Sovereign Metals (SVM) Q4 2025 TU earnings summary

Executive summary

• Advanced Kasiya Project with completion of geotechnical programs and signed MOU for long-term power supply with ESCOM, supporting infrastructure development and future operations.

• Toho Titanium validated Kasiya's rutile for high-specification titanium products, enhancing strategic positioning in global titanium supply chains.

• U.S. imposed 93.5% anti-dumping duties on Chinese graphite, highlighting Kasiya's potential as a major, low-cost, non-Chinese graphite supplier.

• Conservation Farming Program expanded, increasing crop yields fourfold for local farmers, reinforcing community engagement.

Outlook and guidance

• DFS for Kasiya Project to be advanced, with mine fleet design, plant configuration, and logistics solutions targeted for completion by Q4 2025.

• Ongoing offtake discussions for rutile and graphite, and further community development initiatives planned.

• MRE update and DFS-level rehabilitation strategy to be published following further infill drilling.

Segment performance

• Geotechnical investigations at Kasiya confirmed favorable subsurface conditions, enabling standardized and cost-effective infrastructure design.

• Power demand for Kasiya projected at 30MW initially, rising to 60MW at steady-state, with new 132kV transmission line planned.

• Metallurgical testwork confirmed Kasiya rutile's suitability for all major end-use markets, with premium TiO2 grades and low impurities.

• Graphite testwork achieved premium CSPG performance metrics, supporting battery anode offtake discussions.