Sovereign Metals (SVM) Q3 2025 TU earnings summary

Executive summary

• Optimised Prefeasibility Study (OPFS) completed, reaffirming Kasiya as a globally significant, large-scale, low-cost producer of natural rutile and graphite with strong project economics and operational flexibility.

• Rehabilitation of the Kasiya test pit site was successfully completed, enabling local landowners to resume farming without missing a planting season.

• Kasiya graphite confirmed suitable for over 94% of global end-use markets, including battery anodes, refractories, and expandables.

• Definitive Feasibility Study (DFS) geotechnical programs underway, with DFS completion targeted for Q4 2025.

Financial highlights

• Placement in March 2025 raised A$40 million, bringing cash reserves to over A$65 million and leaving the company debt-free.

• Net cash outflow from operating activities for the quarter was A$7.7 million; cash and cash equivalents at quarter-end were A$25.8 million.

• Estimated nine quarters of funding available based on current cash and financing facilities.

Outlook and guidance

• DFS on track for completion in Q4 2025; Rio Tinto will have up to 180 days post-DFS to exercise its option to become operator and secure exclusive marketing rights for 40% of Kasiya's annual production.

• Upcoming milestones include MRE upgrade, further graphite testwork, offtake discussions, and continued community engagement.