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Sovereign Metals Ltd - Perth, Scotland-based rutile exploration and development company focused in Malawi - Reports results of its expanded scoping study at the Kasiya Rutile project in Malawi. Study says Kasiya has the potential to produce 265,000 rutile and 170,000 tonnes of graphite, with a 25-year mine life. Reports $12.04 billion life of mine revenue and average annual earnings before interest, tax, depreciation and amortization of $33 million.
Managing Director Julian Stephens says: ‘The Expanded Scoping Study demonstrates Kasiya is a Tier 1 minerals project being the largest natural rutile resource and one of the largest graphite resources in the world. Both minerals are classified on the critical minerals lists of the US and EU and rutile is in extreme market supply deficit. In light of these factors, Kasiya is seen as a highly strategic project with the potential to be a major supplier in both rutile and graphite markets.’
Current stock price: 25.38 pence, down 12% on Thursday in London
12-month change: down 19%
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