Sovereign Metals (SVM) released a Pre-Feasibility Study (PFS) for its 100% owned Malingunde graphite project in Malawi. Malingunde is a rare high grade saprolite deposit, with low strip ratios, free digging and minimal crushing resulting in low operating and capital costs. SVM forecast’s FOB cash costs delivered to Nacala Port in Mozambique average US$323/t (per tonne concentrate) life of mine (LOM). Capital costs are also low, estimated at US$49m. While Malawi is a land locked country, the project has access to port via a recently refurbished rail line with excess capacity. Argonaut maintains a SPEC BUY recommendation with a target price of $0.16.
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