お知らせ • Apr 18

Sovereign Metals Limited Announces Definitive Feasibility Study Results for Kasiya Rutile-Graphite Project

Sovereign Metals Limited announced the results of the Definitive Feasibility Study (DFS) for its Kasiya Rutile-Graphite Project in Malawi. The DFS builds on the outcomes of the Optimised Pre-feasibility Study (OPFS) and on empirical data from the Pilot Mining and Rehabilitation Program. The DFS was undertaken in accordance with a scope of work approved by, and with technical input and oversight from, the Sovereign-Rio Tinto Technical Committee and, where applicable, conforms to the World Bank Group’s International Finance Corporation (IFC) Performance Standards to enhance bankability of the Project. The DFS marks a defining milestone for Kasiya and for the global titanium and graphite supply chains. The completion of large-scale field trials, combined with the expertise of the experienced owner’s team and the technical support provided by Rio Tinto, reinforces Kasiya’s potential to be a long-life, low-cost, and reliable source of two critical and globally strategic minerals. Kasiya is forecast to deliver approximately 222,000 tonnes per annum of rutile and 275,000 tonnes per annum of graphite annually – positioning Sovereign as potentially the world’s largest producer of both natural rutile and natural flake graphite. Natural rutile is the purest and highest-grade form of naturally occurring titanium feedstock, with titanium dioxide (TiO2) content typically exceeding 95%. It is the preferred feedstock for titanium sponge production and high-specification titanium alloy applications in aerospace, defence and medical industries. Kasiya’s natural rutile has demonstrated premium chemical characteristics and suitability across all major end-use applications, with high TiO2 content, low impurity levels, and favourable particle size distribution. Kasiya’s 222,000 tonnes per annum of natural rutile would represent a significant addition to Western-accessible non-pigment rutile supply, directly addressing the structural feedstock deficit facing the US, Japanese and European titanium industries. Graphite is essential to lithium-ion battery anodes, refractories and a range of advanced industrial applications. Kasiya’s incremental cost of graphite production is estimated at $216 per tonne. Based on public disclosures by listed graphite developers with studies at or beyond the pre-feasibility stage, this positions Sovereign as the lowest-cost graphite producer globally, including China. The majority of operating costs are allocated to the primary rutile stream, enabling the production of high-purity, coarse-flake graphite at materially lower costs. Independent testing has confirmed that Kasiya graphite performs exceptionally well as an anode material for lithium-ion batteries, while also meeting specifications for traditional industrial markets such as refractories. The DFS outlines a large-scale, long-life operation that delivers substantial volumes of premium-quality natural rutile and graphite while generating significant returns across a range of price scenarios. The DFS for Kasiya has been prepared in accordance with the JORC Code (2012), with an estimated accuracy range of ±15% for Capital Expenditure (Capex) and ±10% for Operating Costs (Opex). The DFS confirms a dry mechanical mining method using draglines and 100-ton rigid dump trucks. The soft, free-dig saprolite orebody requires no drilling, blasting, crushing or milling. A two-bench approach (5m top cut, up to 15m bottom cut) keeps the draglines above the water table, eliminating the need for production equipment below groundwater level. All tailings will be stored via hydraulic co-disposal backfilling of mined-out pits, designed in compliance with the Global Industry Standard on Tailings Management (GISTM), aiming for zero harm to people and the environment. The DFS is based on connection to Malawi’s national hydropower grid via a 132kV overhead line to the Nkhoma substation. Ore will be trucked to the processing plant for scrubbing and screening before entering the Wet Concentration Plant (WCP). The WCP employs a low-energy gravity separation process to produce a Heavy Mineral Concentrate (HMC). The HMC is then fed to the Mineral Separation Plant (MSP), where electrostatic and magnetic separation yield premium-quality rutile (+95% TiO2), suitable as a direct feedstock for titanium sponge production or use in high-end titanium alloy applications. Graphite-rich concentrate recovered from the spirals is processed in a dedicated flotation plant, producing a high-purity, high-crystallinity, coarse-flake graphite product. The DFS confirms a staged development with two 12 million tonnes per annum processing plants – South Plant from Year 1 and North Plant from Year 5 – positioned at the respective resource centres of gravity to minimise haulage distances and costs. Kasiya’s products will be railed directly from a purpose-built dry port at the mine site eastward along the Nacala Logistics Corridor to the container terminal at the Port of Nacala on the Indian Ocean. Product transport cost is estimated at $117 per tonne product (FOB Nacala). The DFS adopts a life-of-mine weighted-average realised rutile price of $1,670 per tonne (real, FOB Nacala), based on an independent TZMI market study. Graphite pricing is based on an independent Benchmark Minerals Intelligence price forecast, resulting in a life-of-mine average price of approximately $1,288 per tonne (FOB Nacala). The DFS has been prepared in alignment with IFC Performance Standards, with a comprehensive Environmental and Social Impact Assessment nearing completion and the full suite of environmental and social specialist studies completed. Large-scale mining and rehabilitation trials were completed during the DFS period, covering excavation, backfilling, soil remediation and crop establishment. During Pilot Mining, the Company successfully completed dry and hydraulic mining trials, excavating a test pit at Kasiya. The test pit covered the planned area of 120 metres by 110 metres and was excavated to a depth of 20 metres through the weathered ore at Kasiya. Post mining, the rehabilitated pit has achieved maize yields of 5.2 tonnes per hectare within six months of backfilling – over five times the local community average of approximately 1 tonne per hectare. The Pilot Mining validated the progressive rehabilitation approach and confirmed that mined land can be returned to productive agricultural use within one to two years.

インタレスト・カバレッジ・レシオ	n/a
現金	AU$33.94m
エクイティ	AU$38.70m
負債合計	AU$4.46m
総資産	AU$43.17m

データ	最終更新日（UTC時間）
企業分析	2026/06/18 22:06
終値	2026/06/18 00:00
収益	2025/12/31
年間収益	2025/06/30

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

アナリスト	機関
Austin Yun	Macquarie Research
Michael Bentley	MST Financial Services Pty Limited
Christopher Drew	MST Financial Services Pty Limited

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Recent updates

Sovereign Metals Limited Announces Definitive Feasibility Study Results for Kasiya Rutile-Graphite Project

Sovereign Metals Limited Announces Updated Mineral Resource Estimate for Kasiya Rutile-Graphite Project

Sovereign Metals Limited, Annual General Meeting, Nov 19, 2025

Sovereign Metals Limited Announces Exceptional First-Year Results from Its Rehabilitation Trials At the Kasiya Rutile-Graphite Project in Malawi

Sovereign Metals Limited Announces Confirmation of the Mining Method and Completion of the Mining Fleet Design for the Kasiya Rutile-Graphite Project in Malawi

Sovereign Metals Limited Provides Its Quarterly Report for the Period Ended 30 June 2025 Including Advances Made At Its Kasiya Rutile-Graphite Project (Kasiya or the Project) in Malawi

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Sovereign Metals Limited Announces Update on the Downstream Testwork

Sovereign Metals Limited Commences Hydraulic Mining Trial At Its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi as Part of the Ongoing Pilot Mining and Land Rehabilitation Program

Sovereign Metals Limited Announces Infill Drilling Program to Upgrade Kasiya Resource

Sovereign Metals Limited Announces Dry Mining Trial Completes at Pilot Phase Test Pit

Sovereign Metals Limited Announces Pilot Phase Site Construction At the Kasiya Rutile-Graphite Project on Schedule

Sovereign Metals Limited Announces Downstream Testwork Demonstrates High Quality Graphite for Lithium-Ion Battery Sector

Sovereign Metals Limited Announces the Results of Graphite Testwork Completed at Multiple Independent Laboratories in Australia, Canada and South Africa

Sovereign Metals Limited Announces Follow-Up Drilling Initate North of Kasiya Resource Area

Sovereign Metals Limited Reports Southern Extensions to the Mineralised Area At Kasiya

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Sovereign Metals Limited Announces Executive Changes

Sovereign Metals Limited, Annual General Meeting, Nov 24, 2023

Sovereign Metals Limited Reports Recent Outcomes of Downstream Testwork on Kasiya's Graphite Co- Product

Sovereign Metals Limited Reports Further Results for 98 AC Holes and 247 PT Holes from the Kasiya Rutile Project (Kasiya)

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