TIDMSVML
RNS Number : 1330S
Sovereign Metals Limited
02 November 2023
SOVEREIGN METALS LIMITED
NEWS RELEASE I 2 NOVEMBER 2023
KASIYA LITHIUM-ION BATTERY GRAPHITE PROGRAM SIGNIFICANTLY
UPSCALED
-- Bulk sampling program underway at Kasiya to extract 100
tonnes of ore to produce over 1,000kg of natural graphite for
lithium-ion battery anode testwork and product qualification
-- The upscaled graphite qualification program will support
upcoming project studies with our strategic partner, Rio Tinto
-- Sovereign and Rio Tinto have agreed to collaborate to qualify
graphite from Kasiya, with a particular focus on supplying the
spherical purified graphite (SPG) segment of the lithium-ion
battery anode market
-- Previous testwork confirmed Kasiya's graphite to have near
perfect crystallinity and high purity - both key attributes for
suitability in lithium-ion battery feedstock
-- Kasiya's recent Pre-Feasibility Study (PFS) confirmed it
could be one of the world's largest natural graphite producers at
244kt per annum with the lowest cash operating costs globally at
US$404/t and the lowest CO(2) -footprint
-- As one of the largest known natural graphite deposits
globally, close to existing infrastructure connecting it to global
markets, Kasiya is set to become a strategic source of long term,
secure supply outside of China
-- This graphite qualification program coincides with news of
China's curbs on exports of natural graphite, a critical mineral
for the US, EU, Japan and Australia
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) is pleased to announce that a bulk sampling program to
extract over 100 tonnes of ore from Kasiya is underway. The bulk
sampling program is part of the Company's graphite bulk sample
program for qualification, downstream testwork and product
development. A major component to graphite sales agreements is
customer qualification with graphite produced from this program to
be shared with prospective end-users in addition to being used for
upscaled downstream test-work.
The Company's upscaled graphite program comes as China
implements curbs on exports of natural graphite under "national
security" concerns. Kasiya is one of the world's largest natural
graphite deposits outside of China and has the potential to become
a key source of strategic supply to the US, UK, EU, Japan and South
Korea. According to industry experts Benchmark Mineral
Intelligence, China currently produces 61% of all flake graphite
used in the production of lithium-ion battery anodes and accounts
for 93% of all graphite anode production globally.
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
ENQUIRIES
Frank Eagar (South Africa/Malawi) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director +61(8) 9322 6322 +44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM and
Joint Broker
SP Angel Corporate Finance LLP +44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Harry Davies-Ball
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Tavistock PR +44 20 7920 3150
The recently released PFS confirmed Kasiya as a potential major
critical minerals project with an extremely low CO(2) -footprint
delivering significant long-term volumes of natural rutile (the
highest-grade, purest, natural titanium feedstock) and graphite (a
key component of an electric vehicle battery) while generating
significant economic returns. Both titanium and natural graphite
are critical to several of the world's economies as well as crucial
to decarbonisation solutions required to meet "Net-Zero" and other
targets set by policymakers.
BULK SAMPLING PROGRAM
The mechanised drill program will use a custom-made 300mm
diameter spiral auger to extract over 100 tonnes of material from
across Kasiya's planned future pits with sampling to a maximum 20m
depth (Figure 1).
The sampling program forms part of the Company's program for
graphite qualification, downstream testwork and product
development, and is designed to produce over 1,000kg each of flake
graphite and natural rutile products.
The bulk sample will be processed at the Company's laboratory in
Lilongwe, Malawi. This will be achieved with the newly installed
Kwatani 30-inch single and double-deck vibrating separators for
sizing and de-sliming (Figure 2). The sand fraction will then be
processed over the new Holman Wilfley 2000 wet shaking table to
produce a graphite pre-concentrate and a separate heavy mineral
concentrate (HMC) containing the rutile (Figure 3). The graphite
pre-concentrate is expected to grade 4-5% C(t) whilst the HMC is
expected to grade 30% contained rutile.
Figure 1. Mechanised drill with custom-made 300mm diameter
spiral auger
Figure 2. Installation of the new Kwatani 30-inch single-deck
and double-deck vibrating separators for sizing and de-sliming bulk
samples at the Company's Malawi laboratory and metallurgical
facility
Figure 3: Holman-Wilfley 2000 Series shaking table to be
installed at Sovereign's Lilongwe laboratory in Malawi.
Final processing will then be completed at commercial
metallurgical laboratories in Canada and Australia. The graphite
pre-concentrate will undergo traditional flotation and polishing
processes to target >96% C(t) product for lithium-ion battery
anode feedstock. The HMC will undergo gravity spiral cleaner stages
followed by electrostatic and magnetic separation stages to produce
a +95% TiO(2) natural rutile products.
PLANNED DOWNSTREAM TESTWORK
The 1,000kg of flake graphite product produced will be used for
downstream test-work and initial product qualification targeting
the battery anode sector. Previously reported initial
characterisation testwork on Kasiya's graphite has indicated
excellent suitability for use in lithium-ion batteries with very
high purity and very high crystallinity being the key features.
Downstream test-work and qualification on the 1,000kg flake
graphite product produced will involve the following stages to be
completed at recognised international battery sector
laboratories;
- Purification via an optimised HF-free reagent scheme to >99.95% Ct
- Micronisation
- Spheronisation
- Carbon coating
- Anode production
- Electrochemical characterisation
Raw flake graphite products plus final CSPG (coated spheronised
graphite product) will be provided to potential offtakers for
assessment and pre-qualification. Through Sovereign's
well-established experience in graphite, the Company has built a
strong understanding of the product's market and developed
relationships with well-established offtakers and customers.
A major component to graphite sales agreements is customer
qualification, and this is a key reason for initiating the graphite
bulk sample program and scaling up in-country facilities in order
to continuously produce bulk samples. The graphite produced from
this program will be shared with prospective end-users and is an
important next step for Sovereign to qualify the Kasiya graphite
product.
Sovereign's recent initial graphite characterisation testwork
conducted by an independent German industrial minerals specialist
demonstrated superior qualities and excellent suitability for its
use in lithium-ion batteries. Further downstream testwork is
planned that will use the graphite concentrate produced from this
current bulk sampling program.
Figures 4 & 5: SEM micrograph of Kasiya graphite flotation
concentrate from previous testwork
INDUSTRY DEVELOPMENTS
On 20 October 2023, Reuters reported, effective 1 December 2023,
that China would require export permits for some graphite products
including natural graphite and natural graphite products critical
to EV production. China is the world's top graphite producer and
exporter and also refines more than 90% of the world's graphite
into the material that is used in virtually all EV battery
anodes.
China's commerce ministry said the move on graphite was
"conducive to ensuring the security and stability of the global
supply chain and industrial chain, and conducive to better
safeguarding national security and interests".
Competent Person Statement
The information in this announcement that relates to Production
Targets, Ore Reserves, Processing, Infrastructure and Capital
Operating Costs, Metallurgy (rutile and graphite) is extracted from
an announcement dated 28 September 2023 entitled 'Kasiya
Pre-Feasibility Study Results' which is available to view at
www.sovereignmetals.com.au . Sovereign confirms that: a) it is not
aware of any new information or data that materially affects the
information included in the original announcement; b) all material
assumptions and technical parameters underpinning the Production
Target, and related forecast financial information derived from the
Production Target included in the original announcement continue to
apply and have not materially changed; and c) the form and context
in which the relevant Competent Persons' findings are presented in
this presentation have not been materially modified from the
Announcement.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
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