See Table 1.

Drill Hole ID	Intersection (% Ni Eq.)
TK22-059	5.27% over 2.4m from 185.3m
TK22-060	3.94% over 2.4m from 186.6m
TK22-070	12.76% over 2.3m from 165.4m
TK22-073	7.2% Ni & 2.0% Cu over 2.6m of massive sulphides from 137.5m

Table 1 Highlights of the to date significant drilling intercept results, from West Pickle Lake

Photo 2 Massive nickel-copper sulphides in drill core from West Pickle Lake, drill hole TK22-059

Diagram Description automatically generated

Figure 2 West Pickle Lake area showing the potential for extension to the east and west on to the FCM property.

High-Definition Magnetic Survey

· High-definition magnetic survey (HDMS) has shown that there are additional linear anomalies which require further exploration throughout the property, especially where intersected by north-south and north west structures. The survey highlighted the structure hosting the DOLT, as well as other potentially interesting features such as the extension of the Dotted Lake mineralised zone. The intersections of the N-S and NW-SE structures in the central north area are veritable exploration targets as are the structures paralleling the DOLT in the south.

Map Description automatically generated

Figure 3 hi resolution magnetic survey across the entire block, highlighting potential exploration targets.

Winter Exploration Activities

· In January 52 Lake sediment samples and 8 rock samples have been collected to date as part of the Winter exploration programme on North Hemlo currently focussed in the north central sector but which will continue to the south as well as on other properties thereafter. During the exploration season of 2022 there were significant anomalous samples reported from Olga Lake on the Dotted Lake / Fairservice trend, proving the viability of this exploration method in the Hemlo area.

First Class Metals is extremely excited about the DOLT ‘discovery’ an enthusiasm shared by Bruce MacLachlan, head of Emerald Geological Services¹ (FCM geological lead) who commented that to the best of his understanding “this is one of the highest grab sample results ever recorded on the Hemlo north limb.”

Further work including reconnaissance and detailed sampling is required in order to define the trend as well as the potential and role that the ‘subparallel’ trends play in the mineralisation.

Exploration on the remainder of the claim area is ongoing and this field season will see a focus not only on the DOLT but also the area around the anomalous lake sediment samples reported and anticipated. This area is exciting as it is on strike from not only interesting magnetic features evidenced by the (HDMS) but also the interpreted extension of the Fairservice showing to the SW.

Future work in 2023 will focus on

• Dead Otter Lake trend and potential subparallel structures highlighted in soil samples.

• West Pickle Lake extension on to 100% owned FCM area of North Hemlo.

• Extension of the Dotted Lake / Fairservice structure.

• Other areas with potentially mineralised structures identified by the high-definition magnetic survey.

• Completion of the exploration Permit process

Background:

Historic exploration and to an extent contemporary data was limited and sporadic across the property, however, the pre field season deep review of the historic data did reveal that some encouraging ‘showings’, exist on the property or on structures interpreted to continue to the property, including Dotted Lake, Dead Otter Lake as well as the West Pickle Lake on Pezim II. The historic ‘showings’ identified on North Hemlo as well as the vectors from successful of exploration on neighbouring properties highlighted the potential for discovery of both gold and base metals and were what drove the exploration effort in the 2022 field season. The most important historical showing is the gold / molybdenum showing at Dead Otter Lake.

The Flagship North Hemlo property historically comprised of three claim areas:

Pezim I & II, and Wabikoba, which weren’t contiguous, but the additional of the Hemlo north block, acquired from Power Metals Plc. brought North Hemlo together as one cohesive block. The property now extends across 427 claims covering ~90km². The North Hemlo block is located in the north limb of the Hemlo greenstone belt, the comprising volcano-sedimentary rocks occur in an antiformal pattern, mimicking the ‘southern limb’ hosting the Barrick Hemlo gold mine.

Three parallel mineralised trends, potentially occupying shears, have been identified north of the Barrick Hemlo gold trend, interpreted as lying within proximity to magnetic anomalies. This is a similar signature to the Hemlo mine which is defined as ‘shear hosted’.

The North Hemlo (and Esa) properties are situated in an extremely prospective geological setting, as three of these inferred shears pass through the claim blocks, See figure 4.

Figure 4 the simplified regional structure of the Hemlo areas highlighting the subparallel trends in the north Hemlo Limb

For further information, please contact:

First Class Metals PLC

James Knowles, Executive Chairman	JamesK@Firstclassmetalsplc.com	07488 362641
Marc J Sale, CEO	MarcS@Firstclassmetalsplc.com	07711 093532
Ayub Bodi, Executive Director	AyubB@Firstclassmetalsplc.com	07860 598086

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown		0207 3742212
Jason Robertson		0207 3742212

#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project

19th January 2023 / Leave a comment

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce results from detailed lithogeochemical sampling has yielded high-grade spodumene pegmatite samples in float ranging up to 3.75% lithium oxide (“Li₂O”) at Prospecting Licence Area (“PLA 1597”) in County Carlow, Republic of Ireland.

Highlights:

· Assay results are reported for the first stage of detailed lithogeochemical sampling at the Knockeen and Carriglead target areas on the Company’s Leinster Lithium Project.

· A total of 56 rock samples are reported, all of which were analysed at ALS Laboratories in Ireland.

· Two prospects are reported at:

o Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li₂O, of which 20 graded above 2% Li₂O and of which two graded above 3% Li₂O (Sample AES 63003 – 3.63% Li₂O and Sample AES 63033 – 3.75% Li₂O)

o Carriglead: Out of a total of 10 samples, six samples graded above 1% Li₂O of which one sample analysed above 2% Li₂O (sample AES63504 – 2.09% Li₂O).

· The programme of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface as well as significantly enhancing the resolution of the dispersion zone

· The known extent of the boulder train is now over 1km in length from NE to SW and 0.5km from NW to SE and is still open in all directions at Knockeen and Carriglead

· The ongoing work is helping to refine specific areas for targeted drilling.

The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.

Field Exploration Programme Update

The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene-bearing pegmatite at surface.

The current exploration programme carried out under LRH Resources management by Aurum Exploration Services Limited included an initial reconnaissance in July 2022 totalling six samples followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 56 samples (Figure 1 & Table 1).

Prospect	Programme	No
Carriglead	Recon Sampling July 2022	2
Knockeen	Recon Sampling July 2022	4

Prospect	Programme	No
Carriglead	Follow Up Sampling Dec 2022	10
Knockeen	Follow Up Sampling Dec 2022	56

Prospect	Programme	No
Carriglead	Total	12
Knockeen	Total	60

Table 1: Showing number of samples collected (July 2022 & December 2022)

Preliminary Reconnaissance July 2022

Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022. Six samples were collected during a site visit and included four at Knockeen and two at Carriglead. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li₂O in all samples. These results have been reported previously but are reproduced here for continuity (Table 2).

Sample_ID	Programme	Li_ppm	Li₂O_%	Prospect
210724CL05	Recon Sampling July 2022	13,700	2.95	Knockeen
210724CL03	Recon Sampling July 2022	11,200	2.41	Knockeen
210724CL04	Recon Sampling July 2022	11,000	2.37	Knockeen
210724CL02	Recon Sampling July 2022	3,240	0.70	Knockeen
AES61138	Recon Sampling July 2022	7,470	1.61	Carriglead
AES61137	Recon Sampling July 2022	3,550	0.76	Carriglead

Table 2: Results from reconnaissance prospecting (July 2022)

* Li₂O % = Li ppm % (x 2.153)

Follow Up Detailed Prospecting and Lithogeochemistry

In December 2022, an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance programme. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene-bearing lithium pegmatites mapped out across the prospects. The highlight sample results are shown in Table 3 and the full results are appended in Appendix 1 to this release in Tables 4 and 5 with associated maps showing the locations in Figure 2 (Knockeen) and Figure 3 (Carriglead) below.

Map Description automatically generated

Figure 1: Location of the Knockeen and Carriglead target areas PL 1597 showing sample locations

Sample_ID	Programme	Li_ppm	Li2O%
AES63003	Follow Up Sampling Dec 2022	17,410	3.75
AES63033	Follow Up Sampling Dec 2022	16,860	3.63
AES63519	Follow Up Sampling Dec 2022	13,160	2.83
AES63015	Follow Up Sampling Dec 2022	13,050	2.81
AES63029	Follow Up Sampling Dec 2022	12,920	2.78
AES63042	Follow Up Sampling Dec 2022	12,580	2.71
AES63014	Follow Up Sampling Dec 2022	12,200	2.63
AES63021	Follow Up Sampling Dec 2022	12,040	2.59
AES63018	Follow Up Sampling Dec 2022	11,980	2.58
AES63011	Follow Up Sampling Dec 2022	11,820	2.54

Table 3: Highlight results from the prospecting programme (December 2022)

* Li₂O % = Li ppm % (x 2.153)

The current results focussed on the two areas and considerably enhanced the area of boulder trains and significantly shows the high-grade nature and size of the boulders in the material being sampled.

Map Description automatically generated

Figure 2: Location of samples and assay results from the Knockeen target area

Map Description automatically generated

Figure 3: Location of samples and assay results from the Carriglead target area

A picture containing rock Description automatically generated

Photo 1: Spodumene pegmatite samples from Knockeen and Carriglead

Alex Stanbury, CEO of Technology Minerals, said: “These latest assay results from the Leinster Project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li₂O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead. Today’s results and ongoing work will help us to determine specific areas for targeted drilling as we progress with the exploration campaign.”

Competent Person

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	+44 20 4582 3500

Global Battery Metals Ltd.
Michael Murphy BA, MBA, MSc., ICD, President & CEO	+1 604-649-2350

Oberon Investments Limited
Nick Lovering, Adam Pollock	+44 (0)20 3179 0535

Arden Partners Plc
Louisa Waddell, Tim Dainton	+44 207 614 5900

Gracechurch Group
Harry Chathli, Alexis Gore, William Dobinson	+44 20 4582 3500

Technology Minerals Plc

Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk

Appendix 1: Analytical Results

Sample_ID	Programme	Li _ppm	Li2O%	Prospect
AES63003	Follow Up Sampling Dec 2022	17,410	3.75	Knockeen
AES63033	Follow Up Sampling Dec 2022	16,860	3.63	Knockeen
AES63519	Follow Up Sampling Dec 2022	13,160	2.83	Knockeen
AES63015	Follow Up Sampling Dec 2022	13,050	2.81	Knockeen
AES63029	Follow Up Sampling Dec 2022	12,920	2.78	Knockeen
AES63042	Follow Up Sampling Dec 2022	12,580	2.71	Knockeen
AES63014	Follow Up Sampling Dec 2022	12,200	2.63	Knockeen
AES63021	Follow Up Sampling Dec 2022	12,040	2.59	Knockeen
AES63018	Follow Up Sampling Dec 2022	11,980	2.58	Knockeen
AES63011	Follow Up Sampling Dec 2022	11,820	2.54	Knockeen
AES63023	Follow Up Sampling Dec 2022	11,620	2.50	Knockeen
AES63028	Follow Up Sampling Dec 2022	11,580	2.49	Knockeen
AES63041	Follow Up Sampling Dec 2022	11,570	2.49	Knockeen
AES63037	Follow Up Sampling Dec 2022	11,510	2.48	Knockeen
AES63016	Follow Up Sampling Dec 2022	11,460	2.47	Knockeen
AES63044	Follow Up Sampling Dec 2022	11,340	2.44	Knockeen
AES63012	Follow Up Sampling Dec 2022	11,180	2.41	Knockeen
AES63008	Follow Up Sampling Dec 2022	9,920	2.14	Knockeen
AES63048	Follow Up Sampling Dec 2022	9,520	2.05	Knockeen
AES63043	Follow Up Sampling Dec 2022	9,360	2.02	Knockeen
AES63027	Follow Up Sampling Dec 2022	8,820	1.90	Knockeen
AES63046	Follow Up Sampling Dec 2022	8,790	1.89	Knockeen
AES63516	Follow Up Sampling Dec 2022	8,370	1.80	Knockeen
AES63036	Follow Up Sampling Dec 2022	8,300	1.79	Knockeen
AES63007	Follow Up Sampling Dec 2022	8,090	1.74	Knockeen
AES63026	Follow Up Sampling Dec 2022	8,030	1.73	Knockeen
AES63010	Follow Up Sampling Dec 2022	7,890	1.70	Knockeen
AES63517	Follow Up Sampling Dec 2022	7,910	1.70	Knockeen
AES63512	Follow Up Sampling Dec 2022	7,840	1.69	Knockeen
AES63017	Follow Up Sampling Dec 2022	7,550	1.63	Knockeen
AES63520	Follow Up Sampling Dec 2022	7,370	1.59	Knockeen
AES63049	Follow Up Sampling Dec 2022	7,100	1.53	Knockeen
AES63515	Follow Up Sampling Dec 2022	7,040	1.52	Knockeen
AES63024	Follow Up Sampling Dec 2022	6,190	1.33	Knockeen
AES63031	Follow Up Sampling Dec 2022	6,140	1.32	Knockeen
AES63013	Follow Up Sampling Dec 2022	5,720	1.23	Knockeen
AES63019	Follow Up Sampling Dec 2022	5,420	1.17	Knockeen
AES63030	Follow Up Sampling Dec 2022	5,300	1.14	Knockeen
AES63034	Follow Up Sampling Dec 2022	4,960	1.07	Knockeen
AES63039	Follow Up Sampling Dec 2022	4,790	1.03	Knockeen
AES63022	Follow Up Sampling Dec 2022	4,710	1.01	Knockeen
AES63514	Follow Up Sampling Dec 2022	4,300	0.93	Knockeen
AES63045	Follow Up Sampling Dec 2022	4,290	0.92	Knockeen
AES63025	Follow Up Sampling Dec 2022	3,940	0.85	Knockeen
AES63032	Follow Up Sampling Dec 2022	3,550	0.76	Knockeen
AES63035	Follow Up Sampling Dec 2022	2,680	0.58	Knockeen
AES63009	Follow Up Sampling Dec 2022	1,920	0.41	Knockeen
AES63047	Follow Up Sampling Dec 2022	1,480	0.32	Knockeen
AES63038	Follow Up Sampling Dec 2022	450	0.10	Knockeen
AES63001	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63002	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63004	Follow Up Sampling Dec 2022	120	0.03	Knockeen
AES63005	Follow Up Sampling Dec 2022	130	0.03	Knockeen
AES63513	Follow Up Sampling Dec 2022	100	0.02	Knockeen
AES63518	Follow Up Sampling Dec 2022	80	0.02	Knockeen
AES63006	Follow Up Sampling Dec 2022	60	0.01	Knockeen

Table 4: Results from follow up prospecting at Knockeen (December 2022)

* Li₂O % = Li ppm % (x 2.153)

Sample_ID	Programme	Li_ppm	Li2O%	Prospect
AES63504	Follow Up Sampling Dec 2022	9,720	2.09	Carriglead
AES63503	Follow Up Sampling Dec 2022	8,890	1.91	Carriglead
AES63509	Follow Up Sampling Dec 2022	7,870	1.69	Carriglead
AES63501	Follow Up Sampling Dec 2022	7,460	1.61	Carriglead
AES63507	Follow Up Sampling Dec 2022	5,620	1.21	Carriglead
AES63505	Follow Up Sampling Dec 2022	5,120	1.10	Carriglead
AES63508	Follow Up Sampling Dec 2022	3,280	0.71	Carriglead
AES63511	Follow Up Sampling Dec 2022	500	0.11	Carriglead
AES63506	Follow Up Sampling Dec 2022	330	0.07	Carriglead
AES63502	Follow Up Sampling Dec 2022	290	0.06	Carriglead

Table 5: Results from follow up prospecting at Carriglead (December 2022)

* Li₂O % = Li ppm % (x 2.153)

#BRES Blencowe Resources Plc – Annual Results 30 September 2022 & Notice of AGM

13th January 2023 / Leave a comment

Blencowe Resources Plc, (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce its audited financial results for the year ended 30 September 2022 (the “Annual Report”) and it’s notice of Annual General Meeting (“Notice of AGM”).

The Annual Report, Notice of AGM and the associated Form of Proxy will be posted to shareholders and copies will also be available on the Company’s website at shortly.

The Annual General Meeting will be held at 55 Athol Street, Douglas, Isle of Man at 10.00a.m. on 15 February 2023.

For further information, please contact:

Blencowe Resources

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0) 1624 681 250

info@blencoweresourcesplc.com

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities Limited

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44 (0)203 192 1733

jasonrobertson@firstequitylimited.com

Chief Executive Officer’s Statement for the period ended 30 September 2022

Shareholders and Stakeholders,

Upon reflection these past 12 months have been one of the most challenging ever in terms of macro-market forces, particularly relating to our London listing, with Brexit fallout, Ukraine invasion, rising inflation and subsequent interest raises to counter these, and a choppy political landscape with no less than two UK Prime Ministers in Number 10 during the reporting period, all to deal with. This is before we manage our own internal project.

Nevertheless, it has proven to me once again that the Board and Executive Management of Blencowe are a very resourceful team, together with our key supporters, and we jointly have considerable experience dealing with all manner of challenges relating to resources development over many years, so none of this was going to get in our way and prevent the continued advancement of Orom-Cross, which is fast turning into a world class graphite project. I would like to thank the full team for everything they have contributed over this period to ensure that we remain on-track to deliver a unique and special mining operation ahead.

The Company completed a second diamond drill programme in 2021 which resulted in a JORC Mineral Resource upgrade in 1H 2022 up to 24.5Mt of graphite at a 6.0% in situ average grade. It must be noted that this JORC Resource has resulted from exploration on circa 1-2% of the estimated overall Orom-Cross deposit which illustrates how much graphite there is at site, and the incredible upside potential that exists to extend both mine life and production volumes in the years ahead.

Further excellent metallurgical test work by SGS in Canada resulted in proving Orom-Cross can upgrade to a very pure concentrate around 96-97% LOI from the composite mix of the two deposits (Northern Syncline and Camp Lode) and equally importantly with high recoveries and low impurities. These will assist greatly in taking the end product through final testing ahead to the 99.95% SPG (spherical purified graphite) product that is used in the production of lithium-ion batteries, which is by far the largest demand accelerator for graphite use ahead. To prove Orom-Cross can deliver a high grade end product is key to getting pre-qualification for sales and ultimately delivering binding offtake agreements within the Definitive Feasibility Study (DFS) in 2023. These test results also proved that our end product retains a high percentage of coarse (large) flakes that sell for significantly more than the smaller flakes, and which will help us deliver a higher weighted average selling price for the full basket of end products. In the words of one of our key marketing consultants who has been closely involved in graphite for over 30 years, Orom-Cross displays one of the best concentrates he has ever seen, and thus should be well received by end users as we move to showcase our products in 2023.

The 24.5Mt JORC Resource underpinned a successful Pre-Feasibility Study (PFS) conducted over 1H 2022, which delivered exceptional results from an initial 14 year life of mine. As noted above this LOM can and will be greatly extended in the future with additional drilling, when required. Some of the highlights of this PFS included low overall operating costs (US$499/t FOB port), high weighted average selling price (US$1,307/t) and from these very healthy margins which delivered an NPV8 of US$482M and an IRR8 of 49%. The initial capital requirement for all plant and infrastructure to deliver this was reduced (from PEA/2021: US$80M) to US$62M which makes the start-up proposition more feasible. Nothing was highlighted within the PFS that might derail this project and as such the Company moved into the next and final studies phase, the Definitive Feasibility Study.

The DFS was initially going to include a pilot plant at site, which could start-up graphite operations on a smaller scale and provide product for end user screening, to ultimately become pre-qualified for more substantial sales contracts later on. However, Blencowe more recently uncovered sources who had successfully bulk sample tested other graphite projects in existing pilot plant facilities in China, with resultant binding contracts once fully completed. As China currently represents around 95% of the end market for graphite sales it is believed that pre-qualification into China is sensible, and as such Blencowe has decided to trial a bulk sample of 100 tonnes Orom-Cross raw material through this same facility. This will form a key part of the DFS program in 2023 and will be followed by SPG testing, and ultimately OEM (original equipment manufacturers) testing. These are the necessary steps to provide the basis for full sales contracts and work is already underway to deliver these bulk samples to start the process. It is also expected that Blencowe will lock in an EPC contractor within the DFS process, and all study work will be managed and ultimately peer reviewed using the leading graphite technical specialist engineering firm based in Perth, Australia

The other key aspect of the DFS is project funding, and Blencowe has been working through various options to secure an effective and efficient funding solution for both the DFS and the full project implementation. The Company will provide further updates to the market on this as it eventuates.

Finally, the world is changing fast and within this moving landscape is an increased awareness in ESG (environmental, social and governance) aspects. These are becoming very important as everyone from potential investors to funding partners to end users all require a life cycle sustainable project with an end product that can meet specific standards. Blencowe has many advantages in this regard, including use of green (hydro) energy, solid community agreements and most importantly an awareness of the need to constantly evolve in this key area. An initial ESG review has already been conducted in 2022 using a leading international firm and sustainability will play a big role in the future development of Orom-Cross.

All the work delivered over this year has transformed Orom-Cross from an early stage exploration project to an advanced pre-production powerhouse. In the wider context this is important as the global shift away from fossil fuels towards renewable energy provides a huge opportunity ahead for Orom-Cross, and Blencowe wants to position this exceptional project at the forefront of its peers in all aspects. As demand for lithium-ion batteries accelerates over the next decade and hundreds of gigafactories that will manufacture these batteries open their doors and begin demanding huge volumes of input materials, the forecast demand for flake graphite is anticipated to grow exponentially.

Blencowe is moving quickly to establish itself as the proud owner of one of the largest, highest quality, low cost flake graphite projects in the world. The future is therefore very exciting.

Mike Ralston

Chief Executive office

Strategic Report

The Directors present the Strategic Report for the year ended 30 September 2022.

Results

The results are set out in the Consolidated Statements of Comprehensive Income. The total comprehensive loss attributable to the equity holders of the Group for the period was £1,089,679 (2021: £691,064).

The Group paid no distribution or dividends during the period.

Business model, review of the business and future developments

The Group’ principal activity is the exploration of Orom Cross Graphite Project in Northern Uganda, which it owns through its 100% subsidiary Blencowe Resources Uganda Limited.

On 22 February 2022 the Group entered into an agreement with SIPA Exploration Uganda Ltd to acquire a Nickel Sulphide Project in Uganda (Akelikongo). The company was to acquire a 100% of the project through an earn-in over four separate milestones. The earn in investment required the company to spend US$2.75million over a period of 3 years to acquire a 100% of the project.

On 6 September 2022 the Company announced that it had terminated the agreement with SIPA Exploration Uganda Ltd with respect to the Nickel project and it was no longer required to meet any of the spend obligations. A total amount of £404,533 had been spent and capitalised with respect to the Akelikongo project and this was fully impaired to the profit and loss during the year.

The Group’s aim is to create value for shareholders through the discovery and development of economic mineral deposits. The Group’s strategy is to continue to progress the development of its existing project in Uganda and to evaluate its existing and new mineral resource opportunities.

The Group’s business is directed by the Board and is managed on a day-to-day basis by the Executive Chairman, Cameron Pearce. The Board monitors compliance with objectives and policies of the Group through performance reporting, budget updates and periodic operational reviews.

Key performance indicators (KPIs)

Financial KPIs

Results for the year

With no income in the year the Group continues to monitor the loss before tax to ensure the continued viability of the Group and ability to continue to develop the Orom-Cross Graphite Project. The Group has made a loss before tax of £1,085,474 for the year ended 30 September 2022 (2021: loss before tax of £694,726).

Exploration expenditure – funding and development costs

At this stage in the Group’s development, the Group is focusing on financing and continued development of the Orom-Cross Graphite Project. Therefore, the funding and development costs of Orom-Cross Graphite project have been chosen as Key Performance Indicators.

The Group incurred £1,423,236 (2021: £976,084) of capitalised exploration costs, of which £1,018,703 related to Orom Cross Graphite Project which were required to carry out the initial drilling costs and testing of the mineral, and £404,533 relating to the Akelikongo project. The costs relating to Akelikongo were subsequently impaired and released to the statement of comprehensive income. These exploration costs are in line with the Board expectations.

In 2022 the Group raised funds of £2,628,748 (2021: £1,373,414) net of issue costs from the equity markets. Please see note 20 for further details of the funds raised after the year end.

At 30 September 2022 the Group had a cash balance of £346,994 (2021: £93,288).

Employees

There were two employees during the year apart from the directors, the Chief Executive Officer (“CEO”) and the Chief Operating Officer (“COO”), who are the key management personnel. All current members of the Board and the key management personnel are males. For more information about the Group’s key management personnel see note 7.

Social, Community and Human Rights Issues

The Orom-Cross Graphite Project is still at an early stage of project development and further consideration will need to be given to social, community and human rights issues affecting the Project. Currently a key consideration is that under Ugandan law the Company is required to rehabilitate the area affected by the mining activities. Accordingly, there will be a potential cost associated with undertaking this obligation. At this time, although the Group continues to explore and test the minerals, the land has not been affected and therefore the Group has not accounted for any costs associated with the rehabilitation of the area.

On 10 September 2022 BRUL signed a revised agreement with the local communal land association of Locomo village for the land surface rights and has agreed to help provide local education and sensitization of the local communities in Akurumo parish on the opportunities and advantages of mining graphite. BRUL will give employment priorities to the local capable members of Akurumo parish

Since the acquisition of BRUL the Group has donated to local causes, such as a scholarship programme and to fight against COVID-19. The Group will continue to donate to the local communities around the region of Uganda in which the Project Licences are located.

Principal risks and uncertainties and risk management

The Group operates in an uncertain environment and is subject to a number of risk factors. The Directors have carried out a robust assessment on the principal risks facing the Group, including those that threaten its business model, future performance, solvency or liquidity.

The Group continues to monitor the principal risks and uncertainties with the help of specialists to ensure that any emerging risk are identified, managed and mitigated. There has been no significant impact to the Group from Covid-19 or from the Russia-Ukraine conflict.

Geological risks

On 19 July 2022, the Group completed the pre- feasibility study for the Orom-Cross graphite project and a net present value (post tax) assessment of $482million has been estimated from the project. The pre-feasibility study indicates a robust, long-term, and profitable mining operation at Orom-Cross. The Pre-feasibility study was managed by leading graphite technical experts Battery Limits Pty Limited (Australia), who have delivered several other graphite project feasibility study in the past. The estimated production per annum will be 36,000tpa as 96-97% end products and increasing this to 147,000tpa in stages. It is estimated that 50% of the product is +100 to +50 mesh fractions. The pre-feasibility study estimated a US$1,307/t weighted average selling price for a basket of end products and US$499/t operating costs, underlining one of the lowest cost graphite projects worldwide. On 26 September 2022 the Group announced that it had commenced the definitive feasibility study with completion date 2H-2023.

The Group uses advisors with specialist knowledge in mining and related environmental management for reducing the impacts of environmental risk.

Government regulation and political risk

The Group’s operating activities are subject to laws and regulations governing expropriation of property, health and worker safety, employment standards, waste disposal, protection of the environment, mine development, land and water use, prospecting, mineral production, exports, taxes, labour standards, occupational health standards, toxic wastes, the protection of endangered and protected species and other matters.

While the Group believes that it is in substantial compliance with all material current laws and regulations affecting its activities, future changes in applicable laws, regulations, agreements or changes in their enforcement or regulatory interpretation could result in changes in legal requirements or in the terms of existing permits and agreements applicable to the Group or its properties, which could have a material adverse impact on the Group’s current operations or planned exploration and development projects. Where required, obtaining necessary permits and licences can be a complex, time consuming process and the Group cannot assure whether any necessary permits will be obtainable on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining necessary permits and complying with these permits and applicable laws and regulations could stop or materially delay or restrict the Group from proceeding with any future exploration or development of its properties. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or material fines, penalties or other liabilities.

The Orom-Cross Graphite Project is located in Uganda. The Group’s activities may be affected in varying degrees by political stability and governmental regulations. Any changes in regulations or shifts in political attitudes in the country or any other countries in which the Group may operate are beyond the control of the Group and may adversely affect its operations. To mitigate this risk, the Board continues to review any changes on the government regulations and the political stability in Uganda.

Pricing risk

The development and success of any project of the Group will be primarily dependent on the future prices of graphite. The graphite prices are subject to significant fluctuation and are affected by a number of factors which are beyond the control of the Company. Such factors include, but are not limited to exchange rates, fluctuations in the value of the United States dollar and foreign currencies, global and regional supply and demand, and political and economic conditions. The price of graphite and other commodities have fluctuated widely in recent years, and future price declines could cause any future development of and commercial production from the Group’s property to be impracticable. Although the Group will have sufficient working capital for the Working Capital Period, depending on the price of graphite, projected cash flow from planned mining operations may not be sufficient for future operations and the Group could be forced to discontinue any further development and may lose its interest in, or may be forced to sell, some or all of its properties. Future production from the Orom-Cross Graphite Project is dependent on the production of graphite that is adequate to make the project economically viable. The Board regularly monitors the prices of graphite and is prepared to raise further capital if it is required.

Commodity and currency risk

As the Company’s potential earnings will be largely derived from the sale of graphite, the Company’s future revenues and cash flows will be impacted by changes in the prices and available market of this commodity. Any substantial decline in the price of graphite or in transport or distribution costs may have a material adverse effect on the Company.

Commodity prices fluctuate and are affected by numerous factors beyond the control of the Company. These factors include current and expected future supply and demand, forward selling by producers, production cost levels in major mineral producing centers as well as macroeconomic conditions such as inflation and interest rates.

Furthermore, the international prices of most commodities are denominated in United States dollars while the Company cost base will be in Pounds Sterling and Ugandan Shilling. Consequently, changes in the Pound Sterling and Ugandan Shilling exchange rates will impact on the earnings of the Company. The exchange rates are affected by numerous factors beyond the control of the Company, including international markets, interest rates, inflation and the general economic outlook. The Directors are confident that they have put in place a strong management team capable of dealing with the above issues as they arise.

Financing

As of October 2022, the Group has been able to raise £750,000, which will support the Group’s financial position in the short term. The Group is likely to remain cash flow negative for some time and, although the Directors have confidence in the future revenue earning potential of the Group from its interests in the Orom-Cross Graphite Project, there can be no certainty that the Group will achieve or sustain profitability or positive cash flow from its operating activities. With regards to future capital expenditure on the Orom-Cross Graphite Project, the Company may need to raise additional capital beyond the Working Capital Period to fund additional exploration work for the future development of the Orom-Cross Graphite Project.

The Group has been approached by potential strategic partners who may eventually provide an offtake, funding or development scenario for the Orom-Cross graphite project. If this is not successful, the Board may consider stopping the project until further cash can be generated.

Future mineral prices, revenues, taxes, capital expenditures and operating expenses and geological success will all be factors which will have an impact on the amount of additional capital required. Additionally, if the Group acquires further exploration assets or is granted additional permits and/or exploration licences, this may increase its financial commitments in respect of the Group’s exploration activities.

In common with many exploration entities, the Group will need to raise further funds in order to progress the Group from pre-construction phase of its business and eventually into production of revenues.

Environmental and safety

The Orom-Cross Graphite Project is still at an early stage of project development and further consideration will need to be given to environmental and social issues affecting the Orom-Cross Graphite Project. Environmental and safety legislation (e.g. in relation to reclamation, disposal of waste products, protection of wildlife and otherwise relating to environmental protection) may change in a manner that may require stricter or additional standards than those now in effect, a heightened degree of responsibility for companies and their directors and employees and more stringent enforcement of existing laws and regulations. There may also be unforeseen environmental liabilities resulting from both future and historic exploration or mining activities, which may be costly to remedy. Risks may include on-site sources of environmental contamination such as oil and fuel from the mining equipment and rehabilitation of the site upon expiry of the Project Licences. Under Ugandan law the Company is required to rehabilitate the area affected by the mining activities, accordingly there will be a potential cost associated with undertaking this obligation. It is currently unknown what this could be but the funding of this could have a material impact on the Group’s financial position in the future.

If the Group is unable to fully remedy an environmental problem, it may be required to stop or suspend operations or enter into interim compliance measures pending completion of the required remedy. The potential exposure may be significant and could have a material adverse effect on the Group.

The Group has not purchased insurance for environmental risks (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production) as it is not generally available at a price which the Group regards as reasonable.

Environmental management systems are in place to mitigate environmental hazard risks. The Group uses advisors with specialist knowledge in mining and related environmental management for reducing the impacts of environmental risk.

Section 172 Statement

The Board believes they have acted in a way most likely to promote the success of the Group for the benefit of its members as a whole, as required by section 172.

The requirements of section 172 are or the Board to:

· consider the likely consequences of any decision in the long term,

· act fairly between the members of the Group,

· maintain a reputation for high standards of business conduct,

· consider the interest of the Group’s employees,

· foster the Group’s relationship with suppliers, customers and others, and

· consider the impact of the Group’s operations on the community and the environment.

The Group operates a mineral exploration business, which is inherently speculative in nature and, without regular income, is dependent upon fund-raising for its continued operation. The pre-revenue nature of the business is important to the understanding of the Group by its members, employees and suppliers, and the Directors are as transparent about the cash position and funding requirements as is allowed under LES regulations.

The principal decisions taken by the Board during the year relate to the ongoing research and development of the Orom-Cross Graphite Project, which since its acquisition in 2020 is still at an early stage of project development. The Board has looked to build upon the information available and the exploration activities carried out by the Subsidiary prior to its acquisition. Through work such as Metallurgical testwork and preliminary economic assessment the board continues to gather information on the long-term viability of the project and the impact on the local community and the environment. The Board have outlined a work program for the future strategy of the Project. In order to carry out its strategy, the company has entered into a number of contracts with providers who are best placed to undertake the necessary research and review.

On 22 February 2022 the Group acquired project Akelikongo which is a Nickel project with SIPA this project was to be acquired in stages. The Board made a decision to terminate the agreement on 6 September 2022 so that they could focus on the Orom project, following the positive results from the pre-feasibility study. The Board believed it was a strategic decision to deliver better shareholder value by focusing its attention on bringing the Orom-graphite project to operation more quickly.

The Board is ultimately responsible for the direction, management, performance and long-term sustainable success of the Group. It sets the Group’s strategy and objective considering the interest of all its stakeholders. A good understanding of the Company’s stakeholders enables the Board to factor the potential impact of strategic decisions on each stakeholder group into a boardroom discussion. By considering the Company’s purpose, vision and values together with its strategic priorities the Board aims to make sure that its decisions are fair. The Board has always, both collectively and individually, taken decisions for the long term and consistently aims to uphold the highest standards of business conduct. Board resolutions are always determined with reference to the interests of the Company’s employees, its business relationships with suppliers and customers. Wherever possible, local communities are engaged in the geological operations and support functions required for field operations providing much needed employment and wider economic benefits to the local communities. In addition, the Group contributes annually towards a scholarship programme for the local community in Uganda. The Board takes seriously its ethical responsibilities to the communities and environment in which it works. We abide by the local and relevant UK laws on anti-corruption and bribery.

The Group follows international best practice on environmental aspects of our work.

Cameron Pearce

Director
12 January 2023

Link here for the detailed financial statements

#BRES Blencowe Resources Plc – Export Approval for Bulk Samples

11th January 2023 / Leave a comment

Highlights

· Ugandan Government approves landmark one-off permit for Blencowe to export bulk sample graphite from Orom-Cross for key final testing

· Underlines huge support for Orom-Cross advancement to production at all levels within the country

· Blencowe has successfully completed two rounds of smaller sample metallurgical testing on Orom-Cross graphite during 2022, using technical firms in Canada and Australia.

· Mandate signed with experienced Chinese graphite processing specialist Jilin Huiyang New Material Technology Company Ltd to use its existing bulk pilot facility for final metallurgical testing.

· 100 tonnes of bulk sample to be mined immediately and sea-freighted to China.

· Additional 150kgs sample to be mined and fast-track delivered to China by air freight for initial off-site testing in same facility.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has received an approval from the Ugandan Ministry of Energy and Mineral Development to export materials from its Orom-Cross Graphite Project to Chinese testing facilities to enable final bulk metallurgical test work to be undertaken in 2023. Blencowe has mandated Jilin Huiyang New Material Technology Company Ltd (“Jilin”) to complete this test work in their existing pilot plant facility, which negates the requirement for the Company to build its own bulk testing facility on-site in the near term.

Jilin has over 30 years direct experience in graphite processing and has completed similar bulk sample testing for other leading international graphite companies in the past. This is a key step in the process to pre-qualify Orom-Cross end-products as concentrates through to OEMs in order to ultimately achieve binding offtake contracts for production from the Project.

As Ugandan Mining Law does not allow for the export of unprocessed raw materials this approval is a landmark decision by the Government, who fully understand the need and requirement for this testing to occur as a key action for the advancement of Orom-Cross towards first production. Blencowe acknowledges and appreciates the support of the Government of Uganda and the Ministry of Energy and Mineral Development in this matter.

The export permits for 100t of bulk raw ore materials and 400 litres of local groundwater will enable the Company to export a representative bulk sample from the initial 5 years of production, which will be used to assess the metallurgical processes on a commercial scale including differing plant components to maximise the grade, recovery and flake sizing from the Project. The addition of the groundwater sample will enable the test facilities to assess the water characteristics in terms of the reagents required under proposed site operating conditions.

Works to excavate and transport the bulk samples will begin immediately and will be freighted by sea to China to have the testing completed as quickly as practically possible. In addition, 150kgs of the same samples will be air-freighted to same Jilin facility more quickly to undergo metallurgical testing and build knowledge before the larger samples arrive.

Blencowe has already been able to share significant data with Jilin having previously completed two stages of bench scale metallurgical testing with SGS in Canada (30kgs) and more recently a further round of testing via a small pilot plant (130kgs) in Perth, Australia. This next-level proposed test in China, using their existing infrastructure and experience, will be done on a considerably larger scale, which will give all parties more knowledge of the end concentrates that can be produced on a production scale from Orom-Cross. It is hoped that this program will initially lead to non-binding MOUs for offtake, and ultimately to binding sale agreements for a substantial portion of the initial 50,000tpa product to be produced from stage one within Orom-Cross. There may also be potential for EPC and funding contracts emanating from this relationship, potentially providing one solution to the CAPEX requirement for initial stage production.

Cameron Pearce, Executive Chairman commented;

“China is currently the most mature graphite market worldwide and entering into an offtake relationship there would be very valuable to us given the highly attractive economics at Orom-Cross, which already has an NPV8 of US$482M based on an initial 14-year mine life, from just ~2% drilled from our broader graphite resource.

This bulk sample trial is significant as a precursor that ultimately leads us to a full offtake agreement, which in turn would enable us to kick start production with a critical mass of product sold to drive profitability and cash flow. If successful it can also lead to building an EPC relationship and potential funding solutions.

The graphite market is evolving very quickly and we will see a lot of change ahead as the world expands from current 15-20 million electric vehicles (EVs) towards the targeted 100 million by 2030. This in turn will drive up the demand for flake graphite as a non-replaceable input required to produce lithium-ion batteries to power these EVs and leading analysts forecast a 300% rise in world demand for graphite by 2030. We are already seeing prices rise in anticipation of this looming shortage. The Chinese graphite market remains the largest and will likely remain so for some time ahead, thus establishing a strong and commercial relationship with both Chinese and other Asian partners is decisive for Orom-Cross and a natural progression for the Company.“

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 Securities

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

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 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 and Blencowe completed a successful Pre-Feasibility Study in 2022. The Company has now 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, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

I would like to receive Brand Communications updates and news...

Tag Archives: ORE

#AYM Anglesey Mining PLC – Annual Report 2024

#SVML Sovereign Metals Ltd – Testwork Delivers Superior Quality Graphite

#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca

#SVML Sovereign Metals Ltd – Kasiya Resource Infill Drilling Results

SECTION 2 – REPORTING OF EXPLORATION RESULTS

#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway

#FCM First Class Metals PLC – Gold & Molybdenum Trend Identified on North Hemlo

#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project

#BRES Blencowe Resources Plc – Annual Results 30 September 2022 & Notice of AGM

#BRES Blencowe Resources Plc – Export Approval for Bulk Samples

Post navigation

Recent Posts