ASX- and Aim-listed Sovereign Metals, which owns the Kasiya rutile/graphite project, in Malawi, has appointed Frank Eagar MD and CEO, effective October 20.
Eagar, who has over 20 years' experience in the financing, permitting, development and operation of mining projects, with a strong focus in Southern Africa, will succeed outgoing MD Dr Julian Stephens, who will transition to nonexecutive director and remain as a consultant to support an incoming technical and management team.
Eagar is a chartered accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career. He has previously held a number of senior executive positions in the resources sector, more recently with African mining-focused private equity firm AMED Funds, which included acting as CFO for AMED's controlled company, Central Copper Resources.
Prior to Central Copper, he was the CEO (and prior to that the CFO) of Baobab Steel – another AMED-controlled company – where he managed the completion of a definitive feasibility study (DFS) and a joint venture with the World Bank's International Finance Corporation to procure strategic investors and raise project finance for Baobab's $1-billion, fully permitted, integrated 500 000 t/y steel and vanadium project in Mozambique.
Eagar joined Sovereign in December 2022 as GM in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with government and demonstrated a clear understanding of the Kasiya project and its development landscape.
Further, Sovereign has also made several key technical appointments as the company transitions into project optimisation and development of the Kasiya project. These appointments bring a strong record of successful large-scale project development and operations management, as well as extensive experience in Southern Africa.
These management changes come at an important time for the company as it transitions from the prefeasibility study (PFS) into the next phase of project optimisation, community and stakeholder engagements and, ultimately, the completion of a DFS.
"Today's management changes and appointments mark a pivotal step for the company as it lays the foundation for project optimisation and development. With Rio Tinto's investment and the release of a world-class PFS, the company is entering an exciting new phase.
"I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-in-a-generation deposit, and growing Sovereign to where it is today. The company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the DFS and delivering the significant potential of Kasiya to all stakeholders," chairperson Ben Stoikovich comments.
"It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the company continues through the next phases of development," Stephens adds.
Eagar, meanwhile, says he is honoured to take on the role of MD and CEO.
"The Kasiya project is multi-generational, and has the potential to deliver a valuable, long-term source of low-carbon critical minerals and generate substantial economic and socioeconomic returns," he adds.