NEWS RELEASE I 4 SEPTEMBER
2024
OUTSTANDING BATTERY ANODE MATERIAL
PRODUCED FROM KASIYA GRAPHITE
· Kasiya graphite concentrate
confirmed to be an excellent feedstock for natural graphite anode
materials suitable for battery production
· Kasiya natural graphite
presents a unique, low-cost opportunity to develop lithium-ion
battery supply chains outside of China
· Very high quality Coated
Spherical Purified Graphite (CSPG) anode material produced from
Kasiya graphite concentrate has performance characteristics
comparable to the highest quality natural graphite battery material
produced by dominant Chinese anode manufacturers
o Electrochemical testing
achieved very high first cycle efficiencies of 94.2% to 95.8%
supporting long battery life
o Excellent initial discharge
capacities greater than 360mAh/g as required for highest quality
natural graphite anode materials.
o Very low specific surface
areas (known as BET) of ≤2.0m2/g minimising
the loss of lithium in the first battery charging
cycle
o Excellent tap densities of
1.11 to 1.18g/cm3 meaning higher electrical
storage
· Outstanding anode material
results are attributed to the unique geological setting of the
highly weathered Kasiya orebody compared to fresh rock hosted
graphite deposits, including:
o high purity of the natural
flake,
o near perfect crystallinity,
and
o very low levels of sulphur
and other impurities.
· Further optimisation testwork
to commence using additional concentrate being generated at
pilot-scale facility in South Africa
· Results will form the basis
for ongoing and future discussions with potential
offtakers
Managing Director Frank Eagar commented:
"These results
confirm that Kasiya graphite concentrate will be an excellent anode
material feedstock to the battery industry. Not only is the
weathered, saprolite-hosted graphite easy to purify to very
high-grades, the anode material produced meets the highest industry
specifications. Along with the very low BET specific surface
area and high tap densities (both resulting in excellent first
cycle efficiencies and initial battery discharge capacities),
Kasiya has the potential to become a dominant source of graphite
supply ex-China. Combining these excellent results with one of the
largest graphite resources globally, industry low operating costs
and lowest global warming potential, Kasiya is presenting
significant advantages over its graphite peers. We look forward to
further testwork and market updates as we continue to develop
Kasiya as a supplier of premium quality, cost competitive natural
graphite concentrate."
Classification 2.2: This
announcement includes Inside Information
ENQUIRIES
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Frank Eagar (South
Africa/Malawi)
Managing Director
+61(8) 9322 6322
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Sam Cordin (Perth)
+61(8) 9322 6322
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Sapan Ghai (London)
+44 207 478 3900
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Nominated Adviser on AIM and
Joint Broker
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SP Angel Corporate Finance
LLP
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+44 20 3470 0470
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Ewan Leggat
Charlie Bouverat
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Joint
Brokers
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Stifel
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+44 20 7710 7600
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Varun Talwar
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Ashton Clanfield
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Berenberg
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+44 20 3207 7800
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Matthew Armitt
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Jennifer Lee
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Buchanan
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+ 44 20 7466 5000
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Sovereign Metals Limited (ASX:SVM;
AIM:SVML; OTCQX: SVMLF) (the Company or Sovereign) is very pleased to announce
an update on the downstream testwork conducted at leading
independent consultancy ProGraphite GmbH (ProGraphite) in Germany.
The test work program demonstrated
that CSPG produced from Kasiya natural flake graphite has
performance characteristics comparable to the leading Chinese
natural graphite anode materials manufacturers such as BTR New
Material Group (BTR).
Electrochemical testing of the CSPG
samples at a leading German institute achieved first cycle
efficiencies (FCE) of 94.2%
to 95.8%, with results above 95% a key specification for highest
quality natural graphite anode materials under the Chinese
standard.
Following spheronisation and
purification testwork1 which produced spherical graphite
with very high purities of 99.99%, the purified spherical graphite
(PSG) samples were pitch
coated and carbonised to produce CSPG.
The coating process produced CSPG
with very low BET specific surface area of 2.0m2/g and
lower and high tap densities of 1.11-1.18g/cm3 (Table
1).
A low specific surface area is
required for anode materials to minimise the loss of lithium in
forming a secondary protective coating on the anode material known
as the Solid Electrolyte Interphase (SEI). The pitch coating process also
assists in increasing the density of the anode material as measured
by the tap density - a higher density assists in storing more
electrical energy in the lithium-ion battery.
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Table 1: CSPG Results
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CSPG Sample
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Sample
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Units
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1
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2
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3
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D10
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[µm]
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11.05
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11.08
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14.86
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D50
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[µm]
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17.46
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17.27
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23.71
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D90
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[µm]
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26.75
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27.5
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36.72
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Tap
Density
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[g/cm3]
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1.11
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1.12
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1.18
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BET
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[m2/g]
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1.6
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2.0
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1.4
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Electrochemical testing of the CSPG
samples at a leading German institute achieved FCE of 94.2% to
95.8%, with results above 95% a key specification for highest
quality natural graphite anode materials under the Chinese
standard. A very high FCE minimises lithium losses in the initial
formation cycles of a lithium-ion battery, supporting battery life.
Kasiya CSPG also met the criteria for an initial discharge capacity
of more than 360mAh/g (ampere-hours per gram) for highest quality
anode materials, with initial capacities of 362-366mAh/g. These
results will be used to fast-track discussions with potential
offtakers.
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Table 2: Electrochemical Results - China CSPG
Standard
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CSPG Sample
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China Standard
GB/T-24533-2019
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1
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2
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3
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Grade I
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Grade II
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Grade III
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First Cycle Efficiency
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[%]
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95.8
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94.2
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95.8
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≥95
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≥93
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≥91
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Initial Capacity
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[mAh/g]
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362
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364
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366
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≥360
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≥360
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≥345
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Furthermore, the testwork
demonstrated that CSPG produced from Kasiya natural flake graphite
has initial performance characteristics comparable to the leading
Chinese natural graphite anode materials manufacturers such as BTR.
BTR has a 20-year track record in the production of lithium-ion
battery anode materials, is a dominant player in the market and has
recently concluded anode material offtake agreements with global
automotive companies including Ford. BTR's highest specification
CSPG materials, that have low swelling, long cycle life, good
processability and outstanding electrochemical performance include
their GSN17 and LSG17 products (with D50 of 17.0+/-
1.5μm).
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Table 3: Electrochemical Results - BTR CSPG
products
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CSPG Sample
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BTR3
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1
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2
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GSN 17
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LSG 17
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First Cycle Efficiency
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[%]
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95.8
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94.2
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≥95
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≥94
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Initial Capacity
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[mAh/g]
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362
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364
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≥360
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≥355
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D50
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[μm]
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17.5
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17.3
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17.0+/- 1.5
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17.0+/-
1.5
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In December 2023, China imposed
trade restrictions on graphite that required producers to apply to
the government for permits to export high-grade graphite materials
and related products. Given China's dominance of natural graphite
and graphite derived products such as CSPG, global EV production
and Net Zero ambitions could be negatively impacted given the lack
of anode industry development ex-China. In May 2024, the US
government imposed a new 25% tariff on natural graphite from China,
as part of a broader initiative that included an increase of
tariffs on EVs and lithium-ion batteries.
High performance CSPG materials
manufactured from Kasiya natural graphite present an opportunity
for development of ex-China supply chains for battery anode
materials. Sovereign believes that the outstanding electrochemical
results for Kasiya CSPG are as a result of the unique geological
setting of the Kasiya orebody. The near perfect crystallinity i.e.
fully ordered graphite resulting from the very high metamorphic
grade of the underlying host rock (paragneiss metamorphosed to
granulite facies) and the high purity of the natural flake being
assisted by the highly weathered nature of the ore.2
This is as opposed to fresh rock hosted graphite deposits which
generally have much higher impurity levels including sulphur, which
negatively impacts electrochemical performance. The very low
sulphur profile of Kasiya graphite is due to the fact that the
primary sulphide minerals have been altered to sulphates by the
intense weathering. The sulphates are water soluble and are leached
from the ore during weathering.
Further optimisation testwork for
anode materials is planned, using additional graphite concentrate
currently being generated at pilot-scale in South Africa.
This material will also be used to provide offtaker evaluation
samples.
A program for assessing Kasiya
concentrate for traditional refractories and foundry applications
has also been developed. The coarse component of the pilot plant
concentrate will be used for this testwork program.
1 Refer to ASX Announcement
"Downstream Testwork Demonstrates High Quality Graphite" dated 15
May 2024
2
Refer to ASX Announcement "Kasiya Graphite Shows
Excellent Suitability For Use In Lithium Ion Batteries" dated 8
June 2023
3 BTR anode material specs taken
from this webpage:
https://www.btrchina.com/en/NegativeProducts/info.aspx?itemid=1069
Competent Person Statement
The information in this report that relates to Lithium-Ion
Battery 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 (table 1) is based on information compiled by Mr Samuel
Moyle, a Competent Person who is a member of The Australasian
Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the
Exploration Manager of Sovereign Metals Limited and a holder of
ordinary shares and unlisted performance rights in Sovereign Metals
Limited. Mr Moyle has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken, to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Moyle consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
Forward Looking Statement
This release may include forward-looking statements, which may
be identified by words such as "expects", "anticipates",
"believes", "projects", "plans", and similar expressions. These
forward-looking statements are based on Sovereign's expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could
cause actual results to differ materially from such statements.
There can be no assurance that forward-looking statements will
prove to be correct. Sovereign makes no undertaking to subsequently
update or revise the forward-looking statements made in this
release, to reflect the circumstances or events after the date of
that release.
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Appendix 1: JORC Code, 2012 Edition - Table
1
SECTION 1 - SAMPLING TECHNIQUES AND DATA
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Criteria
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JORC Code
explanation
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Commentary
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Sampling
Techniques
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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.
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Metallurgical Composite Sample:
The sample was a composite of 24
Hand Auger (HA) and Push
Tube (PT) holes drilled in
2022 in the Kingfisher pit.
All drilling samples within the pit
shell were added to the composite resulting in a sample of
2,498kg.
Specifically, the composite sample
consisted of selected rutile mineralised zones from holes,
NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343, 0344,
0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023,
0024, 0025, 0026, 0027.
The following workflow was used to
generate a pre-concentrate graphite feed at AML:
· Wet screen at 2mm to remove oversize
· Two stage cyclone separation at a cut size of 45µm to remove -45µm material
· Pass +45µm -2mm (sand) fraction through Up Current Classifier
(UCC)
· Pass UCC O/F through cyclone at cut point of 45µm
· Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies
Spiral
· Pass UCC U/F (coarse) over MG12 Mineral Technologies
Spiral
· Spiral cons are combined for further processing.
Fine and coarse gravity tailing
samples contain approximately 75%-80% of the graphite present in
the feed sample. The majority of the graphite lost is contained in
the -45µm fines.
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Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
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Placer Consulting (Placer) Resource Geologists have
reviewed Standard Operating Procedures (SOPs) for the collection of HA and PT
drill samples and found them to be fit for purpose.
Drilling and sampling activities are
supervised by a suitably qualified Company geologist who is present
at all times. All bulk 1-metre drill samples are geologically
logged by the geologist at the drill site.
The primary metallurgical composite
sample is considered representative for this style of
mineralisation.
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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.
|
HA drilling was used to obtain
1-metre samples. The bulk metallurgical sample was a composite of
selected samples from routine resource drilling.
Existing rutile and graphite
exploration results were used to determine the 1-metre intervals
suitable to contribute to the two bulk sample
composites.
|
|
Drilling
Techniques
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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).
|
Hand-auger drilling is completed
with 75mm diameter enclosed spiral bits with 1-metrelong steel
rods. Each 1m of drill sample is collected into separate
sample bags and set aside. The auger bits and flights are
cleaned between each metre of sampling to avoid
contamination.
Placer has reviewed SOPs for
hand-auger drilling and found them to be fit for purpose and
support the resource classifications as applied to the
MRE.
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|
Drill Sample
Recovery
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Method of recording and assessing core and chip sample
recoveries and results assessed.
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The configuration of drilling and
nature of materials encountered results in negligible sample loss
or contamination.
Samples are assessed visually for
recoveries. Overall, recovery is good. Drilling is ceased when
recoveries become poor generally once the water table has been
encountered.
Auger drilling samples are actively
assessed by the geologist onsite for recoveries and
contamination.
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|
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
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The Company's trained geologists
supervise auger drilling on a 1 team 1 geologist basis and are
responsible for monitoring all aspects of the drilling and sampling
process.
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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.
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No bias related to preferential loss
or gain of different materials has occurred.
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Logging
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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.
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All individual 1-metre auger
intervals are geologically logged, recording relevant
data to a set template using company
codes.
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Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc.) photography.
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All logging includes lithological
features and estimates of basic mineralogy. Logging is generally
qualitative.
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The total length and percentage of the relevant intersection
logged
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100% of samples are geologically
logged.
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Sub-sampling techniques and
sample preparation
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If
core, whether cut or sawn and whether quarter, half or all core
taken.
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Not applicable - no core drilling
conducted.
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|
If
non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry.
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Primary individual 1-metre samples
from all HA and PT holes drilled are sun dried, homogenised and
riffle split.
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|
For all sample types, the nature, quality and appropriateness
of the sample preparation technique.
|
Metallurgical Composite Sample:
1-metre intervals selected for the
2,498kg metallurgical sample were divided into weathering
units.
MOTT and PSAP material were combined
and homogenised in preparation for dispatch to Australian
laboratory Intertek for TGC assay.
Per Australian import quarantine
requirements the contributing SOIL/FERP material from within 2m of
surface was kept separate to undergo quarantine heat treatment at
Intertek Laboratory on arrival into
Australia.
The two sub samples (SOIL/FERP and
MOTT/PSAP) were then dispatched from Intertek to AML Laboratory
(AML). AML sub-sampled and assayed the individual lithologies prior
to combining and homogenising the sample in preparation for
test-work.
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|
Quality control procedures adopted for all sub-sampling stages
to maximise representivity of samples.
|
The sample preparation techniques
and QA/QC protocols are considered appropriate for the nature of
this test-work.
|
|
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.
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The sampling best represents the
material in situ.
|
|
Whether sample sizes are appropriate to the grain size of the
material being sampled.
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The sample size is considered
appropriate for the nature of the test-work.
|
|
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.
|
Metallurgical Composite Sample:
The following workflow was used to
generate a graphite product;
o
Coarse and fine rougher graphite
flotation
o
Polishing grind of coarse and fine rougher
graphite concentrate
o
Cleaner flotation of coarse and fine
graphite
o
Cleaner concentrate sizing at 180µm
o
Regrind of separate +180µm/-180µm
fractions
o
Three stage recleaner flotation of +180µm/-180µm
fractions
|
|
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 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.
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Acceptable levels of accuracy and
precision have been established in the preparation of the bulk
sample composites.
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Verification of sampling
& assaying
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The verification of significant intersections by either
independent or alternative company personnel.
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No drilling intersections are being
reported.
|
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The use of twinned holes.
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No twin holes completed in this
program.
|
|
Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
|
All data was collected initially on
paper logging sheets and codified to the Company's templates. This
data was hand entered to spreadsheets and validated by Company
geologists.
|
|
Discuss any adjustment to assay data.
|
No adjustment to assay data has been
made.
|
|
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.
|
Metallurgical Composite Sample:
The hand-auger holes contributing to this metallurgical were
selected from pit area Kingfisher and broadly represent early years
of mining as contemplated in the PFS (Approximately the first three
years).
It is deemed that these holes should
be broadly representative of the
mineralisation style in the general
area.
|
|
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.
|
Not applicable, no Mineral Resource
or Ore Reserve estimations are covered by new data in this
report.
|
|
Whether sample compositing has been applied.
|
Metallurgical Composite Sample:
The sample was composited as
described under Sampling Techniques in this Table.
|
|
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
|
No bias attributable to orientation
of sampling has been identified.
|
|
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.
|
All holes were drilled vertically as
the nature of the mineralisation is horizontal. No bias
attributable to orientation of drilling has been
identified.
|
|
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
|
It is considered by the Company that
industry best practice methods have been employed at all stages of
the exploration.
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) under the Mines and Minerals Act
2019 (Malawi), held in the Company's wholly-owned,
Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528,
EL0545, EL0561, EL0657 and EL0710.
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.
|
|
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
deposits in Malawi.
|
|
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
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All intercepts relating to the
Kasiya Deposit have been included in public releases during each
phase of exploration and in this report. Releases included all
collar and composite data and these can be viewed on the Company
website.
There are no further drill hole
results that are considered material to the understanding of the
exploration results. Identification of the broad zone of
mineralisation is made via multiple intersections of drill holes
and to list them all would not give the reader any further
clarification of the distribution of mineralisation throughout the
deposit.
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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
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No information has been
excluded.
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Data aggregation
methods
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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.
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No data aggregation was
required.
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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.
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No data aggregation was
required.
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The
assumptions used for any reporting of metal equivalent values
should be clearly stated.
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Not applicable
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Relationship between
mineralisation widths & intercept lengths
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These relationships are particularly important in the
reporting of Exploration Results.
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The mineralisation has been released
by weathering of the underlying, layered gneissic bedrock that
broadly trends NE-SW at Kasiya North and N-S at Kasiya South. It
lies in a laterally extensive superficial blanket with high-grade
zones reflecting the broad bedrock strike orientation of ~045° in
the North of Kasiya and 360° in the South of Kasiya.
No drilling intercepts are being
reported.
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If
the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
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The mineralisation is laterally
extensive where the entire weathering profile is preserved and not
significantly eroded. Minor removal of the mineralised profile has
occurred where alluvial channels cut the surface of the deposit.
These areas are adequately defined by the drilling pattern and
topographical control for the resource estimate.
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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'.
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No drilling intercepts are being
reported.
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Diagrams
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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.
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Refer to figures in previous
releases. These are accessible on the Company's webpage.
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Balanced
reporting
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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.
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All results are included in this
report and in previous releases. These are accessible on the
Company's webpage.
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Other substantive exploration
data
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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.
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Limited lateritic duricrust has been
variably developed at Kasiya, as is customary in tropical highland
areas subjected to seasonal wet/dry cycles. Lithological logs
record drilling refusal in just under 2% of the HA/PT drill
database. No drilling refusal was recorded above the saprock
interface by AC drilling.
Sample quality (representivity) is
established by geostatistical analysis of comparable sample
intervals.
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Further
work
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The
nature and scale of planned further work (e.g. test for lateral
extensions or depth extensions or large-scale step-out
drilling).
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The Company is currently in a
project optimisation phase with various work programs
underway.
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Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.
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Refer to diagrams in previous
releases. These are accessible on the Company's webpage.
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