Mining & Trade News

Sovereign Metals has announced an updated Mineral Resource Estimate (MRE) for its flagship Kasiya-Rutile Graphite Project in Lilongwe.

MD and CEO for Sovereign Metals Frank Eagar explains that the updated MRE will serve as the resource base for the Kasiya Definitive Feasibility Study (DFS) mine schedule, replacing the previous April 2023 MRE.

Combined Measured and Indicated rutile Resources have grown 38% to 1,652Mt, now representing 77% of the total Resource base. This material improvement in Resource confidence reflects the extensive infill drilling programs completed and provides a robust foundation for the forthcoming DFS. Importantly, Kasiya has achieved a Measured Resource for the first time, which represents at least the first six years of planned operations.

Eagar comments: “This updated MRE is a significant milestone for Sovereign as we advance Kasiya through the Definitive Feasibility Study. The 32% increase in Measured and Indicated contained rutile, together with our first-ever Measured Resource, reflects both the quality of our geological dataset and the exceptional nature of this deposit. The rigour of the updated resource estimation gives our strategic and commercial partners and us high confidence in the resource base underpinning our potential mine schedule. Kasiya remains unmatched globally as a source of natural rutile, and this MRE update reinforces its potential as a long-life, low-cost supplier to critical global supply chains.”

The updated MRE provides the resource foundation for the upcoming DFS mine schedule and mine optimisation study. The step-up in Measured and Indicated resource confidence is a critical input for the DFS, enabling the Company to present a resource base with the classification level required for bankable project financing and offtake discussions.

Sovereign’s DFS is progressing across all workstreams including mining, processing, infrastructure, environmental and social studies, and commercial arrangements.

MRE EMPHASISES SOVEREIGN’S STRATEGIC SIGNIFICANCE FOR GLOBAL SUPPLY CHAINS

Kasiya is a uniquely diversified source of critical minerals essential to defence, industrial and energy security. The updated MRE demonstrates Kasiya's potential to supply titanium-bearing rutile and graphite for several decades and its position as the world's single most strategically important source of rutile.

Natural rutile is a critical mineral essential to titanium metal production for aerospace, defence and medical applications. According to leading titanium consultants TZ Minerals International Pty Ltd (TZMI), demand for rutile from the titanium metals industry is forecast to grow 3% annually, while global supply is expected to decline by 7% per year over the next decade. The market faces a widening structural deficit.

Natural rutile commands a significant premium over alternative titanium feedstocks due to its superior grade (95%+ TiO₂), lower processing costs, and smaller environmental footprint. With no meaningful domestic production in key consuming nations, Kasiya’s scale and quality position it as the single most strategically important source of natural rutile outside of current producing regions.

With the updated MRE, Kasiya is positioned to address this critical supply gap at a time when new sources of natural rutile are urgently needed.

The graphite resource further enhances Kasiya's strategic value with a second critical mineral. With graphite demand forecast to grow 9% annually across battery and industrial applications (Benchmark Mineral Intelligence), the Project's 20.0Mt contained graphite provides significant exposure to a valuable by-product.

The Malawi Extractives Industry Transparency Initiative (MWEITI) has warned in its 2024/2025 report that the Malawi Government’s raw mineral exportation ban is premature, citing the lack of cutting and polishing industry as a key concern.

The ban, issued by State President Arthur Peter Mutharika in October 2025, prohibits the export of raw minerals such as rare earth elements, gold, uranium, rutile, gemstones, niobium and limestone. The aim is to encourage domestic processing in so doing creating jobs, and capture more value from mineral resources through strict enforcement.

MWEITI says the proposed framework seeks to ensure that minerals extracted in the country undergo processing or value addition locally before being exported. It acknowledges in the report that this policy aligns with MW2063, which recognizes industrialization, job creation, and value chain development as vital drivers of economic transformation.

However, MWEITI observes that stakeholders have expressed mixed reactions about the country’s current processing capacity.

It says while some view the policy as a positive step toward industrialization and employment generation, others warn that insufficient processing infrastructure and limited market access could hinder the growth of Malawi’s mining sector. The report observes that the Multi-Stakeholder Group (MSG) and other industry players support the government’s vision but advocate for a more phased and consultative approach to implementation.

MWEITI states: “The MSG and many other stakeholders were not consulted; this was a presidential directive.”

“Executive Orders are necessary through consultation and must consider the country’s energy availability and the presence of chemical industries.

It also points out that chemical and process engineers need to be locally available to support mineral value addition initiatives.

MWEITI says the MSG plans to continue engaging the Ministry of Mining and other stakeholders to better understand the implications of the policy and to promote transparency and dialogue on developments affecting mineral production, processing, and exports.

Malawi joined the Extractive Industries Transparency Initiative (EITI) in October 2015 and is scheduled to undergo its third independent validation assessment in 2026.

Government is yet to gazette regulations for the ban on exportation of raw minerals which has left small-scale gemstone miners stranded due to lack of processing facilities.

Malawi has only one lapidary for gemstone processing in Mponela, Dowa which is said to be inadequately equipped and located far from other districts rich in gemstones such as Mzimba, Ntcheu and Mangochi.

Stakeholders in the minerals sector have expressed mixed feelings on government’s interventions to develop the sector which State President Arthur Peter Mutharika highlighted in his State of the Nation Address (SONA) during the official opening of the current sitting of Parliament in Lilongwe.

Mutharika told the house that despite being a potential pillar of economic growth, the mining sector faces numerous challenges including inadequate and limited mineral exploration; legal and regulatory frameworks; and limited capacity to negotiate mining development agreements (MDAS).

He said in order to address some of the challenges, his administration has made a number of interventions including: suspension of issuance of all types of licenses; initiated auditing of the licence registry; and banned the export of raw minerals pending review of the legal and regulatory framework.

Mutharika said: “Mr. Speaker, Sir, in addition, I have directed the Minister of Finance and the Minister responsible for Mining to enhance Malawi’s capacity for negotiating Mining Development Agreements.”

“Going forward, My Government will capacitate the state-owned Malawi Mining Investment Company (MAMICO) to undertake detailed exploration of our mineral deposits.”

“Mr. Speaker, Sir, as I had promised, Government is at an advanced stage of establishing a Sovereign Wealth Fund to ensure that proceeds from mining benefit Malawians.”

Coordinator for Chamber of Mines and Energy Grain Malunga hailed the stated interventions but advised Government to consider issuing licenses to only those companies that have shown capability to progress prospecting projects to mining stage.

Malunga also advised Government to utilize Geological Survey Department (GSD) professionals in pursuing exploration projects.

He said: “I am well informed that the licence registry has been audited including the cadastre map.”

“The Minister will make determination on the recommendations made by Mining Regulatory Authority.”

“MAMICO should hold government equity in mining projects and be actively involved in decision making of those companies. MAMICO should be involved in investing in strategic mining projects that promote infrastructure development and import substitution and they should use existing Geological Survey professionals in advancing strategic exploration projects.”

“The mandate of Geological Survey Department should not be compromised.”

But responding in a separate interview, a Mining Expert, John Nkhoma suggested that suspending the entire issuing of licences was not a good idea and further tipped the Government on the need to only review licenses which are idle.

Nkhoma said: “I think it is not a good idea to suspend wholesome. But I also think there is need to clean the mining registry whereby they should remove all those who are just holding on to land.

“Some have had the licences for many years but with no action on the ground.”

“On capacitating MAMICO to conduct exploration, I do not think MAMICO is the right institution for that. They should concentrate on investment in mining and not in exploration.”

“Think about what MIDCOR (the defunct Malawi Investment and Development Corporation) was doing. I think they are misplacing their mandate.”

MEAL Officer for Natural Resources Justice Network (NRJN) Biswas Ismael said the decision of auditing and suspending issuance of licenses can be welcome if only it is made to identify and rectify some weaknesses or unprocedural actions/activities done during the provision of such licenses.

“MAMICO and GSD are two different entities. The establishment of MAMICO is to spearhead Malawi participation in mining investment.”

“Going by the reasoning by most of the experts in Malawi and others engaged from outside, they have always advised that the government should not invest in mining rather it should play the referee role because of its volatile nature.”

“Financing MAMICO will help it generate data that it can use in its investment operations and can even be selling the same just like the exploration companies have been doing in Malawi .”

“As for the GSD, they can request for the resources to upgrade the information that they hold to attract investors.”

Ishmael said financing the GSD cannot produce value for money considering  how government institutions operate in Malawi.

He said: “Buy a leaf from MUBAS (Malawi University of Business and Applied Sciences) which has been doing exploration while it is an academic institution while we have the GSD.  If that is OK, then with MAMICO the same can be done.”

“Government just needs a clear strategy on how the money should be used and progress should be tracked and policed with clear timelines.”

“MAMICO should not operate like another GSD but rather a company which is doing business.”

GSD was formed recently as a state owned company mandated to hold government equity in mining ventures and invest in projects to increase government benefits from the sector while GSD is an established government department that is mandated to carry out various geological surveys and keep data for mining investors to aceess.

• Lotus commits to improve water management methods to uphold employees’ welfare following water quality audit

• Audit highlighted potential health risks resulting from water quality issues

Lotus Africa, which operates the Kayelekera Uranium Mine in Karonga, says its established water supply and treatment systems and routine water quality monitoring processes are continually being improved, and the health and safety of its employees, the community and environment remain its absolute priority.

Lotus MD Greg Bittar says this in response to a Karonga District Council Water Quality Audit report which has identified gaps in water quality testing, water safety monitoring practices, certification of the water treatment system, and integration of disease surveillance at Kayelekera Uranium Mine.

The report says that mine management should, within seven days, improve the water supply system to meet Malawi’s recommended minimum drinking water standards, which must be verified through microbial water quality testing by an independent accredited laboratory.

The mine currently operates a piped water supply system, abstracting raw water from the Mswanga river, which is conveyed to a water treatment plant. The treatment process includes sedimentation ponds, tanks and clarifiers intended to reduce turbidity, optimize chemical and energy use, and prepare water for disinfection.

Although a complete water treatment system is in place at the mine camp, the report’s key observations include that chlorine dosing appeared to be inadequate or absent, as no chlorine containers or evidence of active chlorination were observed at the treatment plant.

It states that water quality testing is conducted at the mine; however, several critical gaps were identified including that tested parameters included pH, uranium, turbidity, and residual chlorine, but not all recommended parameters were consistently tested.

The report reads: “No microbial (bacteriological) water quality test results were available for Audit. However, Microbiological drinking water quality monitoring (Fecal Coliform, Fecal Streptococci, E.coli and Total coliform types of bacteria and others) is one of the mandatory parameters according to Malawi Standards for drinking water specifications.”

“Review of test results indicated turbidity levels consistently above the recommended limit of 5 Nephelometric Turbidity Units (NTU) for treated drinking water according to Malawi Standards for Drinking Water Specifications (MS214:2013).”

“No residual free chlorine (FRC) was detected in the daily water quality records reviewed. This is outside the acceptable range of 0.20–0.50 mg/L as stipulated in MS214:2013. Historical monitoring data further revealed that FRC levels were consistently zero at all sampling points, indicating that chlorination is either ineffective or not routinely practiced.”

“Uranium exposure through drinking water was identified as a concern. Two samples collected between 17 and 22 February 2026 recorded uranium concentrations of 43 ppb and 35 ppb, exceeding the Malawi standard limit of 30 ppb. Prolonged exposure at these levels may pose long-term health risks to workers.”

The report says although some water safety measures are in place, the following gaps were identified:  A comprehensive Water Safety Plan (WSP) was unavailable and there were no documented schedules for routine maintenance of water treatment infrastructure and there was limited evidence of systematic risk assessment and control measures across the entire water supply chain, from abstraction to point of use.

It cites the other gaps as limited technical capacity to conduct comprehensive water quality testing, particularly microbial analysis; and that routine monitoring focuses primarily on physical and chemical parameters, with no inclusion of microbial water quality testing.

“No documentary evidence was provided to confirm certification or approval of the water treatment system by the Ministry of Water or other relevant authorities for human consumption,” the report reads.

The disease surveillance system at the mine was reviewed, with a focus on diarrhoeal diseases and the report came up with the following findings; health records confirmed reported cases of diarrhoea among workers. And medical registers documented 28 cases of gastroenteritis during January and February 2026.

“Approximately 80% of the workforce comprises non-resident workers operating under a MASM arrangement. As a result, gastroenteritis data for non-resident workers could not be established, limiting the ability to determine the true burden of diarrhoeal diseases among the entire workforce,” the report reads.

But Bittar points out in his response that the World Health Organization (WHO) indicates a provisional guideline value of 30 micrograms per litre (30ppb) U in potable water, but also provides for a tolerable daily intake of 60ppb (World Health Organization Guidelines for Drinking-Water Quality 2022).

 Bittar says: “The uranium exposure identified on the two February dates highlighted in the Preliminary Correspondence were 43ppb and 35 ppb. We note that in the last 3 weeks, uranium levels have been below 20ppb.”

“Bottled drinking water is and will continue to be provided to all site personnel until further notice.”

He says increased chlorine dosing has been adopted and routine monitoring implemented for physical and chemical parameters, as well as microbial testing. In addition, Lotus is assessing further improvements for water quality management, including the installation of ultraviolet treatment.

“Additional improvement steps will identify opportunities to strengthen our engineering standards and practices, and to provide practical recommendations in relation to any potential operational issues.” says Bittar.

Lotus supports workers through the provision of international standard medical care and on-site medical facilities.  

ASX-listed Tusker Minerals has announced the completion of its maiden systematic exploration program at the Mzimba Rutile Project in northern Malawi, a program which was designed to evaluate the project's potential to host large-scale residual rutile mineralisation.

In a press statement, Tusker CEO Cliff Fitzhenry said the exploration work was completed on time and within budget, a development which marks a material step in the Company's strategy of building a portfolio of high-quality African rutile assets.

Fitzhenry commented: "The successful completion of this program marks an important milestone for Tusker and represents the first modern, systematic exploration program specifically targeting rutile at Mzimba.”

“While assay results remain pending, the scale and consistency of geological indicators observed throughout the program are highly encouraging and support our view that Mzimba has the potential to emerge as a significant rutile district.”

“Our team has been particularly encouraged by the numerous positive field indications observed throughout the program.”

“We identified the key geological ingredients associated with residual rutile systems, including well-developed ferruginous pedolith, extensive mottled clay horizons and deeply weathered saprolitic profiles.”

Fitzhenry also said the company observed visible heavy minerals and rutile grains both on surface and within panned samples.

He said: “Importantly, these indicators have been identified across a large project area, consistent with a geological setting where residual rutile systems can develop.”

“These indicators have been observed across an area of approximately 710km², the majority of which remains largely underexplored for rutile.”

“The ability to process samples using our own in-country infrastructure and technical workflows in Malawi provides us with a cost-effective and efficient pathway to rapidly assess the project's mineral assemblage and rutile potential.”

He explained that the program focused on assessing the distribution of titanium mineralisation, characterising weathering profiles and identifying geological conditions associated with residual rutile deposits.

Fitzhenry said the assessment included: mapping and reconnaissance exploration across priority target areas to better define the distribution of titanium mineralisation, characterise the weathering profile, identify additional target zones and refine the geological model; excavation of six exploration pits and collection of 31 channel samples from pit sidewalls to assess rutile potential throughout the complete weathering profile and provide geological and grade continuity information in near-surface saprolite and lateritic material and: project-wide, systematic and wide- spaced regional soil sampling campaign to define and extend high-grade rutile zones and prioritise future auger drilling activities.

He said the combination of widespread titanium mineralisation, extensive residual weathering profiles and visible rutile grains observed across multiple target areas provides encouragement that rutile enrichment may occur over a much broader area than previously recognised.

Fitzhenry said “These observations support the Company's view that Mzimba hosts many of the geological characteristics associated with large-scale residual rutile systems.”

“This first phase program builds on the Company's March 2026 discovery announcement, which identified titanium mineralisation hosted predominantly by rutile across multiple areas of the project.”

“The discovery sampling covered only approximately 50km² (around 7% of the total licence package) highlighting the significant exploration upside that remains across the broader project area,” he said.

The Mzimba Rutile Project forms part of Tusker's strategy of building a portfolio of high-quality titanium and heavy mineral sands assets across Africa.

He said together with the Company's Central Rutile Project and Douala Basin HMS Project in Cameroon, Mzimba provides exposure to multiple highly prospective titanium-bearing mineral systems at a time when global demand for titanium feedstocks continues to strengthen, driven by pigments, aerospace applications, advanced manufacturing and emerging clean energy technologies.

Geologically, the project lies within the Mesoproterozoic Irumide Belt, which extends from eastern Zambia into northern and central Malawi.

The belt comprises of high-grade metamorphic basement rocks including orthogneiss, paragneiss, schist and granulite, intruded by granitic bodies and locally associated with pegmatite swarms that have historically been mined for gemstones such as beryl.

Sovereign Metals has signed a strategic collaboration agreement with the World Bank’s International Finance Corporation (IFC) to advance the sustainable development of its Kasiya Rutile-Graphite Project in Malawi.

Under the agreement, IFC will use its expertise to help Kasiya align its environmental, social, and governance standards to global best practice, complementing Sovereign's team and supplementing input from Sovereign’s strategic partner Rio Tinto on the development of an Environmental and Social Impact Assessment (ESIA).

The three-year collaboration also gives IFC, which is the largest global development institution focused on the private sector in developing countries, the right to act as lender or mandated co-lead debt arranger, and/or investor in securities for project financing, subject to Rio Tinto’s investment agreement rights.

Sovereign’s Chairman Ben Stoikovich said: “IFC brings unmatched advantages to Kasiya's development: decades of experience in Malawi, including in the strategic infrastructure we intend to use; established government partnerships; and the institutional credibility that opens doors to international capital markets. This collaboration provides Sovereign with a clear pathway to financing while supporting Kasiya to meet the global standards that institutional investors require.”

Sovereign’s CEO Frank Eagar commented: "We are incredibly pleased to get IFC involved at this stage, as this will support our definitive feasibility study (DFS) and ESIA efforts to be aligned with IFC’s Environmental and Social Performance Standards, seeking to make the Kasiya project DFS not just feasible but also bankable. Having IFC’s support validates Kasiya's exceptional quality and strategic importance and takes us one step closer to project execution. The World Bank Group’s support for key enabling infrastructure, including the Nacala transport corridor and the Mpatamanga Hydropower Project, are expected to benefit the Kasiya project.”

About Sovereign Services

Sovereign Services is the Malawi operation of Sovereign Metals Limited, which is focused on developing its Kasiya Rutile-Graphite Project in Malawi to become a leading global supplier to the titanium and graphite industries.   Kasiya is the world’s largest natural rutile deposit – the purest, highest-grade naturally occurring titanium feedstock – and the world’s second-largest flake graphite deposit – a battery mineral essential for the energy transition. www.sovereignmetals.com.au

About the International Finance Corporation (IFC)

The IFC has decades of experience in the metals and mining sector, financing some of the world’s largest and globally strategic mining projects across all stages, including construction, production, and expansion. As both a long-term equity partner and debt provider to major mining companies, including Sovereign’s strategic investor, Rio Tinto, IFC has supported large-scale mine developments and expansions across multiple continents.

In fiscal year 2025, IFC committed a record US$71.7 billion to private companies and financial institutions in developing countries, with a total portfolio of US$68.5 billion as of 30 June 2025, demonstrating its commitment to financing major projects worldwide.

www.ifc.org

About the World Bank in Malawi

The World Bank Group has a significant presence in Malawi through a Country Partnership Framework that supports the government's Malawi 2063 Vision. Its activities include financing major enabling infrastructure like the Mpatamanga Hydropower Project, which is Malawi’s largest energy infrastructure project to date. IFC also previously played a role in mobilizing financing for the Nacala transport corridor, which extends through Malawi. The Kasiya Project is expected to directly benefit from these strategic infrastructure assets.

www.worldbank.org – Langmead and Baker

Yami Gemstone Lab & Exports Pvt Ltd (YAGLE) has urged government to adopt a phased and strategic rollout of the ban on unprocessed gemstone exports, arguing that the current blanket prohibition will not deliver the intended value addition benefits to the countrywithout major reforms in financing, training and processing capacity.

YAGLE CEO Yamikani Jimusole said that while the goal of boosting local beneficiation is commendable, the country is not yet equipped to meet the demands of full-scale domestic processing.

“We are calling for a roadmap that builds capacity step by step to ensure that the sector can transition smoothly and sustainably,” he said.

Jimusole suggested that government begin by requiring only a small percentage of gemstones to be processed locally. The proportion should increase progressively as infrastructure, expertise and equipment improve.

“We believe such an approach would avoid shutting miners out of the market while allowing the industry to grow.”

Investment in infrastructure and skilled labour forms another major pillar of the company’s proposals. Jimusole argues that Malawi currently lacks cutting and polishing centres, master cutters and training programmes required for competitive value addition.

“The government should work closely with the private sector and international partners to establish modern processing facilities and technical training centres as public-private partnerships can play a key role in accelerating this development,” he said.

He suggested that reforming the Export Development Fund (EDF) should also be a priority because the EDF’s current focus of buying rough stones without supporting value addition does not align with national goals.

“There should be a restructuring of the Fund to offer affordable loans, grants and subsidies specifically targeting equipment purchase, start-up processing businesses and training initiatives. This shift would empower miners and dealers to participate in value addition rather than remain dependent on rough gemstone sales,” he said.

To attract investment into local processing, Jimusole recommends incentives such as tax breaks or reduced export duties for value-added stones. These measures would encourage miners, traders and new investors to establish cutting and polishing operations inside Malawi rather than exporting solely in raw form.

Jimusole also calls for stronger monitoring systems to curb illegal exports and ensure compliance once the ban is phased in.

“YAGLE suggests the adoption of technology-driven tracking tools to boost transparency across the gemstone supply chain and prevent smuggling”.

Despite concerns about the current policy framework, YAGLE shares government’s long-term vision of developing a strong domestic gemstone manufacturing industry.

Jimusole says the recommendations are designed to help Malawi reach that goal without destabilizing miners’ livelihoods or crippling the industry.

“With the right policies, investments and partnerships, the country can eventually achieve its goal of value addition, but the current ban in unprocessed gemstone exports is not the solution, at least not yet.”

ASX-listed Fortuna Metals has unveiled exciting exploration results from its Mkanda Rutile-Graphite Project in Mchinji, Central Malawi which is adjacent to Sovereign Metals owned, Kasiya Rutile-Graphite Project hosting the world’s largest rutile deposit and second largest flake graphite deposit.

Fortuna says in a Press Statement announcing the results that  the first results of hand auger drilling confirms insitu rutile grades of up to 2.21% rutile and continuous drill intervals of 1.66% rutile over 10m and 1.32% rutile over 10m at its Mkanda Rutile Graphite Project.

The drilling results demonstrate that high grade rutile continues from surface to end of hole, with 4 drill holes ending in mineralisation above 1.0% rutile, and 9 of the 10 drill holes ending in mineralisation above 0.5% rutile. These 10 drill holes were selected for priority assay as a first pass to highlight the wide spread nature of the rutile mineralisation at Mkanda.

The Company has now completed 544 drill holes on a notional 800 and 400m spacing across 180km² of the Mkanda project. The purpose of the drill spacing is to define the highest grade rutile mineralisation ahead of further infill and step out drilling in 2026 whose results will be received throughout first quarter of 2026.

Fortuna CEO Mr Tom Langley comments: “We are looking forward to starting aircore and push tube drilling as soon as possible in early 2026. This will allow us to determine rutile mineralisation continuity to the saprock boundary at plus ~20m. This would be in line with the Kasiya deposit which averages ~20-30m depth to saprock and significantly increases the resource potential and overall project economics.”

“We continue to progress our exploration drilling at a rapid pace having now completed 544 drill holes at Mkanda and will continue to drill up until year’s end. We look forward to updating the market with a consistent flow of these drilling results throughout first quarter of 2026.”

Project Background

The Mkanda and Kampini Projects extend over an area of 658km² and are located immediately to the south of Sovereign Metals Limited’s world class Kasiya rutile project.

Drilling programs at Mkanda and Kampini are continuing with a total of 544 drill holes with an average depth of 8m having been completed at Mkanda. The drilling is designed as a first pass reconnaissance to investigate large areas across the project for potential rutile and graphite mineralisation. The hand auger drilling to date is averaging 8m with drillholes terminated as sample quality declines once in the water table. Drilling next dry season will use an aircore drill rig from approximately April/May 2026 to infill the highest-grade areas as defined by the hand auger results. The use of aircore drilling is critical to be able to drill past the perched water table and deeper down to the saprock boundary. The saprock boundary has been defined at Kasiya to be about 20 – 30m depth. The Aircore drilling will be key to demonstrating the resource potential at these greater depths and vastly improve the project economics.

The second phase of drilling currently underway at Mkanda consists of a dual strategy of further wide spaced reconnaissance drilling on an 800m grid and infill drilling on a tighter 400m spacing based on visual results and geological logging.

A 400m by 400m drill spacing is expected to meet the required drill density for inferred resource estimation, with Sovereign Metals using a 400m by 400m drill spacing for their inferred resource at Kasiya.

Fortuna’s projects cover the majority of the 70km strike extent of the same Lilongwe Plain weathered gneiss that hosts the rutile and graphite at Kasiya.

Graphite analysis is being undertaken in parallel as part of the dual mineral commodity focus given the coarse flake graphite known to occur in the region.

The Company is setting up a low cost in-country laboratory for the initial steps of preparing the sample for heavy mineral separation (HMS).

Natural rutile is the highest quality and best source of titanium feedstock for manufacturing titanium metals and TiO2 pigment. Traditional deposits are becoming exhausted with legacy producers in decline, with an anticipated tight supply and industrial demand growth expected to drive strong future prices.

State President Arthur Peter Mutharika has appointed a new Board for the Mining and Mineral Resources Regulatory Authority (MMRA).

A Press Release from the Office of the President and Cabinet indicates that Mutharika has appointed Professor Zuze Dulanya as the Board Chairperson, Dr. Grain Malunga as Vice Chairperson and Mr. Smith Kalima, Mr. Newton Munthali and, Mr. Fesisa Rose as Members of the Board.

The Authority whose Director is Mr. Mphatso Chikoti was established under Section 5 of the Mines and Minerals Act (No. 25 of 2023) as an independent regulatory authority for mining and mineral resources in Malawi.

Following the repeal of the Mines and Minerals Act of 2019 and the enactment of the Mines and Minerals Act of 2023, the Authority regulates the mineral sector in the development and utilization of mineral resources in line with sustainable development principles and practices and for the benefit of Malawians.

The Authority is entitled to sustainable development principles and practices of: monitoring the activities of licenses while promoting and regulating local beneficiation; promoting the harmonization of activities, plans and, policies and; facilitating disputes resolution.

Professor Dulanya is a prominent Malawian geologist and Associate Professor at the University of Malawi while Dr. Malunga is former Cabinet Minister and current Coordinator for Malawi Chamber of Mines and Energy.

Mutharika, who has announced various board appointments for state-owned institutions, is, however,  yet to appoint Board Members for the Malawi Mining Investment Company (MAMICO) which is a state owned enterprise established by the Government to spearhead the development and investment in the country’s mining sector.

The Company operates under the Malawi Development Corporation Holdings Limited (MDCHL) and is part of the Government’s broader strategy to industrialize Malawi, reduce reliance on agriculture and boost Foreign Direct Investment (FDI) in mining.

MAMICO which is currently headed by Professor Dr.Leonard Kalindekafe as Chief Executive Officer was launched in February 2025 marking a significant milestone in Malawi’s efforts to fully capitalize on its rich mineral resources.

The company is seen as a game charger in Malawi Vision 2063, where mining is identified as a priority sector under the industrialization agenda.