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- Sovereign Metals (SVM) highlights an increase to its indicated mineral resource estimate at its Kasiya rutile-graphite deposit in Malawi in its March quarterly report
- During the quarter, SVM increased the Kasiya indicated resource by greater than 80 per cent, moving more than 0.5 billion tonnes from the inferred to the indicated category
- Also during the quarter, the company revealed the global warming potential of graphite from its Kasiya deposit was among the lowest in the world
- SVM is also in the advanced stages of its Kasiya rutile project pre-feasibility study (PFS), expected to be completed in the coming months
- Shares in SVM are up 3.41 per cent and trading at 45.5 cents at 3:58 pm AEST
As March quarterly reporting begins to wrap up, Sovereign Metals (SVM) has highlighted an increase to the indicated mineral resource estimate (MRE) at its Kasiya rutile-graphite deposit in Malawi in its report.
During the three-month period ending March 31, the company moved more than 0.5 billion tonnes from the inferred to the indicated category, increasing Kasiya’s indicated resource by greater than 80 per cent.
The resource now stands at 1.2 billion tonnes at one per cent rutile and 1.5 per cent graphite, with more than 66 per cent of tonnes in the indicated category.
Also during the quarter, SVM revealed the global warming potential (GWP) of graphite from its Kasiya project was among the lowest in the world. SVM’s graphite has the lowest GWP compared with other currently known and planned future graphite projects.
Elsewhere, the company reported it was in the advanced stages of its pre-feasibility study (PFS) for the Kasiya rutile project, a potential industry-leading major source of critical raw materials from Malawi.
The PFS builds on an expanded scoping study (ESS), confirming Kasiya as one of the world’s largest and potentially lowest-cost producers of natural rutile and natural graphite with a carbon footprint substantially lower than other current and planned producers. The PFS is expected to be completed in the coming months.
Also during the quarter, SVM demerged its standalone graphite projects into NGX, effective March 27, 2023.
The company said the demerger allowed it to focus on its flagship Kasiya project while retaining extensive exposure to graphite through the Kasiya co-product.
At the quarter’s end, SVM reported it had spent $2.9 million on operating activities, leaving it with available funding of 8.6 million.
Shares in SVM were up 3.41 per cent and trading at 45.5 cents at 3:58 pm AEST.
