Following quarter end, SVM has reported the results of an optimised Kasiya PFS, prepared with oversight from the Sovereign Metals – Rio Tinto (not covered/no Rating) technical committee. The study preserves many of the features of the original 2023 PFS such as rate of production, however, implements a series of optimisations expected to enhance project outcomes. Once fully built, Kasiya will be the largest producer of both natural rutile and natural flake graphite. This update validates early studies and cost estimates made by SVM. With a 19.9% position of SVM, Argonaut maintains that it is only a matter of time before RIO makes a bid for Company control. We have updated our Kasiya model and valuation to reflect changes in project parameters and an improved outlook for rutile pricing.
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