Sovereign Metals advances Kasiya after US$2.2 billion DFS during June quarter Proactive uses images sourced from ShutterstockSovereign Metals Ltd (ASX:SVM, OTCQX:SVMLF, AIM:SVML, FRA:SVM) advanced the Kasiya Critical Minerals Project in Malawi during the June 2026 quarter, completing a definitive feasibility study (DFS) that outlined a pre-tax net present value of US$2.2 billion. The study estimated capital expenditure to first production of US$727 million, steady-state annual EBITDA of US$476 million and pre-tax unlevered free cash flow of US$452 million. Kasiya is expected to produce 222,000 tonnes per annum of natural rutile and 275,000 tonnes of natural flake graphite over an initial 25-year mine life, generating estimated total revenue of US$16.2 billion. Kasiya development case strengthenedThe DFS confirmed a staged development based on two 12-million-tonne-per-annum processing plants, with the second plant scheduled from year five. Sovereign finished the quarter with A$25.1 million in cash, providing an estimated 6.2 quarters of funding.