Sovereign Metals Says Scoping Study Confirms Rare Earth Potential of Kasiya Project in Malawi

04:24 AM EDT, 09/09/2026 (MT Newswires) -- Sovereign Metals (SVML.L) said Wednesday its scoping study confirmed the potential of its Kasiya project in Malawi to become a globally significant and strategic source of critical rare earths as a by-product of its rutile-graphite operation. The REC scoping study base case estimated a pre-tax net present value, discounted at 8%, of $722 million, and a 151% pre-tax internal rate of return. The incremental capital cost was estimated at $29 million, with a payback period of 1.5 years, to develop the monazite circuit and achieve first production. The scoping study showed that 2,626 tonnes per annum of monazite rare earth concentrate, or REC, can be recovered from the rutile tailings stream during a 23-year potential life of mine. Since the rare earth concentrate is a by-product of the titanium and graphite operation already defined in the Kasiya rutile-graphite definitive feasibility study, the project would not need high rare earth prices to be viable.