Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) shares climbed in Tuesday morning's trade after the firm signed a collaboration agreement with the International Finance Corporation (IFC), which will support development of its Kasiya rutile-graphite project in Malawi.
IFC will provide environmental and social expertise to support alignment with its performance standards. The collaboration will contribute to the project’s definitive feasibility study and environmental and social impact assessment.
"This collaboration provides Sovereign with a clear pathway to financing while supporting Kasiya to meet global standards," said Ben Stoikovich, chairman of Sovereign Metals.
In London, shares climbed 8% to change hands at 27p.