Sovereign Metals Maintains Q4 2025 DFS Timeline at Kasiya Project

• Sovereign Metals is currently conducting extensive geotechnical investigations at key infrastructure locations across its Kasiya Rutile Graphite Project in Malawi, with completion expected in the coming weeks.
• These detailed geotechnical programs will directly support the layout and engineering design phases of the Definitive Feasibility Study (DFS), which remains on track for completion in Q4 2025.
• The geotechnical work covers critical project infrastructure including mining areas, processing plants, tailings storage facilities, water storage, power infrastructure, and logistics routes.
• All programs are being conducted with oversight from the Sovereign-Rio Tinto Technical Committee, highlighting the strategic partnership in developing this significant resource.
• Results from the 2024 infill drilling program and an updated mineral resource estimate are anticipated during Q2 2025, providing investors with additional near-term catalysts.

Sovereign Metals Limited (ASX:AIM) is an exploration and development company focused on its flagship Kasiya Rutile Graphite Project in Malawi. Following the completion of an Optimised Prefeasibility Study in January 2025, the company is advancing toward a Definitive Feasibility Study scheduled for Q4 2025. The Kasiya Project represents one of the world's largest undeveloped rutile and graphite resources, positioning Sovereign to become a significant producer of these critical minerals. The company has established a strategic partnership with mining giant Rio Tinto, which provides technical expertise through a joint technical committee overseeing project development.

Geotechnical Programs Underway to Support Definitive Feasibility Study

Sovereign Metals has commenced multiple geotechnical drilling programs at its Kasiya Rutile Graphite Project in Malawi. These programs are designed to gather essential data for infrastructure layout and engineering design as part of the company's Definitive Feasibility Study (DFS).

The geotechnical investigations are focusing on several key infrastructure components that will form the backbone of the future mining operation:

• North and South mining infrastructure areas
• North and South processing plant areas
• Tailings storage facility (TSF) and raw water storage dam areas
• Transport infrastructure, including railway spur and main access road
• Permanent and Contractors camp facilities
• Kasiya substation yard and backup power area

These extensive field programs employ various technical methodologies to thoroughly assess ground conditions, including diamond core drilling, spiral augur drilling, excavator pitting, trenching, cone penetration tests (CPTu), and Multi-channel Analysis of Surface Waves (MASW). Additionally, specialized ground geophysics techniques are being utilized, such as active seismic methods at the tailings storage facility site and resistivity surveys at the power substation location.

Strategic Significance for Project Development

The current geotechnical programs represent a critical step in advancing the Kasiya Project toward production. By comprehensively analyzing subsurface conditions across the project area, Sovereign will be able to optimize the placement and design of key infrastructure, potentially reducing construction costs and minimizing environmental impact.

"Following the completion of our Optimised Prefeasibility Study in January, DRA and a number of tier one consultants have been appointed to advance the DFS in combination with our highly experienced owner's team," commented Managing Director and CEO Frank Eagar. "Comprehensive data is being gathered from these field programs and will determine optimal locations for our key Project infrastructure. We remain on track to complete a DFS in Q4 2025."

This statement underscores the company's methodical approach to project development and commitment to maintaining the timeline for the DFS completion by Q4 2025.

Building on OPFS Foundations

The current geotechnical programs build upon the findings of the Optimised Prefeasibility Study (OPFS) completed in January 2025. The OPFS outlined plans for a large-scale, long-life operation capable of producing substantial volumes of natural rutile and graphite while generating significant returns for investors.

The OPFS established a preliminary project layout based on technical, environmental, and social considerations. The primary design objectives that influenced site locations included:

• Minimizing environmental and social impacts
• Maintaining centralized facilities with convenient access to mine pits

The ongoing geotechnical work will further refine these preliminary plans, providing detailed ground condition data to support final engineering designs for all major project components. The company also emphasizes minimising environmental and social impact was among the primary design objectives that influenced the site location and arrangement in the OPFS. This suggests that Sovereign is incorporating sustainability considerations into its project planning from an early stage.

For modern mining projects, robust environmental and social governance (ESG) practices are increasingly important for securing permits, community support, and access to certain funding sources. Sovereign's apparent focus on these aspects may position the project favorably in these regards.

Implications for Project Timeline

Beyond the current geotechnical programs, Sovereign has indicated that results from the 2024 infill drilling program and an updated mineral resource estimate are expected during Q2 2025. These results could provide significant near-term catalysts for the company's valuation, particularly if they demonstrate resource expansion or improved grade profiles.

The progression toward the DFS completion in Q4 2025 represents a defined pathway to potentially advancing the project toward a construction decision. For investors, this creates a clear timeline of potential value-creating milestones over the next 18 months.

With the geotechnical programs expected to be completed "in the coming weeks," Sovereign appears to be maintaining momentum toward its stated goal of completing the DFS by Q4 2025. This timeline aligns with the sequential development approach typical for large mining projects, where detailed technical studies precede final investment decisions.

"We remain on track to complete a DFS in Q4 2025," noted CEO Frank Eagar, providing investors with confidence in the company's ability to execute its development plan on schedule.

The press release indicates that the geotechnical results will directly "support the infrastructure layout and engineering design" for the DFS, highlighting the critical nature of the current field programs in advancing the overall project timeline.

For Investors

For investors considering Sovereign Metals, the ongoing geotechnical programs represent tangible progress toward advancing the Kasiya Project through the feasibility stage toward potential development. The systematic approach to technical studies, oversight from the joint technical committee with Rio Tinto, and clear timeline for DFS completion suggest a well-managed development process.

Near-term catalysts include results from the 2024 infill drilling program and an updated mineral resource estimate expected in Q2 2025, followed by DFS completion targeted for Q4 2025. These milestones provide potential inflection points for company valuation over the next 12-18 months.

The fundamental characteristics of the Kasiya Project – described as large-scale, long-life with substantial volumes of rutile and graphite – align with attributes typically sought by major mining companies and long-term investors. The strategic partnership with Rio Tinto adds credibility to the technical aspects of project development.

As with any pre-production mining project, investors should consider the typical risks associated with resource development, including potential for timeline extensions, capital cost escalation, and commodity price fluctuations. However, the methodical approach to project development outlined in this press release suggests that Sovereign is taking appropriate steps to mitigate technical risks through comprehensive study work.