Sovereign Metals Ltd - Malawi-focused mineral explorer - Says the indicated resource at the Kasiya deposit in Malawi now stands at 1.2 billion tonnes at 1.0% rutile and 1.5% graphite. Its updated mineral resource estimate moves over 500 million tonnes from the inferred category to the indicated category. Over 66% of the mineral resource estimate is now in the indicated category.

Managing Director Julian Stephens says: ‘The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit.’

Current stock price: 24.00 pence, up 4.4% in London on Wednesday afternoon

12-month change: down 50%

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