TIDMSVML
RNS Number : 5485A
Sovereign Metals Limited
23 January 2024
NEWS RELEASE I 23 JANUARY 2024
HIGHLY EXPERIENCED SOCIAL SPECIALIST FIRM APPOINTED TO ASSIST IN
ADVANCING KASIYA
-- African-based social specialist consultancy, SocialEssence
has been appointed to lead social and community development
programs for Sovereign in Malawi
-- SocialEssence joins Sovereign's Owners Team and will design,
implement, and manage several social and community initiatives
which will feed into the DFS and permitting requirements
-- SocialEssence will build upon existing relationships
cultivated over the last decade, between Sovereign and highly
supportive local communities at Kasiya
-- SocialEssence has a strong and successful track record of
implementing social responsibility programs across southern Africa,
including at First Quantum Minerals' Zambian operations Trident and
Kansanshi, where over 7,000 farmers participate in a conservation
farming program, which was initiated and led by SocialEssence's
current Livelihood Specialist.
-- The appointment aligns with the Company's objective to
develop a socially responsible and sustainable operation which will
provide significant long term and sustainable benefits to local
communities.
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) is pleased to announce the appointment of SocialEssence
(Pty) Ltd (SocialEssence), a specialist social performance
consultancy, who will assist in the continued development of the
Company's stakeholder relations, social performance objectives and
its Community and Social Responsibility (CSR) framework.
Sovereign has engaged SocialEssence to design and execute social
performance activities during the Definitive Feasibility Study
(DFS) phase. Founder, Mr Garth Lappeman, has over 16 years of on
the ground social performance planning and implementation
experience in accordance with IFC Performance Standards and World
Bank Environmental, Health and Safety Guidelines. SocialEssence has
been active in a number of countries working on projects in Angola,
Botswana, Democratic Republic of Congo, Kenya, Kyrgyzstan, Liberia,
Malawi, Mozambique, Namibia, Panama, Uganda, Sierra Leone, South
Africa, Northern Sudan, Tanzania, Uzbekistan, and Zambia.
Most notably, in Zambia, SocialEssence's Director was involved
from early exploration through to steady state production of First
Quantum Minerals Ltd's (First Quantum Minerals) Trident operations,
which includes the Sentinel Copper Mine which is of similar scale
to Sovereign's Kasiya project. Mr Lappeman was responsible for
implementing and managing social and community initiatives for
First Quantum Minerals as it established its large-scale commercial
operations.
Managing Director and CEO, Mr Frank Eagar commented: "The
SocialEssence exemplary track record and implementation experience
aligns with our objectives of establishing long lasting and
sustainable community relationships well ahead of project
implementation. The conservation farming program implemented by
SocialEssence's leaders in Zambia has stood the test of time and
has over 7,000 participating farmers. We will continue to build out
our owner's team and capabilities while we work through Kasiya's
optimisation with Rio Tinto."
SocialEssence will:
-- prepare Kasiya's Social Impact Assessment and Management Plan for the DFS and permitting;
-- design, implement and manage social performance activities
including stakeholder engagement, development of key
relationships;
-- prove the feasibility of critical social performance measures
(including early local content, and piloting of livelihood
restoration programs, and piloting of rehabilitation activities to
restore land for agricultural use); and
-- align with the Company's ESG Framework.
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
Buchanan + +44 20 7466 5000
ABOUT SOCIALESSENCE
SocialEssence provides a full range of social performance
management services and tools to clients in the mining, renewable
energy and infrastructure development sectors in Africa and Central
Asia. SocialEssence is distinguished from other consultancies by
the practical implementation experience of its staff and
associates, enabling best-practice solutions that are practical.
The Director and Founder, Mr Garth Lappeman, is a high-quality
resettlement and social performance, development, and
communications practitioner with a 16 year track record of
practical on-site experience in social impact and risk management,
particularly in resettlement and land acquisition. Mr Lappeman has
worked on over 40 projects globally on social performance and
resettlement. His most noteworthy project was an 600-household,
2,000-farmer, acquisition of 439km(2) of traditional land for a
large greenfield mine and town development in Zambia.
The social performance services have been developed through 16
years of on-the-ground experience of planning and implementation in
accordance with the IFC Performance Standards, World Bank
Environmental, Health and Safety Guidelines, International Labour
Organisation Standards, Voluntary Principles on Security and Human
Rights, and International Human Rights Conventions and
Frameworks.
SocialEssence's consultants, and network of associates have
experience in projects in these countries: Angola, Botswana,
Democratic Republic of Congo, Kenya, Kyrgyzstan, Liberia, Malawi,
Mozambique, Namibia, Panama, Uganda, Sierra Leone, South Africa,
Northern Sudan, Tanzania, Uzbekistan, and Zambia.
Social Essence have successfully implemented a wide range of
livelihood restoration and improvement projects in sub-Saharan
Africa including agricultural-based, enterprise-based,
employment-based and natural-resource-based livelihood restoration
and improvement projects. These include conservation farming,
small-scale horticulture, poultry farming (broiler chicken and
village chicken), holistic livestock farming, village-banking,
business formalisation, training and micro-loan programs,
vocational training (upgrading government trade schools with mining
training facilities), sustainable forest and fisheries management
projects. The most successful of these, and the one most applicable
to the project and it's impacts and objectives, is conservation
farming.
ABOUT SOVEREIGN
Sovereign is focused on the development of its Kasiya project in
Malawi. Kasiya is the largest natural rutile deposit and second
largest flake graphite deposit in the world. Sovereign is aiming to
develop a low-CO(2) and sustainable operation to supply highly
sought-after natural rutile and graphite to global markets.
Results of the PFS released in late 2023, demonstrated Kasiya's
potential to become the world's largest rutile producer at 222kt
per annum and one of the world's largest natural graphite producers
outside of China at 244kt per annum based on an initial 25 year
life-of-mine.
Delivering compelling economics with a post-tax NPV(8) of US$1.6
Billion and post-tax IRR of 28%, this long-life, multi-generational
operation was modelled to initially generate over US$16 Billions of
revenue and provide an average annual EBITDA of US$415 Million per
annum.
Kasiya's PFS modelling was limited to only 25 years meaning
substantial production rate and mine life upside exists, with an
initial Probable Ore Reserves declared of 538Mt, only representing
30% of the total Mineral Resource.
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.
Proved - - - - - -
---------- -------- -------- -------- -------- -------- ----------------
Probable 538 1.03% 5.5 1.66% 8.9 2.00%
---------- -------- -------- -------- -------- -------- ----------------
Total 538 1.03% 5.5 1.66% 8.9 2.00%
---------- -------- -------- -------- -------- -------- ----------------
* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price
(US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price
(US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken
from this Study ** Any minor summation inconsistencies are due to
rounding.
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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END
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