Infill drill campaign started
Sovereign Metals shares gained in early trade on news that it has started infill drilling at its Southern Kasiya project in Malawi The company has recently received coverage from brokerage Stifel, which has given it a BUY rating with a 65p/share target price - double where the company is currently trading."Sovereign shares trade at 0.3x NAV at our long-term commodity price forecasts and 0.7x NAV at spot prices, versus respective averages of 0.3x and 0.
"With a considerably lower carbon footprint and cost profile, the project has an opportunity to be an important component of an independent, ethical, and environmentally friendly supply chain for battery materials," it said.Sovereign claims Kasiya is the world's biggest rutile deposit and second-largest flake graphite deposit, with more than double the contained rutile of its nearest peer, Sierra Rutile. It has a mineral resource estimate of 1.8Bt containing 18Mt rutile at 1.
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